- 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: JULY 31

Date of Reporting Period: OCTOBER 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED OCTOBER 31, 2009

[LOGO OF USAA]
USAA(R)

PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA GROWTH & INCOME FUND
OCTOBER 31, 2009

(Form N-Q)

PORTFOLIO OF INVESTMENTS

USAA GROWTH & INCOME FUND
October 31, 2009 (unaudited)

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------

 EQUITY SECURITIES (99.0%)

 COMMON STOCKS (98.3%)

 CONSUMER DISCRETIONARY (11.7%)
 ------------------------------
 ADVERTISING (0.8%)
 531,200 Interpublic Group of Companies, Inc. * $ 3,198
 120,400 Omnicom Group, Inc. 4,127
 ---------------
 7,325
 ---------------
 APPAREL & ACCESSORIES & LUXURY GOODS (0.6%)
 119,720 Coach, Inc. 3,947
 92,200 Hanesbrands, Inc. * 1,994
 ---------------
 5,941
 ---------------
 APPAREL RETAIL (1.7%)
 32,800 Abercrombie & Fitch Co. "A" 1,076
 29,300 Aeropostale, Inc. * 1,100
 51,180 Buckle, Inc. (a) 1,536
 95,000 Guess?, Inc. 3,472
 80,000 J. Crew Group, Inc. * 3,262
 65,000 Ross Stores, Inc. 2,861
 110,000 Urban Outfitters, Inc. * 3,452
 ---------------
 16,759
 ---------------
 AUTO PARTS & EQUIPMENT (0.4%)
 121,700 BorgWarner, Inc. 3,690
 ---------------
 AUTOMOTIVE RETAIL (0.3%)
 35,300 Advance Auto Parts, Inc. 1,315
 52,600 O'Reilly Automotive, Inc. * 1,961
 ---------------
 3,276
 ---------------
 BROADCASTING (0.2%)
 85,000 Discovery Communications, Inc. "A" * 2,337
 ---------------
 CABLE & SATELLITE (0.8%)
 533,800 Comcast Corp. "A" 7,740
 ---------------
 CASINOS & GAMING (0.5%)
 258,900 International Game Technology 4,619
 ---------------
 COMPUTER & ELECTRONICS RETAIL (0.3%)
 133,500 GameStop Corp. "A" * 3,243
 ---------------
 DEPARTMENT STORES (0.9%)
 98,110 Kohl's Corp. * 5,614
 91,690 Nordstrom, Inc. 2,914
 ---------------
 8,528
 ---------------
 EDUCATION SERVICES (0.0%)
 7,800 Apollo Group, Inc. "A" * 445
 ---------------

================================================================================
1 | USAA Growth & Income Fund

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 GENERAL MERCHANDISE STORES (0.2%)
 56,900 Family Dollar Stores, Inc. $ 1,610
 ---------------
 HOME IMPROVEMENT RETAIL (0.3%)
 63,400 Home Depot, Inc. 1,591
 41,885 Lowe's Companies, Inc. 819
 ---------------
 2,410
 ---------------
 HOMEBUILDING (0.2%)
 2,500 NVR, Inc. * 1,656
 ---------------
 HOMEFURNISHING RETAIL (0.3%)
 75,000 Bed Bath & Beyond, Inc. * 2,641
 ---------------
 HOTELS, RESORTS, & CRUISE LINES (0.9%)
 255,600 Carnival Corp. 7,443
 50,000 Royal Caribbean Cruises Ltd. * 1,012
 ---------------
 8,455
 ---------------
 HOUSEHOLD APPLIANCES (0.5%)
 115,400 Stanley Works 5,220
 ---------------
 HOUSEWARES & SPECIALTIES (0.5%)
 134,500 Fortune Brands, Inc. 5,239
 ---------------
 INTERNET RETAIL (1.1%)
 33,000 Amazon.com, Inc. *(a) 3,921
 85,000 Expedia, Inc. * 1,927
 32,000 Priceline.com, Inc. * 5,049
 ---------------
 10,897
 ---------------
 MOVIES & ENTERTAINMENT (0.4%)
 157,700 Viacom, Inc. "B" * 4,351
 ---------------
 RESTAURANTS (0.3%)
 160,000 Starbucks Corp. * 3,037
 ---------------
 SPECIALIZED CONSUMER SERVICES (0.1%)
 90,000 Service Corp. International 618
 ---------------
 SPECIALTY STORES (0.4%)
 44,945 Staples, Inc. 975
 73,000 Tiffany & Co. 2,868
 ---------------
 3,843
 ---------------
 Total Consumer Discretionary 113,880
 ---------------

 CONSUMER STAPLES (7.4%)
 -----------------------
 DISTILLERS & VINTNERS (0.2%)
 26,400 Diageo plc ADR 1,716
 ---------------
 FOOD DISTRIBUTORS (0.4%)
 144,700 Sysco Corp. 3,827
 ---------------
 FOOD RETAIL (0.3%)
 100,000 Whole Foods Market, Inc. *(a) 3,206
 ---------------
 HOUSEHOLD PRODUCTS (1.6%)
 270,200 Procter & Gamble Co. 15,672
 ---------------
 HYPERMARKETS & SUPER CENTERS (1.1%)
 59,000 BJ's Wholesale Club, Inc. * 2,067
 169,180 Wal-Mart Stores, Inc. 8,405
 ---------------
 10,472
 ---------------
 PACKAGED FOODS & MEAT (0.2%)
 40,800 H.J. Heinz Co. 1,642
 ---------------

================================================================================
 Portfolio of Investments | 2

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 PERSONAL PRODUCTS (0.8%)
 132,800 Avon Products, Inc. $ 4,256
 78,100 Estee Lauder Companies, Inc. "A" 3,319
 ---------------
 7,575
 ---------------
 SOFT DRINKS (1.3%)
 37,000 Dr. Pepper Snapple Group, Inc. * 1,008
 197,170 PepsiCo, Inc. 11,939
 ---------------
 12,947
 ---------------
 TOBACCO (1.5%)
 89,800 Altria Group, Inc. 1,626
 63,500 Imperial Tobacco Group plc ADR 3,714
 19,500 Lorillard, Inc. 1,516
 145,120 Philip Morris International, Inc. 6,873
 31,300 Reynolds American, Inc. 1,517
 ---------------
 15,246
 ---------------
 Total Consumer Staples 72,303
 ---------------

 ENERGY (12.2%)
 --------------
 COAL & CONSUMABLE FUELS (0.7%)
 28,485 CONSOL Energy, Inc. 1,219
 136,900 Peabody Energy Corp. 5,420
 ---------------
 6,639
 ---------------
 INTEGRATED OIL & GAS (4.6%)
 33,900 BP plc ADR 1,920
 110,500 Chevron Corp. 8,458
 62,600 ConocoPhillips 3,141
 173,075 Exxon Mobil Corp. 12,404
 81,100 Hess Corp. 4,439
 229,555 Marathon Oil Corp. 7,339
 36,800 Murphy Oil Corp. 2,250
 59,300 Occidental Petroleum Corp. 4,500
 ---------------
 44,451
 ---------------
 OIL & GAS DRILLING (1.0%)
 37,700 Atwood Oceanics, Inc. * 1,338
 195,800 Noble Corp. 7,977
 11,870 Transocean Ltd. * 996
 ---------------
 10,311
 ---------------
 OIL & GAS EQUIPMENT & SERVICES (1.0%)
 133,000 Baker Hughes, Inc. 5,596
 56,924 FMC Technologies, Inc. * 2,994
 35,645 Halliburton Co. 1,041
 ---------------
 9,631
 ---------------
 OIL & GAS EXPLORATION & PRODUCTION (3.9%)
 39,000 Anadarko Petroleum Corp. 2,376
 76,295 Apache Corp. 7,181
 46,900 Chesapeake Energy Corp. 1,149
 45,900 EOG Resources, Inc. 3,748
 52,800 Noble Energy, Inc. 3,465
 77,000 Range Resources Corp. 3,854
 97,000 Southwestern Energy Co. * 4,227
 156,118 Ultra Petroleum Corp. * 7,580
 22,300 Whiting Petroleum Corp. * 1,258
 65,724 XTO Energy, Inc. 2,731
 ---------------
 37,569
 ---------------
 OIL & GAS STORAGE & TRANSPORTATION (1.0%)
 123,300 El Paso Corp. 1,209
 165,750 Spectra Energy Corp. 3,169

================================================================================
3 | USAA Growth & Income Fund

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 276,700 Williams Companies, Inc. $ 5,216
 ---------------
 9,594
 ---------------
 Total Energy 118,195
 ---------------

 FINANCIALS (15.2%)
 ------------------
 ASSET MANAGEMENT & CUSTODY BANKS (2.0%)
 118,700 Ameriprise Financial, Inc. 4,115
 172,800 Bank of New York Mellon Corp. 4,607
 18,425 BlackRock, Inc. "A" 3,989
 40,000 Franklin Resources, Inc. 4,185
 135,000 Invesco Ltd. ADR 2,855
 ---------------
 19,751
 ---------------
 CONSUMER FINANCE (1.6%)
 93,600 American Express Co. 3,261
 140,900 Capital One Financial Corp. 5,157
 279,000 Discover Financial Services 3,945
 337,300 SLM Corp. * 3,272
 ---------------
 15,635
 ---------------
 DIVERSIFIED BANKS (1.6%)
 564,395 Wells Fargo & Co. 15,532
 ---------------
 DIVERSIFIED CAPITAL MARKETS (0.5%)
 254,150 UBS AG * 4,216
 ---------------
 INSURANCE BROKERS (0.2%)
 82,200 Willis Group Holdings Ltd. 2,219
 ---------------
 INVESTMENT BANKING & BROKERAGE (1.5%)
 44,130 Goldman Sachs Group, Inc. 7,509
 100,000 Jefferies Group, Inc. * 2,610
 144,800 Morgan Stanley 4,651
 ---------------
 14,770
 ---------------
 LIFE & HEALTH INSURANCE (1.2%)
 165,700 AFLAC, Inc. 6,875
 180,300 Principal Financial Group, Inc. 4,515
 ---------------
 11,390
 ---------------
 MULTI-LINE INSURANCE (0.4%)
 170,705 Hartford Financial Services Group, Inc. 4,186
 ---------------
 OTHER DIVERSIFIED FINANCIAL SERVICES (3.0%)
 710,460 Bank of America Corp. 10,358
 161,255 Citigroup, Inc. 660
 422,280 JPMorgan Chase & Co. 17,639
 ---------------
 28,657
 ---------------
 PROPERTY & CASUALTY INSURANCE (1.4%)
 74,985 ACE Ltd. * 3,851
 40,800 Allstate Corp. 1,206
 164,212 Assured Guaranty Ltd. 2,723
 68,200 Axis Capital Holdings Ltd. 1,970
 32,100 Chubb Corp. 1,558
 130,600 Fidelity National Financial, Inc. "A" 1,772
 8,480 XL Capital Ltd. "A" 139
 ---------------
 13,219
 ---------------
 REGIONAL BANKS (0.9%)
 42,600 City National Corp. 1,605
 148,000 Fifth Third Bancorp 1,323
 86,500 PNC Financial Services Group, Inc. 4,233
 88,300 SunTrust Banks, Inc. 1,688
 ---------------
 8,849
 ---------------
================================================================================
 Portfolio of Investments | 4

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 REITS - MORTGAGE (0.2%)
 130,500 Annaly Capital Management, Inc. $ 2,207
 ---------------
 SPECIALIZED FINANCE (0.5%)
 30,000 IntercontinentalExchange, Inc. * 3,006
 56,000 MSCI, Inc. "A" * 1,702
 ---------------
 4,708
 ---------------
 THRIFTS & MORTGAGE FINANCE (0.2%)
 107,600 New York Community Bancorp, Inc. (a) 1,161
 51,260 People's United Financial, Inc. 822
 ---------------
 1,983
 ---------------
 Total Financials 147,322
 ---------------

 HEALTH CARE (13.1%)
 -------------------
 BIOTECHNOLOGY (1.2%)
 109,285 Amgen, Inc. * 5,872
 44,600 Cephalon, Inc. * 2,434
 64,200 Genzyme Corp. * 3,249
 ---------------
 11,555
 ---------------
 HEALTH CARE DISTRIBUTORS (0.1%)
 38,900 Cardinal Health, Inc. 1,102
 19,450 CareFusion Corp. * 435
 ---------------
 1,537
 ---------------
 HEALTH CARE EQUIPMENT (2.8%)
 24,600 Baxter International, Inc. 1,330
 40,300 China Medical Technologies, Inc. ADR (a) 632
 257,380 Covidien plc 10,841
 6,000 Intuitive Surgical, Inc. * 1,478
 242,630 Medtronic, Inc. 8,662
 120,400 St. Jude Medical, Inc. * 4,103
 ---------------
 27,046
 ---------------
 HEALTH CARE SERVICES (1.6%)
 23,500 DaVita, Inc. * 1,246
 46,000 Express Scripts, Inc. * 3,677
 128,400 Medco Health Solutions, Inc. * 7,206
 94,700 Omnicare, Inc. 2,052
 33,600 Quest Diagnostics, Inc. 1,879
 ---------------
 16,060
 ---------------
 LIFE SCIENCES TOOLS & SERVICES (1.2%)
 75,500 Life Technologies Corp. * 3,561
 32,500 Millipore Corp. * 2,178
 41,700 Thermo Fisher Scientific, Inc. * 1,877
 64,400 Waters Corp. * 3,698
 ---------------
 11,314
 ---------------
 MANAGED HEALTH CARE (1.7%)
 53,100 CIGNA Corp. 1,478
 85,500 Coventry Health Care, Inc. * 1,696
 40,200 Humana, Inc. * 1,511
 347,010 UnitedHealth Group, Inc. 9,005
 63,928 WellPoint, Inc. * 2,989
 ---------------
 16,679
 ---------------
 PHARMACEUTICALS (4.5%)
 39,725 Abbott Laboratories 2,009
 124,500 Allergan, Inc. 7,003
 36,700 AstraZeneca plc ADR (a) 1,648
 157,000 Bristol-Myers Squibb Co. 3,423
 27,700 Johnson & Johnson 1,636
================================================================================
5 | USAA Growth & Income Fund

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 270,480 Merck & Co., Inc. $ 8,366
 185,000 Mylan, Inc. * 3,004
 961,469 Pfizer, Inc. 16,374
 ---------------
 43,463
 ---------------
 Total Health Care 127,654
 ---------------

 INDUSTRIALS (11.0%)
 -------------------
 AEROSPACE & DEFENSE (3.0%)
 12,665 Boeing Co. 605
 124,500 General Dynamics Corp. 7,806
 40,400 Goodrich Corp. 2,196
 132,320 Honeywell International, Inc. 4,749
 65,600 ITT Corp. 3,326
 44,200 L-3 Communications Holdings, Inc. 3,195
 54,220 Precision Castparts Corp. 5,180
 54,600 Raytheon Co. 2,472
 ---------------
 29,529
 ---------------
 AIR FREIGHT & LOGISTICS (1.0%)
 139,890 FedEx Corp. 10,169
 ---------------
 AIRLINES (0.3%)
 306,600 Southwest Airlines Co. 2,575
 ---------------
 CONSTRUCTION & ENGINEERING (0.2%)
 45,555 Fluor Corp. 2,024
 ---------------
 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS (0.7%)
 176,250 PACCAR, Inc. 6,594
 ---------------
 ELECTRICAL COMPONENTS & EQUIPMENT (0.2%)
 56,000 Emerson Electric Co. 2,114
 ---------------
 HEAVY ELECTRICAL EQUIPMENT (0.2%)
 102,485 ABB Ltd. ADR * 1,899
 ---------------
 INDUSTRIAL CONGLOMERATES (0.6%)
 30,000 3M Co. 2,207
 265,870 General Electric Co. 3,791
 ---------------
 5,998
 ---------------
 INDUSTRIAL MACHINERY (3.1%)
 61,100 Eaton Corp. 3,693
 70,500 Flowserve Corp. 6,924
 235,400 Illinois Tool Works, Inc. 10,810
 110,700 Pall Corp. 3,514
 26,000 Parker-Hannifin Corp. 1,377
 21,000 SPX Corp. 1,108
 31,735 Valmont Industries, Inc. 2,293
 ---------------
 29,719
 ---------------
 OFFICE SERVICES & SUPPLIES (0.1%)
 24,700 Avery Dennison Corp. 881
 ---------------
 RAILROADS (0.6%)
 77,600 Burlington Northern Santa Fe Corp. 5,845
 ---------------
 RESEARCH & CONSULTING SERVICES (0.3%)
 109,529 Verisk Analytics, Inc. "A" * 3,004
 ---------------
 TRADING COMPANIES & DISTRIBUTORS (0.2%)
 66,300 WESCO International, Inc. * 1,695
 ---------------
 TRUCKING (0.5%)
 122,700 Ryder System, Inc. 4,975
 ---------------
 Total Industrials 107,021
 ---------------
================================================================================
 Portfolio of Investments | 6

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 INFORMATION TECHNOLOGY (19.9%)
 ------------------------------
 APPLICATION SOFTWARE (1.0%)
 189,100 Autodesk, Inc. * $ 4,714
 85,500 Intuit, Inc. * 2,485
 46,000 Salesforce.com, Inc. * 2,611
 ---------------
 9,810
 ---------------
 COMMUNICATIONS EQUIPMENT (2.7%)
 260,000 Brocade Communications Systems, Inc. * 2,231
 381,310 Cisco Systems, Inc. * 8,713
 70,000 F5 Networks, Inc. * 3,142
 96,781 Juniper Networks, Inc. * 2,469
 167,500 Nokia Corp. ADR 2,112
 190,310 QUALCOMM, Inc. 7,881
 ---------------
 26,548
 ---------------
 COMPUTER HARDWARE (3.7%)
 88,400 Apple, Inc. * 16,663
 325,150 Hewlett-Packard Co. 15,432
 35,695 International Business Machines Corp. 4,305
 ---------------
 36,400
 ---------------
 COMPUTER STORAGE & PERIPHERALS (1.4%)
 394,538 EMC Corp. * 6,498
 54,300 NetApp, Inc. * 1,469
 302,600 Seagate Technology 4,221
 46,000 Western Digital Corp. * 1,549
 ---------------
 13,737
 ---------------
 DATA PROCESSING & OUTSOURCED SERVICES (1.9%)
 66,700 Alliance Data Systems Corp. * 3,667
 47,700 Computer Sciences Corp. * 2,419
 18,000 MasterCard, Inc. "A" 3,942
 55,000 Visa, Inc. "A" 4,167
 205,395 Western Union Co. 3,732
 ---------------
 17,927
 ---------------
 ELECTRONIC COMPONENTS (0.4%)
 70,000 Amphenol Corp. "A" 2,808
 48,370 Corning, Inc. 707
 ---------------
 3,515
 ---------------
 INTERNET SOFTWARE & SERVICES (2.1%)
 260,500 eBay, Inc. * 5,802
 24,575 Google, Inc. "A" * 13,175
 69,100 VeriSign, Inc. * 1,576
 ---------------
 20,553
 ---------------
 IT CONSULTING & OTHER SERVICES (0.5%)
 48,500 Amdocs Ltd. * 1,222
 95,000 Cognizant Technology Solutions Corp. "A" * 3,672
 ---------------
 4,894
 ---------------
 SEMICONDUCTOR EQUIPMENT (0.4%)
 112,500 Applied Materials, Inc. 1,372
 89,100 KLA-Tencor Corp. 2,897
 ---------------
 4,269
 ---------------
 SEMICONDUCTORS (2.9%)
 292,600 Broadcom Corp. "A" * 7,786
 60,000 Cree, Inc. * 2,526
 233,795 Intel Corp. 4,468
 129,900 Intersil Corp. "A" 1,630
 432,100 Marvell Technology Group Ltd. * 5,928
================================================================================
7 | USAA Growth & Income Fund

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 133,820 Maxim Integrated Products, Inc. $ 2,231
 65,800 Microchip Technology, Inc. (a) 1,577
 120,600 National Semiconductor Corp. 1,561
 15,155 Texas Instruments, Inc. 355
 ---------------
 28,062
 ---------------
 SYSTEMS SOFTWARE (2.9%)
 24,000 McAfee, Inc. * 1,005
 669,170 Microsoft Corp. 18,556
 104,760 Oracle Corp. 2,210
 55,000 Red Hat, Inc. * 1,420
 131,500 VMware, Inc. "A" * 5,054
 ---------------
 28,245
 ---------------
 Total Information Technology 193,960
 ---------------

 MATERIALS (2.7%)
 ----------------
 CONSTRUCTION MATERIALS (0.3%)
 33,020 Martin Marietta Materials, Inc. 2,751
 ---------------
 DIVERSIFIED CHEMICALS (0.2%)
 67,200 E.I. du Pont de Nemours & Co. 2,138
 ---------------
 DIVERSIFIED METALS & MINING (0.6%)
 54,000 Freeport-McMoRan Copper & Gold, Inc. * 3,962
 13,155 Rio Tinto plc ADR 2,342
 ---------------
 6,304
 ---------------
 FERTILIZERS & AGRICULTURAL CHEMICALS (0.7%)
 32,900 Agrium, Inc. 1,545
 57,300 Monsanto Co. 3,849
 23,350 Mosaic Co. 1,091
 ---------------
 6,485
 ---------------
 GOLD (0.1%)
 28,290 Barrick Gold Corp. 1,017
 ---------------
 INDUSTRIAL GASES (0.3%)
 32,000 Praxair, Inc. 2,542
 ---------------
 METAL & GLASS CONTAINERS (0.2%)
 77,000 Pactiv Corp. * 1,778
 ---------------
 PAPER PRODUCTS (0.2%)
 70,000 International Paper Co. 1,562
 ---------------
 STEEL (0.1%)
 108,900 Steel Dynamics, Inc. 1,458
 ---------------
 Total Materials 26,035
 ---------------

 TELECOMMUNICATION SERVICES (1.5%)
 ---------------------------------
 INTEGRATED TELECOMMUNICATION SERVICES (1.3%)
 395,015 AT&T, Inc. 10,140
 72,100 Verizon Communications, Inc. 2,133
 ---------------
 12,273
 ---------------
 WIRELESS TELECOMMUNICATION SERVICES (0.2%)
 787,400 Sprint Nextel Corp. * 2,331
 ---------------
 Total Telecommunication Services 14,604
 ---------------

 UTILITIES (3.6%)
 ----------------
 ELECTRIC UTILITIES (2.7%)
 268,500 American Electric Power Co., Inc. 8,114
 36,900 Companhia Energetica de Minas Gerais (CEMIG) ADR 583
================================================================================
 Portfolio of Investments | 8

================================================================================

 MARKET
 NUMBER VALUE
 OF SHARES SECURITY (000)
-----------------------------------------------------------------------------------------------------------
 81,400 Duke Energy Corp. $ 1,288
 28,200 Entergy Corp. 2,164
 164,870 Exelon Corp. 7,742
 95,500 FirstEnergy Corp. 4,133
 79,900 Pepco Holdings, Inc. 1,193
 47,900 Pinnacle West Capital Corp. 1,500
 ---------------
 26,717
 ---------------
 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%)
 274,100 Dynegy, Inc. "A" * 548
 ---------------
 MULTI-UTILITIES (0.8%)
 138,300 CenterPoint Energy, Inc. 1,743
 56,900 Dominion Resources, Inc. 1,940
 78,700 MDU Resources Group, Inc. 1,633
 126,900 Xcel Energy, Inc. 2,393
 ---------------
 7,709
 ---------------
 Total Utilities 34,974
 ---------------
 Total Common Stocks (cost: $929,638) 955,948
 ---------------

 EXCHANGE-TRADED FUNDS (0.7%)
 41,970 Financial Select Sector SPDR (a) 589
 27,900 MidCap SPDR Trust Series 1 (a) 3,335
 26,500 SPDR Trust Series 1 2,744
 ---------------
 Total Exchange-Traded Funds (cost: $6,776) 6,668
 ---------------
 Total Equity Securities
 (cost: $936,414) 962,616
 ---------------


 MONEY MARKET INSTRUMENTS (1.1%)

 MONEY MARKET FUNDS (1.1%)
 10,877,547 State Street Institutional Liquid Reserve Fund, 0.25% (b)(cost: $10,878) 10,878
 ---------------

 SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED (1.3%)

 MONEY MARKET FUNDS (1.3%)
 12,201,162 BlackRock Liquidity Funds TempFund, 0.18%(b) 12,201
 ---------------

PRINCIPAL MARKET
AMOUNT VALUE
(000) SECURITY (000)
-----------------------------------------------------------------------------------------------------------

 REPURCHASE AGREEMENTS (0.0%)
$ 200 Credit Suisse First Boston LLC, 0.07%, acquired on 10/30/2009 and due
 11/02/2009 at $200 (collateralized by $205 of Freddie Mac(d),
 0.18%(c), due 4/26/2010; market value $205) 200
 200 Deutsche Bank Securities, Inc., 0.06%, acquired on 10/30/2009 and due
 11/02/2009 at $200 (collateralized by $204 of Fannie Mae(d),
 0.07%(c), due 11/16/2009; market value $204) 200
 ---------------
 Total Repurchase Agreements 400
 ---------------
 Total Short-term Investments Purchased With Cash Collateral From
 Securities Loaned
 (cost: $12,601) 12,601


 TOTAL INVESTMENTS (COST: $959,893) $ 986,095
 ===============

9 | USAA Growth & Income Fund

($ IN 000S) VALUATION HIERARCHY

 (LEVEL 1) (LEVEL 2) (LEVEL 3)
 QUOTED PRICES OTHER SIGNIFICANT
 IN ACTIVE SIGNIFICANT UNOBSERVABLE
 MARKETS OBSERVABLE INPUTS
 FOR IDENTICAL INPUTS
 ASSETS TOTAL
---------------------------------------------------------------------------------------------------------
EQUITY SECURITIES:
 COMMON STOCKS $ 955,948 $ -- $ -- $ 955,948
 EXCHANGE-TRADED FUNDS 6,668 -- -- 6,668
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 10,878 -- -- 10,878
SHORT-TERM INVESTMENTS PURCHASED WITH
CASH COLLATERAL FROM SECURITIES LOANED:
 MONEY MARKET FUNDS 12,201 -- -- 12,201
 REPURCHASE AGREEMENTS -- 400 -- 400
---------------------------------------------------------------------------------------------------------
Total $ 985,695 $ 400 $ -- $ 986,095
---------------------------------------------------------------------------------------------------------

Portfolio of Investments | 10

NOTES TO PORTFOLIO OF INVESTMENTS

October 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 45 separate funds. The information presented in this quarterly report pertains only to the USAA Growth & Income 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. Equity securities, including exchange-traded funds (ETFs), except as otherwise noted, traded primarily on a domestic securities exchange or the Nasdaq over-the-counter markets are valued at the last sales price or official closing price on the exchange or primary market on which they trade. Equity securities traded primarily on foreign securities exchanges or markets are valued at the last quoted sales price, or the most recently determined official closing price calculated according to local market convention, available at the time the Fund is valued. If no last sale or official closing price is reported or available, the average of the bid and asked prices generally is used.

2. Equity securities trading in various foreign markets may take place on days when the NYSE is closed. Further, when the NYSE is open, the foreign markets may be closed. Therefore, the calculation of the Fund's net asset value (NAV) may not take place at the same time the prices of certain foreign securities held by the Fund are determined. In most cases, events affecting the values of foreign securities that occur between the time of their last quoted sales or official closing prices and the close of normal trading on the NYSE on a day the Fund's NAV is calculated will not be reflected in the value of the Fund's foreign securities. However, USAA Investment Management Company (the Manager), an affiliate of the Fund, and the Fund's subadvisers, if applicable, will monitor for events that would materially affect the value of the Fund's foreign securities. The Fund's subadvisers have agreed to notify the Manager of significant events they identify that would materially affect the value of the Fund's foreign securities. If the Manager determines that a particular event would materially affect the value of the Fund's foreign securities, then the Manager, under valuation procedures approved by the Trust's Board of Trustees, will consider such available information that it deems relevant to determine a fair value for the affected foreign securities. In addition, the Fund may use information from an external vendor or other sources to adjust the foreign market closing prices of foreign equity securities to reflect what the Fund believes to be the fair value of the securities as of the close of the NYSE. Fair valuation of affected foreign equity securities may occur frequently based on an assessment that events that occur on a fairly regular basis (such as U.S. market movements) are significant.

11 | USAA Growth & Income Fund

3. Investments in open-end investment companies, hedge, or other funds, other than ETFs, are valued at their NAV at the end of each business day.

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

5. Repurchase agreements are valued at cost, which approximates market value.

6. 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 the Manager in consultation with the Fund's subadvisers, if applicable, 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 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.

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. REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements with commercial banks or recognized security dealers. These agreements are collateralized by underlying securities. The collateral obligations are marked-to-market daily to ensure their value is equal to or in excess of

Notes to Portfolio of Investments | 12

the repurchase agreement price plus accrued interest and are held by the Fund, either through its regular custodian or through a special "tri-party" custodian that maintains separate accounts for both the Fund and its counterparty, until maturity of the repurchase agreement. Repurchase agreements are subject to credit risk, and the Fund's Manager monitors the creditworthiness of sellers with which the Fund may enter into repurchase agreements.

D. LENDING OF PORTFOLIO SECURITIES - The Fund, through its third-party securities-lending agent, Wachovia Global Securities Lending, may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with cash collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Cash collateral is invested in high-quality short-term investments. Cash collateral requirements are determined daily based on the prior business day's ending value of securities loaned. Imbalances in cash collateral may occur on days where market volatility causes security prices to change significantly, and are adjusted the next business day. Risks to the Fund in securities-lending transactions are that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The aggregate fair market value of the loaned portion of these securities as of October 31, 2009, was approximately $11,939,000.

E. SUBSEQUENT EVENTS - Subsequent events are events or transactions that occur after the balance sheet date but before the quarterly report is issued and are categorized as recognized or non-recognized for quarterly report purposes. The Manager has evaluated subsequent events through December 17, 2009, the date the quarterly report was issued, and has determined there were no events that required recognition or disclosure in the Fund's quarterly report.

F. As of October 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 October 31, 2009, were $113,644 and $87,442, respectively, resulting in net unrealized appreciation of $26,202,000.

G. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $972,517,000 at October 31, 2009, and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets.

PORTFOLIO ABBREVIATIONS AND DESCRIPTIONS

ADR American depositary receipts are receipts issued by a U.S. bank
 evidencing ownership of foreign shares. Dividends are paid in U.S.
 dollars.
REIT Real estate investment trust

13 | USAA Growth & Income Fund

SPDR Exchange-traded funds, managed by State Street Global Advisers,
 that represent a portfolio of stocks designed to closely track a
 specific market index. SPDR is an acronym for the first member of
 the fund family, Standard & Poor's Depositary Receipt, which
 tracks the S&P 500 Index. SPDRs are traded on securities exchanges.

SPECIFIC NOTES

(a) The security or a portion thereof was out on loan as of October 31, 2009.
(b) Rate represents the money market fund annualized seven-day yield at October 31, 2009.
(c) Zero-coupon security. Rate represents the effective yield at the date of purchase.
(d) Securities issued by government-sponsored enterprises are supported only by the right of the government-sponsored enterprise to borrow from the U.S. Treasury, the discretionary authority of the U.S. government to purchase the government-sponsored enterprises' obligations, or by the credit of the issuing agency, instrumentality, or corporation, and are neither issued nor guaranteed by the U.S. Treasury.
* Non-income-producing security.

Notes to Portfolio of Investments | 14

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 October 31, 2009

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

Date: 12-18-2009
 -------------------------------

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: 12-21-2009
 ------------------------------


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

Date: 12-18-2009
 ------------------------------

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

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