- 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: MAY 31

Date of Reporting Period: FEBRUARY 28, 2010

ITEM 1. SCHEDULE OF INVESTMENTS.

USAA MUTUAL FUNDS TRUST - 3RD QUARTER REPORT - PERIOD ENDED FEBRUARY 28, 2010

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 USAA (R)








PORTFOLIO OF INVESTMENTS
3RD QUARTER
USAA WORLD GROWTH FUND
FEBRUARY 28, 2010




















 (Form N-Q)

48475-0410 2010, USAA. All rights reserved.

PORTFOLIO OF INVESTMENTS

USAA World Growth Fund

February 28, 2010 (unaudited)

	Number of Shares	Security	Market Value (000)

		COMMON STOCKS (98.5%)
		Consumer Discretionary (13.6%)
		Advertising (2.5%)
	170,890	Omnicom Group, Inc.		$	6,258
	543,387	WPP plc			5,004

				11,262

		Apparel & Accessories & Luxury Goods (4.0%)
	417,970	Burberry Group plc			3,987
	159,875	Compagnie Financiere Richemont S.A.			5,390
	80,720	LVMH Moet Hennessy Louis Vuitton S.A.			8,749

				18,126

		Apparel Retail (0.6%)
	69,600	Abercrombie & Fitch Co. "A"			2,535

		Casinos & Gaming (0.9%)
	708,645	Ladbrokes plc			1,576
	796,020	William Hill plc			2,367

				3,943

		Footwear (2.0%)
	134,330	NIKE, Inc. "B"			9,081

		Home Improvement Retail (0.5%)
	35,700	Sherwin-Williams Co.			2,263

		Motorcycle Manufacturers (0.3%)
	64,790	Harley-Davidson, Inc.			1,595

		Movies & Entertainment (2.0%)
	284,700	Walt Disney Co.			8,894

		Publishing (0.6%)
	126,900	Wolters Kluwer N.V.			2,558

		Specialty Stores (0.2%)
	96,390	Sally Beauty Holdings, Inc. *			789

		Total Consumer Discretionary		61,046

		Consumer Staples (20.8%)
		Brewers (2.8%)
	257,460	Heineken N.V.			12,645

		Distillers & Vintners (2.9%)
	536,665	Diageo plc			8,707
	56,918	Pernod Ricard S.A.			4,288

				12,995

		Drug Retail (1.6%)
	208,800	Walgreen Co.			7,358
1 \| USAA World Growth Fund

Number of Shares	Security	Market Value (000)

	Food Retail (0.8%)
25,100	Lawson, Inc.		$	1,098
351,639	Tesco plc			2,250

			3,348

	Household Products (4.4%)
184,300	Kao Corp.			4,713
87,675	Procter & Gamble Co.			5,548
184,070	Reckitt Benckiser Group plc			9,678

			19,939

	Packaged Foods & Meat (6.9%)
80,812	DANONE S.A.			4,726
82,490	General Mills, Inc.			5,940
88,607	J.M. Smucker Co.			5,288
303,271	Nestle S.A.			15,090

			31,044

	Personal Products (0.4%)
30,400	Beiersdorf AG			1,864

	Soft Drinks (1.0%)
67,960	PepsiCo, Inc.			4,245

	Total Consumer Staples		93,438

	Energy (4.5%)
	Integrated Oil & Gas (2.6%)
55,250	Chevron Corp.			3,994
122,470	Royal Dutch Shell plc "A"			3,338
77,040	Total S.A.			4,299

			11,631

	Oil & Gas Equipment & Services (1.0%)
104,500	National-Oilwell Varco, Inc.			4,543

	Oil & Gas Exploration & Production (0.9%)
528	INPEX Holdings, Inc.			3,863

	Total Energy		20,037

	Financials (12.7%)
	Asset Management & Custody Banks (4.8%)
306,781	Bank of New York Mellon Corp.			8,749
131,229	Julius Baer Group Ltd.			4,083
197,770	State Street Corp.			8,882

			21,714

	Consumer Finance (1.1%)
106,400	Aeon Credit Service Co. Ltd.			1,090
97,800	American Express Co.			3,735

			4,825

	Diversified Banks (2.6%)
409,408	Banca Intesa S.p.A. *			1,440
65,464	Erste Bank der Oesterreichischen Sparkassen AG			2,466
50,300	ICICI Bank Ltd. ADR			1,924
8,301	Komercni Banka A.S.			1,636
172,339	Standard Chartered plc (a)			4,105

			11,571

	Diversified Capital Markets (0.8%)
268,043	UBS AG *			3,695

Portfolio of Investments | 2


Number of Shares	Security	Market Value (000)

	Investment Banking & Brokerage (0.9%)
27,500	Goldman Sachs Group, Inc.		$	4,299

	Multi-Line Insurance (0.9%)
196,010	AXA S.A.			3,946

	Reinsurance (0.7%)
67,058	Swiss Re			3,014

	Specialized Finance (0.9%)
60,400	Deutsche Boerse AG			4,201

	Total Financials		57,265

	Health Care (16.0%)
	Biotechnology (0.3%)
22,059	Actelion Ltd. *			1,124

	Health Care Equipment (5.4%)
187,750	Medtronic, Inc.			8,148
8,887	Sonova Holding AG			1,109
134,900	St. Jude Medical, Inc. *			5,156
37,980	Synthes, Inc.			4,529
96,570	Zimmer Holdings, Inc. *			5,536

			24,478

	Health Care Supplies (1.7%)
14,240	Alcon, Inc.			2,275
106,800	DENTSPLY International, Inc.			3,534
32,700	Essilor International SA			1,972

			7,781

	Life Sciences Tools & Services (2.3%)
100,160	Thermo Fisher Scientific, Inc. *			4,885
91,110	Waters Corp. *			5,435

			10,320

	Pharmaceuticals (6.3%)
94,350	Bayer AG			6,253
84,050	Johnson & Johnson			5,295
62,230	Merck KGaA			4,898
70,200	Roche Holdings AG			11,723

			28,169

	Total Health Care		71,872

	Industrials (10.6%)
	Aerospace & Defense (0.8%)
86,200	Honeywell International, Inc.			3,462

	Air Freight & Logistics (2.4%)
211,025	TNT N.V.			5,463
90,590	United Parcel Service, Inc. "B"			5,321

			10,784

	Electrical Components & Equipment (3.3%)
163,630	Legrand S.A.			5,123
58,060	Rockwell Automation, Inc.			3,140
60,965	Schneider Electric S.A.			6,511

			14,774

	Industrial Conglomerates (2.7%)
114,150	3M Co.			9,149
183,998	Smiths Group plc			2,915

			12,064

3 | USAA World Growth Fund


Number of Shares	Security	Market Value (000)

	Railroads (1.4%)
121,876	Canadian National Railway Co.		$	6,418

	Total Industrials		47,502

	Information Technology (10.4%)
	Communications Equipment (1.8%)
329,740	Cisco Systems, Inc. *			8,023

	Data Processing & Outsourced Services (0.3%)
37,310	DST Systems, Inc. *			1,434

	Electronic Components (1.5%)
12,700	Hirose Electric Co. Ltd.			1,351
208,600	HOYA Corp.			5,226

			6,577

	IT Consulting & Other Services (1.3%)
145,290	Accenture plc "A"			5,807

	Office Electronics (1.0%)
112,000	Canon, Inc.			4,658

	Semiconductors (2.3%)
219,440	Intel Corp.			4,505
8,724	Samsung Electronics Co. Ltd.			5,596

			10,101

	Systems Software (2.2%)
404,560	Oracle Corp.			9,972

	Total Information Technology		46,572

	Materials (8.3%)
	Industrial Gases (4.5%)
51,273	Air Liquide S.A.			6,124
103,800	Linde AG			11,687
31,760	Praxair, Inc.			2,386

			20,197

	Paper Products (1.1%)
335,600	Svenska Cellulosa AB "B"			4,961

	Specialty Chemicals (2.7%)
8,058	Givaudan S.A.			6,620
33,890	International Flavors & Fragrances, Inc.			1,427
77,900	Shin-Etsu Chemical Co. Ltd.			4,191

			12,238

	Total Materials		37,396

	Telecommunication Services (0.6%)
	Integrated Telecommunication Services (0.6%)
1,344,650	Singapore Telecommunications Ltd.			2,918

	Total Telecommunication Services		2,918

	Utilities (1.0%)
	Multi-Utilities (1.0%)
125,277	Gaz de France S.A.			4,601

	Total Utilities		4,601

	Total Common Stocks (cost: $408,126)		442,647

Portfolio of Investments | 4


	Number of Shares				Security										Market Value (000)

				MONEY MARKET INSTRUMENTS (1.4%)
				MONEY MARKET FUNDS (1.4%)
	6,192,698			State Street Institutional Liquid Reserve Fund, 0.12% (b)(cost: $6,193)													$	6,193


				SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED (0.5%)
				MONEY MARKET FUNDS (0.4%)
	7			AIM Short-Term Investment Co. Liquid Assets Portfolio, 0.13%(b)														—
	2,004,867			BlackRock Liquidity Funds TempFund Portfolio, 0.10%(b)														2,005

				Total Money Market Funds														2,005

	Principal Amount (000)

				REPURCHASE AGREEMENTS (0.1%)
$			500	Credit Suisse First Boston LLC, 0.11%, acquired on 2/26/2010 and due 3/01/2010 at $500 (collateralized by $515 of U.S. Treasury, 0.13%(c), due 6/3/2010; market value $515)															500

				Total Repurchase Agreements														500

				Total Short-term Investments Purchased With Cash Collateral From Securities Loaned (cost: $2,505)														2,505

				Total Investments (cost: $416,824)									$		451,345



($ in 000s)						VALUATION HIERARCHY

Assets								(LEVEL 1) Quoted Prices in Active Markets for Identical Assets		(LEVEL 2) Other Significant Observable Inputs		(LEVEL 3) Significant Unobservable Inputs				Total
EQUITY SECURITIES:
		COMMON STOCKS					$	442,647	$	—	$	—		$		442,647
MONEY MARKET INSTRUMENTS:
		MONEY MARKET FUNDS						6,193		—		—				6,193
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED:
		MONEY MARKET FUNDS						2,005		—		—				2,005
		REPURCHASE AGREEMENTS						—		500		—				500
Total							$	450,845	$	500	$	—		$		451,345

5 | USAA World Growth Fund

NOTES TO PORTFOLIO

OF INVESTMENTS

February 28, 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 World Growth 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 is generally 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 subadviser, if applicable, will monitor for events that would materially affect the value of the Fund’s foreign securities. The Fund’s subadviser has agreed to notify the Manager of significant events it identifies 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.

6 | USAA World Growth 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 subadviser, 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

7 | USAA World Growth Fund

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 February 28, 2010, was approximately $2,382,000.

E. Subsequent events - 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 quarterly report purposes. The Manager has evaluated subsequent events through 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. New accounting pronouncement - In January 2010, the Financial Accounting Standards Board issued amended guidance for improving disclosure about fair value measurements that adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The Manager is in the process of evaluating the impact of this guidance on the Fund’s financial statement disclosures.

G. As of February 28, 2010, 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 February 28, 2010, were $77,773,000 and $43,252,000, respectively, resulting in net unrealized appreciation of $34,521,000.

Notes to Portfolio of Investments | 8

H. The portfolio of investments category percentages shown represent the percentages of the investments to net assets, which were $449,400,000 at February 28, 2010, and, in total, may not equal 100%. A category percentage of 0.0% represents less than 0.1% of net assets. Investments in foreign securities were 57% of net assets at February 28, 2010.

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.

SPECIFIC NOTES

(a)		The security or a portion thereof was out on loan as of February 28, 2010.
(b)		Rate represents the money market fund annualized seven-day yield at February 28, 2010.
(c)		Zero-coupon security. Rate represents the effective yield at the date of purchase.
*		Non-income-producing security.

9 | USAA World Growth Fund

ITEM 2. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of USAA Mutual

Funds Trust (Trust) have concluded that the Trust's disclosure controls and

procedures are sufficient to ensure that information required to be disclosed by

the Trust in this Form N-Q was recorded, processed, summarized and reported

within the time periods specified in the Securities and Exchange Commission's

rules and forms, based upon such officers' evaluation of these controls and

procedures as of a date within 90 days of the filing date of the report.

There were no significant changes or corrective actions with regard to

significant deficiencies or material weaknesses in the Trust's internal controls

or in other factors that could significantly affect the Trust's internal

controls subsequent to the date of their evaluation.

ITEM 3. EXHIBITS.

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

(17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the

Investment Company Act of 1940, the registrant has duly caused this report to be

signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: USAA MUTUAL FUNDS TRUST - Period Ended February 28, 2010

By:* /s/ CHRISTOPHER P. LAIA

--------------------------------------------------------------

Signature and Title: Christopher P. Laia, Secretary

Date: 04/29/2010

-------------------------------

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: 04/29/2010

------------------------------

By:* /s/ ROBERTO GALINDO, JR.

-----------------------------------------------------

Signature and Title: Roberto Galindo, Jr., Treasurer

Date: 04/29/2010

------------------------------

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

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