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: DECEMBER 31


Date of Reporting Period: MARCH 31, 2010



ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED MARCH 31, 2010




 [LOGO OF USAA]
 USAA(R)

PORTFOLIOS OF INVESTMENTS
1ST QUARTER
USAA TARGET RETIREMENT FUNDS
MARCH 31, 2010

 (Form N-Q)

 (c)2010, USAA. All rights reserved.
88215-0510
<PAGE>

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



PORTFOLIO OF INVESTMENTS

USAA TARGET RETIREMENT INCOME FUND
March 31, 2010 (unaudited)



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

 EQUITY MUTUAL FUNDS (29.1%)
 99,637 USAA Aggressive Growth Fund $ 2,949
 163,700 USAA Emerging Markets Fund 3,125
 368,259 USAA Growth Fund 4,879
 347,982 USAA Income Stock Fund 3,911
 359,044 USAA International Fund 8,082
 56,094 USAA Precious Metals and Minerals Fund 1,891
 222,846 USAA S&P 500 Index Fund 3,909
 247,485 USAA Small Cap Stock Fund* 2,920
 310,616 USAA Value Fund 3,905
 --------
 Total Equity Mutual Funds (cost: $29,043) 35,571
 --------
 FIXED-INCOME MUTUAL FUNDS (69.0%)
2,682,789 USAA Income Fund 33,562
2,553,561 USAA Intermediate-Term Bond Fund 25,408
2,763,701 USAA Short-Term Bond Fund 25,205
 --------
 Total Fixed-income Mutual Funds (cost: $79,426) 84,175
 --------
 MONEY MARKET INSTRUMENTS (1.8%)

 MONEY MARKET FUNDS (1.8%)
2,183,572 State Street Institutional Liquid Reserve Fund, 0.13%(a)
 (cost: $2,183) 2,184
 --------

 TOTAL INVESTMENTS (COST: $110,652) $121,930
 ========


($ 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
--------------------------------------------------------------------------------

EQUITY MUTUAL FUNDS $ 35,571 $ -- $ -- $35,571
FIXED-INCOME MUTUAL FUNDS 84,175 -- -- 84,175
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 2,184 -- -- 2,184
--------------------------------------------------------------------------------
Total $ 121,930 $ -- $ -- $121,930
--------------------------------------------------------------------------------



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1 | USAA TARGET RETIREMENT FUNDS
<PAGE>

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



PORTFOLIO OF INVESTMENTS

USAA TARGET RETIREMENT 2020 FUND
March 31, 2010 (unaudited)



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

 EQUITY MUTUAL FUNDS (39.1%)
 254,363 USAA Aggressive Growth Fund $ 7,529
 417,920 USAA Emerging Markets Fund 7,978
 940,144 USAA Growth Fund 12,457
 888,393 USAA Income Stock Fund 9,985
 916,557 USAA International Fund 20,632
 143,193 USAA Precious Metals and Minerals Fund 4,827
 568,904 USAA S&P 500 Index Fund 9,979
 631,562 USAA Small Cap Stock Fund* 7,452
 792,968 USAA Value Fund 9,968
 --------
 Total Equity Mutual Funds (cost: $71,727) 90,807
 --------
 FIXED-INCOME MUTUAL FUNDS (58.8%)
2,863,297 USAA High-Yield Opportunities Fund 23,164
3,619,441 USAA Income Fund 45,279
3,436,188 USAA Intermediate-Term Bond Fund 34,190
3,725,764 USAA Short-Term Bond Fund 33,979
 --------
 Total Fixed-income Mutual Funds (cost: $125,110) 136,612
 --------
 MONEY MARKET INSTRUMENTS (2.0%)

 MONEY MARKET FUNDS (2.0%)
4,631,814 State Street Institutional Liquid Reserve Fund, 0.13%(a)
 (cost: $4,632) 4,632
 --------

 TOTAL INVESTMENTS (COST: $201,469) $232,051
 ========


($ 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
--------------------------------------------------------------------------------

EQUITY MUTUAL FUNDS $ 90,807 $ -- $ -- $ 90,807
FIXED-INCOME MUTUAL FUNDS 136,612 -- -- 136,612
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 4,632 -- -- 4,632
--------------------------------------------------------------------------------
Total $ 232,051 $ -- $ -- $232,051
--------------------------------------------------------------------------------



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 PORTFOLIO OF INVESTMENTS | 2
<PAGE>

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



PORTFOLIO OF INVESTMENTS

USAA TARGET RETIREMENT 2030 FUND
March 31, 2010 (unaudited)



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

 EQUITY MUTUAL FUNDS (59.3%)
 558,750 USAA Aggressive Growth Fund $ 16,539
 917,909 USAA Emerging Markets Fund 17,523
2,065,350 USAA Growth Fund 27,366
1,951,705 USAA Income Stock Fund 21,937
2,012,965 USAA International Fund 45,312
 314,416 USAA Precious Metals and Minerals Fund 10,599
1,249,752 USAA S&P 500 Index Fund 21,921
1,387,648 USAA Small Cap Stock Fund* 16,374
1,741,929 USAA Value Fund 21,896
 --------
 Total Equity Mutual Funds (cost: $162,735) 199,467
 --------
 FIXED-INCOME MUTUAL FUNDS (39.0%)
4,157,692 USAA High-Yield Opportunities Fund 33,636
4,665,971 USAA Income Fund 58,371
3,935,288 USAA Intermediate-Term Bond Fund 39,156
 --------
 Total Fixed-income Mutual Funds (cost: $118,027) 131,163
 --------
 MONEY MARKET INSTRUMENTS (1.8%)

 MONEY MARKET FUNDS (1.8%)
5,948,161 State Street Institutional Liquid Reserve Fund, 0.13%(a)
 (cost: $5,948) 5,948
 --------

 TOTAL INVESTMENTS (COST: $286,710) $336,578
 ========


($ 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
--------------------------------------------------------------------------------

EQUITY MUTUAL FUNDS $ 199,467 $ -- $ -- $199,467
FIXED-INCOME MUTUAL FUNDS 131,163 -- -- 131,163
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 5,948 -- -- 5,948
--------------------------------------------------------------------------------
Total $ 336,578 $ -- $ -- $336,578
--------------------------------------------------------------------------------



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3 | USAA TARGET RETIREMENT FUNDS
<PAGE>

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



PORTFOLIO OF INVESTMENTS

USAA TARGET RETIREMENT 2040 FUND
March 31, 2010 (unaudited)



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

 EQUITY MUTUAL FUNDS (79.4%)
 699,501 USAA Aggressive Growth Fund $ 20,705
1,149,043 USAA Emerging Markets Fund 21,935
2,585,729 USAA Growth Fund 34,261
2,443,488 USAA Income Stock Fund 27,465
2,519,757 USAA International Fund 56,720
 393,521 USAA Precious Metals and Minerals Fund 13,265
1,564,611 USAA S&P 500 Index Fund 27,443
1,737,267 USAA Small Cap Stock Fund* 20,500
2,180,744 USAA Value Fund 27,412
 --------
 Total Equity Mutual Funds (cost: $206,753) 249,706
 --------
 FIXED-INCOME MUTUAL FUNDS (19.0%)
3,887,369 USAA High-Yield Opportunities Fund 31,449
2,255,748 USAA Income Fund 28,219
 --------
 Total Fixed-income Mutual Funds (cost: $53,157) 59,668
 --------
 MONEY MARKET INSTRUMENTS (1.6%)

 MONEY MARKET FUNDS (1.6%)
5,118,630 State Street Institutional Liquid Reserve Fund, 0.13%(a)
 (cost: $5,119) 5,119
 --------

 TOTAL INVESTMENTS (COST: $265,029) $314,493
 ========


($ 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
--------------------------------------------------------------------------------

EQUITY MUTUAL FUNDS $ 249,706 $ -- $ -- $249,706
FIXED-INCOME MUTUAL FUNDS 59,668 -- -- 59,668
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 5,119 -- -- 5,119
 --------------------------------------------------------------------------------
Total $ 314,493 $ -- $ -- $314,493
--------------------------------------------------------------------------------



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

 PORTFOLIO OF INVESTMENTS | 4
<PAGE>

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



PORTFOLIO OF INVESTMENTS

USAA TARGET RETIREMENT 2050 FUND
March 31, 2010 (unaudited)



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

 EQUITY MUTUAL FUNDS (98.2%)
 342,159 USAA Aggressive Growth Fund $ 10,128
 562,013 USAA Emerging Markets Fund 10,729
1,264,873 USAA Growth Fund 16,759
1,195,309 USAA Income Stock Fund 13,435
1,232,374 USAA International Fund 27,741
 192,438 USAA Precious Metals and Minerals Fund 6,487
 765,349 USAA S&P 500 Index Fund 13,424
 849,893 USAA Small Cap Stock Fund* 10,029
1,066,725 USAA Value Fund 13,409
 --------
 Total Equity Mutual Funds (cost: $101,860) 122,141
 --------
 MONEY MARKET INSTRUMENTS (1.8%)

 MONEY MARKET FUNDS (1.8%)
2,269,852 State Street Institutional Liquid Reserve Fund, 0.13%(a)
 (cost: $2,270) 2,270
 --------

 TOTAL INVESTMENTS (COST: $104,130) $124,411
 ========


($ 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
--------------------------------------------------------------------------------

EQUITY MUTUAL FUNDS $ 122,141 $ -- $ -- $122,141
MONEY MARKET INSTRUMENTS:
 MONEY MARKET FUNDS 2,270 -- -- 2,270
--------------------------------------------------------------------------------
Total $ 124,411 $ -- $ -- $124,411
--------------------------------------------------------------------------------



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

5 | USAA TARGET RETIREMENT FUNDS
<PAGE>

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

NOTES TO PORTFOLIOS OF INVESTMENTS

March 31, 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 Target
Retirement Income Fund (Target Income), the USAA Target Retirement 2020 Fund
(Target 2020), the USAA Target Retirement 2030 Fund (Target 2030), the USAA
Target Retirement 2040 Fund (Target 2040), and the USAA Target Retirement 2050
Fund (Target 2050) (collectively, the Funds), which are classified as
diversified under the 1940 Act.

Each Fund is a "fund of funds" in that it invests in a portfolio of underlying
USAA equity and fixed income mutual funds (underlying USAA funds) managed by
USAA Investment Management Company (the Manager), an affiliate of the Funds. The
Funds invest in the Reward Shares of the USAA S&P 500 Index Fund and the
Institutional Shares of the other underlying funds.

A. SECURITY VALUATION -- The values of the Funds' investments as well as the
investments of the underlying USAA funds are 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. Investments in the underlying USAA funds and other open-end investment
companies, other than exchange-traded funds (ETFs) are valued at their net asset
value (NAV) at the end of each business day.

2. The underlying USAA funds have specific valuation procedures. Securities held
by an underlying USAA fund 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 a fund, are valued in good faith at fair value, using methods determined by
the Manager in consultation with a 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 a 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.

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

 NOTES TO PORTFOLIOS OF INVESTMENTS | 6
<PAGE>

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

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. SUBSEQUENT EVENTS -- Events or transactions that occur after the quarterly
report date, but before the quarterly report is issued, 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 Funds' quarterly report.

D. As of March 31, 2010, the cost of securities, for federal income tax
purposes, was approximately the same as that reported in the portfolio of
investments. As of March 31, 2010, gross unrealized appreciation and
depreciation of investments and resulting net appreciation (depreciation), were
as follows (in thousands):





 Target Income Target 2020 Target 2030 Target 2040 Target 2050
-----------------------------------------------------------------------------------------------

Unrealized appreciation $11,278 30,582 49,868 $49,464 20,281
Unrealized depreciation 0 0 0 0 0
-----------------------------------------------------------------------------------------------
Net $11,278 $30,582 $49,868 $49,464 $20,281
-----------------------------------------------------------------------------------------------



E. The portfolio of investments category percentages shown represent the
percentages of the investments to net assets, and, in total, may not equal 100%.
A category percentage of 0.0% represents less than 0.1% of net assets. As of
March 31, 2010, net assets were as follows (in thousands):



 Target Income Target 2020 Target 2030 Target 2040 Target 2050
-----------------------------------------------------------------------------------------------

Net assets $121,998 $232,314 $336,077 $314,636 $124,395


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

7 | USAA TARGET RETIREMENT FUNDS
<PAGE>

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F. TRANSACTIONS WITH AFFILIATED FUNDS -- The following tables provide details
related to each Fund's investment in the underlying USAA funds for the six-month
period ended March 31, 2010 (in thousands):



Target Income:



 Realized
 Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss)(b) 12/31/2009 03/31/2010
---------------------------- -------- -------- -------- --------- ---------- ----------

Aggressive Growth $1,061 $208 $- (1) $1,935 $2,949
Emerging Markets 780 710 - (34) 2,985 3,125
Growth 1,819 396 - (3) 3,206 4,879
Income 13,149 106 311 - 20,195 33,562
Income Stock 1,300 258 13 (2) 2,681 3,911
Intermediate-Term Bond 7,009 6,692 394 49 24,190 25,408
International 2,471 335 - (8) 5,814 8,082
Precious Metals and Minerals 1,023 1 - - 855 1,891
S&P 500 Index 2,283 275 16 (1) 1,692 3,909
Short-Term Bond 6,626 1,161 207 1 19,585 25,205
Small Cap Stock 785 1,062 - 55 2,899 2,920
Value 1,508 328 - (1) 2,451 3,905





Target 2020:



 Realized
 Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss)(b) 12/31/2009 03/31/2010
---------------------------- -------- -------- -------- --------- ---------- ----------

Aggressive Growth $2,761 $410 $- $(3) $4,766 $7,529
Emerging Markets 1,686 1,738 - (81) 7,860 7,978
Growth 4,706 811 - (8) 7,917 12,457
High-Yield Opportunities 4,736 584 408 (4) 18,165 23,164
Income 12,056 48 456 - 32,735 45,279
Income Stock 3,256 499 34 (6) 6,747 9,985
Intermediate-Term Bond 7,209 3,182 463 26 29,090 34,190
International 5,374 577 - (14) 15,524 20,632
Precious Metals and Minerals 2,327 432 - (48) 2,945 4,827
S&P 500 Index 3,061 586 41 (6) 7,021 9,979
Short-Term Bond 8,292 3,259 284 6 28,720 33,979
Small Cap Stock 1,708 2,567 - 146 7,553 7,452
Value 4,034 677 - (3) 5,913 9,968



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

 NOTES TO PORTFOLIOS OF INVESTMENTS | 8
<PAGE>

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



Target 2030:



 Realized
 Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss)(b) 12/31/2009 03/31/2010
---------------------------- -------- -------- -------- --------- ---------- ----------

Aggressive Growth $6,229 $564 $- $(12) $9,980 $16,539
Emerging Markets 3,767 3,405 - (175) 16,784 17,523
Growth 9,088 1,231 - (29) 18,154 27,366
High-Yield Opportunities 7,448 908 587 (8) 25,890 33,636
Income 15,839 3,963 600 1 45,759 58,371
Income Stock 7,481 647 74 (18) 14,062 21,937
Intermediate-Term Bond 10,567 5,445 504 62 32,845 39,156
International 11,737 217 - (6) 33,100 45,312
Precious Metals and Minerals 5,582 - - - 4,946 10,599
S&P 500 Index 4,446 1,634 89 (44) 18,125 21,921
Small Cap Stock 3,835 5,499 - 264 16,411 16,374
Value 7,428 1,048 - (15) 14,029 21,896





Target 2040:



 Realized
 Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss)(b) 12/31/2009 03/31/2010
---------------------------- -------- -------- -------- --------- ---------- ----------

Aggressive Growth $9,059 $390 $- $(56) $10,916 $20,705
Emerging Markets 5,071 3,643 - (210) 20,022 21,935
Growth 7,287 1,260 - (45) 26,711 34,261
High-Yield Opportunities 7,768 1,034 542 (9) 23,611 31,449
Income 10,446 7,942 294 59 25,332 28,219
Income Stock 6,869 567 93 (22) 19,915 27,465
International 15,360 - - - 40,508 56,720
Precious Metals and Minerals 7,263 - - - 5,910 13,265
S&P 500 Index 9,235 678 111 (27) 17,607 27,443
Small Cap Stock 5,214 6,866 - 275 20,158 20,500
Value 8,886 909 - (38) 17,620 27,412





Target 2050:



 Realized
 Purchase Sales Dividend Gain Market Value
Affiliated USAA Fund Cost(a) Proceeds Income (Loss)(b) 12/31/2009 03/31/2010
---------------------------- -------- -------- -------- --------- ---------- ----------

Aggressive Growth $4,245 $160 $- $(25) $5,513 $10,128
Emerging Markets 3,016 2,030 - (121) 9,521 10,729
Growth 4,472 2,484 - (74) 14,091 16,759
Income Stock 3,662 1,265 46 (39) 10,454 13,435
International 8,490 - - - 18,832 27,741
Precious Metals and Minerals 3,681 - - - 2,765 6,487
S&P 500 Index 6,315 326 54 (45) 6,797 13,424
Small Cap Stock 2,922 3,151 - 93 9,306 10,029
Value 3,914 465 - (22) 9,100 13,409



(a) Includes reinvestment of distributions from dividend income and realized
 gains.
(b) Includes capital gain distributions received, if any.

SPECIFIC NOTES

(a) Rate represents the money market fund annualized seven-day yield at March
 31, 2010.
* Non-income-producing security.

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

9 | USAA TARGET RETIREMENT FUNDS



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 March 31, 2010

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

Date: 05/26/2010
 -------------------------------

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: 05/27/2010
 ------------------------------


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

Date: 05/26/2010
 ------------------------------


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



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