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  <headerData>
    <submissionType>13F-NT</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags/>
      <filer>
        <credentials>
          <cik>0000732910</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2020</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2020</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>USAA INVESTMENT MANAGEMENT CO</name>
        <address>
          <ns1:street1>9800 FREDERICKSBURG ROAD</ns1:street1>
          <ns1:city>SAN ANTONIO</ns1:city>
          <ns1:stateOrCountry>TX</ns1:stateOrCountry>
          <ns1:zipCode>78288</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F NOTICE</reportType>
      <form13FFileNumber>028-00487</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <form13FFileNumber>028-05810</form13FFileNumber>
          <name>UNITED SERVICES AUTOMOBILE ASSOCIATION</name>
        </otherManager>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Brian Herscovici</name>
      <title>Assistant Vice President, Chief Investment Officer</title>
      <phone>210-456-5866</phone>
      <signature>/s/ Brian Herscovici</signature>
      <city>San Antonio</city>
      <stateOrCountry>TX</stateOrCountry>
      <signatureDate>05-04-2020</signatureDate>
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