USAA INVESTMENT CORP
13F-NT, 2000-11-14
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                               UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year of Quarter Ended:  September 30, 2000
                                                ------------------

Check here if Amendment [  ] ; Amendment Number:  ____
This Amendment (Check only one):  [  ]  is a restatement
                                  [  ]  adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     USAA Investment Corporation
Address:  9800 Fredericksburg Road
          San Antonio, Texas 78288

Form 13F File Number: 28-4443

The institutional  investment manager filing this report and the person by whom
it is signed hereby  represent that the person signing the report is authorized
to submit  it,  that all  information  contained  herein is true,  correct  and
complete,  and  that  is  understood  that  all  required  items,   statements,
schedules, lists, and tables, reconsidered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:   Sherron Kirk
Title:  Senior Vice President - Senior Financial Officer
Phone:  (210) 498-7804

Signature, Place and Date of Signing:

/s/Sherron Kirk         San Antonio, Texas           November 14, 2000
---------------         ------------------           -----------------
<PAGE>

Report Type (Check only one.):

[ ] 13F HOLDINGS REPORT.  (Check here if all holdings of this reporting manager
    are reported on this report.)

[X] 13F NOTICE. (Check here if no holdings reported are in this report, and all
    holdings are reported by other reporting managers.)

[ ] 13F COMBINATION  REPORT.  (Check here if a portion of the holdings for this
    reporting manager are reported in this report and a portion are reported by
    other reporting manager(s).)

List of Others Managers Reporting for this Manager:

     Form 13F File Number               Name

     28-5810                            United Services Automobile Association


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