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<PAGE> PAGE 3
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SIGNATURE ALEX M. CICCONE
TITLE ASSISTANT SECRETARY
To the Shareholders of USAA S&P 500 Index Fund
and Board of Directors of USAA Mutual Fund, Inc.:
In planning and performing our audit of the financial statements and financial
highlights of USAA S&P 500 Index Fund (the "Fund") for the year ended December
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with accounting
principles generally accepted in the United States. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of USAA Mutual Fund, Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 11, 2000
For the period ended 12/31/99 Series 9
File No. 811-2429
Sub-Item 77C: Submission of matters to a vote of security holders
- ------------------------------------------------------------------
The definitive Proxy Statement used in connection with the USAA S&P 500 Index
Fund, Special Meeting of Shareholders on October 15, 1999 was filed with the
Securities and Exchange Commission and is hereby incorporated by reference.
- --------------------------------------------------------------------------------
On October 15, 1999, a special meeting of shareholders was held to vote on the
following proposals. All proposals were approved by the shareholders. All
shareholders of record on August 19, 1999, were entitled to vote on each
proposal. The number of votes shown for proposal 1 are for the entire USAA
Mutual Fund, Inc. (the Company). The number of votes shown for proposals 2 and 3
are for the USAA S&P 500 Index Fund, a series of the Company.
(1) Proposal to elect Directors as follows:
DIRECTORS VOTES FOR VOTES WITHHELD
--------- --------- --------------
Robert G. Davis 1,769,441,834 27,742,867
Michael J.C. Roth 1,769,442,078 27,742,623
David G. Peebles 1,769,442,078 27,742,623
Robert L. Mason 1,769,442,172 27,742,529
Michael F. Reimherr 1,769,441,328 27,743,373
Richard A. Zucker 1,769,444,074 27,740,627
Barbara B. Dreeben 1,769,442,172 27,742,529
John W. Saunders, Jr. and Howard L. Freeman, Jr. did not stand for re-election
to the Board. Their term of office terminated on December 31, 1999.
(2) Proposal to ratify or reject the selection by the Board of Directors of
PricewaterhouseCoopers LLP as the independent accountants for the USAA S&P 500
Index Fund for the fiscal year ending December 31, 2000.
NUMBER OF SHARES VOTING
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
--- ------- -------
85,088,575 301,275 465,380
(3) Equity 500 Index Portfolio matters:
a. Proposal to approve a new investment advisory agreement between the Equity
500 Index Portfolio (Portfolio) and Bankers Trust Company.
NUMBER OF SHARES VOTING
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
--- ------- -------
84,024,321 577,825 1,253,084
b. Proposal to elect the Trustees of the Portfolio.
NUMBER OF SHARES VOTING
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
--- ------- -------
84,363,679 371,540 1,120,011
c. Proposal to ratify or reject the selection of PricewaterhouseCoopers LLP as
the independent accountants of the Portfolio.
NUMBER OF SHARES VOTING
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
--- ------- -------
84,551,235 328,890 975,105
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