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Previous: STERILE RECOVERIES INC, SC 13G, 1998-09-16 |
Next: BOULDER CAPITAL OPPORTUNITIES INC F/A, NT 10-Q, 1998-09-16 |
Investment Company Act File No. Date Eamination Completed:
- ------------------------------- --------------------------
333-14233 June 30 1998
State Identification Numbers:
- -----------------------------
State Fund File Number*
- ----- ---- ------------
Alabama LifeUSA 705162
Aggressive
Growth
Portfolio
Alabama LifeUSA 705165
Balanced
Portfolio
Alabama LifeUSA 705166
Current
Income
Portfolio
Alabama LifeUSA 705164
Global
Portfolio
Alabama LifeUSA 705163
Growth
Portfolio
Alabama LifeUSA 705167
Principal
Preservation
Portfolio
Alaska LifeUSA 97-01624
Aggressive
Growth
Portfolio
Alaska LifeUSA 97-01627
Balanced
Portfolio
Alaska LifeUSA 97-01628
Current
Income
Portfolio
Alaska LifeUSA 97-01626
Global
Portfolio
Alaska LifeUSA 97-01625
Growth
Portfolio
Alaska LifeUSA 97-01629
Principal
Preservation
Portfolio
Arizona LifeUSA S-0053119-QUAL
Aggressive
Growth
Portfolio
Arizona LifeUSA S-0053120-QUAL
Balanced
Portfolio
Arizona LifeUSA S-0053121-QUAL
Current
Income
Portfolio
Arizona LifeUSA S-0053122-QUAL
Global
Portfolio
Arizona LifeUSA S-0053123-QUAL
Growth
Portfolio
Arizona LifeUSA S-0053124-QUAL
Principal
Preservation
Portfolio
Arkansas LifeUSA 96-M1150-06
Aggressive
Growth
Portfolio
Arkansas LifeUSA 96-M1150-02
Balanced
Portfolio
Arkansas LifeUSA 96-M1150-01
Current
Income
Portfolio
Arkansas LifeUSA 96-M1150-03
Global
Portfolio
Arkansas LifeUSA 96-M1150-04
Growth
Portfolio
Arkansas LifeUSA 96-M1150-05
Principal
Preservation
Portfolio
California LifeUSA 309-1279
Funds, Inc.
Colorado LifeUSA IC-97-12-184
Funds, Inc.
Connecticut LifeUSA SI41982
Aggressive
Growth
Portfolio
Connecticut LifeUSA SI41979
Balanced
Portfolio
Connecticut LifeUSA SI41981
Current
Income
Portfolio
Connecticut LifeUSA SI41978
Global
Portfolio
Connecticut LifeUSA SI41977
Growth
Portfolio
Connecticut LifeUSA SI41980
Principal
Preservation
Portfolio
Delaware LifeUSA N/A
Aggressive
Growth
Portfolio
Delaware LifeUSA N/A
Balanced
Portfolio
Delaware LifeUSA N/A
Current
Income
Portfolio
Delaware LifeUSA N/A
Global
Portfolio
Delaware LifeUSA N/A
Growth
Portfolio
Delaware LifeUSA N/A
Principal
Preservation
Portfolio
District of Columbia LifeUSA No filing required in this state.
Aggressive
Growth
Portfolio
District of Columbia LifeUSA No filing required in this state.
Balanced
Portfolio
District of Columbia LifeUSA No filing required in this state.
Current
Income
Portfolio
District of Columbia LifeUSA No filing required in this state.
Global
Portfolio
District of Columbia LifeUSA No filing required in this state.
Growth
Portfolio
District of Columbia LifeUSA No filing required in this state.
Principal
Preservation
Portfolio
Florida LifeUSA 47862
Funds, Inc.
Georgia LifeUSA 56-001975
Funds, Inc.
Hawaii LifeUSA N/A
Aggressive
Growth
Portfolio
Hawaii LifeUSA N/A
Balanced
Portfolio
Hawaii LifeUSA N/A
Current
Income
Portfolio
Hawaii LifeUSA N/A
Global
Portfolio
Hawaii LifeUSA N/A
Growth
Portfolio
Hawaii LifeUSA N/A
Principal
Preservation
Portfolio
Idaho LifeUSA 47589
Aggressive
Growth
Portfolio
Idaho LifeUSA 47590
Balanced
Portfolio
Idaho LifeUSA 47591
Current
Income
Portfolio
Idaho LifeUSA 47592
Global
Portfolio
Idaho LifeUSA 47593
Growth
Portfolio
Idaho LifeUSA 47594
Principal
Preservation
Portfolio
Illinois LifeUSA 9735848
Funds, Inc.
Indiana LifeUSA 96-0711IC
Funds, Inc.
Iowa LifeUSA I-37746
Aggressive
Growth
Portfolio
Iowa LifeUSA I-37749
Balanced
Portfolio
Iowa LifeUSA I-37750
Current
Income
Portfolio
Iowa LifeUSA I-37748
Global
Portfolio
Iowa LifeUSA 1-37747
Growth
Portfolio
Iowa LifeUSA I-37751
Principal
Preservation
Portfolio
Kansas LifeUSA 97S0000704
Aggressive
Growth
Portfolio
Kansas LifeUSA 97S0000705
Balanced
Portfolio
Kansas LifeUSA 97S0000706
Current
Income
Portfolio
Kansas LifeUSA 97S0000707
Global
Portfolio
Kansas LifeUSA 97S0000708
Growth
Portfolio
Kansas LifeUSA 97S0000709
Principal
Preservation
Portfolio
Kentucky LifeUSA M33435
Funds, Inc.
Louisiana LifeUSA 48410
Funds, Inc.
Maine LifeUSA MF-R-98-6792
Aggressive
Growth
Portfolio
Maine LifeUSA MF-R-98-6789
Balanced
Portfolio
Maine LifeUSA MF-R-98-6788
Current
Income
Portfolio
Maine LifeUSA MF-R-98-6790
Global
Portfolio
Maine LifeUSA MF-R-98-6791
Growth
Portfolio
Maine LifeUSA MF-R-98-6787
Principal
Preservation
Portfolio
Maryland LifeUSA SM962061
Aggressive
Growth
Portfolio
Maryland LifeUSA SM962064
Balanced
Portfolio
Maryland LifeUSA SM962065
Current
Income
Portfolio
Maryland LifeUSA SM962063
Global
Portfolio
Maryland LifeUSA SM962062
Growth
Portfolio
Maryland LifeUSA SM962066
Principal
Preservation
Portfolio
Massachusetts LifeUSA N/A
Aggressive
Growth
Portfolio
Massachusetts LifeUSA N/A
Balanced
Portfolio
Massachusetts LifeUSA N/A
Current
Income
Portfolio
Massachusetts LifeUSA N/A
Global
Portfolio
Massachusetts LifeUSA N/A
Growth
Portfolio
Massachusetts LifeUSA N/A
Principal
Preservation
Portfolio
Michigan LifeUSA 224842
Aggressive
Growth
Portfolio
Michigan LifeUSA 224845
Balanced
Portfolio
Michigan LifeUSA 224841
Current
Income
Portfolio
Michigan LifeUSA 224844
Global
Portfolio
Michigan LifeUSA 224843
Growth
Portfolio
Michigan LifeUSA 224840
Principal
Preservation
Portfolio
Minnesota LifeUSA R-39425.1
Funds, Inc.
Mississippi LifeUSA MF-96-12-171
Aggressive
Growth
Portfolio
Mississippi LifeUSA MF-96-12-168
Balanced
Portfolio
Mississippi LifeUSA MF-96-12-167
Current
Income
Portfolio
Mississippi LifeUSA MF-96-12-169
Global
Portfolio
Mississippi LifeUSA MF-96-12-170
Growth
Portfolio
Mississippi LifeUSA Mf-96-12-166
Principal
Preservation
Portfolio
Missouri LifeUSA 1996-01160
Aggressive
Growth
Portfolio
Missouri LifeUSA 1996-01160
Balanced
Portfolio
Missouri LifeUSA 1996-01160
Current
Income
Portfolio
Missouri LifeUSA 1996-01160
Global
Portfolio
Missouri LifeUSA 1996-01160
Growth
Portfolio
Missouri LifeUSA 1996-01160
Principal
Preservation
Portfolio
Montana LifeUSA 36280
Aggressive
Growth
Portfolio
Montana LifeUSA 36281
Balanced
Portfolio
Montana LifeUSA 36282
Current
Income
Portfolio
Montana LifeUSA 36283
Global
Portfolio
Montana LifeUSA 36284
Growth
Portfolio
Montana LifeUSA 36285
Principal
Preservation
Portfolio
Nebraska LifeUSA 10550
Aggressive
Growth
Portfolio
Nebraska LifeUSA 10551
Balanced
Portfolio
Nebraska LifeUSA 10552
Current
Income
Portfolio
Nebraska LifeUSA 10553
Global
Portfolio
Nebraska LifeUSA 10554
Growth
Portfolio
Nebraska LifeUSA 10555
Principal
Preservation
Portfolio
Nevada LifeUSA N/A
Aggressive
Growth
Portfolio
Nevada LifeUSA N/A
Balanced
Portfolio
Nevada LifeUSA N/A
Current
Income
Portfolio
Nevada LifeUSA N/A
Global
Portfolio
Nevada LifeUSA N/A
Growth
Portfolio
Nevada LifeUSA N/A
Principal
Preservation
Portfolio
New Hampshire LifeUSA N/A
Aggressive
Growth
Portfolio
New Hampshire LifeUSA N/A
Balanced
Portfolio
New Hampshire LifeUSA N/A
Current
Income
Portfolio
New Hampshire LifeUSA N/A
Global
Portfolio
New Hampshire LifeUSA N/A
Growth
Portfolio
New Hampshire LifeUSA N/A
Principal
Preservation
Portfolio
New Jersey LifeUSA No filing required in this state.
Aggressive
Growth
Portfolio
New Jersey LifeUSA No filing required in this state.
Balanced
Portfolio
New Jersey LifeUSA No filing required in this state.
Current
Income
Portfolio
New Jersey LifeUSA No filing required in this state.
Global
Portfolio
New Jersey LifeUSA No filing required in this state.
Growth
Portfolio
New Jersey LifeUSA No filing required in this state.
Principal
Preservation
Portfolio
New Mexico LifeUSA 661315
Aggressive
Growth
Portfolio
New Mexico LifeUSA 661312
Balanced
Portfolio
New Mexico LifeUSA 661311
Current
Income
Portfolio
New Mexico LifeUSA 661313
Global
Portfolio
New Mexico LifeUSA 661314
Growth
Portfolio
New Mexico LifeUSA 661310
Principal
Preservation
Portfolio
New York LifeUSA N/A
Aggressive
Growth
Portfolio
New York LifeUSA N/A
Balanced
Portfolio
New York LifeUSA N/A
Current
Income
Portfolio
New York LifeUSA N/A
Global
Portfolio
New York LifeUSA N/A
Growth
Portfolio
New York LifeUSA N/A
Principal
Preservation
Portfolio
North Carolina LifeUSA N/A
Funds, Inc.
North Dakota LifeUSA S213
Aggressive
Growth
Portfolio
North Dakota LifeUSA S214
Balanced
Portfolio
North Dakota LifeUSA S215
Current
Income
Portfolio
North Dakota LifeUSA S216
Global
Portfolio
North Dakota LifeUSA S217
Growth
Portfolio
North Dakota LifeUSA S218
Principal
Preservation
Portfolio
Ohio LifeUSA 97894
Funds, Inc.
Oklahoma LifeUSA I-505196
Aggressive
Growth
Portfolio
Oklahoma LifeUSA I-505496
Balanced
Portfolio
Oklahoma LifeUSA I-505596
Current
Income
Portfolio
Oklahoma LifeUSA I-505396
Global
Portfolio
Oklahoma LifeUSA I-505296
Growth
Portfolio
Oklahoma LifeUSA I-505696
Principal
Preservation
Portfolio
Oregon LifeUSA 97-0054
Funds, Inc.
Pennsylvania LifeUSA 96-12-043MF
Funds, Inc.
Rhode Island LifeUSA N/A
Aggressive
Growth
Portfolio
Rhode Island LifeUSA N/A
Balanced
Portfolio
Rhode Island LifeUSA N/A
Current
Income
Portfolio
Rhode Island LifeUSA N/A
Global
Portfolio
Rhode Island LifeUSA N/A
Growth
Portfolio
Rhode Island LifeUSA N/A
Principal
Preservation
Portfolio
South Carolina LifeUSA MF10453
Aggressive
Growth
Portfolio
South Carolina LifeUSA MF10458
Balanced
Portfolio
South Carolina LifeUSA MF10456
Current
Income
Portfolio
South Carolina LifeUSA MF10455
Global
Portfolio
South Carolina LifeUSA MF10454
Growth
Portfolio
South Carolina LifeUSA MF10457
Principal
Preservation
Portfolio
South Dakota LifeUSA 22708
Aggressive
Growth
Portfolio
South Dakota LifeUSA 22711
Balanced
Portfolio
South Dakota LifeUSA 22712
Current
Income
Portfolio
South Dakota LifeUSA 22710
Global
Portfolio
South Dakota LifeUSA 22709
Growth
Portfolio
South Dakota LifeUSA 22707
Principal
Preservation
Portfolio
Tennessee LifeUSA M98-2205
Aggressive
Growth
Portfolio
Tennessee LifeUSA M98-2205
Balanced
Portfolio
Tennessee LifeUSA M98-2205
Current
Income
Portfolio
Tennessee LifeUSA M98-2205
Global
Portfolio
Tennessee LifeUSA M98-2205
Growth
Portfolio
Tennessee LifeUSA M98-2205
Principal
Preservation
Portfolio
Texas LifeUSA C52036
Aggressive
Growth
Portfolio
Texas LifeUSA C52038
Balanced
Portfolio
Texas LifeUSA C52037
Current
Income
Portfolio
Texas LifeUSA C520039
Global
Portfolio
Texas LifeUSA C52062
Growth
Portfolio
Texas LifeUSA C52040
Principal
Preservation
Portfolio
Utah LifeUSA A58143-43
Funds, Inc.
Vermont LifeUSA 1/09/97-15
Aggressive
Growth
Portfolio
Vermont LifeUSA 1/09/97-18
Balanced
Portfolio
Vermont LifeUSA 1/09/97-19
Current
Income
Portfolio
Vermont LifeUSA 1/09/97-17
Global
Portfolio
Vermont LifeUSA 1/09/97-16
Growth
Portfolio
Vermont LifeUSA 1/09/97-20
Principal
Preservation
Portfolio
Virginia LifeUSA 2467
Funds, Inc.
Washington LifeUSA C-55186
Aggressive
Growth
Portfolio
Washington LifeUSA C-55189
Balanced
Portfolio
Washington LifeUSA C-55187
Current
Income
Portfolio
Washington LifeUSA C-55190
Global
Portfolio
Washington LifeUSA C-55191
Growth
Portfolio
Washington LifeUSA C-55188
Principal
Preservation
Portfolio
West Virginia LifeUSA I-21456
Aggressive
Growth
Portfolio
West Virginia LifeUSA I-21460
Balanced
Portfolio
West Virginia LifeUSA I-21459
Current
Income
Portfolio
West Virginia LifeUSA I-21461
Global
Portfolio
West Virginia LifeUSA I-21457
Growth
Portfolio
West Virginia LifeUSA I-21458
Principal
Preservation
Portfolio
Wisconsin LifeUSA 325144-03
Aggressive
Growth
Portfolio
Wisconsin LifeUSA 325141-03
Balanced
Portfolio
Wisconsin LifeUSA 325140-03
Current
Income
Portfolio
Wisconsin LifeUSA 325142-03
Global
Portfolio
Wisconsin LifeUSA 325143-03
Growth
Portfolio
Wisconsin LifeUSA 325139-03
Principal
Preservation
Portfolio
Wyoming LifeUSA 20399
Funds, Inc.
*N/A - state does not assign file numbers
EXHIBIT 11
[KPMG PEAT MARWICK LLP LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
The Board of Directors of
LifeUSA Funds, Inc. and
Securities and Exchange Commission:
We have examined management's assertion about LifeUSA Aggressive Growth
Portfolio, LifeUSA Growth Portfolio, LifeUSA Global Portfolio, LifeUSA Balanced
Portfolio, LifeUSA Current Income Portfolio, and LifeUSA Principal Preservation
Portfolio, portfolios within LifeUSA Funds, Inc. (collectively, "the Funds")
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of June 30, 1998, included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940. Management is responsible for the Funds'
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of June 30, 1998, and with respect to agreement of security
purchases and sales, for the period from December 31, 1997 (the date of our last
examination) through June 30, 1998:
* Verification of all securities (shares of the IAI Mutual Funds) held
at Investment Advisers, Inc. (the Transfer Agent) in book entry form
through examination of the Transfer Agent's books and records;
* Reconciliation of all such securities to the books and records of the
Funds; and
* Agreement of 10 security purchases and 10 security sales or maturities
since December 31, 1997 (the date of our last examination) from the
books and records of the Funds to trade confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 30, 1998, with respect to securities reflected in
the investment accounts of the Funds is fairly stated, in all material respects.
<PAGE>
2
This report is intended solely for the information and use of management of
LifeUSA Funds, Inc. and the Securities and Exchange Commission and should not be
used for any other purpose.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
July 24, 1998
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