Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
Money
Market Managed
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
Schedules of Investments
- Series Portfolios) $11,165,340 $16,256,800
Cash
Receivables: 30,822
Dividends and interest - 68,767
Due from brokers for investments sold - -
Total assets 11,165,340 16,356,389
Liabilities
Cash Overdraft 912,625 -
Payables:
Investment advisory fees [Note 2] 6,015 7,172
Other accrued expenses 19,752 62,001
Directors' fees and expenses payable 8,315 9,964
Dividends declared 55,720 -
Due to brokers for investments
purchased - -
Total liabilities 1,002,427 79,137
Net assets $10,162,913 $16,277,252
Net assets consist of:
Capital shares $10,163 $12,531
Additional paid-in capital 10,152,750 14,019,006
Undistributed net investment income (loss) - 198,390
Undistributed net realized gain on
investments and foreign currencies - 711,640
Net unrealized appreciation
on investments and
foreign currencies - 1,335,685
Total net assets $10,162,913 $16,277,252
Shares authorized ($.01 par value) 20,000,000 20,000,000
Shares outstanding 1,016,291 1,253,145
Net asset value per share $10.00 $12.99
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
Value
Bond Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
Schedules of Investments
- Series Portfolios) $8,115,771 $13,904,737
Cash 62,825 13,339
Receivables:
Dividends and interest 71,164 10,543
Due from brokers for investments sold - -
Total assets 8,249,760 13,928,619
Liabilities
Cash Overdraft - -
Payables:
Investment advisory fees [Note 2] 3,559 5,938
Other accrued expenses 17,403 48,813
Directors' fees and expenses payable 4,888 7,293
Dividends declared - -
Due to brokers for investments
purchased - -
Total liabilities 25,850 62,044
Net assets $8,223,910 $13,866,575
Net assets consist of:
Capital shares $7,527 $8,872
Additional paid-in capital 7,782,587 11,325,698
Undistributed net investment income (loss) 211,632 5,736
Undistributed net realized gain on
investments and foreign currencies 184,222 825,552
Net unrealized appreciation
on investments and
foreign currencies 37,942 1,700,717
Total net assets $8,223,910 $13,866,575
Shares authorized ($.01 par value) 10,000,000 10,000,000
Shares outstanding 752,667 887,282
Net asset value per share $10.93 $15.63
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
International
Capital Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
Schedules of Investments
- Series Portfolios) $8,377,416 $4,867,768
Cash 711,367 126,724
Receivables:
Dividends and interest 1,779 19,203
Due from brokers for investments sold - -
Total assets 9,090,562 5,013,695
Liabilities
Cash Overdraft - -
Payables:
Investment advisory fees [Note 2] 3,813 3,512
Other accrued expenses 35,418 9,575
Directors' fees and expenses payable 5,191 2,291
Dividends declared - -
Due to brokers for investments
purchased 63,000 -
Total liabilities 107,422 15,378
Net assets $8,983,140 $4,998,317
Net assets consist of:
Capital shares $5,477 $3,797
Additional paid-in capital 6,004,545 4,101,180
Undistributed net investment income (loss) (17,460) 34,103
Undistributed net realized gain on
investments and foreign currencies 1,401,718 599,863
Net unrealized appreciation
on investments and
foreign currencies 1,588,860 259,374
Total net assets $8,983,140 $4,998,317
Shares authorized ($.01 par value) 20,000,000 10,000,000
Shares outstanding 547,662 379,660
Net asset value per share $16.40 $13.17
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
Money
Market Managed
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
- Series Portfolios) $11,165,340 $16,256,800
Cash - 30,822
Receivables:
Dividends and interest - 68,767
Due from brokers for investments sold - -
Total assets 11,165,340 16,356,389
Liabilities
Cash Overdraft 912,625 -
Payables:
Investment advisory fees [Note 2] 6,015 7,172
Other accrued expenses 19,752 62,001
Directors' fees and expenses payable 8,315 9,964
Dividends declared 55,720 -
purchased - -
Total liabilities 1,002,427 79,137
Net assets $10,162,913 $16,277,252
Net assets consist of:
Capital shares $10,163 $12,531
Additional paid-in capital 10,152,750 14,019,006
Undistributed net investment income (loss)
Undistributed net realized gain on - 198,390
investments and foreign currencies
Net unrealized appreciation - 711,640
foreign currencies
- 1,335,685
Total net assets $10,162,913 $16,277,252
Shares authorized ($.01 par value) 20,000,000 20,000,000
Shares outstanding 1,016,291 1,253,145
Net asset value per share $10.00 $12.99
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
Value
Bond Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
- Series Portfolios) $8,115,771 $13,904,737
Cash 62,825 13,339
Receivables:
Dividends and interest 71,164 10,543
Due from brokers for investments sold - -
Total assets 8,249,760 13,928,619
Liabilities
Cash Overdraft - -
Payables:
Investment advisory fees [Note 2] 3,559 5,938
Other accrued expenses 17,403 48,813
Directors' fees and expenses payable 4,888 7,293
Dividends declared - -
purchased - -
Total liabilities 25,850 62,044
Net assets $8,223,910 $13,866,575
Net assets consist of:
Capital shares $7,527 $8,872
Additional paid-in capital 7,782,587 11,325,698
Undistributed net investment income (loss)
Undistributed net realized gain on 211,632 5,736
investments and foreign currencies
Net unrealized appreciation 184,222 825,552
foreign currencies 37,942 1,700,717
Total net assets $8,223,910 $13,866,575
Shares authorized ($.01 par value) 10,000,000 10,000,000
Shares outstanding 752,667 887,282
Net asset value per share $10.93 $15.63
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
International
Capital Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
- Series Portfolios) $8,377,416 $4,867,768
Cash 711,367 126,724
Receivables:
Dividends and interest 1,779 19,203
Due from brokers for investments sold - -
Total assets 9,090,562 5,013,695
Liabilities
Cash Overdraft - -
Payables:
Investment advisory fees [Note 2] 3,813 3,512
Other accrued expenses 35,418 9,575
Directors' fees and expenses payable 5,191 2,291
Dividends declared - -
purchased 63,000 -
Total liabilities 107,422 15,378
Net assets $8,983,140 $4,998,317
Net assets consist of:
Capital shares $5,477 $3,797
Additional paid-in capital 6,004,545 4,101,180
Undistributed net investment income (loss)
Undistributed net realized gain on (17,460) 34,103
investments and foreign currencies
Net unrealized appreciation 1,401,718 599,863
foreign currencies 1,588,860 259,374
Total net assets $8,983,140 $4,998,317
Shares authorized ($.01 par value) 20,000,000 10,000,000
Shares outstanding 547,662 379,660
Net asset value per share $16.40 $13.17
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1998
Combined
Assets
Investments in securities, at market value
(Identified cost - See accompanying
- Series Portfolios) $62,687,832
Cash 945,077
Receivables:
Dividends and interest 171,456
Due from brokers for investments sold -
Total assets 63,804,365
Liabilities
Cash Overdraft 912,625
Payables:
Investment advisory fees [Note 2] 30,009
Other accrued expenses 192,962
Directors' fees and expenses payable 37,942
Dividends declared 55,720
purchased 63,000
Total liabilities 1,292,258
Net assets $62,512,107
Net assets consist of:
Capital shares $48,367
Additional paid-in capital 53,385,766
Undistributed net investment income (loss)
Undistributed net realized gain on 432,401
investments and foreign currencies
Net unrealized appreciation 3,722,995
foreign currencies 4,922,578
Total net assets $62,512,107
Shares authorized ($.01 par value)
Shares outstanding
Net asset value per share
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1998
Money
Market Managed
Series Series
Investment income:
Interest $334,783 $243,501
Dividends - 30,238
Total investment income 334,783 273,739
Expenses:
Investment advisory fees [note 2] 30,132 41,861
Directors' fees and expenses 3,570 4,820
Custodian fees and expenses 35,005 10,236
Audit and legal fees 3,422 4,619
Accounting and administration [note 2] 11,901 16,067
Miscellaneous 992 1,339
Total expenses 85,022 78,942
Expense reimbursement [note 1] 39,823 3,593
Net expenses 45,199 75,349
Net investment income (loss) 289,584 198,390
Realized and unrealized gain (loss)
on investments:
Net realized gain on investments and
foreign currencies - 711,640
Net change in unrealized appreciation
(depreciation) on investments
and foreign currencies - (168,069)
Net gain on investments - 543,571
Net increase in net assets
resulting from operations $289,584 $741,961
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1998
Value
Bond Equity
Series Series
Investment income:
Interest $247,138 $19,607
Dividends - 44,454
Total investment income 247,138 64,061
Expenses:
Investment advisory fees [note 2] 19,468 32,403
Directors' fees and expenses 2,142 3,570
Custodian fees and expenses 5,768 6,037
Audit and legal fees 2,053 3,422
Accounting and administration [note 2] 7,141 11,901
Miscellaneous 596 992
Total expenses 37,168 58,325
Expense reimbursement [note 1] 1,662 -
Net expenses 35,506 58,325
Net investment income (loss) 211,632 5,736
Realized and unrealized gain (loss)
on investments:
Net realized gain on investments and
foreign currencies 184,222 825,552
Net change in unrealized appreciation
(depreciation) on investments
and foreign currencies (148,378) (90,424)
Net gain on investments 35,844 735,128
Net increase in net assets
resulting from operations $247,476 $740,864
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1998
International
Capital Equity
Series Series
Investment income:
Interest $2,498 $14,709
Dividends 19,966 50,289
Total investment income 22,464 64,998
Expenses:
Investment advisory fees [note 2] 20,792 20,596
Directors' fees and expenses 2,321 1,428
Custodian fees and expenses 6,206 7,200
Audit and legal fees 2,224 1,369
Accounting and administration [note 2] 7,736 4,761
Miscellaneous 645 397
Total expenses 39,924 35,751
Expense reimbursement [note 1] - 4,856
Net expenses 39,924 30,895
Net investment income (loss) (17,460) 34,103
Realized and unrealized gain (loss)
on investments:
Net realized gain on investments and
foreign currencies 1,401,718 599,863
Net change in unrealized appreciation
(depreciation) on investments
and foreign currencies (140,195) 71,109
Net gain on investments 1,261,523 670,972
Net increase in net assets
resulting from operations $1,244,063 $705,075
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Money
Market Managed
Series Series
Investment income:
Interest $334,783 $243,501
Dividends - 30,238
Total investment income 334,783 273,739
Expenses:
Investment advisory fees [note 2] 30,132 41,861
Directors' fees and expenses 3,570 4,820
Custodian fees and expenses 35,005 10,236
Audit and legal fees 3,422 4,619
Accounting and administration [note 2] 11,901 16,067
Miscellaneous 992 1,339
Total expenses 85,022 78,942
Expense reimbursement [note 1] 39,823 3,593
Net expenses 45,199 75,349
Net investment income (loss) 289,584 198,390
Realized and unrealized gain (loss)
Net realized gain on investments and
foreign currencies - 711,640
Net change in unrealized appreciation
and foreign currencies - (168,069)
- 543,571
Net gain on investments
resulting from operations $289,584 $741,961
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Value
Bond Equity
Series Series
Investment income:
Interest $247,138 $19,607
Dividends - 44,454
Total investment income 247,138 64,061
Expenses:
Investment advisory fees [note 2] 19,468 32,403
Directors' fees and expenses 2,142 3,570
Custodian fees and expenses 5,768 6,037
Audit and legal fees 2,053 3,422
Accounting and administration [note 2] 7,141 11,901
Miscellaneous 596 992
Total expenses 37,168 58,325
Expense reimbursement [note 1] 1,662 -
Net expenses 35,506 58,325
Net investment income (loss) 211,632 5,736
Realized and unrealized gain (loss)
Net realized gain on investments and
foreign currencies 184,222 825,552
Net change in unrealized appreciation
and foreign currencies (148,378) (90,424)
35,844 735,128
Net gain on investments
resulting from operations $247,476 $740,864
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
International
Capital Equity
Series Series
Investment income:
Interest $2,498 $14,709
Dividends 19,966 50,289
Total investment income 22,464 64,998
Expenses:
Investment advisory fees [note 2] 20,792 20,596
Directors' fees and expenses 2,321 1,428
Custodian fees and expenses 6,206 7,200
Audit and legal fees 2,224 1,369
Accounting and administration [note 2] 7,736 4,761
Miscellaneous 645 397
Total expenses 39,924 35,751
Expense reimbursement [note 1] - 4,856
Net expenses 39,924 30,895
Net investment income (loss) (17,460) 34,103
Realized and unrealized gain (loss)
Net realized gain on investments and
foreign currencies 1,401,718 599,863
Net change in unrealized appreciation
and foreign currencies (140,195) 71,109
1,261,523 670,972
Net gain on investments
resulting from operations $1,244,063 $705,075
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Combined
Investment income:
Interest $862,236
Dividends 144,947
Total investment income 1,007,183
Expenses:
Investment advisory fees [note 2] 165,252
Directors' fees and expenses 17,851
Custodian fees and expenses 70,452
Audit and legal fees 17,109
Accounting and administration [note 2] 59,507
Miscellaneous 4,961
Total expenses 335,132
Expense reimbursement [note 1] 49,934
Net expenses 285,198
Net investment income (loss) 721,985
Realized and unrealized gain (loss)
Net realized gain on investments and
foreign currencies 3,722,995
Net change in unrealized appreciation
and foreign currencies (475,957)
3,247,038
Net gain on investments
resulting from operations $3,969,023
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Money Market Series
Six months ended June 30
1998 1997
Operations:
Net investment income $289,584 $229,390
Net increase in net assets
resulting from operations 289,584 229,390
Dividends to shareholders from:
Net investment income (289,584) (229,390)
Fund share transactions [note 4]:
Proceeds from sales of shares 109,402,452 23,810,955
Reinvestment of dividends to
shareholders 291,959 254,793
Payments for shares redeemed (108,680,891) (22,294,170)
1,013,520 1,771,578
Total increase in net assets 1,013,520 1,771,578
Net assets:
Beginning of period 9,149,393 7,599,213
End of period $10,162,913 $9,370,791
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Managed Series
Six months ended June 30
1998 1997
Operations:
Net investment income $198,390 $242,560
Net realized gain on investments 711,640 585,002
Net change in unrealized appreciation
(depreciation) on investments (168,069) 103,380
Net increase in net assets resulting
from operations 741,961 930,942
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
- -
Fund share transactions [note 4]:
Proceeds from sales of shares 801,567 2,152,987
Reinvestment of dividends to
shareholders 1,754,044 1,733,625
Payments for shares redeemed (2,297,887) (5,148,796)
257,724 (1,262,184)
Total increase (decrease)
in net assets 999,685 (331,242)
Net assets:
Beginning of period 15,277,567 15,972,639
End of period $16,277,252 $15,641,397
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Bond Series
Six months ended June 30
1998 1997
Operations:
Net investment income $211,632 $211,115
Net realized gain (loss)
on investments 184,222 (34,361)
Net change in unrealized appreciation
(depreciation) on investments (148,378) 1,644
Net increase in net assets
resulting from operations 247,476 178,398
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
- -
Fund share transactions [note 4]:
Proceeds from sales of shares 1,239,198 1,043,216
Reinvestment of dividends
to shareholders 409,020 376,138
Payments for shares redeemed (737,602) (1,115,416)
910,616 303,938
Total increase in net assets 1,158,092 482,336
Net assets:
Beginning of period 7,065,818 6,712,914
End of period $8,223,910 $7,195,250
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Value Equity Series
Six months ended June 30
1998 1997
Operations:
Net investment income $5,736 $22,043
Net realized gain on investments 825,552 457,174
Net change in unrealized appreciation
(depreciation) on investments (90,424) 371,892
Net increase in net assets resulting
from operations 740,864 851,109
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
- -
Fund share transactions [note 4]:
Proceeds from sales of shares 3,258,018 1,437,367
Reinvestment of dividends to
shareholders 1,234,740 949,877
Payments for shares redeemed (1,513,903) (1,801,524)
2,978,855 585,720
Total increase in net assets 3,719,719 1,436,829
Net assets:
Beginning of period 10,146,856 8,518,192
End of period $13,866,575 $9,955,021
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Capital Series
Six months ended June 30
1998 1997
Operations:
Net investment income (loss) ($17,460) $16,783
Net realized gain on investments 1,401,718 973,593
Net change in unrealized depreciation
on investments (140,195) (215,581)
Net increase in net assets
resulting from operations 1,244,063 774,795
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
- -
Fund share transactions [note 4]:
Proceeds from sales of shares 993,135 827,212
Reinvestment of dividends
to shareholders 1,263,229 627,720
Payments for shares redeemed (1,011,345) (1,223,997)
1,245,019 230,935
Total increase in net assets 2,489,082 1,005,730
Net assets:
Beginning of period 6,494,058 6,676,516
End of period $8,983,140 $7,682,246
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
International Equity Series
Six months ended June 30
1998 1997
Operations:
Net investment income $34,103 $30,942
Net realized gain on investments
and foreign currencies 599,863 227,200
Net change in unrealized
appreciation on investments
and foreign currencies 71,109 420,037
Net increase in net assets
resulting from operations 705,075 678,179
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments
and foreign currencies - -
- -
Fund share transactions [note 4]:
Proceeds from sales of shares 18,375,313 1,249,887
Reinvestment of dividends to sharehold 286,240 64,171
Payments for shares redeemed (19,139,433) (508,833)
(477,880) 805,225
Total increase in net assets 227,195 1,483,404
Net assets:
Beginning of period 4,771,122 3,305,190
End of period $4,998,317 $4,788,594
Canada Life of America Series Fund, Inc.
Statements of Changes in Net Assets
(Unaudited)
Combined
Six months ended June 30
1998 1997
Operations:
Net investment income $721,985 $752,833
Net realized gain on investments
and foreign currencies 3,722,995 2,208,608
Net change in unrealized appreciation
(depreciation) on investments
and foreign currencies (475,957) 681,372
Net increase (decrease) in net
assets resulting from operations 3,969,023 3,642,813
Dividends to shareholders from:
Net investment income (289,584) (229,390)
Net realized gain on investments
and foreign currencies - -
(289,584) (229,390)
Fund share transactions [note 4]:
Proceeds from sales of shares 134,069,683 30,521,624
Reinvestment of dividends to sharehold 5,239,232 4,006,324
Payments for shares redeemed (133,381,061) (32,092,736)
5,927,854 2,435,212
Total increase in net assets 9,607,293 5,848,635
Net Assets:
Beginning of period 52,904,814 48,784,664
End of period $62,512,107 $54,633,299
Canada Life of America Series Fund, Inc.
Notes to Financial Statements
(Unaudited)
June 30, 1998
1. Organization and Significant Accounting Policies
Canada Life of America Series Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a no-load, diversified, open-
end management investment company. The Fund was incorporated on February 23,
1989 and commenced operations on December 4, 1989, with the exception of the
Capital Series and International Equity Series which commenced operations on
April 23, 1993 and April 24, 1995, respectively. The shares of the Fund are
sold only to Canada Life Insurance Company of America and Canada Life
Insurance Company of New York to certain of their separate accounts to fund
the benefits under certain variable annuity contracts. The Fund's shares are
offered in six different Series - Money Market Series, Managed Series, Bond
Series, Value Equity Series, Capital Series and International Equity Series.
The financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements. The
policies described below are followed by the Fund in conformity with generally
accepted accounting principles.
Securities Valuation
Securities listed or traded on the New York or American Stock Exchanges are
valued at the last sale price on that Exchange, or if there were no sales, at
the closing bid price. Securities traded only in the over-the-counter market
are valued at the last bid price. Money market instruments with a remaining
maturity of 60 days or less held by the Value Equity, Bond, Managed, Capital,
and International Equity Series and all instruments held by Money Market
Series are valued at amortized cost, which approximates market.
Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. Investment
securities and other assets and liabilities denominated in foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at end of
period. Purchases and sales of investment securities, income and expenses are
translated into U.S. dollars at the rate of exchange prevailing on the
respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net
gains and losses from sales and maturities of investments in foreign
securities usually denominated in foreign currencies, currency gains and
losses realized between the trade and settlement dates on securities
transactions, and the difference between the amount of net investment income
accrued and the U.S. dollar amount actually received. The effects of changes
in foreign currency exchange rates on investments in securities are included
with the net realized and unrealized gain or loss on investment securities.
Securities Transactions and Investment Income
Securities transactions are recorded on the trade date (the date the order to
buy or sell is executed), and dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis. Gains and losses on
sales of investments are calculated on the identified cost basis for financial
reporting and tax purposes. Bond premiums and discounts are amortized for
both financial and tax reporting purposes.
Federal Income Taxes
It is the policy of the Fund to comply with the requirements of Subchapter M
of the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies and to distribute all of its taxable income. Therefore,
no provision for income taxes has been recorded.
Distribution of Income and Gains
Dividends from net investment income and any net realized capital gains in the
Money Market Series are declared daily and paid quarterly. Effective May 1,
1997, dividends declared in the Money Market Series are paid monthly.
Dividends from net investment income and any net realized capital gains in the
Managed, Bond, Value Equity, Capital, and International Equity Series are
declared and paid annually. Dividends from net investment income and capital
gains distributions are recorded on the ex-dividend date. All dividends and
distributions are reinvested in additional shares of the respective Series at
the net asset value per share.
Expenses
Allocable expenses of the Fund are charged to each Series based on the ratio
of the net assets of each Series to the combined net assets of the Fund. Non-
allocable expenses are charged to each Series based on specific
identification. All expenses are accrued daily.
Prior to May 1995, Canada Life Insurance Company of America has agreed to
reimburse the Managed, Bond, Value Equity and Capital Series for operating
expenses, exclusive of the advisory fee, that exceed .50% of the average daily
net assets of each respective series; subsequent to this date, Canada Life
Insurance Company of America increased the reimbursement amount to cover
operating expenses that exceed .40% of the average daily net assets of each
respective series including the International Equity Series. With respect to
the Money Market Series, Canada Life Insurance Company of America has agreed
to reimburse for operating expenses, exclusive of the advisory fee, that
exceed .25% of its average daily net assets. For the six months ended June
30, 1998, the amounts reimbursed were as follows: Money Market Series -
$39,823; Managed Series - $3,593; Bond Series - $1,662; and International
Equity Series - $4,856.
2. Investment Advisory and Directors' Fees and Other Transactions with
Affiliated Companies
Investment Advisory Fees
Prior to May 1995, Canada Life of America Investment Management, Inc.
("Advisor") served as investment manager of the Fund, and as such received
from the Fund a monthly fee computed for each of the Series on a daily basis,
at an annual rate of .50% of the net assets of each Series. Effective May 1,
1995, the Advisor merged with CL Capital Management Inc., which became the
investment advisor for the Fund, and which is a wholly owned subsidiary of
Canada Life Insurance Company of America. CL Capital Management Inc.
("Advisor") receives from the Fund a monthly fee computed for each of the
Series on a daily basis, at an annual rate of .50% of the net assets of each
series except for International Equity Series computed at an annual rate of
.80% of its net assets.
With respect to the Capital Series, the Advisor in turn pays J. & W. Seligman
& Co. (the "Sub-Advisor"), as full compensation for investment advisory
services to the Capital Series, a monthly fee computed on a daily basis, at an
annual effective rate of .25% of the net assets of such series.
With respect to the International Equity Series, the Advisor in turn pays
INDAGO Capital Management, Inc. (the "Sub-Advisor"), 50% owned by Canada Life
Assurance Company, as full compensation for investment advisory to the
International Equity Series, a monthly fee computed on a daily basis, at an
annual effective rate of .30% of the net assets of such series.
For the six months ended June 30, 1998, the investment advisory fee incurred
by the Fund was as follows: Money Market Series - $30,132; Managed Series -
$41,861; Bond Series - $19,468; Value Equity Series - $32,403; Capital Series
- - $20,792; and International Equity Series - $20,596.
Accounting Services
Under an accounting services agreement, Canada Life Insurance Company of
America provides accounting and administrative services to the Fund. For the
six months ended June 30, 1998, the related expenses incurred by the Fund were
as follows: Money Market Series - $11,901; Managed Series - $16,067; Bond
Series - $7,141; Value Equity Series - $11,901; Capital Series - $7,736; and
International Equity Series - $4,761.
Directors' Fees
Each director who is not an affiliated person receives fees from the Fund for
services as a director.
Other
On March 27, 1997, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
On July 25, 1997, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
On October 24, 1997, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
On December 8, 1997, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
On April 8, 1998, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
On June 29, 1998, the General Account of Canada Life Insurance Company of
America withdrew a portion of its initial investment in the Money Market
Series, Bond Series, Value Equity Series, Capital Series and International
Equity Series in the amount of $100,000 in each fund for a total amount of
$500,000. These capital share transactions are reflected in shares redeemed.
3. Investment Transactions
The aggregate cost of purchases and proceeds
from sales (excluding short term investments)
for all Series, for the six months ended June 30, 1998
are presented below:
Proceeds
Cost of from
Securities Securities
Purchased Sold
Managed Series
US Gov't & Its Agencies Bonds $4,305,100 $5,485,606
All other Investments 2,977,811 1,891,882
Total $7,282,911 $7,377,488
Bond Series
US Gov't & Its Agencies Bonds $4,621,530 $5,339,546
All other Investments 1,203,590 519,154
Total $5,825,120 $5,858,700
Value Equity Series
All other Investments $4,614,522 $2,301,841
Total $4,614,522 $2,301,841
Capital Series
All other Investments $4,574,318 $5,204,114
Total $4,574,318 $5,204,114
International Equity Series
All other Investments $2,284,469 $2,827,858
Total $2,284,469 $2,827,858
The information in the following table is presented on
the basis of cost for federal income tax purposes
as of June 30, 1998.
Identified
Cost of Gross
Securities Unrealized
Owned Appreciation
Money Market Series $11,165,340 $ -
Managed Series 14,921,115 2,103,383
Bond Series 8,077,829 41,179
Value Equity Series 12,204,020 2,535,392
Capital Series 6,788,556 1,758,320
International Equity Series 4,608,394 647,773
Gross Net
Unrealized Unrealized
(Depreciation) Appreciation
Money Market Series $ - $ -
Managed Series (767,698) 1,335,685
Bond Series (3,237) 37,942
Value Equity Series (834,675) 1,700,717
Capital Series (169,460) 1,588,860
International Equity Series (388,399) 259,374
4. Capital Share Transactions
Transactions in capital stock were as follows:
Six months ended June 30
1998 1998
Shares Amount
Money Market Series
Shares sold 10,940,245 $109,402,452
Shares issued in reinvestment
of dividends 29,196 291,959
10,969,441 109,694,411
Shares redeemed (10,868,089) (108,680,891)
Net increase 101,352 $1,013,520
Managed Series
Shares sold 61,810 $801,567
Shares issued in reinvestment
of dividends 140,924 1,754,044
202,734 2,555,611
Shares redeemed (177,027) (2,297,887)
Net increase (decrease) 25,707 $257,724
Bonds Series
Shares sold 114,953 $1,239,198
Shares issued in reinvestment
of dividends 38,639 409,020
153,592 1,648,218
Shares redeemed (68,421) (737,602)
Net increase 85,171 $910,616
Value Equity Series
Shares sold 210,833 $3,258,018
Shares issued in reinvestment
of dividends 83,955 1,234,740
294,788 4,492,758
Shares redeemed (97,430) (1,513,903)
Net increase 197,358 $2,978,855
Capital Series
Shares sold 64,652 $993,135
Shares issued in reinvestment
of dividends 89,255 1,263,229
153,907 2,256,364
Shares redeemed (65,090) (1,011,345)
Net increase 88,817 $1,245,019
International Equity Series
Shares sold 1,567,497 $18,375,313
Shares issued in reinvestment
of dividends 24,601 286,240
1,592,098 18,661,553
Shares redeemed (1,622,493) (19,139,433)
Net increase (decrease) (30,395) ($477,880)
4. Capital Share Transactions
Transactions in capital stock were as follows:
Six months ended June 30
1997 1997
Shares Amount
Money Market Series
Shares sold 2,381,095 $23,810,955
Shares issued in reinvestment
of dividends 25,479 254,793
2,406,574 24,065,748
Shares redeemed (2,229,417) (22,294,170)
Net increase 177,157 $1,771,578
Managed Series
Shares sold 178,181 $2,152,987
Shares issued in reinvestment
of dividends 146,936 1,733,625
325,117 3,886,612
Shares redeemed (428,677) (5,148,796)
Net increase (decrease) (103,560) ($1,262,184)
Bonds Series
Shares sold 99,804 $1,043,216
Shares issued in reinvestment
of dividends 36,305 376,138
136,109 1,419,354
Shares redeemed (106,793) (1,115,416)
Net increase 29,316 $303,938
Value Equity Series
Shares sold 106,610 $1,437,367
Shares issued in reinvestment
of dividends 73,088 949,877
179,698 2,387,244
Shares redeemed (134,771) (1,801,524)
Net increase 44,927 $585,720
Capital Series
Shares sold 56,974 $827,212
Shares issued in reinvestment
of dividends 44,978 627,720
101,952 1,454,932
Shares redeemed (84,090) (1,223,997)
Net increase 17,862 $230,935
International Equity Series
Shares sold 100,319 $1,249,887
Shares issued in reinvestment
of dividends 5,428 64,171
105,747 1,314,058
Shares redeemed (40,916) (508,833)
Net increase (decrease) 64,831 $805,225
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Money Market Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.24 0.23
Total from investment operations 0.24 0.23
Less distributions:
Dividends from net investment income (0.24) (0.23)
Total distributions (0.24) (0.23)
Net asset value, end of period $10.00 $10.00
Total return ** 5.00% 4.71%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $10,163 $9,371
Ratio of expenses to average net assets 0.75% 0.75%
Ratio of net investment income to average net
assets 4.84% 4.72%
* Ratio shown is after expense reimbursement. Ratio of expenses to
average net assets before expenses reimbursement
is 1.42% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Money Market Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1996 1995
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.22 0.26
Total from investment operations 0.22 0.26
Less distributions:
Dividends from net investment income (0.22) (0.26)
Total distributions (0.22) (0.26)
Net asset value, end of period $10.00 $10.00
Total return ** 4.66% 4.70%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $6,300 $3,682
Ratio of expenses to average net assets 0.75% 0.75%
Ratio of net investment income to average net
assets 4.49% 5.17%
* Ratio shown is after expense reimbursement. Ratio of expenses to
average net assets before expenses reimbursement
is 1.42% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Money Market Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1994
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.13
Total from investment operations 0.13
Less distributions:
Dividends from net investment income (0.13)
Total distributions (0.13)
Net asset value, end of period $10.00
Total return ** 2.54%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $4,255
Ratio of expenses to average net assets 0.75%
Ratio of net investment income to average net
assets 2.76%
* Ratio shown is after expense reimbursement. Ratio of expenses to
average net assets before expenses reimbursement
is 1.42% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Managed Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $12.45 $11.80
Income from investment operations:
Net investment income 0.15 0.18
Net realized and unrealized
gain (loss) on investments 0.39 0.53
Total from investment operations 0.54 0.71
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $12.99 $12.51
Total return ** 15.74% 9.68%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $16,277 $15,641
Ratio of expenses to average net assets 0.90% 0.90%
Ratio of net investment income to average net
assets 2.40% 3.02%
Portfolio turnover rate 45.39% 50.00%
Average commission rate paid $0.0579 $0.0560
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Managed Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1996 1995
Net asset value, beginning of period $12.37 $12.01
Income from investment operations:
Net investment income 0.16 0.19
Net realized and unrealized
gain (loss) on investments 0.11 1.20
Total from investment operations 0.27 1.39
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $12.64 $13.40
Total return ** 11.76% 15.38%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $18,483 $16,779
Ratio of expenses to average net assets 0.89% 0.89%
Ratio of net investment income to average net
assets 2.59% 2.95%
Portfolio turnover rate 81.27% 68.00%
Average commission rate paid $0.0600 $0.0623
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Managed Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1994
Net asset value, beginning of period $12.77
Income from investment operations:
Net investment income 0.15
Net realized and unrealized
gain (loss) on investments (0.61)
Total from investment operations (0.46)
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $12.31
Total return ** 0.64%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $16,979
Ratio of expenses to average net assets 1.03%
Ratio of net investment income to average net
assets 2.41%
Portfolio turnover rate 15.49%
Average commission rate paid $0.0742
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Bond Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $10.59 $10.36
Income from investment operations:
Net investment income 0.29 0.31
Net realized and unrealized
gain (loss) on investments 0.05 (0.05)
Total from investment operations 0.34 0.26
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Distributions from paid-in capital - -
Total distributions - -
Net asset value, end of period $10.93 $10.62
Total return ** 8.80% 7.18%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $8,224 $7,195
Ratio of expenses to average net assets 0.90%* 0.90%
Ratio of net investment income to average net
assets 5.48% 6.05%
Portfolio turnover rate 94.85% 73.06%
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Bond Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1996 1995
Net asset value, beginning of period $10.45 $9.75
Income from investment operations:
Net investment income 0.29 0.29
Net realized and unrealized
gain (loss) on investments (0.27) 0.68
Total from investment operations 0.02 0.97
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Distributions from paid-in capital - -
Total distributions - -
Net asset value, end of period $10.47 $10.72
Total return ** 6.41% 10.60%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $6,835 $4,781
Ratio of expenses to average net assets 0.89% 0.88%
Ratio of net investment income to average net
assets 5.58% 5.53%
Portfolio turnover rate 139.61% 108.53%
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Bond Series
Six months ended June 30
1994
Net asset value, beginning of period $10.74
Income from investment operations:
Net investment income 0.28
Net realized and unrealized
gain (loss) on investments (0.77)
Total from investment operations (0.49)
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Distributions from paid-in capital -
Total distributions -
Net asset value, end of period $10.25
Total return ** -1.54%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $4,426
Ratio of expenses to average net assets 1.04%
Ratio of net investment income to average net
assets 4.98%
Portfolio turnover rate 17.96%
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.96% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Value Equity Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $14.71 $13.00
Income from investment operations:
Net investment income 0.01 0.03
Net realized and unrealized
gain (loss) on investments 0.91 1.18
Total from investment operations 0.92 1.21
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $15.63 $14.21
Total return ** 23.33% 14.18%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $13,867 $9,955
Ratio of expenses to average net assets 0.90% * 0.90%
Ratio of net investment income to average net
assets
Portfolio turnover rate 11.96% 31.25%
Average commission rate paid $0.0502 $0.0560
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.91% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Value Equity Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1996 1995
Net asset value, beginning of period $13.51 $13.46
Income from investment operations:
Net investment income 0.02 0.09
Net realized and unrealized
gain (loss) on investments 0.31 1.43
Total from investment operations 0.33 1.52
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $13.84 $14.98
Total return ** 13.78% 16.97%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $10,448 $8,962
Ratio of expenses to average net assets 0.87% 0.90%
Ratio of net investment income to average net
assets 0.25% 1.11%
Portfolio turnover rate 25.22% 78.37%
Average commission rate paid $0.0600 $0.0616
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.91% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Value Equity Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1994
Net asset value, beginning of period $13.60
Income from investment operations:
Net investment income 0.06
Net realized and unrealized
gain (loss) on investments (0.46)
Total from investment operations (0.40)
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $13.20
Total return ** 2.10%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $7,265
Ratio of expenses to average net assets 1.03%
Ratio of net investment income to average net
assets 0.89%
Portfolio turnover rate 21.65%
Average commission rate paid $0.0743
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.91% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Capital Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $14.15 $13.96
Income from investment operations:
Net investment income (loss) (0.03) 0.03
Net realized and unrealized
gain (loss) on investments 2.28 1.49
Total from investment operations 2.25 1.52
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $16.40 $15.48
Total return ** 26.57% 12.56%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $8,984 $7,682
Ratio of expenses to average net assets 0.90%* 0.90%
Ratio of net investment income to average net
assets -0.43% 0.47%
Portfolio turnover rate 46.51% 41.88%
Average commission rate paid $0.0555 $0.0480
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.98% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Capital Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1996 1995
Net asset value, beginning of period $13.55 $10.48
Income from investment operations:
Net investment income (loss) (0.01) 0.01
Net realized and unrealized
gain (loss) on investments 1.50 1.92
Total from investment operations 1.49 1.93
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $15.04 $12.41
Total return ** 25.56% 25.98%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $7,743 $5,628
Ratio of expenses to average net assets 0.89% 0.88%
Ratio of net investment income to average net
assets -0.08% 0.16%
Portfolio turnover rate 14.09% 16.82%
Average commission rate paid $0.0567 $0.0568
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.98% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Capital Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1994
Net asset value, beginning of period $11.06
Income from investment operations:
Net investment income (loss) (0.01)
Net realized and unrealized
gain (loss) on investments (1.08)
Total from investment operations (1.09)
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $9.97
Total return ** 0.46%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $3,856
Ratio of expenses to average net assets 1.01%
Ratio of net investment income to average net
assets -0.10%
Portfolio turnover rate 34.29%
Average commission rate paid $0.0549
* Ratio shown is after expense reimbursement. Ratio of expenses
to average net assets before expenses reimbursement
is 0.98% for 1998.
** Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
International Equity Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
1998 1997
Net asset value, beginning of period $11.64 $11.82
Income from investment operations:
Net investment income 0.08 0.10
Net realized and unrealized gain on investm 1.45 1.98
Total from investment operations 1.53 2.08
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $13.17 $13.90
Total return **** 0.37% 24.73%
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $4,998 $4,789
Rato of expenses to average net assets 1.20%*** 1.20%
Ratio of net investment income to average net
assets 1.36% 1.59%
Portfolio turnover rate 46.21% 30.17%
Average commission rate paid $0.0854 $0.0550
*The Fund commenced operations on April 24, 1995. The net
asset value at the beginning of the 1995 period
is as of the close of business on April 24, 1995.
**1995 amounts annualized from April 24, 1995.
***Ratio shown is after expense reimbursement. Ratio of
expenses to average net assets before expenses reimbursement
is 1.42% for 1998.
****Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
International Equity Series
The following financial highlights are computed on the
basis of a share outstanding throughout the period.
Six months ended June 30
For the Period
April 24, 1995
(commencement
of operations) to
June 30
1996 1995 *
Net asset value, beginning of period $10.09 $10.00
Income from investment operations:
Net investment income 0.09 0.04
Net realized and unrealized gain on investm 1.18 0.11
Total from investment operations 1.27 0.15
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $11.36 $10.15
Total return **** 17.41% 8.53%**
Ratios to average net assets/supplemental data:
Net assets, end of period (000's omitted) $2,886 $2,041
Rato of expenses to average net assets 1.17% 1.20%**
Ratio of net investment income to average net
assets 1.73% 4.78%**
Portfolio turnover rate 38.27% 7.40%
Average commission rate paid $0.1575 $0.1951 *
*The Fund commenced operations on April 24, 1995. The net
asset value at the beginning of the 1995 period
is as of the close of business on April 24, 1995.
**1995 amounts annualized from April 24, 1995.
***Ratio shown is after expense reimbursement. Ratio of
expenses to average net assets before expenses reimbursement
is 1.42% for 1998.
****Total return represents twelve-month fiscal period.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Money Market Series Portfolio
June 30, 1998
Principal Market
Amount Value
U.S. Government & its Agencies - 109.9%
U.S. Treas Bills ( 4.640% due 07/16/98 ) $2,000,000 $1,996,091
Fed Farm Cred Bnks (5.370% due 07/09/98 ) 715,000 714,141
Fed Farm Cred Bnks (5.370% due 07/02/98 ) 950,000 949,791
Fed Hm Ln Banks ( 5.390% due 07/28/98 ) 1,000,000 995,947
Fed Hm Ln Banks ( 5.380% due 07/06/98 ) 1,000,000 999,191
Fed Hm Ln Mtg Corp (5.420% due 07/21/98 ) 1,500,000 1,495,454
Fed Nat'l Mtg Ass (5.430% due 07/24/98 ) 1,000,000 996,521
Fed Nat'l Mtg Ass (5.430% due 07/08/98 ) 1,525,000 1,523,377
Tenn Val Auth ( 5.380% due 07/24/98) 1,500,000 1,494,827
Total Securities ( identified cost - $11,165,340 ) 11,165,340
Other net liabilities - ( 9.9)% (1,002,427)
Total net assets $10,162,913
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio
June 30, 1998
Principal Market
Amount Value
SHORT TERM NOTES - 9.8%
US Treas Bills ( 4.000% due 07/02/98 ) 100,000 99,989
Fed Nat'l Mtg Ass (5.430% due on 07/08/98) 900,000 899,042
Fed Nat'l Mtg Ass (5.440% due on 07/06/98) 600,000 599,546
1,598,577
BONDS - 32.1%
U.S. Government & its Agencies - 26.0%
US Treas Bonds ( 6.125% due 08/15/07 ) 200,000 208,250
Fed Hm Ln Banks ( 6.500% due 01/07/08 ) 250,000 250,375
Fed Hm Ln Banks ( 6.100% due 12/24/07 ) 200,000 200,200
Fed Hm Ln Banks ( 7.024% due 09/10/07 ) 125,000 127,132
Fed Hm Ln Banks ( 6.810% due 08/20/07 ) 50,000 50,837
Fed Hm Ln Banks ( 6.400% due 12/04/03 ) 50,000 50,125
Fed Hm Ln Banks ( 6.200% due 07/02/02 ) 125,000 125,601
Fed Hm Ln Mtg Corp ( 7.500% due 02/01/28 ) 90,285 92,626
Fed Hm Ln Mtg Corp ( 6.500% due 12/01/27 ) 394,111 393,246
Fed Hm Ln Mtg Corp ( 6.500% due 02/01/18 ) 97,649 98,078
Fed Hm Ln Mtg Corp ( 7.500% due 12/01/16 ) 101,227 104,068
Fed Hm Ln Mtg Corp ( 7.585% due 09/19/06) 150,000 157,684
Fed Nat'l Mtg Ass ( 7.000% due 01/01/28 ) 193,115 196,071
Fed Nat'l Mtg Ass ( 6.500% due 01/01/28 ) 246,191 245,420
Fed Nat'l Mtg Ass ( 7.000% due 09/01/27 ) 188,176 191,056
Fed Nat'l Mtg Ass ( 7.500% due 11/01/26 ) 142,490 146,319
Fed Nat'l Mtg Ass ( 5.540% due 12/25/21 ) 132,518 131,788
Fed Nat'l Mtg Ass ( 7.750% due 10/25/18 ) 4,563 4,565
Fed Nat'l Mtg Ass ( 6.500% due 03/01/18 ) 99,202 99,544
Fed Nat'l Mtg Ass ( 6.500% due 02/01/18 ) 97,948 98,286
Fed Nat'l Mtg Ass ( 7.000% due 02/25/13 ) 48,000 49,064
Fed Nat'l Mtg Ass ( 7.070% due 10/24/06 ) 100,000 103,000
Gov't Nat'l Mtg Ass ( 7.000% due 09/15/27 ) 98,534 100,197
Gov't Nat'l Mtg Ass ( 8.000% due 11/15/26 ) 117,757 122,136
Gov't Nat'l Mtg Ass ( 7.500% due 11/15/26 ) 142,022 146,061
Gov't Nat'l Mtg Ass ( 7.000% due 10/15/25 ) 362,616 368,737
Gov't Nat'l Mtg Ass ( 8.000% due 06/15/24 ) 94,317 97,825
Gov't Nat'l Mtg Ass ( 8.000% due 05/15/24 ) 157,544 163,404
Gov't Nat'l Mtg Ass ( 8.000% due 05/15/24 ) 100,663 104,407
4,226,102
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30, 1998
Principal Market
Amount Value
Corporate - 6.1%
Coca-Cola Enterprise Inc.
(6.950% due 11/15/26 ) 150,000 157,743
GTE North Inc.
( 6.375% due 02/15/10 ) 250,000 252,075
Johnson & Johnson Inc.
( 8.720% due 11/01/24 ) 225,000 261,847
Pacific Bell
( 6.125% due 02/15/08 ) 150,000 150,186
Virginia Electric & Power
( 7.625% due 07/01/07 ) 150,000 164,714
986,565
Total Bonds 5,212,667
COMMON STOCKS - 58.0%
Aerospace & Defense - 3.4%
Aerospace & Defense - 3.4%
AlliedSignal Inc. 12,400 550,250
Construction & Real Estate - 3.4%
Engineering & Construction - 3.4%
Granite Construction Inc. 17,850 546,656
Energy - 3.7%
Oil & Gas - 3.7%
Patina Oil & Gas Corp. 22,520 157,640
Pride International Inc. 13,400 226,962
Synder Oil Corp. 10,500 209,344
593,946
Finance - 20.3%
Banks - 1.8%
Fund Amercian Enterprises HL. 2,000 296,000
Credit & Other Finance - 4.2%
H & R Block Inc. 3,500 147,438
Pioneer Group Inc. 12,000 315,750
SLM Holding Corp. 4,600 225,400
688,588
Insurance - 14.3%
Berkshire Hathway Inc. 160 418,080
Leucadia National Corp. 25,400 839,787
Markel Corporation 6,000 1,068,000
2,325,867
Total Finance 3,310,455
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Health - 1.4%
Hospital Services - 1.4%
Matria Healthcare Inc. 63,500 222,250
Industrial Machinery & Equipment - 2.2%
Industrial Machinery & Equipment - 2.2%
Crane Co. 5,000 242,812
Danaher Corp. 3,200 117,400
360,212
Media & Leisure - 5.1%
Entertainment - 1.0%
King World Productions Inc. 6,600 168,300
Leisure Durables & Toys - 4.1%
Mattel Inc. 15,900 672,768
Total Media & Leisure 841,068
Pollution Control - 4.2%
Dames & Moore Inc. 52,900 681,088
Retail & Wholesale - 10.5%
Apparel Stores - 2.0%
Catherines Stores Corp. 33,300 326,756
Retail & Wholesale, Miscellaneous - 8.5%
Ellet Brothers Inc. 51,800 246,050
Falcon Products Inc. 20,790 262,474
InterTAN Inc. 88,300 474,613
Nike Inc. 3,400 165,538
Richfood Holdings Inc. 11,200 231,700
1,380,375
Total Retail & Wholesale 1,707,131
Services - 2.0%
Human Resources - 2.0%
Manpower Inc. 11,600 332,775
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Technology - 0.9%
Computer peripherals - 0.9%
Seagate Technology Inc. 6,400 152,400
Transportation - 0.9%
Air Transportation - 0.9%
Offshore Logistics Inc. 8,300 147,325
Total Common Stocks 9,445,556
Total Securities ( identified cost - $14,921,115 ) 16,256,800
Other net assets - 0.1% 20,452
Total net assets 16,277,252
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio
June 30, 1998
Principal Market
Amount Value
SHORT TERM NOTES - 29.0%
US Treas Bills (4.000% due 07/02/98 ) $450,000 $449,950
Fed Farm Credit Bnks (5.390% due 07/06/98 ) 450,000 449,658
Fed Farm Credit Bnks (5.370% due 07/09/98 ) 885,000 883,936
Fed Hm Ln Mtg Corp ( 5.420% due 07/21/98 ) 100,000 99,697
Fed Nat'l Mtg Ass ( 5.440% due 07/06/98 ) 500,000 499,622
2,382,863
BONDS - 69.7%
U.S. Government & its Agencies - 55.4%
U.S. Treas. Bonds ( 6.125% due 08/15/07 ) $200,000 $208,250
Fed Hm Ln Banks ( 6.500% due 01/07/08 ) $250,000 $250,375
Fed Hm Ln Banks ( 6.100% due 12/24/07 ) 200,000 200,200
Fed Hm Ln Banks ( 7.024% due 09/10/07 ) 125,000 127,132
Fed Hm Ln Banks ( 6.810% due 08/20/07 ) 50,000 50,837
Fed Hm Ln Banks ( 6.400% due 12/04/03 ) 50,000 50,125
Fed Hm Ln Banks ( 6.515% due 10/01/02 ) 250,000 251,868
Fed Hm Ln Banks ( 6.200% due 07/02/02 ) 125,000 125,601
Fed Hm Ln Mtg Corp ( 7.500% due 02/01/28 ) 90,285 92,626
Fed Hm Ln Mtg Corp ( 6.500% due 12/01/27 ) 394,111 393,246
Fed Hm Ln Mtg Corp ( 6.500% due 02/01/18 ) 97,649 98,078
Fed Hm Ln Mtg Corp ( 7.500% due 12/01/16 ) 116,784 120,060
Fed Hm Ln Mtg Corp ( 7.585% due 09/19/06 ) 150,000 157,685
Fed Hm Ln Mtg Corp ( 6.690% due 08/14/01 ) 200,000 202,116
Fed Nat'l Mtg Ass ( 7.000% due 01/01/28 ) 193,115 196,071
Fed Nat'l Mtg Ass ( 6.500% due 01/01/28 ) 246,191 245,420
Fed Nat'l Mtg Ass ( 7.000% due 09/01/27 ) 188,176 191,056
Fed Nat'l Mtg Ass ( 7.500% due 11/01/26 ) 142,490 146,319
Fed Nat'l Mtg Ass ( 5.540% due 12/25/21 ) 132,518 131,788
Fed Nat'l Mtg Ass ( 7.750% due 10/25/18 ) 4,016 4,017
Fed Nat'l Mtg Ass ( 6.500% due 03/01/18 ) 99,202 99,544
Fed Nat'l Mtg Ass ( 6.500% due 02/01/18 ) 97,948 98,286
Fed Nat'l Mtg Ass ( 7.000% due 02/25/13 ) 48,000 49,064
Fed Nat'l Mtg Ass ( 7.070% due 10/24/06 ) 100,000 103,000
Gov't Nat'l Mtg Ass ( 7.000% due 09/15/27 ) 98,524 100,197
Gov't Nat'l Mtg Ass ( 7.500% due 11/15/26 ) 142,022 146,061
Gov't Nat'l Mtg Ass ( 8.000% due 11/15/26 ) 117,757 122,136
Gov't Nat'l Mtg Ass ( 7.000% due 10/15/25 ) 226,635 230,461
Gov't Nat'l Mtg Ass ( 8.000% due 06/15/24 ) 94,317 97,825
Gov't Nat'l Mtg Ass ( 8.000% due 05/15/24 ) 157,544 163,403
Gov't Nat'l Mtg Ass ( 8.000% due 05/15/24 ) 100,663 104,407
4,557,254
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio (Continued)
June 30, 1998
Principal Market
Amount Value
Corporate - 14.3%
Coca-cola Enterprises Inc.
( 6.950% due 11/15/26 ) $150,000 $157,743
GE Capital Mrtg. Services
( 6.500% due 04/25/08 ) $192,457 $189,089
GTE North Inc.
( 6.375% due 02/15/10 ) $250,000 $252,075
Johnson & Johnson Inc.
( 8.720% due 11/01/24 ) $225,000 $261,847
Pacific Bell
(6.125% due 02/15/08 ) $150,000 $150,186
Virginia Electric & Power
( 7.625% due 07/01/07 ) $150,000 $164,714
$1,175,654
Total Bonds 5,732,908
Total Securities ( identified cost - $8,077,829 ) 8,115,771
Other net assets - 1.3% 108,139
Total net assets 8,223,910
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio
June 30, 1998
Principal Market
Amount Value
SHORT TERM NOTE - 1.8%
US Treas Bills ( 4.000% due 07/02/98 ) $250,000 $249,972
Shares
COMMON STOCKS - 98.5%
Aerospace & Defense - 5.0%
Aerospace & Defense - 5.0%
AlliedSignal Inc. 15,500 687,813
Construction & Real Estate - 5.9%
Engineering & Construction - 5.9%
Granite Construction Inc. 26,700 817,687
Energy - 6.7%
Oil & Gas - 6.7%
Patina Oil & Gas Corp. 31,240 218,680
Pride International Inc. 25,900 438,681
Snyder Oil Corp. 13,900 277,131
$934,492
Finance - 32.6%
Banks - 2.4%
Fund American Enterprises HL. 2,200 325,600
Credit & Other Finance - 10.7%
H & R Block Inc. 6,300 265,388
Pioneer Group Inc. 23,600 620,975
SLM Holding Corp. 12,300 602,700
$1,489,063
Insurance - 19.5%
Berkshire Hathaway Inc. 275 718,575
Leucadia National Corp. 22,200 733,988
Markel Corp. 7,000 1,246,000
$2,698,563
Total Finance 4,513,226
Health - 3.6%
Hospital Services - 3.6%
Matria Healthcare Inc. 142,900 500,150
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio(Continued)
June 30, 1998
Market
Shares Value
Industrial Machinery & Equipment - 5.9%
Industrial Machinery & Equipment - 5.9%
Crane Co. 9,100 441,918
Danaher Corp. 6,000 220,125
Powell Industries 12,500 156,250
818,293
Media & Leisure - 7.5%
Entertainment - 1.9%
King World Productions Inc. 10,600 270,300
Leisure Durables & Toys - 5.6%
Mattel Inc. 18,400 778,550
Total Media & Leisure 1,048,850
Pollution Control - 5.1%
Dames & Moore Inc. 54,400 700,400
Retail & Wholesale - 20.5%
Apparel Stores - 4.5%
Catherines Stores Corp. 63,000 618,188
Retail & Wholesale, Miscellaneous - 16.0%
Ellet Brothers Inc. 77,800 369,550
Falcon Products Inc. 28,130 355,141
InterTAN Inc. 128,300 689,613
Nike Inc. 7,300 355,419
Richfood Holdings Inc. 22,100 457,193
2,226,916
Total Retail & Wholesale 2,845,104
Services - 2.9%
Human Resources - 2.9%
Manpower Inc. 13,900 398,756
Technology - 1.5%
Computer peripherals - 1.5%
Seagate Technology Inc. 8,700 207,169
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio(Continued)
June 30, 1998
Market
Shares Value
Transportation - 1.3%
Air Transportation - 1.3%
Offshore Logistics Inc. 10,300 182,825
Total Common Stocks 13,654,765
Total Securities ( identified cost - $12,204,020 ) 13,904,737
Other net liabilities - ( 0.3)% (38,162)
Total net assets 13,866,575
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio
June 30, 1998
Market
Shares Value
COMMON STOCKS - 93.3%
Basic Industries - 1.6%
Chemicals & Plastics - 1.6%
Minerals Technologies Inc. 2,800 142,450
Construction & Real Estate - 1.8%
Engineering & Construction - 1.8%
Masco Corp. 2,600 157,300
Durables - 2.0%
Autos, Tires & Accessories - 0.7%
Echlin Inc. 1,300 63,781
Consumer Electronics - 1.3%
Newell Co. 2,300 114,569
Total Durables 178,350
Energy - 6.2%
Electricity - 1.1%
AES Corp. 1,800 94,613
Oil & Gas - 5.1%
Barrett Resources Corp. 3,700 138,518
Camco International Inc. 1,300 101,238
Cooper Cameron Corp. 1,400 71,400
Tosco Corp. 2,600 76,375
Transocean Offshore Inc. 1,600 71,200
458,731
Total Energy 553,344
Finance - 10.9%
Credit & Other Finance - 2.4%
Ocwen Financial Corp. 4,000 107,500
Southtrust Corporation 2,550 110,925
218,425
Insurance - 8.5%
Alfac Inc. 3,600 109,125
Life Re Corp. 1,400 114,800
Nationwide Financial Services Inc. 2,900 147,900
Old Republic International Corp. 3,300 96,731
Progressive Corp. 1,400 197,400
Provident Companies Inc. 2,800 96,600
762,556
Total Finance 980,981
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Health - 9.7%%
Drugs & Pharmaceuticals - 4.3%
Biogen Inc. 1,700 83,300
Cardinal Health Inc. 1,200 112,500
Covance Inc. 8,300 186,750
382,550
Medical Facilities Management - 5.4%
Healthsouth Corp. 3,100 82,731
Omnicare Inc. 3,800 144,875
Universal Health Sevices Inc. 4,400 256,850
484,456
Total Health 867,006
Industrial Machinery & Equipment - 1.0%
Industrial Machinery Tools - 1.0%
Kennametal Inc. 2,300 96,025
Investment - 1.2%
Telecom -TCI Ventures Group 5,400 108,338
Manufacturing - 3.0%
Apparel - 0.9%
Authentic Fitness Corp. 5,100 80,644
Batteries - 2.1%
Rayovac Corp. 8,200 186,037
Total Manufacturing 266,681
Media & Leisure - 5.0%
Leisure Durables & Toys - 1.3%
Harley Davidson Inc. 2,900 112,375
Radio & Television - 3.7%
CBS Corp. 6,800 215,900
Clear Channel Communications 400 43,650
Sinclair Broadcast Group Inc. 2,400 69,000
328,550
Total Media & Leisure 440,925
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Non-durables - 2.9%
Household products - 2.9%
Clorox Co. 1,200 114,450
The Dial Corp. 5,600 145,250
259,700
Pollution Control - 1.1%
U.S. Filter Corp. 3,600 101,025
Retail & Wholesale - 13.9%
Apparel Stores - 6.3%
Jones Apparel Group Inc. 6,000 219,375
Liz Clairborne Inc. 3,500 182,875
TJX Companies Inc. 6,600 159,225
561,475
Auto parts - 2.4%
Autozone Inc. 6,700 213,981
Building Products - 1.5%
Lowes Companies Inc. 3,400 137,913
Retail & Wholesale, Miscellaneous - 3.7%
Aurora Foods Inc. 3,000 63,375
Kroger Company 2,400 102,900
Proffitt's Inc. 4,200 169,575
335,850
Total Retail & Wholesale 1,249,219
Services - 8.0%
Advertising - 3.5%
Interpublic Group of Companies Inc. 3,750 227,578
Snyder Communications Inc. 2,000 88,000
315,578
Commercial - 2.1%
Gartner Group Inc. 5,400 189,000
Schools - 1.4%
ITT Educational Services Inc. 3,800 122,550
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Telecom - 1.0%
Frontier Corporation 2,900 91,350
Total Services 718,478
Technology - 17.2%
Computer Services & Software - 14.8%
BMC Software Inc. 3,000 155,813
Cadence Design Systems Inc. 2,700 84,375
Diebold Inc. 3,400 98,175
Electronics Arts Inc. 3,200 172,800
Fiserv Inc. 3,600 152,887
HNC Software 2,300 93,869
Microchip Technology Inc. 4,600 120,175
Network Associates Inc. 3,150 150,806
Sterling Commerce Inc. 3,200 155,200
Synopsys Inc. 3,200 146,400
1,330,500
Electronics - 2.4%
Maxim Integrated Products Inc. 3,900 123,581
Vishay Interechonology Inc. 5,177 92,862
216,443
Total Technology 1,546,943
Telecommunication - Equipment - 2.3%
ADC Telecommunications Inc. 2,800 102,288
Reltec Corp. 2,400 108,000
210,288
Transportation - 3.5%
Budget Group Inc. 5,800 185,238
Laidlaw Inc. 10,800 131,625
316,863
Utilities - 2.0%
Telephone Services - 2.0%
Century Telephone Enterprises 4,000 183,500
Total Common Stocks 8,377,416
Total Securities ( identified cost - $6,788,556 ) 8,377,416
Other net assets - 6.7% 605,724
Total net assets $8,983,140
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio
June 30, 1998
Principal Market
Amount Value
BONDS - 8.2%
Corporate Convertible Bonds - 8.2%
Japan - 3.1%
Sony Corp. ( 1.400% due 03/31/05 ) JPYen 6,000,000 $66,361
Sumitomo Bank Intl Fin NV ( 0.750% due 05/31/01 )
JPYen 3,000,000 29,981
Tokyo Electron Ltd. (0.900% due 09/30/03) JPYen 7,000,000 56,363
152,705
Netherlands - 3.1%
Cregem Finance NV ( 2.75% due 01/06/04 ) $ 65,000 81,738
Telefonica Europe NV (2.000% due 07/15/02 ) 50,000 76,000
157,738
Switzerland - 2.0%
Nestle Holdings Inc. ( 3.000% due 06/17/02 70,000 97,300
Total Bonds 407,743
Market
Shares Value
COMMON STOCKS - 89.2%
Argentina - 0.8%
YPF Sociedad Anonima - sponsored ADR 1,400 42,088
Australia - 2.8%
E.R.G. Ltd. 31,700 17,470
News Corp. Ltd. 4,400 58,036
National Australia Bank Ltd. 2,200 62,150
137,656
Brazil - 1.7%
Companhia Vale Do Rio Doce 2,100 42,668
Telecom Brasileiras 400 43,675
86,343
France - 11.8%
Alcatel Alsthom - sponsored ADR 1,400 56,963
Axa - Uap -sponsored ADR 1,600 90,900
Dexia France 700 94,244
Elf Aquitaine - sponsored ADR 1,800 127,800
Michelin (CGDE) 1,300 75,040
Societe Generale de Paris 420 87,320
STMicroelectronics N.V. 860 60,093
592,360
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Germany - 10.9%
Depfa Bank $1,800 $143,599
Deutsche Bank AG - sponsored ADR 1,000 84,541
Prosieben Media AG 2,500 129,914
SGL Carcon AG 450 52,603
Veba AG 500 34,071
Wella Aktiengesellschaft 100 99,167
543,895
Hong Kong - 4.9%
Espirit Holdings Ltd. 227,000 68,845
Hong Kong Telecom. Ltd. - sponsored ADR 2,301 43,431
HSBC Holdings PLC 3,649 89,240
Television Broadcasts Ltd. 17,100 45,241
246,757
Italy - 3.1%
Ente Nazionale Idrocarburi SPA- sponsored A 500 32,500
Telecom Italia Mobile SPA 25,800 87,075
Telecom Italia SPA 7,200 34,850
154,425
Japan - 16.0%
Autobacs Seven Co. Ltd. 1,000 28,605
Canon Inc. 5,000 113,484
DDI Corp. 18 62,643
Honda Motor Co. 2,800 99,664
Nomura Securities Co. Ltd. 9,000 104,729
Sangetsu Co. Ltd. 2,000 25,795
Sanyo Coca-Cola Bottling Co. 3,300 35,476
Shimano Inc, 2,000 50,725
Sony Music Entertainment Inc. 2,500 106,098
Takefuji Corp. 1,800 83,005
Tokyo Style Co. Ltd. 5,000 48,996
Yamatake-Honeywell 4,000 41,214
800,434
Malaysia - 0.6%
Telekom Malaysia 18,000 30,380
Mexico - 1.0%
PanAmerican Beverages Inc. 1,600 50,300
Netherlands - 5.6%
Akzo Nobel N.V.- sponsored ADR 500 55,438
ASM Lithography Holding NV 1,800 52,312
ING Groep N.V. 26 1,703
Philips Electronics N.V. 900 76,500
Wolters Kluwer NV 650 89,213
275,166
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio (Continued)
June 30, 1998
Market
Shares Value
Norway - 0.5%
Saga Petroleum - sponsored ADR 1,800 28,350
Singapore - 0.4%
Dev't Bank of S'pore Ltd. - sponsored ADR 1,000 22,137
South Korea - 0.8%
Pohang Iron & Steel Co. Ltd. 1,133 38,420
Sweden - 5.1%
Ericsson (LM) Tel - sponsored ADR $5,800 $166,025
Skandinaviska Enskilda Banken $5,300 $90,715
$256,740
Switzerland - 2.4%
Novartis AG 54 89,857
United Bank of Switzerland - AG 75 27,887
117,744
Taiwan - 0.1%
China Steel Corp. - GDS 235 2,908
United Kingdom - 20.7%
Billiton PLC 18,300 37,098
Boots Company PLC (THE) 7,100 117,635
British Petroleum Company PLC - sponsored A 550 48,538
Diageo PLC - sponsored ADR 1,296 62,451
Elan Corporation PLC - sponsored ADR 800 51,450
EMI Group - sponsored ADR 2,600 45,593
Glaxco Wellcome PLC - sponsored ADR 900 53,831
Iceland Group - sponsored ADR 10,100 35,389
Matthews (Bernard) PLC 54,700 106,782
Reuters Group PLC - sponsored ADR 1,358 93,023
Rolls Royce PLC 20,700 85,481
Smithkline Beecham PLC 800 48,400
United Utilities 3,300 47,985
Vodafone Group PLC - sponsored ADR 700 88,244
WPP Group PLC 900 60,525
Zeneca Group PLC 1,200 51,497
1,033,922
Total Common Stocks 4,460,025
Total Securities ( identified cost - $4,608,394 ) 4,867,768
Other net asssets - 2.6% 130,549
Total net assets $4,998,317
