Financial Statements and Schedules
Canada Life of America Series Fund, Inc.
December 31, 1997
with Report of Independent Auditors
Canada Life of America Series Fund, Inc.
Financial Statements
and Schedules
December 31, 1997
Contents
Report of Independent Auditors................................... 1
Audited Financial Statements
Statements of Assets and Liabilities.................................... 2
Statements of Operations............................................... 3
Statements of Changes in Net Assets............................ 4
Notes to Financial Statements............................................... 10
Schedules
Financial Highlights - Money Market Series................. 15
Financial Highlights - Managed Series............................ 16
Financial Highlights - Bond Series................................... 17
Financial Highlights - Value Equity Series........................... 18
Financial Highlights - Capital Series.................................... 19
Financial Highlights - International Equity Series............... 20
Schedule of Investments - Money Market Series Portfolio........21
Schedule of Investments - Managed Series Portfolio..................22
Schedule of Investments - Bond Series Portfolio.........................25
Schedule of Investments - Value Equity Series Portfolio..............26
Schedule of Investments - Capital Series Portfolio.........................29
Schedule of Investments - International Equity Series Portfolio....33
Report of Independent Auditors
Board of Directors and Shareholders
Canada Life of America Series Funds, Inc.
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments of Canada Life of America
Series Fund, Inc. (comprising, respectively, the Money Market,
Managed, Bond, Value Equity, Capital and International Equity Series)
as of December 31, 1997, and the related statements of operations
for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility of the
Company's management. Our responsibility is to express an
on these financial statements and financial highlights based on
our audits.We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that weplan
and perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1997, by correspondence
with the custodian and brokers or by other appropriate auditing
procedures where replies from brokers were not received. An
audit also includes assessing the accounting principles
used and significant estimates made by management, as well
as evaluating the overall financial statement presentation.We
believe that our audits provide a reasonablebasis for our opinion.
In our opinion, the financial statements and financial highlights
referred to abovepresent fairly, in all material respects, the financial
position of each of the respective series constituting the Canada
Life of America Series Fund, Inc. at December 31, 1997,the results
of their operations for the year then ended, the changes in their net
assetsfor each of the two years in the period then ended, and the
financial highlights for each of the periods indicated therein, in
conformity with generally accepted accounting principles.
/s/
Atlanta, Georgia
January 30, 1998
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
December 31, 1997
Money
Market
Series
Managed
Series
Bond
Series
Value
Equity
Series
Capital
Series
International
Equity
Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying Schedules of
Investments - Series Portfolios)
$9,274,293
$17,120,133
$7,652,238
$11,405,492
$7,745,689
$4,738,180
Cash
Receivables:
Dividends and interest
Due from brokers for investments sold
- -
- -
- -
31,808
88,967
154,660
2,291
89,081
- -
31,884
16,316
- -
451,027
2694
- -
668,081
5,918
12,686
Total assets
9,274,293
17,395,568
7,743,610
11,453,692
8,199,410
5,424,865
Liabilities
Cash overdraft
Payables:
Investment advisory fees [Note 2]
Other accrued expenses
Directors' fees and expenses payable
Dividends declared
Due to brokers for investments purchased
39,573
5,407
13,922
7,902
58,096
- -
- -
7,604
51,162
10,765
1,754,044
294,426
- -
3,355
14,433
4,265
409,020
246,719
- -
5,020
33,853
5,962
1,234,740
27,261
- -
3,455
25,536
4,470
1,263,229
408,662
- -
3,683
9,463
3,810
286,240
350,547
Total liabilities
124,900
2,118,001
677,792
1,306,836
1,705,352
653,743
Net assets
$9,149,393
$15,277,567
$7,065,818
$10,146,856
$6,494,058
$4,771,122
Net assets consist of:
Capital shares
Additional paid-in capital
Net unrealized appreciation on investments and
foreign currencies
$9,149
9,140,244
- -
$12,274
13,761,539
1,503,754
$6,675
6,872,823
186,320
$6,899
8,348,816
1,791,141
$4,588
4,760,414
1,729,056
$4,100
4,578,757
188,265
Total net assets
$9,149,393
$15,277,567
$7,065,818
$10,146,856
$6,494,058
$4,771,122
Shares authorized ($.01 par value)
20,000,000
20,000,000
10,000,000
10,000,000
20,000,000
10,000,000
Shares outstanding
914,939
1,227,438
667,495
689,924
458,845
410,055
Net asset value per share
$10.00
$12.45
$10.59
$14.71
$14.15
$11.64
See accompanying notes 2
Canada Life of America Series Fund, Inc.
Statements of Operations
Year ended December 31, 1997
Money
Market
Series
Managed
Series
Bond
Series
Value
Equity
Series
Capital
Series
International
Equity
Series
Investment income:
Interest
Dividends
$594,895
- -
$503,626
88,463
$474,087
- -
$30,045
98,696
$5,441
70,792
$15,450
63,904
Total investment income
594,895
592,089
474,087
128,741
76,233
79,354
Expenses:
Investment advisory fees [note 2]
Directors' fees and expenses
Custodian fees and expenses
Audit and legal fees
Accounting and administration [note 2]
Miscellaneous
53,800
6,840
44,872
6,878
22,800
1,900
82,339
10,440
15,727
10,498
34,800
2,900
36,148
4,680
11,184
4,706
15,600
1,300
50,926
6,480
13,522
6,516
21,600
1,800
38,267
4,680
9,769
4,706
15,600
1,300
36,109
2,880
9,552
2,896
9,600
800
Total Expenses
Expense reimbursement [note 1]
137,090
56,390
156,704
8,493
73,618
8,551
100,844
-
74,322
-
61,837
7,673
Net expenses
80,700
148,211
65,067
100,844
74,322
54,164
Net investment income
514,195
443,878
409,020
27,897
1,911
25,190
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments
and foreign currencies
Net change in unrealized appreciation (depreciation)
on investments and foreign currencies
- -
- -
1,310,166
863,708
(10,025)
166,988
1,206,843
1,203,076
1,261,328
225,500
261,050
(229,603)
Net gain on investments
- -
2,173,874
156,963
2,409,919
1,486,818
31,447
Net increase in net assets resulting from operations
$514,195
$2,617,752
$565,983
$2,437,816
$1,488,729
$56,637
See accompanying notes 3
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Money Market Series
Year ended December 31
1997
1996
Operations:
Net investment income
$
514,195
$
272,568
Net increase in net assets resulting from operations
514,195
272,568
Dividends to shareholders from:
Net investment income
(514,195)
(272,568)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
129,231,519
521,937
(128,203,276)
14,764,456
267,368
(12,041,329)
1,550,180
2,990,495
Total increase in net assets
1,550,180
2,990,495
Net assets:
Beginning of period
7,599,213
4,608,718
End of period
$
9,149,393
$
7,599,213
See accompanying notes. 4
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Managed Series
Year ended December 31
1997
1996
Operations:
Net investment income
Net realized gain on investments
Net change in unrealized appreciation (depreciation)
on investments
$
443,878
1,310,166
863,708
$
474,521
1,259,103
(660,286)
Net increase in net assets resulting from operations
2,617,752
1,073,338
Dividends to shareholders from:
Net investment income
Net realized gain on investments
(443,878)
(1,310,166)
(474,521)
(1,259,103)
(1,754,044)
(1,733,624)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
3,402,203
1,733,625
(6,694,608)
3,887,311
3,120,898
(7,408,329)
(1,558,780)
(400,120)
Total (decrease) in net assets
(695,072)
(1,060,406)
Net assets:
Beginning of period
15,972,639
17,033,045
End of period
$
15,277,567
$
15,972,639
See accompanying notes. 5
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Bond Series
Year ended December 31
1997
1996
Operations:
Net investment income
Net realized loss on investments
Net change in unrealized appreciation (depreciation)
on investments
$
409,020
(10,025)
166,988
$
376,138
(13,809)
(40,529)
Net increase in net assets resulting from operations
565,983
321,800
Dividends to shareholders from:
Net investment income
(409,020)
(376,138)
(409,020)
(376,138)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
1,649,293
376,138
(1,829,490)
1,825,512
490,594
(1,042,448)
195,941
1,273,658
Total increase in net assets
352,904
1,219,320
Net assets:
Beginning of period
6,712,914
5,493,594
End of period
$
7,065,818
$
6,712,914
See accompanying notes. 6
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Value Equity Series
Year ended December 31
1997
1996
Operations:
Net investment income
Net realized gain on investments
Net change in unrealized appreciation (depreciation)
on investments
$
27,897
1,206,843
1,203,076
$
16,233
933,644
(338,105)
Net increase in net assets resulting from operations
2,437,816
611,772
Dividends to shareholders from:
Net investment income
Net realized gain on investments
(27,897)
(1,206,843)
(16,233)
(933,644)
(1,234,740)
(949,877)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
2,609,978
949,877
(3,134,267)
1,841,769
1,896,996
(3,127,425)
425,588
611,340
Total increase in net assets
1,628,664
273,235
Net assets:
Beginning of period
8,518,192
8,244,957
End of period
$
10,146,856
$
8,518,192
See accompanying notes. 7
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Capital Series
Year ended December 31
1997
1996
Operations:
Net investment income
Net realized gain on investments
Net change in unrealized appreciation on investments
$
1,911
1,261,318
225,500
$
13,202
614,518
142,801
Net increase in net assets resulting from operations
1,488,729
770,521
Dividends to shareholders from:
Net investment income
Net realized gain on investments
(1,911)
(1,261,318)
(13,202)
(614,518)
(1,263,229)
(627,720)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
1,293,829
627,720
(2,329,507)
1,452,011
227,281
(1,511,879)
(407,958)
167,413
Total increase (decrease) in net assets
(182,458)
310,214
Net assets:
Beginning of period
6,676,516
6,366,302
End of period
$
6,494,058
$
6,676,516
See accompanying notes. 8
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
International Equity Series
Year ended December 31
1997
1996
Operations:
Net investment income
Net realized gain on investments and foreign currencies
Net change in unrealized appreciation (depreciation) on
investments and foreign currencies
$
25,190
261,050
(229,603)
$
38,882
25,289
400,317
Net increase in net assets resulting from operations
56,637
464,488
Dividends to shareholders from:
Net investment income
Net realized gain on investments and foreign currencies
(25,190)
(261,050)
(38,882)
(25,289)
(286,240)
(64,171)
Fund share transactions [note 4]:
Proceeds from sales of shares
Reinvestment of dividends to shareholders
Payments for shares redeemed
18,000,433
64,171
(16,369,069)
1,079,475
101,690
(361,880)
1,695,535
819,285
Total increase in net assets
1,465,932
1,219,602
Net assets:
Beginning of period
3,305,190
2,085,588
End of period
$
4,771,122
$
3,305,190
See accompanying notes. 9
Canada Life of America Series Fund, Inc.
Notes to Financial Statements
December 31, 1997
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 ValuationSecurities Valuation
Securities listed or traded on the New York or American Stock Exchange
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 TranslationForeign 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
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.
10
Securities Transactions and Investment IncomeSecurities 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.
10a
Federal Income TaxesFederal 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 GainsDistribution 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 dividendsand distributions are reinvested in additional shares of the
respective Series at the net asset value per share.
ExpensesExpenses
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 year
ended December 31, 1997, the amounts reimbursed were as follows:
Money Market Series - $56,390; Managed Series - $8,493;
Bond Series - $8,551; and International Equity Series - $7,673.
2. Investment Advisory and Directors' Fees and Other Transactions with
Affiliated Companies
Investment Advisory Fees 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
11
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 forInternational 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.
11a
For the year ended December 31, 1997, the investment advisory fee
incurred by the Fund was as follows: Money Market Series - $53,800;
Managed Series - $82,339; Bond Series - $36,148; Value Equity
Series - $50,926; Capital Series - $ 38,267; and International Equity
Series - $36,109.
Accounting ServicesAccounting Services
Under an accounting services agreement, Canada Life Insurance
Company of America provides accounting and administrative services
to the Fund. For the year ended December 31, 1997, the related expenses
incurred by the Fund were as follows: Money Market Series - $22,800;
Managed Series - $34,800; Bond Series - $15,600; Value Equity Series
- $21,600; Capital Series - $15,600;and International Equity Series - $9,600.
Directors' FeesDirectors' Fees
Each director who is not an affiliated person receives fees from the Fund for
services as a director.
OtherOther
On January 11, 1996, the General Account of Canada Life Insurance
Company of America withdrew a portion of its initial investment in the
Managed Series in the amount of $500,000. This capital share transaction
is reflected in shares redeemed.
On April 17, 1996, the General Account of Canada Life Insurance Company
of America withdrew a portion of its initial investment in the Managed Series
in the amount of $500,000. This capital share transaction is reflected in
shares redeemed.
On July 8, 1996, the General Account of Canada Life Insurance Company
of America withdrew a portion of its initial investment in the Managed
Series in the amount of $500,000. This capital share transaction is reflected
in shares redeemed.
On November 15, 1996, the General Account of Canada Life Insurance
Company of America withdrew a portion of its initial investment in the
Managed Series in the amount of $500,000. This capital share transaction
is reflected in shares redeemed.
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 Seriesin the amount of $100,000 in each fund for
a total amount of $500,000.Thesecapital 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 fo
a total amount of $500,000. These capital share transactions are reflected
in shares redeemed.
12
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 EquitySeries 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.
12a
3. Investment Transactions
The aggregate cost of purchases and proceeds from sales (excluding short
term investments) for all Series, for the year ended December 31, 1997 are
presented below:
Cost of
Securities
Purchased
Proceeds
from
Securities
Sold
Managed Series
US Gov't & Its Agencies Bonds
$7,550,007
$8,154,158
All other Investments
4,486,591
6,900,524
Total
$12,036,598
$15,054,682
Bond Series
US Gov't & Its Agencies Bonds
$6,963,284
$7,571,618
All other Investments
- -
- -
Total
$6,963,284
$7,571,618
Value Equity Series
All other Investments
$5,370,231
$6,069,771
Total
$5,370,231
$6,069,771
Capital Series
All other Investments
$7,148,382
$7,407,070
Total
$7,148,382
$7,407,070
International Equity Series
All other Investments
$3,446,159
$1,808,023
Total
$3,446,159
$1,808,023
The information in the following table is presented on the basis of cost
for federal income tax purposes as of December 31, 1997.
Identified
Cost of
Securities
Owned
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
Money Market Series
$9,274,293
$ -
$ -
$ -
Managed Series
15,616,379
1,959,200
(455,446)
1,503,754
Bond Series
7,465,918
189,618
(3,298)
186,320
Value Equity Series
9,614,351
2,120,030
(328,889)
1,791,141
Capital Series
6,016,633
1,938,326
(209,270)
1,729,056
International Equity Series
4,549,915
756,373
(568,108)
188,265
13
4. Capital Share Transactions
Transactions in capital stock were as follows:
Year ended December 31
1997
Shares
1997
Amount
1996
Shares
1996
Amount
Money Market Series
Shares sold
Shares issued in
reinvestment of dividends
12,923,152
52,194
$129,231,519
521,937
1,476,446
26,737
$14,764,456
267,368
12,975,346
129,753,456
1,503,183
15,031,824
Shares redeemed
(12,820,328)
(128,203,276)
(1,204,133)
(12,041,329)
Net increase
155,018
$1,550,180
299,050
$2,990,495
Managed Series
Shares sold
Shares issued in
reinvestment of dividends
271,028
146,936
$3,402,203
1,733,625
314,608
253,408
$3,887,311
3,120,898
417,964
5,135,828
568,016
7,008,209
Shares redeemed
(544,308)
(6,694,608)
(591,398)
(7,408,329)
Net (decrease)
(126,344)
($1,558,780)
(23,382)
($400,120)
Bond Series
Shares sold
Shares issued in
reinvestment of dividends
155,402
36,305
$1,649,293
376,138
173,803
46,932
$1,825,512
490,594
191,707
2,025,431
220,735
2,316,106
Shares redeemed
(172,144)
(1,829,490)
(98,327)
(1,042,448)
Net increase
19,563
$195,941
122,408
$1,273,658
Value Equity Series
Shares sold
Shares issued in
reinvestment of dividends
179,856
73,088
$2,609,978
949,877
135,689
141,566
$1,841,769
1,896,996
252,944
3,559,855
277,255
3,738,765
Shares redeemed
(218,446)
(3,134,267)
(232,199)
(3,127,425)
Net increase
34,498
$425,588
45,056
$611,340
Capital Series
Shares sold
Shares issued in
reinvestment of dividends
85,047
44,978
$1,293,829
627,720
99,373
16,700
$1,452,011
227,281
130,025
1,921,549
116,073
1,679,292
Shares redeemed
(149,567)
(2,329,507)
(107,398)
(1,511,879)
Net increase (decrease)
(19,542)
($407,958)
8,675
$167,413
International Equity Series
Shares sold
Shares issued in
reinvestment of dividends
1,381,876
5,428
$18,000,433
64,171
95,832
10,013
$1,079,475
101,690
1,387,304
18,064,604
105,845
1,181,165
Shares redeemed
(1,256,820)
(16,369,069)
(32,929)
(361,880)
Net increase
130,484
$1,695,535
72,916
$819,285
14
Canada Life of America Series Fund, Inc.
Financial Highlights
Money Market Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
1997
1996
1995
1994
1993
Net asset value, beginning of period
$10.00
$10.00
$10.00
$10.00
$10.00
Income from investment operations:
Net investment income
0.48
0.45
0.49
0.34
0.23
Total from investment operations
0.48
0.45
0.49
0.34
0.23
Less distributions:
Dividends from net investment income
(0.48)
(0.45)
(0.49)
(0.34)
(0.23)
Total distributions
(0.48)
(0.45)
(0.49)
(0.34)
(0.23)
Net asset value, end of period
$10.00
$10.00
$10.00
$10.00
$10.00
Total return
4.95%
4.58%
4.95%
3.40%
2.29%
Ratios to average net
assets/supplemental data:
Net assets, end of period (000's
omitted)
$9,149
$7,599
$4,609
$5,057
$4,514
Ratio of expenses to average net
assets
0.75% *
0.75%
0.75%
0.75%
0.75%
Ratio of net investment income to
average net assets
4.78%
4.54%
4.98%
3.43%
2.29%
* Ratio shown is after expense reimbursement. Ratio of expenses to
average net assets before expense reimbursement is 1.16% for 1997.
See accompanying notes. 15
Canada Life of America Series Fund, Inc.
Financial Highlights
Managed Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
1997
1996
1995
1994
1993
Net asset value, beginning of period
$11.80
$12.37
$12.01
$12.77
$12.14
Income from investment operations:
Net investment income
0.34
0.32
0.40
0.32
0.31
Net realized and unrealized gain (loss)
on investments
1.66
0.27
2.38
(0.39)
0.74
Total from investment operations
2.00
0.59
2.78
(0.07)
1.05
Less distributions:
Dividends from net investment income
(0.34)
(0.32)
(0.41)
(0.32)
(0.31)
Distributions from net realized gains
(1.01)
(0.84)
(2.01)
(0.37)
(0.11)
Total distributions
(1.35)
(1.16)
(2.42)
(0.69)
(0.42)
Net asset value, end of period
$12.45
$11.80
$12.37
$12.01
$12.77
Total return
17.61%
5.75%
21.92%
- -0.25%
8.24%
Ratios to average net
assets/supplemental data:
Net assets, end of period (000's omitted)
$15,278
$15,973
$17,033
$15,192
$17,165
Ratio of expenses to average net assets
0.90% *
0.90%
0.90%
0.97%
1.15%
Ratio of net investment income to
average net assets
2.74%
2.53%
3.06%
2.51%
2.50%
Portfolio turnover rate
82.80%
144.67%
145.14%
27.31%
38.20%
Average commission rate paid
$0.0570
$0.0600
$0.0611
$0.0735
$0.0899
* Ratio shown is after expense reimbursement. Ratio of expenses to
average net assets before expense reimbursement is 0.95% for 1997.
See accompanying notes. 16
Canada Life of America Series Fund, Inc.
Financial Highlights
Bond Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
1997
1996
1995
1994
1993
Net asset value, beginning of period
$10.36
$10.45
$9.75
$10.74
$10.64
Income from investment operations:
Net investment income
0.60
0.60
0.65
0.51
0.57
Net realized and unrealized gain (loss)
on investments
0.23
(0.09)
1.09
(0.99)
0.56
Total from investment operations
0.83
0.51
1.74
(0.48)
1.13
Less distributions:
Dividends from net investment income
(0.60)
(0.60)
(0.64)
(0.51)
(0.57)
Distributions from net realized gains
- -
- -
(0.15)
- -
(0.46)
Distributions from paid-in capital
- -
- -
(0.25)
- -
- -
Total distributions
(0.60)
(0.60)
(1.04)
(0.51)
(1.03)
Net asset value, end of period
$10.59
$10.36
$10.45
$9.75
$10.74
Total return
8.09%
4.66%
16.77%
- -3.94%
10.35%
Ratio to average net
assets/supplemental data:
Net assets, end of period (`000's
omitted)
$7,066
$6,713
$5,494
$3,986
$4,204
Ratio of expenses to average net
assets
0.90%
*
0.90%
0.88%
0.96%
1.16%
Ratio of net investment income to
average net assets
5.70%
5.73%
6.06%
5.01%
5.01%
Portfolio turnover rate
127.63%
284.11%
245.32%
43.89%
84.77%
* Ratio shown is after expense reimbursement. Ratio of expenses to average net
assets before expense reimbursement is 1.02% for 1997.
See accompanying notes. 17
Canada Life of America Series Fund, Inc.
Financial Highlights
Value Equity Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
1997
1996
1995
1994
1993
Net asset value, beginning of period
$13.00
$13.51
$13.46
$13.60
$13.15
Income from investment operations:
Net investment income
0.04
0.02
0.12
0.14
0.14
Net realized and unrealized gain
on investments
3.44
0.80
3.17
0.13
0.61
Total from investment operations
3.48
0.82
3.29
0.27
0.75
Less distributions:
Dividends from net investment income
(0.04)
(0.02)
(0.12)
(0.14)
(0.14)
Distributions from net realized gains
(1.73)
(1.31)
(3.12)
(0.27)
(0.16)
Total distributions
(1.77)
1.33
(3.24)
(0.41)
(0.30)
Net asset value, end of period
$14.71
$13.00
$13.51
$13.46
$13.60
Total return
26.93%
6.94%
23.66%
2.03%
5.44%
Ratios to average net
assets/supplemental data:
Net assets, end of period (000's
omitted)
$10,147
$8,519
$8,245
$7,379
$7,063
Ratio of expenses to average net
assets
0.90%
0.90%
0.90%
0.96%
1.14%
Ratio of net investment income to
average net assets
0.28%
0.17%
0.81%
1.03%
1.07%
Portfolio turnover rate
50.97%
46.78%
103.07%
35.99%
23.70%
Average commission rate paid
$0.0560
$0.0600
$0.0608
$0.0738
$0.0909
See accompanying notes. 18
Canada Life of America Series Fund, Inc.
Financial Highlights
Capital Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
For the Period
April 23, 1993
(commencemen
t of operations)
to December 31
1997
1996
1995
1994
1993*
Net asset value, beginning of period
$13.96
$13.55
$10.48
$11.06
$10.00
Income from investment operations:
Net investment income (loss)
0.00
0.03
0.02
0.01
(0.02)
Net realized and unrealized gain (loss)
on investments
2.75
1.68
3.56
(0.46)
1.32
Total from investment operations
2.75
1.71
3.58
(0.45)
1.30
Less distributions:
Dividends from net investment income
0.00
(0.03)
(0.01)
(0.01)
- -
Distributions from net realized gains
(2.56)
(1.27)
(0.50)
(0.12)
(0.24)
Total distributions
(2.56)
(1.30)
(0.51)
(0.13)
(0.24)
Net asset value, end of period
$14.15
$13.96
$13.55
$10.48
$11.06
Total return
21.14%
12.65%
33.99%
- -4.11%
18.42% **
Ratios to average net
assets/supplemental data:
Net assets, end of period (000's
omitted)
$6,494
$6,677
$6,366
$3,847
$2,918
Ratio of expenses to average net
assets
0.90%
0.90%
0.88%
0.92%
1.01% **
Ratio of net investment income to
average net assets
0.03%
0.19%
0.11%
0.09%
- -0.21% **
Portfolio turnover rate
84.39%
54.11%
33.42%
55.99%
21.87%
Average commission rate paid
$0.0490
$0.0564
$0.0562
$0.0568
$0.0585 *
* The fund commenced operations on April 23, 1993. The net asset
value at the beginning of the 1993 period is as of the close of business
on April 23, 1993.
** 1993 amounts annualized from April 23, 1993.
See accompanying notes. 19
Canada Life of America Series Fund, Inc.
Financial Highlights
International Equity Series
The following financial highlights are computed on the basis of a share
outstanding throughout the period.
Year ended December 31
For the Period
April 24, 1995
(commencement of
operations) to
December 31
1997
1996
1995 *
Net asset value, beginning of period
$11.82
$10.09
$10.00
Income from investment operations:
Net investment income
0.07
0.16
0.10
Net realized and unrealized gain on
investments
0.56
1.83
0.49
Total from investment operations
0.63
1.99
0.59
Less distributions:
Dividends from net investment income
(0.07)
(0.16)
(0.10)
Distributions from net realized gains
(0.74)
(0.10)
(0.40)
Total distributions
(0.81)
(0.26)
(0.50)
Net asset value, end of period
$11.64
$11.82
$10.09
Total return
4.32%
19.44%
8.53% **
Ratios to average net
assets/supplemental data:
Net assets, end of period (000's omitted)
$4,771
$3,305
$2,086
Ratio of expenses to average net assets
$1.20% ***
1.20%
1.20% **
Ratio of net investment income to
average net assets
0.57%
1.44%
1.43% **
Portfolio turnover rate
37.73%
56.28%
33.56%
Average commission rate paid
$0.0380
$0.1961
$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 expense reimbursement is 1.32% for 1997.
See accompanying notes. 20
Canada Life of America Series Fund, Inc.
Schedule of Investments - Money Market Series Portfolio
December 31, 1997
Principal
Amount
Market
Value
U.S. Government & its Agencies - 101.4%
U.S. Treasury Bills ( 5.110% due 01/22/98 )
$
2,000,000
$
1,994,014
Federal Farm Credit Banks ( 5.650% due 01/27/98 )
1,000,000
995,907
Federal Farm Credit Banks ( 5.620% due 01/08/98 )
1,000,000
998,893
Federal Home Loan Bank ( 5.610% due 01/22/98 )
1,200,000
1,196,056
Federal Home Loan Mortgage Corp. ( 5.700% due 01/09/98 )
1,000,000
998,724
Federal Home Loan Mortgage Corp. ( 5.720% due 01/07/98 )
1,100,000
1,098,948
Federal National Mortgage Association ( 5.700% due
01/27/98)
2,000,000
1,991,751
9,274,293
Total Securities (identified cost - $9,274,293)
Other net liabilities - (1.4)%
(124,900)
Total net assets
$
9,149,393
See accompanying notes. 21
Canada Life of America Series Fund, Inc.
Schedule of Investments - Money Market Series Portfolio
December 31, 1997
Principal
Market
Amount
Value
U.S. Government & its Agencies - 101.4%
U.S. Treasury Bills ( 5.110% due 01/22/98 )
$
2,000,000
$
1,994,014
Federal Farm Credit Banks ( 5.650% due 01/27/98 )
1,000,000
995,907
Federal Farm Credit Banks ( 5.620% due 01/08/98 )
1,000,000
998,893
Federal Home Loan Bank ( 5.610% due 01/22/98 )
1,200,000
1,196,056
Federal Home Loan Mortgage Corp. ( 5.700% due 01/09/98 )
1,000,000
998,724
Federal Home Loan Mortgage Corp. ( 5.720% due 01/07/98 )
1,100,000
1,098,948
Federal National Mortgage Association ( 5.700% due 01/27/98 )
2,000,000
1,991,751
9,274,293
Total Securities ( identified cost - $9,274,293)
Other net liabilities - (1.4)%
(124,900)
Total net assets
$
9,149,393
21
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio
December 31, 1997
Principal
Market
Amount
Value
SHORT TERM NOTES - 19.0 %
Federal Farm Credit Banks ( 5.650% due 01/27/98 )
$
600,000
$
597,544
Federal Farm Credit Banks ( 5.700% due 01/09/98 )
110,000
109,861
Federal Farm Credit Banks ( 5.670% due 01/06/98 )
2,200,000
2,198,238
Total Short Term Notes
2,905,643
BONDS - 34.8%
U.S. Government & its Agencies - 34.8%
U. S. Treasury Bonds ( 6.250% due 08/15/23 )
$
500,000
515,469
U. S. Treasury Bonds ( 7.125% due 02/15/23 )
150,000
171,188
U. S. Treasury Bonds ( 6.875% due 05/15/06 )
550,000
588,844
U. S. Treasury Bonds ( 6.500% due 05/31/01)
450,000
460,828
Federal Home Loan Bank ( 6.200% due 07/02/02 )
125,000
125,505
Federal Home Loan Bank ( 6.790% due 02/05/02 )
250,000
250,240
Federal Home Loan Mortgage Corp. ( 7.750% due 02/05/07 )
200,000
200,200
Federal Home Loan Mortgage Corp. ( 7.440% due 09/20/06 )
175,000
181,475
Federal Home Loan Mortgage Corp. ( 7.585% due 09/19/06 )
150,000
156,755
Federal National Mortgage Association ( 7.000% due 12/01/27 )
200,000
201,300
Federal National Mortgage Association ( 7.000% due 09/01/27 )
202,000
203,641
Federal National Mortgage Association ( 7.500% due 11/01/26 )
174,816
179,022
Federal National Mortgage Association ( 6.500% due 02/01/24 )
250,000
246,719
Federal National Mortgage Association ( 5.820% due 11/25/23 )
75,000
72,938
Federal National Mortgage Association ( 7.750% due 10/25/18 )
11,721
11,805
Federal National Mortgage Association ( 7.230% due 01/24/07 )
200,000
203,579
Federal National Mortgage Association ( 7.070% due 10/24/06 )
100,000
102,550
Federal National Mortgage Association ( 7.690% due 09/13/06 )
200,000
209,000
Federal National Mortgage Association ( 7.220% due 05/07/04 )
250,000
250,743
Federal National Mortgage Association ( 7.170% due 06/29/01 )
100,000
100,727
Federal National Mortgage Association ( 6.140% due 04/06/00 )
200,000
200,342
Government National Mortgage Association (8.000% due 11/15/26 )
147,593
153,220
Government National Mortgage Association ( 7.500% due 11/15/26 )
156,725
160,692
Government National Mortgage Association ( 7.000% due 10/15/25 )
378,250
381,560
Total Bonds
5,328,342
22
Market
Shares
Value
COMMON STOCKS - 58.2%
Aerospace & Defense - 3.1%
Aerospace & Defense - 3.1%
AlliedSignal Inc.
12,400
$
482,825
Construction & Real Estate - 2.5%
Engineering & Construction - 2.5%
Granite Construction Inc.
16,850
387,550
Energy - 3.4%
Oil & Gas - 3.4%
Patina Oil & Gas Corp.
21,800
167,587
Pride International Inc.
6,300
159,075
Snyder Oil Corp.
10,500
191,625
518,287
Finance - 19.3%
Banks - 2.5%
Fund American Enterprises HL
2,000
242,000
Webster Financial Corp.
2,200
146,300
388,300
Credit & Other Finance - 2.5%
H & R Block Inc.
3,500
156,844
Pioneer Group Inc.
8,000
225,000
381,844
Insurance - 14.3%
Berkshire Hathaway Inc.
160
246,240
Leucadia National Corp.
25,400
876,300
Markel Corporation
6,000
936,750
Mid Ocean Ltd.
2,200
119,350
2,178,640
Total Finance
2,948,784
Health - 3.7%
Hospital Services - 3.7%
Matria Healthcare Inc.
63,500
357,188
Tenet Healthcare Corp.
6,300
208,687
565,875
Industrial Machinery & Equipment - 2.3%
Industrial Machinery & Equipment - 2.3%
Crane Co.
4,000
173,500
Danaher Corp.
2,800
176,750
350,250
23
Market
Shares
Value
Media & Leisure - 3.7%
Entertainment - 1.3%
King World Productions Inc.
3,300
$
190,575
Leisure Durables & Toys - 1.3%
Mattel Inc.
5,300
197,425
Publishing - 1.1%
Knight - Ridder Inc.
3,300
171,600
Total Media & Leisure
559,600
Pollution Control - 6.0%
Dames & Moore Inc.
68,800
911,600
Retail & Wholesale - 10.9%
Apparel Stores - 1.3%
Catherines Stores Corp.
28,300
198,100
Retail & Wholesale, Miscellaneous - 9.6%
Ellett Brothers Inc.
51,800
286,518
Falcon Products Inc.
20,790
294,958
Hasbro Inc.
3,600
113,400
InterTAN Inc.
88,300
474,613
Nike Inc.
3,400
133,450
Richfood Holdings Inc.
5,600
158,200
1,461,139
Total Retail & Wholesale
1,659,239
Services - 1.5%
Human Resources -1.5%
Manpower Inc.
6,600
232,650
Transportation - 1.8%
Air Transportation - 1.2%
Offshore Logistics Inc.
8,300
177,413
Railroads - 0.6%
Kansas City Southern Industry
2,900
92,075
Total Transportation
269,488
Total Common Stocks
8,886,148
Total Securities ( identified cost - $15,616,379 )
17,120,133
Other net liabilities - ( 12%)
(1,842,566)
Total net assets
$
15,277,567
24
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio
December 31, 1997
Principal
Market
Amount
Value
SHORT TERM NOTES - 27.1%
Federal Farm Credit Banks ( 5.610% due 01/12/98 )
$
671,000
$
669,844
Federal Farm Credit Banks ( 5.700% due 01/06/98 )
348,000
347,724
Federal Home Loan Mortgage Corp. ( 5.700% due 01/07/98 )
400,000
399,620
Federal Home Loan Mortgage Corp. ( 5.720% due 01/07/98 )
500,000
499,522
Total Short Term Notes
1,916,710
BONDS - 81.1%
U.S. Government & its Agencies - 78.5%
U. S. Treasury Bonds ( 6.250% due 08/15/23 )
500,000
515,469
U. S. Treasury Bonds ( 6.875% due 05/15/06 )
450,000
481,782
U. S. Treasury Bonds ( 7.125% due 02/15/23 )
350,000
399,438
Federal Home Loan Bank ( 6.515% due 10/01/02 )
250,000
251,505
Federal Home Loan Bank ( 6.200% due 07/02/02 )
125,000
125,505
Federal Home Loan Bank ( 6.790% due 02/05/02 )
250,000
250,240
Federal Home Loan Mortgage Corp ( 7.750% due 02/05/07 )
200,000
200,200
Federal Home Loan Mortgage Corp ( 7.440% due 09/20/06 )
175,000
181,475
Federal Home Loan Mortgage Corp ( 7.585% due 09/19/06 )
150,000
156,755
Federal Home Loan Mortgage Corp ( 6.690% due 08/14/01 )
200,000
202,581
Federal National Mortgage Association ( 7.000% due 12/01/27 )
200,000
201,300
Federal National Mortgage Association ( 7.000% due 09/01/27 )
202,000
203,641
Federal National Mortgage Association ( 7.500% due 11/01/26 )
174,816
179,022
Federal National Mortgage Association ( 7.690% due 09/13/06 )
200,000
209,000
Federal National Mortgage Association ( 6.500% due 02/01/24 )
250,000
246,718
Federal National Mortgage Association ( 5.820% due 11/25/23 )
75,000
72,937
Federal National Mortgage Association ( 7.750% due 10/25/18 )
10,315
10,389
Federal National Mortgage Association ( 7.230% due 01/24/07 )
200,000
203,579
Federal National Mortgage Association ( 7.070% due 10/24/06 )
100,000
102,550
Federal National Mortgage Association ( 7.220% due 05/07/04 )
250,000
250,743
Federal National Mortgage Association ( 7.170% due 06/29/01 )
100,000
100,728
Federal National Mortgage Association ( 6.65% due 03/26/01 )
250,000
250,558
Federal National Mortgage Association ( 6.140% due 04/06/00 )
200,000
200,342
Government National Mortgage Association ( 8.000% due 11/15/26 )
147,593
153,220
Government National Mortgage Association ( 7.500% due 11/15/26 )
156,725
160,692
Government National Mortgage Association ( 7.000% due 10/15/25 )
236,406
238,475
5,548,844
Corporate - 2.6%
GE Capital Mortgage Services ( 6.500% due 04/25/08 )
192,457
186,684
Total Bonds
5,735,528
Total Securities ( identified cost - $7,465,918 )
7,652,238
Other net liabilities - ( 8.2 )%
(586,420)
Total net assets
$
7,065,818
25
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio
December 31, 1997
Principal
Market
Amount
Value
SHORT TERM NOTES - 7.9%
Federal Farm Credit Banks ( 5.700% due 01/09/98 )
$
250,000
$
249,683
Federal Farm Credit Banks ( 5.700% due 01/06/98 )
250,000
249,802
Federal Home Loan Mortgage Corp. ( 5.680% due 01/20/98 )
300,000
299,050
Total Short Term Notes
798,535
Shares
COMMON STOCKS - 104.5%
Aerospace & Defense - 5.8%
Aerospace & Defense - 5.8%
AlliedSignal Inc.
15,000
584,062
Construction & Real Estate - 5.0%
Engineering & Construction - 5.0%
Granite Construction Inc.
22,100
508,300
Energy - 6.6%
Oil & Gas - 6.6%
Patina Oil & Gas Corp.
29,800
229,088
Pride International Inc.
7,500
189,375
Snyder Oil Corp.
13,900
253,675
672,138
Finance - 32.8%
Banks - 6.5%
Andover Bancorp Inc.
4,760
191,590
Fund American Enterprises HL.
2,200
266,200
Webster Financial Corp.
3,000
199,500
657,290
Credit & Other Finance - 5.1%
H & R Block Inc.
4,700
210,619
Pioneer Group Inc.
11,000
309,375
519,994
Insurance - 21.2%
Berkshire Hathaway Inc.
250
384,750
Leucadia National Corp.
19,200
662,400
Markel Corp.
6,000
936,750
Mid Ocean Ltd.
3,100
168,175
2,152,075
Total Finance
3,329,359
26
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
December 31, 1997
Shares
Value
Health - 7.0%
Hospital Services - 4.7%
Matria Healthcare Inc.
84,300
$
474,188
Medical Facilities Management - 2.3%
Tenet Healthcare Corp.
6,900
228,562
Total Health
702,750
Industrial Machinery & Equipment - 4.4%
Industrial Machinery & Equipment - 4.4%
Crane Co.
5,100
221,213
Danaher Corp.
3,600
227,250
448,463
Media & Leisure - 7.6%
Entertainment - 2.4%
King World Productions Inc.
4,300
248,325
Leisure Durables & Toys - 3.1%
Mattel Inc.
8,400
312,900
Publishing - 2.1%
Knight - Ridder Inc.
4,100
213,200
Total Media & Leisure
774,425
Pollution Control - 6.0%
Dames & Moore Inc.
46,600
617,450
Retail & Wholesale - 22.7%
Apparel Stores - 2.7%
Catherines Stores Corp.
38,400
268,800
Retail & Wholesale, Miscellaneous - 20.0%
Ellett Brothers Inc.
62,900
347,915
Falcon Products Inc.
24,530
348,019
Hasbro Inc.
11,200
352,800
InterTAN Inc.
95,300
512,238
Nike Inc.
4,700
184,475
Richfood Holdings Inc.
10,200
288,150
2,033,597
Total Retail & Wholesale
2,302,397
27
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
December 31, 1997
Shares
Value
Services - 2.8%
Human Resources - 2.8%
Manpower Inc.
8,100
$
285,525
Transportation - 3.8%
Air Transportation - 2.2%
Offshore Logistics Inc.
10,300
220,163
Railroads - 1.6%
Kansas City Southern Industry
5,100
161,925
Total Transportation
382,088
Total Common Stocks
10,606,957
Total Securities ( identified cost - $9,614,351 )
11,405,492
Other net liabilities - (12.4%)
(1,258,636)
Total net assets
$
10,146,856
28
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio
December 31, 1997
Shares
Value
COMMON STOCKS - 119.3%
Aerospace & Defense - 1.9%
Aerospace & Defense - 1.9%
Gulfstream Aerospace Corp.
4,200
$
122,850
Basic Industries - 6.9%
Chemicals & Plastics - 3.3%
Minerals Technologies Inc.
2,800
127,225
Olin Corp.
1,900
89,063
216,288
Iron & Steel - 1.3%
Nucor Corp.
1,700
82,131
Packaging & Containers - 2.3%
Crown Cork & Seal Co., Inc.
3,000
150,375
Total Basic Industries
448,794
Construction & Real Estate - 2.0%
Engineering & Construction - 2.0%
Masco Corp.
2,600
132,275
Durables - 2.6%
Autos, Tires, & Accessories - 1.1%
Echlin Inc.
1,900
68,756
Consumer Electronics - 1.5%
Newell Co.
2,300
97,750
Total Durables
166,506
Energy - 4.0%
Oil & Gas - 4.0%
Barrett Resources Corp.
3,300
99,825
Bayard Drilling Technologies
3,100
50,375
EVI Inc.
600
31,050
Transocean Offshore Inc.
1,600
77,100
258,350
Finance - 32.3%
Credit & Other Finance - 19.7%
Donaldson, Lufkin & Jenrette Inc.
1,700
135,150
Greenpoint Financial Corp.
2,300
166,894
MBNA Corp.
6,900
188,456
29
Ocwen Financial Corp.
4,000
101,750
Peoples Heritage Financial Group
1,900
87,400
Southtrust Corporation
1,700
107,844
St. Paul Bancorp Inc.
3,337
87,596
TCF Financial Corp.
3,200
108,600
Travelers Group Inc.
5,550
299,006
1,282,696
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1997
Market
Shares
Value
Insurance - 12.6%
Aflac Inc.
1,800
$
92,025
Amerin Corp.
1,200
33,600
Nationwide Financial Service
3,900
140,888
Old Republic International Corp.
2,200
81,813
Provident Companies Inc.
2,800
108,150
Progressive Corp.
2,100
251,738
Washington Mutual Inc.
1,700
108,481
816,695
Total Finance
2,099,391
Health - 15.5%
Drugs & Pharmaceuticals - 8.3%
Biogen Inc.
1,700
61,838
Cardinal Health Inc.
1,200
90,150
Covance Inc.
6,700
133,163
Kos Pharmaceuticals Inc.
2,300
35,506
Mckesson Corp.
1,100
119,006
Pfizer Inc.
1,300
96,931
536,594
Medical Equipment & Supplies - 1.8%
US Surgical Corp.
4,200
123,113
Medical Facilities Management - 5.4%
Humana Inc.
6,100
126,575
Universal Health Services Inc.
4,400
221,650
348,225
Total Health
1,007,932
Media & Leisure - 9.8%
Entertainment - 5.9%
Activision Inc.
5,600
100,100
American Skiing Corp.
5,300
78,838
Capstar Hotel Co.
2,400
82,350
Mirage Resorts Inc.
5,400
122,850
384,138
Leisure Durables & Toys - 3.9%
Harley Davidson Inc.
2,900
79,387
Mattel Inc.
4,675
174,144
253,531
Total Media & Leisure
637,669
30
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1997
Market
Shares
Value
Non-durables - 3.3%
Household products - 3.3%
Clorox Co.
1,200
$
94,875
The Dial Corp.
5,600
116,550
211,425
Retail & Wholesale - 13.5%
Apparel Stores - 3.0%
Jones Apparel Group Inc.
3,800
163,400
Liz Clairborne Inc.
800
33,450
196,850
Bookstore - 2.0%
Barnes & Noble Inc.
3,800
126,825
General Merchandising - 3.3%
Coca-Cola Enterprises Inc.
6,000
213,375
Retail & Wholesale, Miscellaneous - 5.2%
Estee Lauder Cos.
2,700
138,881
Fresh Del Monte Produce Inc.
7,400
108,225
Kroger Company
2,400
88,650
335,756
Total Retail & Wholesale
872,806
Services - 6.6%
Advertising - 4.2%
Interpublic Group of Companies Inc.
3,750
186,796
Snyder Communications Inc.
2,300
83,950
270,746
Commercial - 1.4%
Gartner Group Inc.
2,500
93,125
Human Resources - 1.0%
Accustaff Inc.
2,900
66,700
Total Services
430,571
Technology - 17.8%
Communications Equipment - 1.5%
Qualcomm Inc.
1,900
95,950
Computers & Office Equipment - 1.4%
Xilinx Inc.
2,600
91,162
31
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1997
Market
Shares
Value
Computer Services & Software - 8.1%
BMC Software Inc.
1,500
$
98,437
Ceridian Corp.
2,800
128,275
Fiserv Inc.
3,600
176,850
Symantec Corp.
2,500
54,844
Synopsys Inc.
1,900
67,925
526,331
Electronics - 6.8%
Adaptec Inc.
2,200
81,675
Arrow Electronics Inc.
3,200
103,800
Linear Technology Corp.
1,400
80,675
Maxim Integrated Products Inc.
2,800
96,600
Vishay Intertechonology Inc.
3,255
76,696
439,446
Total Technology
1,152,889
Utilities - 3.1%
Telephone Services - 3.1%
Century Telephone Enterprises
4,100
204,231
Total Common Stocks
7,745,689
Total Securities ( identified cost - $6,016,633 )
7,745,689
Other net liabilities - (19.3%)
(1,251,631)
Total net assets
$
6,494,058
32
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio
December 31, 1997
Principal
Market
Amount
Value
BONDS - 4.9%
Corporate Convertible Bonds - 4.9%
Japan - 4.9%
Sony Corp. ( 1.400% due on 03/31/05 )
JP Yen
10,000,000
$
114,211
Sumitomo Bank Intl Fin NV ( 0.750% due on 05/31/01 )
JP Yen
7,000,000
56,260
Tokyo Electron Ltd. ( 0.900% due on 09/30/03 )
JP Yen
6,000,000
66,127
Total Bonds
236,598
Shares
COMMON STOCKS - 94.4%
Argentina - 0.8%
YPF Sociedad Anonima - sponsored ADR
1,100
37,606
Australia - 4.1%
E.R.G. Ltd.
31,700
26,644
News Corp. Ltd.
5,300
105,338
National Australia Bank Ltd.
4,400
61,437
193,419
Austria - 2.8%
VA Technologie AG
900
136,449
China - 0.5%
Shandong Huaneng Power Co. Ltd. - sponsored ADR
3,800
26,125
Finland - 4.3%
Nokia Corp. - sponsored ADR
2,900
203,000
France - 8.8%
Alcatel Alsthom - sponsored ADR
1,400
35,438
Elf Aquitaine - sponsored ADR
1,800
105,525
ISIS
400
43,884
Michelin (CGDE)
1,700
85,624
SGS-Thomson Microelectronics NV
1,700
104,149
Societe Generale de Paris
150
20,446
Usinor
1,800
26,001
421,067
Germany - 8.0%
Bayer A.G. - sponsored ADR
900
33,188
Depfa Bank
1,800
106,616
Prosieben Media AG
2,500
114,708
SGL Carbon AG
450
57,563
Wella Aktiengesellschaft
100
70,632
382,707
33
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio (Continued)
December 31, 1997
Market
Shares
Value
Hong Kong - 7.0%
Hong Kong Telecommunications Ltd. - sponsored ADR
2,247
$
46,344
Esprit Holdings Ltd.
227,000
73,975
HSBC Holdings PLC
3,649
89,950
Johnson Electric Holdings Ltd.
11,880
34,191
Manhattan Card Co. Ltd.
122,000
42,906
Television Broadcasts Ltd.
17,100
48,773
336,139
Indonesia - 0.1%
PT Inti Indorayon Utama
25,000
2,501
Italy - 3.4%
Fila Holding SPA - sponsored ADR
2,900
58,363
Telecom Italia SPA
7,200
31,764
Telecom Italia Mobile SPA
24,700
70,271
160,398
Israel - 0.3%
Teva Pharmaceutical Ind. - sponsored ADR
300
14,194
Japan - 15.0%
Autobacs Seven Co. Ltd.
1,000
28,841
Canon Inc.
5,000
116,903
DDI Corp.
15
39,801
Nihon Plast Co. Ltd.
500
1,207
Nomura Securities Co. Ltd.
9,000
120,441
Promise Co. Ltd.
2,640
147,003
Sanyo Coca-Cola Bottling Co.
3,300
27,918
Sangetsu Co. Ltd.
2,000
20,612
Tokyo Style Co Ltd.
5,000
45,377
Toyota Motor Corp.
5,000
143,822
Yamatake-Honeywell
2,000
21,381
713,306
Malaysia - 1.0%
Technology Resources Industries
25,000
14,773
Telekom Malaysia
11,000
32,500
47,273
Mexico - 0.9%
PanAmerican Beverages Inc.
1,300
42,413
Netherlands - 5.7%
Hollandsche Beton Groep NV
4,000
74,387
ING Groep N.V.
2,675
112,688
Philips Electronics N.V.
1,400
84,700
271,775
34
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio (Continued)
December 31, 1997
Market
Shares
Value
South Korea - 1.0%
Pohang Iron & Steel Co. Ltd.
1,700
$
48,120
Singapore - 1.7%
Cerebos Pacific Ltd.
17,300
43,534
Fraser & Neave Ltd.
8,600
37,259
80,793
Spain - 0.9%
Telefonica de Espana - sponsored ADR
480
43,710
Switzerland - 6.9%
Nestle SA
73
109,559
Novartis AG
136
220,986
330,545
Taiwan - 1.1%
China Steel Corp. - GDS
2,350
35,250
President Enterprises - GDS
1,440
17,280
52,530
United Kingdom - 20.1%
Billiton PLC
10,000
25,668
Diageo PLC - sponsored ADR
1,500
56,813
Elan Corporation PLC
3,000
153,563
EMI Group - sponsored ADR
2,600
44,855
Glaxo Wellcome PLC - sponsored ADR
900
43,088
Iceland Group - sponsored ADR
19,000
41,267
Matthews (Bernar) PLC
54,700
88,203
Mercury Assets Management Group PLC
2,700
75,435
Reuters Holdings PLC
760
50,350
Rolls Royce PLC
12,400
47,947
Smithkline Beecham PLC
800
41,150
United Utilities
3,300
42,353
Vodafone Group PLC - sponsored ADR
2,200
159,500
WPP Group PLC
1,000
45,125
Zeneca Group PLC
1,200
42,195
957,512
Total Common Stocks
4,501,582
Total Securities ( identified cost - $4,549,915 )
4,738,180
Other net assets - 0.7%
32,942
Total net assets
$
4,771,122
35
