Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1999
Money
Market Managed
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying Schedules of
Investments - Series Portfolios) 16,225,681 12,530,918
Cash
Receivables: 146,906
Dividends and interest 7,627 99,195
Due from brokers for investments sold - -
Total assets 16,387,408 12,777,019
Liabilities
Payables:
Investment advisory fees [Note 2] 7,830 5,045
Other accrued expenses 6,286 57,255
Directors' fees and expenses payable 2,783 5,734
Dividends declared 73,562 -
Due to brokers for investments purchased - 16,487
Total liabilities 90,461 84,521
Net assets 16,296,947 12,692,498
Net assets consist of:
Capital shares 16,297 10,394
Additional paid-in capital 16,280,650 11,399,416
Undistributed net investment income (loss) - 176,878
Undistributed net realized gain (loss) - 629,343
Net unrealized appreciation (depreciation) on
investment and foreign currencies - 476,467
Total net assets 16,296,947 12,692,498
Shares authorized ($.01 par value) 20,000,000 20,000,000
Shares outstanding 1,629,695 1,039,408
Net asset value per share 10.00 12.21
See accompanying notes 1
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1999
Value
Bond Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying Schedules of
Investments - Series Portfolios) 17,596,920 18,553,348
Cash 185,932 50,139
Receivables:
Dividends and interest 231,039 33,758
Due from brokers for investments sold - -
Total assets 18,013,891 18,637,245
Liabilities
Payables:
Investment advisory fees [Note 2] 7,090 7,224
Other accrued expenses 44,078 59,664
Directors' fees and expenses payable 3,763 4,834
Dividends declared - -
Due to brokers for investments purchased - 41,218
Total liabilities 54,931 112,940
Net assets 17,958,960 18,524,305
Net assets consist of:
Capital shares 16,911 11,860
Additional paid-in capital 18,182,586 15,429,595
Undistributed net investment income (loss) 420,224 30,772
Undistributed net realized gain (loss) (40,366) 1,330,171
Net unrealized appreciation (depreciation) on
investment and foreign currencies (620,395) 1,721,907
Total net assets $17,958,960 $18,524,305
Shares authorized ($.01 par value) 10,000,000 10,000,000
Shares outstanding 1,691,165 1,185,949
Net asset value per share 10.62 15.62
See accompanying notes. 2
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1999
International
Capital Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying Schedules of
Investments - Series Portfolios) 8,420,369 6,546,292
Cash 301,000 369,702
Receivables:
Dividends and interest 2,802 36,670
Due from brokers for investments sold 297,328 -
Total assets 9,021,499 6,952,664
Liabilities
Payables:
Investment advisory fees [Note 2] 3,387 4,353
Other accrued expenses 47,369 17,892
Directors' fees and expenses payable 4,706 4,815
Dividends declared - -
Due to brokers for investments purchased 46,562 121,436
Total liabilities 102,024 148,496
Net assets 8,919,475 6,804,168
Net assets consist of:
Capital shares 5,003 4,963
Additional paid-in capital 5,237,425 5,566,496
Undistributed net investment income (loss) (17,229) 37,306
Undistributed net realized gain (loss) 1,834,606 644,645
Net unrealized appreciation (depreciation) on
investment and foreign currencies 1,859,670 550,758
Total net assets $8,919,475 $6,804,168
Shares authorized ($.01 par value) 20,000,000 10,000,000
Shares outstanding 500,307 496,321
Net asset value per share 17.83 13.71
See accompanying notes. 3
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1999
Money
Market Managed
Series Series
Investment income:
Interest 471,931 198,151
Dividends - 39,963
Total investment income 471,931 238,114
Expenses:
Investment advisory fees [note 2] 49,106 34,020
Directors' fees and expenses 4,284 2,856
Custodian fees and expenses 12,334 9,243
Audit and legal fees 1,951 3,967
Accounting and administration [note 2] 4,794 10,356
Miscellaneous 1,190 794
Total expenses 73,659 61,236
Expense reimbursement [note 1] - -
Net expenses 73,659 61,236
Net investment income (loss) 398,272 176,878
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and
foreign currencies - 629,343
Net change in unrealized appreciation (depreciation)
on investments and foreign curr - (391,484)
Net gain (loss) on investments - 237,859
Net increase (decrease) in net assets resulting
from operations 398,272 414,737
See accompanying notes. 4
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1999
Value
Bond Equity
Series Series
Investment income:
Interest 498,694 6,217
Dividends - 104,955
Total investment income 498,694 111,172
Expenses:
Investment advisory fees [note 2] 43,595 44,667
Directors' fees and expenses 3,749 3,749
Custodian fees and expenses 5,331 7,327
Audit and legal fees 7,207 7,207
Accounting and administration [note 2] 17,547 16,409
Miscellaneous 1,041 1,041
Total expenses 78,470 80,400
Expense reimbursement [note 1] - -
Net expenses 78,470 80,400
Net investment income (loss) 420,224 30,772
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and
foreign currencies (40,366) 1,330,171
Net change in unrealized appreciation (depreciation)
on investments and foreign currencies (988,389) 37,302
Net gain (loss) on investments (1,028,755) 1,367,473
Net increase (decrease) in net assets resulting
from operations (608,531) 1,398,245
See accompanying notes. 5
Canada Life of America Series Fund, Inc.
Statements of Operations
(Unaudited)
Six months ended June 30, 1999
International
Capital Equity
Series Series
Investment income:
Interest - 8,225
Dividends 20,449 69,076
Total investment income 20,449 77,301
Expenses:
Investment advisory fees [note 2] 20,932 26,663
Directors' fees and expenses 1,785 1,428
Custodian fees and expenses 6,035 7,200
Audit and legal fees 2,479 1,984
Accounting and administration [note 2] 5,951 4,450
Miscellaneous 496 397
Total expenses 37,678 42,122
Expense reimbursement [note 1] - 2,127
Net expenses 37,678 39,995
Net investment income (loss) (17,229) 37,306
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and
foreign currencies 1,834,606 644,645
Net change in unrealized appreciation (depreciation)
on investments and foreign currencies (837,489) 63,451
Net gain (loss) on investments 997,117 708,096
Net increase (decrease) in net assets resulting
from operations 979,888 745,402
See accompanying notes. 6
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Money Market Series
Six months ended June 30
1999 1998
Operations:
Net investment income 398,272 289,584
Net increase in net assets resulting from operations
398,272 289,584
Dividends to shareholders from:
Net investment income (398,272) (289,584)
Fund share transactions [note 4]: 3,987,050 1,013,520
Net increase 3,987,050 1,013,520
Net assets:
Beginning of year 12,309,897 9,149,393
End of period 16,296,947 10,162,913
See accompanying notes. 7
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Managed Series
Six months ended June 30
1999 1998
Operations:
Net investment income 176,878 198,390
Net realized gain on investments 629,343 711,640
Net change in unrealized depreciation
on investments (391,484) (168,069)
Net increase in net assets resulting from operations
414,737 741,961
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
Fund share transactions [note 4]: (1,030,793) 257,724
Total increase in net assets (616,056) 999,685
Net assets:
Beginning of year 13,308,554 15,277,567
End of period 12,692,498 16,277,252
See accompanying notes. 8
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Bond Series
Six months ended June 30
1999 1998
Operations:
Net investment income 420,224 211,632
Net realized gain (loss) on investments (40,366) 184,222
Net change in unrealized depreciation
on investments (988,389) (148,378)
Net increase (decrease) in net assets resulting from operations
(608,531) 247,476
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
Fund share transactions [note 4]: 1,861,873 910,616
Total increase in net assets 1,253,342 1,158,092
Net assets:
Beginning of year 16,705,618 7,065,818
End of period 17,958,960 8,223,910
See accompanying notes. 9
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Value Equity Series
Six months ended June 30
1999 1998
Operations:
Net investment income 30,772 5,736
Net realized gain on investments 1,330,171 825,552
Net change in unrealized appreciation (depreciation)
on investments 37,302 (90,424)
Net increase in net assets resulting from operations
1,398,245 740,864
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
Fund share transactions [note 4]: 296,724 2,978,855
Total increase in net assets 1,694,969 3,719,719
Net assets:
Beginning of year 16,829,336 10,146,856
End of period 18,524,305 13,866,575
See accompanying notes. 10
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
Capital Series
Six months ended June 30
1999 1998
Operations:
Net investment loss (17,229) (17,460)
Net realized gain on investments 1,834,606 1,401,718
Net change in unrealized depreciation
on investments (837,489) (140,195)
Net increase in net assets resulting from operations
979,888 1,244,063
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments - -
Fund share transactions [note 4]: (468,146) 1,245,019
Total increase (decrease) in net assets 511,742 2,489,082
Net assets:
Beginning of year 8,407,733 6,494,058
End of period 8,919,475 8,983,140
See accompanying notes. 11
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
(Unaudited)
International Equity Series
Six months ended June 30
1999 1998
Operations:
Net investment income 37,306 34,103
Net realized gain on investments and foreign currencies
644,645 599,863
Net change in unrealized appreciation
on investments and foreign currencies 63,451 71,109
Net increase in net assets resulting from operations
745,402 705,075
Dividends to shareholders from:
Net investment income - -
Net realized gain (loss) on investments and foreign currencies
Fund share transactions [note 4]: (200,291) (477,880)
Total increase in net assets 545,111 227,195
Net assets:
Beginning of year 6,259,057 4,771,122
End of period 6,804,168 4,998,317
See accompanying notes. 12
Canada Life of America Series Fund, Inc.
Notes to Financial Statements
(Unaudited)
June 30, 1999
1. Organization and 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 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.
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 Managed, Bond, Value Equity, Capital and
International Equity Series and all instruments held by the
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 denominated in foreign currencies,
currency gains and losses realized between the trade and
settlement dates on securities transactions, and the
difference between foreign 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.
13
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 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.
Canada Life Insurance Company of America has agreed to
reimburse the Managed, Bond, Value Equity, Capital and
International Equity Series for operating expense that
exceed .40% of the average daily net assets. With respect
to the Money Market Series, Canada Life Insurance Company of
America has agreed to reimburse operating expenses,
exclusive of the advisory fee, that exceed .25% of its
average daily net assets. For the six months ended June 30,
1999, the amount reimbursed for International Equity Series
- -$2,127.
14
Use of Estimates
The preparation of Financial Statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the
Financial Statements and the reported amounts of revenues
and expenses during the reporting period. Actual results
could differ from those estimates.
2. Investment Advisory and Other Transactions with
Affiliates
Investment Advisory Fees
CL Capital Management Inc. ("Advisor") receives from the
Fund a fee for each of the Series at an annual rate of .50%
of the net assets of each series except for the
International Equity Series which is at an annual rate of
.80% of net assets.
With respect to the Managed Series, effective March 5, 1999,
the Advisor in turn pays Laketon Investment Management Ltd.,
formerly "INDAGO Capital Management Inc." (the "Sub-
Advisor"), a fee at an annual effective rate of .25% of the
equity portion of the fund average net assets.
With respect to the Value Equity Series, effective March 5,
1999, the Advisor in turn pays Laketon Investment Management
Ltd., formerly "INDAGO Capital Management Inc." (the "Sub-
Advisor"), a fee at an annual effective rate of .25% of
average net assets.
With respect to the Capital Series, the Advisor in turn pays
J. & W. Seligman & Co. (the "Sub-Advisor"), a fee at an
annual effective rate of .25% of average net assets.
With respect to the International Equity Series, effective
March 5, 1999, the Advisor in turn pays Laketon Investment
Management Ltd., formerly "INDAGO Capital Management Inc."
(the "Sub-Advisor"), a fee at an annual effective rate of
.30% of average net assets.
For the six months ended June 30, 1999, the investment
advisory fees incurred by the Fund were as follows: Money
Market Series - $49,106; Managed Series - $34,020; Bond
Series - $43,595; Value Equity Series - $44,667; Capital
Series - $20,932; and International Equity Series - $26,663
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 30,1999, the related expenses incurred by the
Fund were as follows: Money Market Series - $4,794, Managed
Series - $10,356; Bond Series - $19,547;, Value Equity
Series $18,409, Capital Series - $5,951; and International
Equity Series - $4,450.
15
Directors' Fees
Each director, who is not an affiliated person, is eligible
to receive an annual base remuneration of $6,000 and an
additional $1,000 for each meeting attended.
Other
In 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 $400,000 in each fund for a total
amount of $2,000,000. These capital share transactions are
reflected in shares redeemed.
For the six months ended June 30, 1999, 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 $200,000 in
each fund for a total amount of $1,000,000. These capital
share transactions are reflected in shares redeemed.
16
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, 1999 are presented below:
Proceeds
Cost of from
Securities Securities
Purchased Sold
Managed Series
US Gov't & Its Agencies Bonds 2,201,963 1,118,941
All other Investments 3,468,756 5,344,332
Total 5,670,719 6,463,273
Bond Series
US Gov't & Its Agencies Bonds 1,212,141 1,632,283
All other Investments 1,288,420 87,557
Total 2,500,561 1,719,840
Value Equity Series
All other Investments 10,290,012 11,150,851
Total 10,290,012 11,150,851
Capital Series
All other Investments 7,339,887 9,257,169
Total 7,339,887 9,257,169
International Equity Series
All other Investments 6,269,801 6,681,444
Total 6,269,801 6,681,444
The information in the following table is presented on the basis of cost
for federal income tax purposes
as of June 30, 1999.
Identified
Cost of Gross
Securities Unrealized
Owned Appreciation
Money Market Series 16,225,681 -
Managed Series 12,054,451 979,302
Bond Series 18,217,316 2,423
Value Equity Series 16,831,441 2,641,859
Capital Series 6,560,698 2,058,106
International Equity Series 5,995,534 789,908
Net
Gross Unrealized
Unrealized Appreciation
(Depreciation)(Depreciation)
Money Market Series - -
Managed Series (502,835) 476,467
Bond Series (622,818) (620,395)
Value Equity Series (919,952) 1,721,907
Capital Series (198,436) 1,859,670
International Equity Series (239,150) 550,758
17
4. Capital Share Transactions
Transactions in capital stock were as follows:
Six months ended June 30
1999 1999
Shares Amount
Money Market Series
Shares sold 24,268,283 242,682,831
Shares issued in reinvestment
of dividends 37,810 378,100
24,306,093 243,060,931
Shares redeemed (23,907,388 (239,073,881)
Net increase 398,705 3,987,050
Managed Series
Shares sold 40,799 $491,416
Shares issued in reinvestment
of dividends 117,477 1,391,926
158,276 1,883,342
Shares redeemed (242,094) (2,914,135)
Net (decrease) (83,818) (1,030,793)
Bonds Series
Shares sold 479,325 5,194,232
Shares issued in reinvestment
of dividends 75,267 827,485
554,592 6,021,717
Shares redeemed (382,957) (4,159,844)
Net increase 171,635 1,861,873
Value Equity Series
Shares sold 150,545 2,242,479
Shares issued in reinvestment
of dividends 53,606 774,864
204,151 3,017,343
Shares redeemed (182,464) (2,720,619)
Net increase 21,687 296,724
Capital Series
Shares sold 25,619 407,218
Shares issued in reinvestment
of dividends 37,479 595,585
63,098 1,002,803
Shares redeemed (91,871) (1,470,949)
Net increase (decrease) (28,773) (468,146)
International Equity Series
Shares sold 67,147 $864,750
Shares issued in reinvestment
of dividends 38,392 470,983
105,539 1,335,733
Shares redeemed (119,421) (1,536,024)
Net increase (decrease) (13,882) (200,291)
18
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 (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 (decrease) 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)
19
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
1999 1998
Net asset value, beginning of period 10.00 10.00
Income from investment operations:
Net investment income 0.20 0.24
Total from investment operations 0.20 0.24
Less distributions:
Dividends from net investment income (0.20) (0.24)
Total distributions (0.20) (0.24)
Net asset value, end of period 10.00 10.00
Total return * 4.43% 5.00%
Ratios to average net assets/supplemental data:
Net assets, end of period $16,296,947 $10,162,913
Ratio of expenses to average net assets before
expense reimbursement 0.75% 1.42%
Ratio of expenses to average net assets after
expense reimbursement 0.75% 0.75%
Ratio of net investment income to average net
assets 4.08% 4.84%
* Total return represent twelve-month fiscal period.
See accompanying notes. 20
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
1997 1996
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.23 0.22
Total from investment operations 0.23 0.22
Less distributions:
Dividends from net investment income (0.23) (0.22)
Total distributions (0.23) (0.22)
Net asset value, end of period $10.00 $10.00
Total return * 4.71% 4.66%
Ratios to average net assets/supplemental data:
Net assets, end of period $9,370,791 $6,300,150
Ratio of expenses to average net assets before
expense reimbursement 1.07% 0.98%
Ratio of expenses to average net assets after
expense reimbursement 0.75% 0.75%
Ratio of net investment income to average net
assets 4.72% 4.49%
* Total return represent twelve-month fiscal period.
See accompanying notes. 21
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
1995
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.26
Total from investment operations 0.26
Less distributions:
Dividends from net investment income (0.26)
Total distributions (0.26)
Net asset value, end of period $10.00
Total return * 4.70%
Ratios to average net assets/supplemental data:
Net assets, end of period $3,682,487
Ratio of expenses to average net assets before
expense reimbursement 1.08%
Ratio of expenses to average net assets after
expense reimbursement 0.75%
Ratio of net investment income to average net
assets 5.17%
* Total return represent twelve-month fiscal period.
See accompanying notes. 22
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
1999** 1998
Net asset value, beginning of period $11.85 $12.45
Income from investment operations:
Net investment income 0.15 0.15
Net realized and unrealized
gain (loss) on investments 0.21 0.39
Total from investment operations 0.36 0.54
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $12.21 $12.99
Total return * 3.84% 15.74%
Ratios to average net assets/supplemental data:
Net assets, end of period $12,692,498 $16,277,252
Ratio of expenses to average net assets before
expense reimbursement 0.90% 0.96%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 2.65% 2.40%
Portfolio turnover rate 46.44% 45.39%
Average commission rate paid $0.0558 $0.0579
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged with
INDAGO Capital Management Inc.On April 29,1999, shareholders approved the
subadvisory agreement to provide investment subadvisory services forthe equity
portion of Managed Portfolio. From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.25% of the average daily net assetss of
the equity portion of Managed Portfolio.
See accompanying notes. 23
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
1997 1996
Net asset value, beginning of period $11.80 $12.37
Income from investment operations:
Net investment income 0.18 0.16
Net realized and unrealized
gain (loss) on investments 0.53 0.11
Total from investment operations 0.71 0.27
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $12.51 $12.64
Total return * 9.68% 11.76%
Ratios to average net assets/supplemental data:
Net assets, end of period $15,641,397 $16,778,804
Ratio of expenses to average net assets before
expense reimbursement 0.98% 0.94%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.89%
Ratio of net investment income to average net
assets 3.02% 2.59%
Portfolio turnover rate 50.00% 81.27%
Average commission rate paid $0.0560 $0.0600
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged with
INDAGO Capital Management Inc. On April 29,1999, shareholders approved the
subadvisory agreement to provide investment subadvisory services for the equity
portion of Managed Portfolio. From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.25% of the average daily net assetss
of the equity portion of Managed Portfolio.
See accompanying notes. 24
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
1995
Net asset value, beginning of period $12.01
Income from investment operations:
Net investment income 0.19
Net realized and unrealized
gain (loss) on investments 1.20
Total from investment operations 1.39
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $13.40
Total return * 15.38%
Ratios to average net assets/supplemental data:
Net assets, end of period $16,778,804
Ratio of expenses to average net assets before
expense reimbursement 0.96%
Ratio of expenses to average net assets after
expense reimbursement 0.89%
Ratio of net investment income to average net
assets 2.95%
Portfolio turnover rate 68.00%
Average commission rate paid $0.0623
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged with
INDAGO Capital Management Inc.On April 29,1999, shareholders approved the
subadvisory agreement to provide investment subadvisory services for the equity
portion of Managed Portfolio.From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.25% of the average daily net assetss of
the equity portion of Managed Portfolio.
See accompanying notes. 25
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
1999 1998
Net asset value, beginning of period $10.99 $10.59
Income from investment operations:
Net investment income 0.26 0.29
Net realized and unrealized
gain (loss) on investments (0.63) 0.05
Total from investment operations (0.37) 0.34
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 $10.62 $10.93
Total return * 2.00% 8.80%
Ratios to average net assets/supplemental data:
Net assets, end of period $17,958,960 $8,223,910
Ratio of expenses to average net assets before
expense reimbursement 0.90% 0.96%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 4.85% 5.48%
Portfolio turnover rate 11.24% 94.85%
* Total return represents twelve-month fiscal period.
See accompanying notes. 26
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
1997 1996
Net asset value, beginning of period $10.36 $10.45
Income from investment operations:
Net investment income 0.31 0.29
Net realized and unrealized
gain (loss) on investments (0.05) (0.27)
Total from investment operations 0.26 0.02
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 $10.62 $10.47
Total return * 7.18% 6.41%
Ratios to average net assets/supplemental data:
Net assets, end of period $7,195,250 $6,834,733
Ratio of expenses to average net assets before
expense reimbursement 1.00% 1.01%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.89%
Ratio of net investment income to average net
assets 6.05% 5.58%
Portfolio turnover rate 73.06% 139.61%
* Total return represents twelve-month fiscal period.
See accompanying notes. 27
Canada Life of America Series Fund, Inc.
(Unaudited)
Bond Series
Six months ended June 30
1995
Net asset value, beginning of period $9.75
Income from investment operations:
Net investment income 0.29
Net realized and unrealized
gain (loss) on investments 0.68
Total from investment operations 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 $10.72
Total return * 10.60%
Ratios to average net assets/supplemental data:
Net assets, end of period $4,780,815
Ratio of expenses to average net assets before
expense reimbursement 1.03%
Ratio of expenses to average net assets after
expense reimbursement 0.88%
Ratio of net investment income to average net
assets 5.53%
Portfolio turnover rate 108.53%
* Total return represents twelve-month fiscal period.
See accompanying notes. 28
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
1999** 1998
Net asset value, beginning of period $14.45 $14.71
Income from investment operations:
Net investment income 0.03 0.01
Net realized and unrealized
gain (loss) on investments 1.14 0.91
Total from investment operations 1.17 0.92
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $15.62 $15.63
Total return * 4.55% 23.33%
Ratios to average net assets/supplemental data:
Net assets, end of period $18,524,305 $13,866,575
Ratio of expenses to average net assets before
expense reimbursement 0.90% 0.91%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 0.35% 0.09%
Portfolio turnover rate 55.70% 11.96%
Average commission rate paid $0.0582 $0.0502
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged
with INDAGO Capital Management Inc. On April 29, 1999, shareholders approved
the subadvisory agreement to provide the investment subadvisory services
for Value Equity Portfolio.From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.25% of the average daily net assets
of Value Equity Portfolio.
See accompanying notes. 29
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
1997 1996
Net asset value, beginning of period $13.00 $13.51
Income from investment operations:
Net investment income 0.03 0.02
Net realized and unrealized
gain (loss) on investments 1.18 0.31
Total from investment operations 1.21 0.33
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $14.21 $13.84
Total return * 14.18% 13.78%
Ratios to average net assets/supplemental data:
Net assets, end of period $9,955,021 $10,448,462
Ratio of expenses to average net assets before
expense reimbursement 0.99% 0.95%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.87%
Ratio of net investment income to average net
assets 0.47% 0.25%
Portfolio turnover rate 31.25% 25.22%
Average commission rate paid $0.0560 $0.0600
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged
with INDAGO Capital Management Inc. On April 29, 1999, shareholders
approved the subadvisory agreement to provide the investment subadvisory
services for Value Equity Portfolio. From that date, Laketon is entitled
to advisory fees at the effective annual rate of 0.25% of the average daily
net assets of Value Equity Portfolio.
See accompanying notes. 30
Canada Life of America Series Fund, Inc.
Financial Highlights
(Unaudited)
Value Equity Series
Six months ended June 30
1995
Net asset value, beginning of period $13.46
Income from investment operations:
Net investment income 0.09
Net realized and unrealized
gain (loss) on investments 1.43
Total from investment operations 1.52
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $14.98
Total return * 16.97%
Ratios to average net assets/supplemental data:
Net assets, end of period $8,962,333
Ratio of expenses to average net assets before
expense reimbursement 1.06%
Ratio of expenses to average net assets after
expense reimbursement 0.90%
Ratio of net investment income to average net
assets 1.11%
Portfolio turnover rate 78.37%
Average commission rate paid $0.0616
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd. merged
with INDAGO Capital Management Inc. On April 29, 1999, shareholders
approved the subadvisory agreement to provide the investment subadvisory
services for Value Equity Portfolio. From that date, Laketon is entitled
to advisory fees at the effective annualrate of 0.25% of the average
daily net assets of Value Equity Portfolio.
See accompanying notes. 31
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
1999 1998
Net asset value, beginning of period $15.89 $14.15
Income from investment operations:
Net investment income (loss) (0.03) (0.03)
Net realized and unrealized
gain (loss) on investments 1.97 2.28
Total from investment operations 1.94 2.25
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $17.83 $16.40
Total return * 16.39% 26.57%
Ratios to average net assets/supplemental data:
Net assets, end of period $8,919,475 $8,983,140
Ratio of expenses to average net assets before
expense reimbursement 0.90% 0.98%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets -0.41% -0.43%
Portfolio turnover rate 88.93% 46.51%
Average commission rate paid $0.0524 $0.0555
* Total return represents twelve-month fiscal period.
See accompanying notes. 32
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
1997 1996
Net asset value, beginning of period $13.96 $13.55
Income from investment operations:
Net investment income (loss) 0.03 (0.01)
Net realized and unrealized
gain (loss) on investments 1.49 1.50
Total from investment operations 1.52 1.49
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $15.48 $15.04
Total return * 12.56% 25.56%
Ratios to average net assets/supplemental data:
Net assets, end of period $7,682,246 $7,743,351
Ratio of expenses to average net assets before
expense reimbursement 1.02% 0.94%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.89%
Ratio of net investment income to average net
assets 0.47% -0.08%
Portfolio turnover rate 41.88% 14.09%
Average commission rate paid $0.0480 $0.0567
* Total return represents twelve-month fiscal period.
See accompanying notes. 33
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
1995
Net asset value, beginning of period $10.48
Income from investment operations:
Net investment income (loss) 0.01
Net realized and unrealized
gain (loss) on investments 1.92
Total from investment operations 1.93
Less distributions:
Dividends from net investment income -
Distributions from net realized gains -
Total distributions -
Net asset value, end of period $12.41
Total return * 25.98%
Ratios to average net assets/supplemental data:
Net assets, end of period $5,628,244
Ratio of expenses to average net assets before
expense reimbursement 1.05%
Ratio of expenses to average net assets after
expense reimbursement 0.88%
Ratio of net investment income to average net
assets 0.16%
Portfolio turnover rate 16.82%
Average commission rate paid $0.0568
* Total return represents twelve-month fiscal period.
See accompanying notes. 34
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
1999** 1998
Net asset value, beginning of period $12.27 $11.64
Income from investment operations:
Net investment income 0.07 0.08
Net realized and unrealized gain on investments 1.37 1.45
Total from investment operations 1.44 1.53
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains - -
Total distributions - -
Net asset value, end of period $13.71 $13.17
Total return * 11.97% 0.37%
Ratios to average net assets/supplemental data:
Net assets, end of period $6,804,168 $4,998,317
Ratio of expenses to average net assets before
expense reimbursement 1.28% 1.42%
Rato of expenses to average net assets after
expense reimbursement 1.20% 1.20%
Ratio of net investment income to average net
assets 1.14% 1.36%
Portfolio turnover rate 93.70% 46.21%
Average commission rate paid $0.0560 $0.0854
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd.
merged with INDAGO Capital Management Inc. On April 29, 1999,
shareholders approved the subadvisory agreement to provide investment
subadvisory services for International Equity Portofolio. From that
date, Laketon is entitled to advisory fees at the effective annual
rate of 0.30% of the average daily net assets of International Equity
Portfolio.
*** 1995 amounts not annualized from April 24, 1995.
**** Annualized for the period April 24, 1995 to December 31, 1995.
See accompanying notes. 35
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
December 31
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 investments 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 $2,885,833 $2,040,721
Ratio of expenses to average net assets before
expense reimbursement 1.83% 0.68%
Rato of expenses to average net assets after
expense reimbursement 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 *
* Total return represents twelve-month fiscal period.
** Effective March 5, 1999, Laketon Investment Management Ltd.
merged with INDAGO Capital Management Inc. On April 29, 1999,
shareholders approved the subadvisory agreement to provide investment
subadvisory services for International Equity Portofolio. From
that date, Laketon is entitled to advisory fees at the effective
annual rate of 0.30% of the average daily net assets of International
Equity Portfolio.
*** 1995 amounts not annualized from April 24, 1995.
**** Annualized for the period April 24, 1995 to December 31, 1995.
See accompanying notes. 36
Canada Life of America Series Fund, Inc.
Schedule of Investments - Money Market Series Portfolio
June 30 1999
Principal Market
Amount Value
U.S. Government & its Agencies - 57.9%
Fed. Home Loan Banks ( 4.900% due 08/06/99 ) 100,000 99,508
Fed. Home Loan Mortgage Corp.( 4.840% due 07/22/99 )
Fed. Home Loan Mortgage Corp.( 4.780% due 07/07/99 ) 50,000 49,959
Fed. Nat'l Mortgage Assoc. ( 4.850% due 07/23/99 ) 1,500,000 1,495,547
Fed. Nat'l Mortgage Assoc. ( 4.850% due 07/23/99 ) 300,000 299,111
Fed. Nat'l Mortgage Assoc. ( 4.870% due 07/15/99 ) 2,600,000 2,595,055
Fed. Nat'l Mortgage Assoc. ( 4.770% due 07/15/99 ) 1,650,000 1,646,918
Fed. Nat'l Mortgage Assoc. ( 4.700% due 07/15/99 ) 2,000,000 1,996,340
9,428,898
Treasury Bill - 6.7%
Canadian Treasury ( 4.840% due 07/21/99 ) 1,100,000 1,097,037
Promissory Note - 0.6%
Canadian Wheat Board ( 4.800% due 07/20/99 ) 100,000 99,746
Commercial Paper - 34.4%
Associates Corp. of N.A. ( 5.183% due 08/12/99 ) 800,000 800,000
Exxon Supply Company ( 4.756% due 07/02/99 ) 800,000 800,000
Ford Motor Credit Company ( 4.991% due 07/26/99 ) 800,000 800,000
General Electric Capital Corp. ( 5.163% due 08/12/99 ) 800,000 800,000
IBM Credit Corp. ( 4.981% due 08/02/99 ) 800,000 800,000
John Deere Capital Corp. ( 5.193% due 08/26/99 ) 800,000 800,000
Norwest Financial Inc. ( 4.981% due 07/26/99 ) 800,000 800,000
5,600,000
Total Securities ( identified cost - $16,225,681 ) 16,225,681
Other net assets - 0.4% 71,266
Total net assets $16,296,947
See accompanying notes 37
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio
June 30 1999
Principal Market
Amount Value
SHORT TERM NOTES - 6.3%
Canadian Wheat Board ( 4.800% due 07/28/99 ) 250,000 249,099
Canadian Wheat Board ( 4.800% due 07/06/99 ) 150,000 149,899
General Electric Capital Corp. ( 4.853% due 07/08/99 ) 400,000 400,000
798,998
BONDS - 42.7%
U.S. Govt. & its Agencies - 29.5%
U.S. Treasury Bonds ( 5.500% due 08/15/28 ) 1,125,000 1,027,618
U.S. Treasury Bonds ( 5.250% due 08/15/03 ) 700,000 687,969
Fed. Home Loan Banks ( 7.024% due 09/10/07 ) 125,000 123,895
Fed. Home Loan Banks ( 6.810% due 08/20/07 ) 50,000 49,304
Fed. Home Loan Mortgage Corp. ( 7.500% due 02/01/28 ) 53,200 53,954
Fed. Home Loan Mortgage Corp. ( 6.500% due 12/01/27 ) 350,686 339,852
Fed. Home Loan Mortgage Corp. ( 6.500% due 02/01/18 ) 85,620 83,760
Fed. Home Loan Mortgage Corp. ( 7.500% due 12/01/16 ) 54,725 55,776
Fed. Home Loan Mortgage Corp. ( 7.585% due 09/19/06 ) 150,000 153,445
Fed. Nat'l Mortgage Assoc. ( 6.500% due 01/01/28 ) 232,413 225,088
Fed. Nat'l Mortgage Assoc. ( 6.500% due 03/01/18 ) 88,327 86,150
Fed. Nat'l Mortgage Assoc. ( 6.500% due 02/01/18 ) 83,965 81,896
Fed. Nat'l Mortgage Assoc. ( 7.000% due 02/25/13 ) 48,000 47,533
Fed. Nat'l Mortgage Assoc. ( 7.070% due 10/24/06 ) 100,000 100,750
Govt. Nat'l Mortgage Assoc. ( 7.000% due 09/15/27 ) 83,297 82,416
Govt. Nat'l Mortgage Assoc. ( 7.000% due 10/15/25 ) 296,569 293,431
Govt. Nat'l Mortgage Assoc. ( 8.000% due 06/15/24 ) 61,848 63,651
Govt. Nat'l Mortgage Assoc. ( 8.000% due 05/15/24 ) 101,690 104,654
Govt. Nat'l Mortgage Assoc. ( 8.000% due 05/15/24 ) 77,076 79,323
3,740,465
Corporate - 13.2%
American General Finance Corp. ( 5.750% due 11/01/03 ) 250,000 242,744
Coca-Cola Enterprise Inc. ( 6.950% due 11/15/26 ) 150,000 142,781
Comdisco Inc. ( 6.130% due 08/01/01 ) 250,000 247,971
GTE North Inc. ( 6.375% due 02/15/10 ) 250,000 242,014
Johnson & Johnson Inc. ( 8.720% due 11/01/24 ) 225,000 251,121
Lafarge Corp. ( 6.375% due 07/15/05 ) 250,000 243,855
Pacific Bell ( 6.125% due 02/15/08 ) 150,000 144,229
Virginia Electric & Power ( 7.625% due 07/01/07 ) 150,000 158,003
1,672,718
Total Bonds 5,413,183
See accompanying notes. 38
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30 1999
Market
Shares Value
COMMON STOCKS - 49.7%
Basic Industries - 0.9%
Chemicals & Plastics - 0.9%
Sigma-Aldrich Corporation 3,400 $ 117,088
Broadcasting & Publishing - 1.6%
Advertising - 1.6%
WPP Group PLC - sponsored ADR 2,300 197,225
Construction & Real Estate - 0.8%
Engineering & Construction - 0.5%
Masco Corporation 2,200 63,525
Real Estate - 0.3%
Prison Reality Corporation 3,700 36,306
Total Construction & Real Estate 99,831
Energy - 2.9%
Oil & Gas - 2.9%
Royal Dutch Petroleum Company 1,300 78,325
Texaco Inc. 2,370 148,125
Unocal Corporation 3,600 142,650
369,100
Finance - 8.6%
Banks - 2.8%
Bank Of America Corporation 2,210 162,021
Chase Manhattan Corporation 2,200 190,575
352,596
Credit & Other Finance - 4.0%
Citigroup Inc. 4,350 206,625
Federal Home Loan Mortgage Corporation 1,400 81,200
First Data Corporation 2,900 141,919
Mckesson HBOC Inc. 2,216 71,189
500,933
Insurance - 1.4%
Liberty Financial Companies 2,800 81,550
Washington Mutual Inc. 2,700 95,513
177,063
Investment Service - 0.4%
Merrill Lynch & Company 700 55,956
Total Finance 1,086,548
See accpmpanying notes. 39
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Health - 6.3%
Drugs & Pharmaceuticals - 4.8%
American Home Products Corporation 2,400 138,000
Bristol-Myers Squibb Company. 1,800 126,788
Elan Corporation PLC - sponsored ADR 2,000 55,500
Johnson & Johnson Inc. 1,400 137,200
Merick & Company Inc. 1,300 96,200
Watson Pharmaceuticals Inc. 1,500 52,593
606,281
Medical Facilities Management - 1.0%
Wellpoint Health Networks 1,600 135,800
Medical - Nursing Homes - 0.5%
HCR Manor Care Inc. 2,600 62,888
Total Health 804,969
Manufacturing - 7.4%
Cosmetics & Toiletries - 1.2%
Kimberly-Clark Corporation 1,800 102,600
Procter & Gamble Company 500 44,625
147,225
Electric Products - 1.2%
General Electric Company 1,400 158,200
Electronic Products - 0.8%
Intel Corporation 1,700 101,150
Industrial Machinery & Equipment - 1.0%
Lear Corporation 2,600 129,350
Miscellenous - 3.2%
Groupe Danone 1,600 83,700
Guidant Corporation 1,000 51,438
Lucent Technologies Inc. 3,960 267,052
402,190
Total Manufacturing 938,115
Pollution Control - 1.1%
Waste Management Inc. 2,700 145,125
See accompanying notes. 40
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Retail & Wholesale - 3.9%
Apparel Stores - 0.4%
Tommy Hilfiger Corporation 800 58,800
Retail & Wholesale, Miscellaneous - 3.5%
Boots Company PLC (THE) - unsponsored ADR 3,900 93,074
Hasbro Inc. 3,600 100,575
Pepsico Inc. 3,700 143,144
Wal-Mart Stores Inc. 2,100 101,325
438,118
Total Retail & Wholesale 496,918
Services - 4.9%
Funeral Services & Related Items - 0.4%
Stewart Enterprises Inc. 3,800 55,338
Oil-Field Services - 1.3%
Halliburton Company 3,600 162,900
Gas Distribution - 0.8%
Peoples Energy Corporation 2,900 109,294
Retail - Restaurants - 0.5%
McDonald's Corporation 1,500 61,968
Telephone - 1.9%
Bell Atlantic Corporation 3,600 235,350
Total Services 624,850
Technology - 10.4%
Communication Equipment - 3.4%
AT&T Corporation 3,950 220,459
MCI Worldcom Inc. 2,492 214,935
435,394
Computer & Office Equipment - 3.0%
International Business Machines Corporation 1,500 193,875
Storage Technology Corporation 2,500 56,875
Xerox Corporation 2,100 124,031
374,781
See accompanying notes. 41
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Computer Services & Software - 3.1%
Compuware Corporation 1,800 57,262
Gartner Group Inc. 5,300 108,650
J.D. Edwards & Company 4,800 88,800
Microsoft Corporation 1,500 135,281
389,993
Electronics - 0.9%
Texas Instruments Inc. 800 116,000
Total Technology 1,316,168
Transportation - 0.9%
Road Transportation - 0.9%
CNF Transportation Inc. 3,200 122,800
Total Common Stocks 6,318,737
Total Securities ( identified cost - $12,054,451 ) 12,530,918
Other net assets - 1.3% 161,580
Total net assets 12,692,498
See accompanying notes. 42
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio
June 30 1999
Principal Market
Amount Value
SHORT TERM NOTES - 13.0%
Canadian Wheat Board ( 5.050% due 08/06/99 ) $ 100,000 $ 99,495
Canadian Wheat Board ( 4.800% due 07/20/99 ) 250,000 249,364
Canadian Wheat Board ( 4.800% due 07/28/99 ) 200,000 199,279
Canadian Wheat Board ( 4.780% due 07/28/99 ) 400,000 398,546
Canadian Wheat Board ( 4.750% due 07/07/99 ) 250,000 249,798
Export Development Corp. ( 4.850% due 07/14/99 ) 150,000 149,737
Fed. Home Loan Mortgage Corp. ( 4.930% due 08/06/99 ) 900,000 895,550
General Electric Capital Corp. ( 4.853% due 07/08/99 ) 100,000 100,000
Total Short Term Notes 2,341,769
BONDS - 85.0%
U.S. Government & its Agencies - 64.5%
United States of America ( 5.500% due 08/15/28 ) 950,000 867,766
United States of America ( 6.000% due 02/15/26 ) 1,400,000 1,361,938
United States of America ( 6.125% due 08/15/07 ) 2,440,000 2,467,450
United States of America ( 6.500% due 08/15/05 ) 2,400,000 2,474,251
United States of America ( 5.875% due 02/15/04 ) 500,000 502,812
Fed. Home Loan Banks ( 7.024% due 09/10/07 ) 125,000 123,895
Fed. Home Loan Banks ( 6.810% due 08/20/07 ) 50,000 49,304
Fed. Home Loan Banks ( 6.515% due 10/01/02 ) 250,000 249,977
Fed. Home Loan Mortgage Corp. ( 7.500% due 02/01/28 ) 53,200 53,954
Fed. Home Loan Mortgage Corp. ( 6.500% due 12/01/27 ) 350,686 339,852
Fed. Home Loan Mortgage Corp. ( 6.500% due 02/01/18 ) 85,620 83,760
Fed. Home Loan Mortgage Corp. ( 7.500% due 12/01/16 ) 63,135 64,348
Fed. Home Loan Mortgage Corp. ( 7.585% due 09/19/06 ) 150,000 153,445
Fed. Home Loan Mortgage Corp. ( 6.690% due 08/14/01 ) 200,000 200,232
Fed. Nat'l Mortgage Assoc. ( 6.500% due 01/01/28 ) 232,413 225,088
Fed. Nat'l Mortgage Assoc. ( 6.500% due 03/01/18 ) 88,327 86,150
Fed. Nat'l Mortgage Assoc. ( 6.500% due 02/01/18 ) 83,965 81,896
Fed. Nat'l Mortgage Assoc. ( 7.000% due 02/25/13 ) 48,000 47,533
Fed. Nat'l Mortgage Assoc. ( 7.070% due 10/24/06 ) 100,000 100,750
Fed. Nat'l Mortgage Assoc. ( 5.750% due 06/15/05 ) 749,000 735,893
Fed. Nat'l Mortgage Assoc. ( 5.750% due 04/15/03 ) 807,000 798,448
Govt. Nat'l Mortgage Assoc. ( 7.000% due 09/15/27 ) 83,297 82,416
Govt. Nat'l Mortgage Assoc. ( 7.000% due 10/15/25 ) 185,356 183,395
Govt. Nat'l Mortgage Assoc. ( 8.000% due 06/15/24 ) 61,848 63,651
Govt. Nat'l Mortgage Assoc. ( 8.000% due 05/15/24 ) 101,689 104,654
Govt. Nat'l Mortgage Assoc. ( 8.000% due 05/15/24 ) 77,076 79,323
11,582,181
See accompanying notes. 43
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio (Continued)
June 30 1999
Principal Market
Amount Value
Corporate - 20.5%
American General Finance Corp. ( 5.750% due 11/01/03 ) 250,000 $ 242,744
CIT Group Inc. ( 5.500% due 02/15/04 ) 250,000 238,696
Coca-Cola Enterprises Inc. ( 6.950% due 11/15/26 ) 150,000 142,781
Comdisco Inc. ( 6.130% due 08/01/01 ) 250,000 247,971
Comed Transitional Funding Trust ( 5.440% due 03/25/07 )250,000 239,456
Corning Inc. ( 6.850% due 03/01/29 ) 250,000 232,752
GE Capital Mortgage Services Inc. ( 6.500% due 04/25/08 )87,839 87,347
GTE North Inc. ( 6.375% due 02/15/10 ) 250,000 242,014
Johnson & Johnson Inc. ( 8.720% due 11/01/24 ) 225,000 251,121
Lafarge Corp. ( 6.375% due 07/15/05 ) 250,000 243,855
Pacific Bell ( 6.125% due 02/15/08 ) 150,000 144,229
Puget Sound Energy Inc. ( 7.000% due 03/09/29 ) 250,000 236,389
Ralston Purina Company ( 7.875% due 06/15/25 ) 250,000 257,732
Service Corp. International ( 6.000% due 12/15/05 ) 250,000 230,031
Universal Foods Corp. ( 6.500% due 04/01/09 ) 250,000 235,015
Virginia Electric & Power Company ( 7.625% due 07/01/07)150,000 158,003
Walt Disney Company ( 4.200% due 03/15/01 ) 250,000 242,834
3,672,970
Total Bonds 15,255,151
Total Securities ( identified cost - $18,217,316 ) 17,596,920
Other net assets - 2.0% 362,040
Total net assets 17,958,960
See accompanying notes. 44
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio
June 30 1999
Principal Market
Amount Value
SHORT TERM NOTES - 2.1%
U.S. Treasury Bonds ( 4.610% due 09/23/99 ) $ 400,000 $ 395,808
Total Short Term Notes 395,808
COMMON STOCKS - 98.0%
Chemicals & Plastics - 1.8%
Sigma-Aldrich Corporation 9,900 340,931
Broadcasting & Publishing - 3.1%
Advertising - 3.1%
WPP Group PLC - sponsored ADR 6,600 565,950
Construction & Real Estate - 1.6%
Engineering & Construction - 1.0%
Masco Corporation 6,400 184,800
Real Estate - 0.6%
Prison Reality Corporation 10,800 105,975
Total Construction & Real Estate 290,775
Energy - 5.7%
Oil & Gas - 5.7%
Royal Dutch Petroleum Company 3,800 228,950
Texaco Inc. 6,680 417,500
Unocal Corporation 10,400 412,100
1,058,550
Finance - 17.1%
Banks - 5.5%
Bank Of America Corporation 6,320 463,335
Chase Manhattan Corporation 6,300 545,738
1,009,073
Credit & Other Finance - 7.9%
Citigroup Inc. 12,900 612,750
Federal Home Loan Mortgage Corporation 4,000 232,000
First Data Corporation 8,600 420,863
Mckesson HBOC Inc. 6,353 204,090
1,469,703
See accompanying notes. 45
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Insurance - 2.8%
Liberty Financial Companies 8,200 $ 238,825
Washington Mutual Inc. 8,100 286,538
525,363
Investment Service - 0.9%
Merrill Lynch & Company 2,100 167,869
Total Finance 3,172,008
Health - 12.7%
Drugs & Pharmaceuticals - 9.5%
American Home Products Corporation 7,000 402,500
Bristol-Myers Squibb Company 5,300 373,318
Elan Corporation PLC - sponsored ADR 6,000 166,500
Johnson & Johnson Inc. 4,000 392,000
Merick & Company Inc. 3,700 273,800
Watson Pharmaceuticals Inc. 4,200 147,262
1,755,380
Medical Facilities Management - 2.2%
Wellpoint Health Networks 4,800 407,400
HCR Manor Care Inc. 7,500 181,406
Total Health 2,344,186
Manufacturing - 14.6%
Cosmetics & Toiletries - 2.3%
Kimberly-Clark Corporation 5,100 290,700
Procter & Gamble Company 1,500 133,875
424,575
Electric Products - 2.4%
General Electric Company 4,000 452,000
Electronic Products - 1.5%
Intel Corporation 4,700 279,650
Industrial Machinery & Equipment - 2.1%
Lear Corporation 7,800 388,050
Miscellenous - 6.3%
Groupe Danone 4,800 251,100
Guidant Corporation 3,000 154,313
Lucent Technologies Inc. 11,220 756,649
1,162,062
Total Manufacturing 2,706,337
Pollution Control - 2.4%
Waste Management Inc. 8,100 435,375
See accompanying notes. 46
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Retail & Wholesale - 7.8%
Apparel Stores - 0.9%
Tommy Hilfiger Corporation 2,300 169,050
Retail & Wholesale, Miscellaneous - 6.9%
Boots Company PLC (THE) - unsponsored ADR 11,400 272,062
Hasbro Inc. 10,500 293,343
Pepsico Inc. 10,830 418,986
Wal-Mart Stores Inc. 6,000 289,500
1,273,891
Total Retail & Wholesale 1,442,941
Services - 9.2%
Funeral Services & Related Items - 0.9%
Stewart Enterprises Inc. 11,100 161,644
Oil-Field Services - 2.5%
Halliburton Company 10,300 466,075
Gas Distribution - 1.6%
Peoples Energy Corporation 7,900 297,731
Retail - Restaurants - 0.9%
McDonald's Corporation 4,200 173,513
Telephone - 3.3%
Bell Atlantic Corporation 9,400 614,525
Total Services 1,713,488
Technology - 20.1%
Communication Equipment - 6.7%
AT&T Corporation 11,200 625,100
MCI Worldcom Inc. 7,045 607,631
1,232,731
Computer & Office Equipment - 5.6%
International Business Machines Corporation 4,000 517,000
Storage Technology Corporation 7,100 161,525
Xerox Corporation 6,100 360,281
1,038,806
See accompanying 47
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Computer Services & Software - 6.0%
Compuware Corporation 5,300 168,606
Gartner Group Inc. 15,400 315,700
J.D. Edwards & Company 14,100 260,850
Microsoft Corporation 4,100 369,768
1,114,924
Electronics - 1.8%
Texas Instruments Inc. 2,370 343,650
Total Technology 3,730,111
Transportation - 1.9%
Road Transportation - 1.9%
CNF Transportation Inc. 9,300 356,888
Total Common Stocks 18,157,540
Total Securities ( identified cost - $16,831,441 ) 18,553,348
Other net liabilities - (0.1)% (29,043)
Total net assets 18,524,305
See accompanying notes. 48
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio
June 30 1999
Market
Shares Value
COMMON STOCKS - 94.4%
Basic Industries - 3.0%
Chemicals & Plastics - 3.0%
Minerals Technologies Inc. 4,800 267,900
Electricity - 2.6%
AES Corporation 4,000 232,500
Oil & Gas - 2.8%
Anadarko Petroleum Corporation 5,400 198,788
Enron Oil & Gas Company 2,500 50,625
249,413
Total Energy 481,913
Finance - 4.2%
Credit & Other Finance - 2.3%
Capital One Financial Corporation 1,500 83,531
Dljdirect 800 23,600
Southtrust Corporation 2,550 97,856
204,987
Insurance - 1.9%
Alfac Inc. 3,600 172,350
Total Finance 377,337
Health - 11.9%
Drugs & Pharmaceuticals - 6.8%
Alza Corporation 6,000 305,250
Biogen Inc. 1,800 115,763
Elan Corporation PLC - sponsored ADR 3,200 88,800
Forest Laboratories Inc. 2,100 97,125
606,938
Medical Equipment & Supplies - 2.3%
Boston Scientific Corporation 4,700 206,506
Medical Facilities Management - 2.8%
Health Management Associates Inc. 17,800 200,250
Laser Vision Centres Inc. 700 44,100
4,700 244,350
Total Health 1,057,794
See accompanying notes. 49
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Manufacturing - 17.0%
Batteries - 1.1%
Rayovac Corporation 4,200 95,288
Electric Products - 4.2%
American Power Conversion 7,400 148,925
Molex Inc. 6,200 229,400
378,325
Electronic - 3.6%
Applied Power Inc. 6,900 188,456
Corning Inc. 1,500 105,188
Symbol Technologies Inc. 750 27,656
321,300
Food-Dairy Products - 0.6%
Suiza Foods Corporation 1,400 58,625
Miscellaneous - 3.0%
Danaher Corporation 700 40,687
PE Corp-PE Biosystems Group 400 45,900
Sealed Air Corporation 2,800 181,650
268,237
Telecommunications Equipment - 2.9%
Uniphase Corporation 400 66,400
Vitesse Semiconductor Corporation 2,800 188,825
255,225
Steel - 1.6%
Nucor Corporation 3,000 142,313
Total Manufacturing 1,519,313
Media & Leisure - 7.7%
Leisure Durables & Toys - 1.8%
Harley Davidson Inc. 2,900 157,688
Radio & Television - 5.9%
AT&T Corporation - Liberty Media Corporation 6,608 242,844
Infinity Broadcasting Corporation 9,600 285,600
528,444
Total Media & Leisure 686,132
Non-durables - 1.7%
Household Products - 1.7%
Dial Corporation 4,100 152,469
See accompanying notes. 50
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Retail & Wholesale - 11.7%
Industrail Products - 0.9%
MSC Industrial Direct Company Inc. 7,400 75,850
Retail - Consumer Electronics - 3.3%
Circuit City Stores Inc. 3,200 297,600
Retail & Wholesale, Miscellaneous - 7.5%
Federated Department Stores 3,500 185,281
Office Depot Inc. 11,700 258,131
Williams-Sonoma Inc. 6,500 226,281
669,693
Total Retail & Wholesale 1,043,143
Services - 13.6%
Advertising - 5.1%
Ha - Lo Industries Inc. 8,600 84,925
Interpublic Group of Companies Inc. 850 73,631
Snyder Communications Inc. 7,600 248,900
Young & Rubicam Inc. 1,100 49,981
457,437
Commercial - 1.1%
Cintas Corporation 1,500 100,781
Engineering & Construction - 0.7%
Fluor Corporation 1,600 64,800
Internet - 1.5%
Doubleclick Inc. 1,100 100,925
Rhythms Netconnections Inc. 600 35,025
135,950
Oil - Field Services - 0.8%
Weatherford International Inc. 1,900 69,587
Schools - 4.4%
Apollo Group Inc. 7,600 201,875
ITT Educational Services Inc. 7,100 185,044
386,919
Total Services 1,215,474
See accompanying notes. 51
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Technology - 12.7%
Communications Equipment - 1.0%
At Home Corporation 1,600 86,300
Computer & Office Equipment - 1.4%
Gateway Inc. 2,100 123,900
Computer Services & Software - 7.5%
Compuware Corporation 5,800 184,513
ISS Group Inc. 4,600 173,650
Siebel Systems Inc. 2,000 132,750
Software.Com Inc. 2,200 51,013
Xilinx Inc. 2,200 125,950
667,876
Electronics - 2.8%
Broadcom Corporation 1,300 187,931
Solectron Corporation 1,000 66,687
254,618
Total Technology 1,132,694
Telecommunication - 3.5%
Centurytel Inc. 3,300 131,175
General Instrument Corporation 4,200 178,500
309,675
Transportation - 2.0%
Road Transportation - 2.0%
CNF Transportation Inc. 4,600 176,525
Total Common Stocks 8,420,369
Total Securities ( identified cost - $6,560,698 ) 8,420,369
Other net assets - 5.6% 499,106
Total net assets 8,919,475
See accompanying notes. 52
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio
June 30 1999
Market
Shares Value
COMMON STOCKS - 96.2%
Australia - 3.2%
National Australia Bank Ltd. 9,408 155,684
News Corporation. Ltd. - sponsored ADR Pfd 2,000 63,125
218,809
Bermuda - 1.6%
Renaissance Re Holding Ltd. 3,000 111,000
Brazil - 1.2%
Telesp Participacoes SA - sponsored ADR 3,700 84,638
Denmark - 1.0%
Tele Danmark AS 1,400 68,912
Finland - 1.9%
Fortum OYJ 12,900 62,393
Stora Enso OYJ 6,300 67,569
129,962
France - 13.0%
Dexia France 1,130 151,261
Elf Aquitaine - sponsored ADR 800 117,400
Groupe Danone 800 206,255
Pechiney SA 5,100 219,216
STMicroelectronics N.V. 2,720 188,700
882,832
Germany - 4.3%
Deutsche Telekom AG 2,500 105,061
Prosieben Media AG 1,400 64,537
Volkswagen AG 1,900 122,601
305,317
Italy - 4.5%
Telecom Italia Mobile SPA 33,800 124,440
Telecom Italia SPA 17,400 180,877
305,317
Japan - 23.5%
Autobacs Seven Company Ltd. 1,600 77,728
Fuji Machine MFG 3,100 95,532
Futaba Industrial Company Ltd. 9,200 126,936
NTT Mobile Communications 200 270,990
Promise Company Ltd. 2,000 118,145
Rohm Company 2,500 391,408
Sangetsu Company Ltd. 4,500 95,735
Sankyo Company Ltd. 8,300 209,150
Sony Corporation 2,000 215,636
1,601,260
See accompanying notes. 53
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio (Continued)
June 30 1999
Market
Shares Value
Malaysia - 1.1%
Telekom Malaysia 19,400 72,514
Netherlands - 7.2%
ING Groep N.V. 2,728 147,699
Koninklijke Philips Electronics N.V. 1,832 184,803
Royal Dutch Petroleum Company 2,600 156,650
489,152
Spain - 6.4%
Argentaria Caja Postal Y Banco 3,060 140,760
Endesa SA 9,300 198,338
Telefonica SA 2,000 96,341
435,439
Sweden - 1.9%
Ericsson (LM) Tel - sponsored ADR 3,800 125,163
Switzerland - 2.9%
Nestle SA 65 117,114
Novartis AG 55 80,311
197,425
United Kingdom - 22.5%
Astrazeneca PLC 1,700 66,618
Bank of Ireland 7,300 123,179
Barclays PLC 4,200 122,214
Boots Company PLC (THE) 2,614 31,047
BP Amoco PLC 1,462 158,627
Cable & Wireless Communication 500 4,807
Elan Corporation PLC - sponsored ADR 3,800 105,450
Invensys PLC 21,000 99,390
Lloyds TSB Group 8,700 117,939
National Power PLC 28,600 208,280
Next PLC 5,800 70,443
Rolls-Royce PLC 28,196 119,336
Sainsbury (J) PLC 9,900 62,421
Thames Water PLC 3,900 61,844
WPP Group PLC - sponsored ADR 2,100 180,075
1,531,670
Total Common Stocks 6,546,292
Total Securities ( identified cost - $5,995,534 ) 6,546,292
Other net assets - 3.8% 257,876
Total net assets 6,804,168
See accompanying notes. 54
