Financial Statements and Schedules
Canada Life of America Series Fund, Inc.
December 31, 1999
with Report of Independent Auditors
Canada Life of America Series Fund, Inc.
Financial Statements
and Schedules
December 31, 1999
Contents
Report of Independent Auditors............................. 1
Audited Financial Statements
Statements of Assets and Liabilities....................... 2
Statements of Operations................................... 3
Statement 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............ 26
Schedule of Investments - Value Equity Series Portfolio.... 28
Schedule of Investments - Capital Series Portfolio......... 31
Schedule of Investments - International Equity Series Portfolio. 35
Report of Independent Auditors
Board of Directors and Shareholders
Canada Life of America Series Fund, 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, 1999, 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 five years in the period then ended.
These financial statements and financial highlights are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States. Those standards require
that we plan 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 and financial highlights. Our procedures
included confirmation of securities owned as of December 31, 1999,
by correspondence with the custodian and brokers. 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 reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present 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, 1999,
the results of their operations for the year then ended, the changes
in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in
the period then ended, in conformity with accounting principles
generally accepted in the United States.
/s/ Ernst & Young LLP
Atlanta, Georgia
January 27, 2000
1
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
December 31, 1999
Money
Market Managed
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying Schedules
of Investments - Series Portfolios) $19,733,789 $11,801,409
Cash 849,866 269,785
Receivables:
Dividends and interest 27,819 85,874
Due from brokers for investments sold - -
Total assets 20,611,474 12,157,068
Liabilities
Payables:
Investment advisory fees [Note 2] 9,284 5,045
Other accrued expenses 7,123 56,991
Directors' fees and expenses payable 6,416 8,343
Dividends declared 91,771 1,521,949
Due to brokers for investments purchased - -
Total liabilities 114,594 1,592,328
Net assets $20,496,880 $10,564,740
Net assets consist of:
Capital shares $20,497 $9,322
Additional paid-in capital 20,476,383 10,116,618
Undistributed net investment income (loss) - 114
Undistributed net realized gain (loss) on
investments - 340
Net unrealized appreciation (depreciation) on
investments and foreign currencies - 438,346
Total net assets $20,496,880 $10,564,740
Shares authorized ($.01 par value) 20,000,000 20,000,000
Shares outstanding 2,049,688 932,258
Net asset value per share $10.00 $11.33
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
December 31, 1999
Value
Bond Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
Schedules of Investments - Series
Portfolios) $16,964,436 $20,575,250
Cash 15,113 8,014
Receivables:
Dividends and interest 218,067 15,771
Due from brokers for investments sold - -
Total assets 17,197,616 20,599,035
Liabilities
Payables:
Investment advisory fees [Note 2] 7,474 8,354
Other accrued expenses 51,703 70,785
Directors' fees and expenses payable 7,703 9,047
Dividends declared 871,700 2,552,539
Due to brokers for investments purchased - -
Total liabilities 938,580 2,640,725
Net assets $16,259,036 $17,958,310
Net assets consist of:
Capital shares $16,202 $11,821
Additional paid-in capital 17,428,166 15,321,276
Undistributed net investment income (loss) 1,238 (440)
Undistributed net realized gain (loss) on
investments (40,406) (2,185)
Net unrealized appreciation (depreciation) on
investments and foreign currencies (1,146,164) 2,627,838
Total net assets $16,259,036 $17,958,310
Shares authorized ($.01 par value) 10,000,000 10,000,000
Shares outstanding 1,620,220 1,182,141
Net asset value per share $10.04 $15.19
Canada Life of America Series Fund, Inc.
Statements of Assets and Liabilities
December 31, 1999
International
Capital Equity
Series Series
Assets
Investments in securities, at market value
(Identified cost - See accompanying
Schedules of Investments - Series
Portfolios) $12,322,209 $8,406,784
Cash 397,209 656,946
Receivables:
Dividends and interest 3,652 8,412
Due from brokers for investments sold 174,358 2,056
Total assets 12,897,428 9,074,198
Liabilities
Payables:
Investment advisory fees [Note 2] 4,867 5,709
Other accrued expenses 54,040 3,950
Directors' fees and expenses payable 6,817 3,003
Dividends declared 3,519,923 1,382,313
Due to brokers for investments purchased 253,159 -
Total liabilities 3,838,806 1,394,975
Net assets $9,058,622 $7,679,223
Net assets consist of:
Capital shares $4,930 $5,121
Additional paid-in capital 5,067,939 5,822,854
Undistributed net investment income (loss) (80,512) (281)
Undistributed net realized gain (loss) on
investments 32,125 (40,074)
Net unrealized appreciation (depreciation) on
investments and foreign currencies 4,034,140 1,891,603
Total net assets $9,058,622 $7,679,223
Shares authorized ($.01 par value) 20,000,000 10,000,000
Shares outstanding 493,051 512,081
Net asset value per share $18.37 $15.00
Canada Life of America Series Fund, Inc.
Statements of Operations
Year ended December 31, 1999
Money
Market Managed
Series Series
Investment income:
Interest $1,019,978 $382,467
Dividends - 78,296
Total investment income 1,019,978 460,763
Expenses:
Investment advisory fees [note 2] 100,755 64,228
Directors' fees and expenses 5,874 4,437
Custodian fees and expenses 20,224 19,626
Audit and legal fees 7,884 9,293
Accounting and administrative services
[note 2] 15,947 13,744
Miscellaneous 448 4,283
Total expenses 151,132 115,611
Net investment income (loss) 868,846 345,152
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and
foreign currencies - 1,177,250
Net change in unrealized appreciation
(depreciation)on investments and foreign
currencies - (429,605)
Net gain (loss) on investments - 747,645
Net increase (decrease) in net assets resulting
from operations $868,846 $1,092,797
Canada Life of America Series Fund, Inc.
Statements of Operations
Year ended December 31, 1999
Value
Bond Equity
Series Series
Investment income:
Interest $1,033,270 $13,756
Dividends - 219,202
Total investment income 1,033,270 232,958
Expenses:
Investment advisory fees [note 2] 89,073 91,099
Directors' fees and expenses 6,184 8,594
Custodian fees and expenses 10,433 8,124
Audit and legal fees 12,953 15,683
Accounting and administrative services [note 2] 35,719 34,404
Miscellaneous 5,969 6,075
Total expenses 160,331 163,979
Net investment income (loss) 872,939 68,979
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and
foreign currencies (40,406) 2,483,119
Net change in unrealized appreciation
(depreciation)on investments and foreign (1,514,158) 943,233
currencies Net gain (loss) on investments (1,554,564) 3,426,352
Net increase (decrease) in net assets resulting
from operations ($681,625) $3,495,331
Canada Life of America Series Fund, Inc.
Statements of Operations
Year ended December 31, 1999
International
Capital Equity
Series Series
Investment income:
Interest - $13,442
Dividends 35,616 124,362
Total investment income 35,616 137,804
Expenses:
Investment advisory fees [note 2] 45,200 56,648
Directors' fees and expenses 3,133 1,778
Custodian fees and expenses 8,523 18,652
Audit and legal fees 6,562 2,625
Accounting and administrative services 14,918 5,268
[note 2]
Miscellaneous 3,024 -
Total expenses 81,360 84,971
Net investment income (loss) (45,744) 52,833
Realized and unrealized gain (loss) on
investments:Net realized gain (loss)
on investments and foreign currencies 3,566,065 1,326,502
Net change in unrealized appreciation
(depreciation)on investments and foreign 1,336,981 1,404,296
currencies
Net gain (loss) on investments 4,903,046 2,730,798
Net increase (decrease) in net assets resulting
from operations $4,857,302 $2,783,631
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Money Market Series
Year ended December 31
1999 1998
Operations:
Net investment income $868,846 $655,619
Net increase in net assets
resulting from operations 868,846 655,619
Dividends to shareholders from:
Net investment income (868,846) (655,619)
Fund share transactions [note 5]: 8,186,983 3,160,504
Total increase in net assests 8,186,983 3,160,504
Net assets:
Beginning of year 12,309,897 9,149,393
End of year $20,496,880 $12,309,897
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Managed Series
Year ended December 31
1999 1998
Operations:
Net investment income $345,152 $363,610
Net realized gain on investments 1,177,250 1,028,316
Net change in unrealized depreciation
on investments (429,605) (635,803)
Net increase in net assets resulting
from operations 1,092,797 756,123
Dividends to shareholders from:
Net investment income (345,038) (363,610)
Net realized gain on investments (1,176,910) (1,028,316)
Fund share transactions [note 5]: (2,314,663) (1,333,210)
Total decrease in net assets (2,743,814) (1,969,013)
Net assets:
Beginning of year 13,308,554 15,277,567
End of year $10,564,740 $13,308,554
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Bond Series
Year ended December 31
1999 1998
Operations:
Net investment income $872,939 $556,038
Net realized gain (loss) on investments (40,406) 271,448
Net change in unrealized appreciation
(depreciation) on investments (1,514,158) 181,674
Net increase (decrease) in net assets
resulting from operations (681,625) 1,009,160
Dividends to shareholders from:
Net investment income (871,701) (556,038)
Net realized gain on investments - (271,448)
Fund share transactions [note 5]: 1,106,744 9,458,126
Total increase (decrease) in net assets (446,582) 9,639,800
Net assets:
Beginning of year 16,705,618 7,065,818
End of year $16,259,036 $16,705,618
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Value Equity Series
Year ended December 31
1999 1998
Operations:
Net investment income $68,979 $31,138
Net realized gain on investments 2,483,119 743,726
Net change in unrealized appreciation
(depreciation)on investments 943,233 (106,535)
Net increase in net assets resulting from
operations 3,495,331 668,329
Dividends to shareholders from:
Net investment income (69,419) (31,138)
Net realized gain on investments (2,485,304) (743,726)
Fund share transactions [note 5]: 188,366 6,789,015
Total increase in net assets 1,128,974 6,682,480
Net assets:
Beginning of year 16,829,336 10,146,856
End of year $17,958,310 $16,829,336
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
Capital Series
Year ended December 31
1999 1998
Operations:
Net investment loss ($45,744) ($34,768)
Net realized gain on investments 3,566,065 595,585
Net change in unrealized appreciation
on investments 1,336,981 968,103
Net increase in net assets resulting
from operations 4,857,302 1,528,920
Dividends to shareholders from:
Net investment income - -
Net realized gain on investments (3,533,940) (595,585)
Fund share transactions [note 5]: (672,473) 980,340
Total increase in net assets 650,889 1,913,675
Net assets:
Beginning of year 8,407,733 6,494,058
End of year $9,058,622 $8,407,733
Canada Life of America Series Fund, Inc.
Statement of Changes in Net Assets
International Equity Series
Year ended December 31
1999 1998
Operations:
Net investment income $52,833 $26,094
Net realized gain on investments and
foreign currencies 1,326,502 444,889
Net change in unrealized appreciation
on investments and foreign currencies 1,404,296 299,042
Net increase in net assets resulting from
operations 2,783,631 770,025
Dividends to shareholders from:
Net investment income (53,114) (26,094)
Net realized gain on investments and foreign
currencies (1,366,576) (444,889)
Fund share transactions [note 5]: 56,225 1,188,893
Total increase in net assets 1,420,166 1,487,935
Net assets:
Beginning of year 6,259,057 4,771,122
End of year $7,679,223 $6,259,057
Canada Life of America Series Fund, Inc. PRIVATE
Notes to Financial Statements
December 31, 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.
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
The Fund is a regulated investment company as defined in Subchapter
M of the Internal Revenue Code, as amended. It is the policy of
the Fund to comply with the requirements of the Code 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
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 expenses that exceed .40% of the average daily
net assets. With respect to the Money Market Series, Canada Lif
Insurance Company of America has agreed to reimburse operating
expenses, exclusive of the advisory fee, that exceed .25% of its
average daily net assets. No reimbursement was received in the
current year as expenses did not exceed the established
reimbursement levels.
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, the Advisor pays Laketon
Investment Management Ltd., 35% owned by Canada Life Assurance
Company, formerly "INDAGO Capital Management Inc.", a fee at an
annual effective rate of .25% of the equity portion of the Series
average net assets.
With respect to the Value Equity Series, the Advisor pays Laketon
Investment Management Ltd. a fee at an annual effective rate of
.25% of average net assets.
With respect to the Capital Series, the Advisor pays J. & W.
Seligman & Co. a fee at an annual effective rate of .25% of
average net assets.
With respect to the International Equity Series, the Advisor pays
Laketon Investment Management Ltd. a fee at an annual effective rate
of .30% of average net assets.
Accounting and Administrative
Under an accounting services agreement, Canada Life Insurance
Company of America provides accounting and administrative services
to the Fund.
Directors' Fees
Each director, who is not an affiliated person, received a base
remuneration of $6,000 and an additional $1,000 for each meeting
attended during 1999.
Other
In 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 $300,000 in each fund
for a total amount of $1,500,000. These capital share transactions
are reflected in shares redeemed.
3. Dissolution and Liquidation of Fund (Unaudited)
On November 19, 1999, Canada Life Insurance Company of America and
Canada Life Insurance Company of New York filed individual
applications with the Securities and Exchange Commission seeking
orders to approve the replacement of the Funds' portfolios with
other investment companies portfolios. Management of the Fund
intends to recommend to the Funds' board of directors that the Fund
cease operations, liquidate the assets of the Series and dissolve
the Fund. Closing of the Fund is expected to occur during 2000,
subject to the approval of the Securities and Exchange Commission.
4. Investment Transactions
The aggregate cost of purchases and proceeds from sales (excluding
short term investments)of investments for all Series, for the year
ended December 31, 1999 are presented below:
Proceeds
Cost of from
Securities Securities
Purchased Sold
Managed Series $14,273,676 $16,196,514
Bond Series $2,500,561 $2,398,650
Value Equity Series $37,015,225 $37,517,777
Capital Series $17,151,556 $19,073,327
International Equity Series $11,098,856 $11,670,727
The information in the following table is presented on the basis of
cost for federal income tax purposes as of December 31, 1999.
Identified
Cost of Gross
Securities Unrealized
Owned Appreciation
Money Market Series $19,733,789 $ -
Managed Series 11,363,063 943,422
Bond Series 18,110,600 -
Value Equity Series 17,947,411 3,103,649
Capital Series 8,288,069 4,156,500
International Equity Series 6,515,182 2,100,014
Net
Gross Unrealized
Unrealized Appreciation
(Depreciation) (Depreciation)
Money Market Series $ - $ -
Managed Series (505,076) 438,346
Bond Series (1,146,164) (1,146,164)
Value Equity Series (475,810) 2,627,839
Capital Series (122,359) 4,034,141
International Equity Series (208,411) 1,891,603
5. Capital Share Transactions
Transactions in capital stock were as follows:
Year ended December 31
1999 1999
Shares Amount
Money Market Series
Shares sold 48,273,166 $482,731,661
Shares issued in reinvestment
of dividends 83,046 830,465
48,356,212 483,562,126
Shares redeemed (47,537,514) (475,375,143)
Net increase 818,698 $8,186,983
Managed Series
Shares sold 67,537 $812,783
Shares issued in reinvestment
of dividends 117,477 1,391,926
185,014 2,204,709
Shares redeemed (375,982) (4,519,372)
Net (decrease) (190,968) ($2,314,663)
Bonds Series
Shares sold 862,992 $9,269,073
Shares issued in reinvestment
of dividends 75,267 827,486
938,259 10,096,559
Shares redeemed (837,569) (8,989,815)
Net increase 100,690 $1,106,744
Value Equity Series
Shares sold 333,620 $5,005,604
Shares issued in reinvestment
of dividends 53,750 777,050
387,370 5,782,654
Shares redeemed (369,491) (5,594,288)
Net increase 17,879 $188,366
Capital Series
Shares sold 296,331 $5,213,489
Shares issued in reinvestment
of dividends 38,240 609,603
334,571 5,823,092
Shares redeemed (370,600) (6,495,565)
Net increase (decrease) (36,029) ($672,473)
International Equity Series
Shares sold 136,610 $1,902,850
Shares issued in reinvestment
of dividends 40,925 508,358
177,535 2,411,208
Shares redeemed (175,657) (2,354,983)
Net increase 1,878 $56,225
5. Capital Share Transactions
Transactions in capital stock were as follows:
1998 1998
Shares Amount
Money Market Series
Shares sold 24,707,682 $247,076,818
Shares issued in reinvestment
of dividends 66,033 660,325
24,773,715 247,737,143
Shares redeemed (24,457,664) (244,576,639)
Net increase 316,051 $3,160,504
Managed Series
Shares sold 112,168 $1,426,456
Shares issued in reinvestment
of dividends 140,924 1,754,044
253,092 3,180,500
Shares redeemed (357,305) (4,513,710)
Net (decrease) (104,213) ($1,333,210)
Bonds Series
Shares sold 1,136,864 $12,695,548
Shares issued in reinvestment
of dividends 38,639 409,020
1,175,503 13,104,568
Shares redeemed (323,468) (3,646,442)
Net increase 852,035 $9,458,126
Value Equity Series
Shares sold 808,855 $11,378,457
Shares issued in reinvestment
of dividends 83,955 1,234,740
892,810 12,613,197
Shares redeemed (418,472) (5,824,182)
Net increase 474,338 $6,789,015
Capital Series
Shares sold 144,582 $2,149,583
Shares issued in reinvestment
of dividends 89,255 1,263,229
233,837 3,412,812
Shares redeemed (163,601) (2,432,472)
Net increase (decrease) 70,236 $980,340
International Equity Series
Shares sold 1,788,949 $21,110,448
Shares issued in reinvestment
of dividends 24,601 286,240
1,813,550 21,396,688
Shares redeemed (1,713,403) (20,207,795)
Net increase 100,147 $1,188,893
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
1999 1998
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.43 0.46
Total from investment operations 0.43 0.46
Less distributions:
Dividends from net investment income (0.43) (0.46)
Total distributions (0.43) (0.46)
Net asset value, end of period $10.00 $10.00
Total return 4.44% 4.77%
Ratios to average net assets/supplemental data:
Net assets, end of period $20,496,880 $12,309,897
Ratio of expenses to average net assets before
expense reimbursement 0.75% 0.95%
Ratio of expenses to average net assets after 0.75% 0.75%
expense reimbursement
Ratio of net investment income to average net
assets 4.33% 4.64%
See accompanying notes
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
Net asset value, beginning of period $10.00 $10.00
Income from investment operations:
Net investment income 0.48 0.45
Total from investment operations 0.48 0.45
Less distributions:
Dividends from net investment income (0.48) (0.45)
Total distributions (0.48) (0.45)
Net asset value, end of period $10.00 $10.00
Total return 4.95% 4.58%
Ratios to average net assets/supplemental data:
Net assets, end of period $9,149,393 $7,599,213
Ratio of expenses to average net assets before
expense reimbursement 1.16% 1.09%
Ratio of expenses to average net assets after
expense reimbursement 0.75% 0.75%
Ratio of net investment income to average net
assets 4.78% 4.54%
See accompanying notes
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
1995
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.49
Total from investment operations 0.49
Less distributions:
Dividends from net investment income (0.49)
Total distributions (0.49)
Net asset value, end of period $10.00
Total return 4.95%
Ratios to average net assets/supplemental data:
Net assets, end of period $4,608,718
Ratio of expenses to average net assets before
expense reimbursement 1.14%
Ratio of expenses to average net assets after
expense reimbursement 0.75%
Ratio of net investment income to average net
assets 4.98%
See accompanying notes
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
1999* 1998
Net asset value, beginning of period $11.85 $12.45
Income from investment operations:
Net investment income 0.32 0.29
Net realized and unrealized
gain on investments 0.59 0.23
Total from investment operations 0.91 0.52
Less distributions:
Dividends from net investment income (0.32) (0.29)
Distributions from net realized gains (1.11) (0.83)
Total distributions (1.43) (1.12)
Net asset value, end of period $11.33 $11.85
Total return 9.49% 5.15%
Ratios to average net assets/supplemental data:
Net assets, end of period $10,564,740 $13,308,554
Ratio of expenses to average net assets after 0.90% 0.96%
Ratio of net investment income to average net
assets 0.90% 0.90%
Ratio of net investment income to average net
assets 2.73% 2.35%
Portfolio turnover rate 122.01% 167.95%
* 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 assets of the equity portion of Managed
portoflio.
See accompanying notes
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
Net asset value, beginning of period $11.80 $12.37
Income from investment operations:
Net investment income 0.34 0.32
Net realized and unrealized
gain on investments 1.66 0.27
Total from investment operations 2.00 0.59
Less distributions:
Dividends from net investment income (0.34) (0.32)
Distributions from net realized gains (1.01) (0.84)
Total distributions (1.35) (1.16)
Net asset value, end of period $12.45 $11.80
Total return 17.61% 5.75%
Ratios to average net assets/supplemental
data:
Net assets, end of period $15,277,567 $15,972,639
Ratio of expenses to average net assets before
expense reimbursement 0.95% 0.95%
Ratio of expenses to average net assets after 0.90% 0.90%
Ratio of net investment income to average net
assets 2.74% 2.53%
Portfolio turnover rate 82.80% 144.67%
* 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 assets of the equity portion of Managed
Portoflio.
See accompanying notes
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
1995
Net asset value, beginning of period $12.01
Income from investment operations:
Net investment income 0.40
Net realized and unrealized
gain on investments 2.38
Total from investment operations 2.78
Less distributions:
Dividends from net investment income (0.41)
Distributions from net realized gains (2.01)
Total distributions (2.42)
Net asset value, end of period $12.37
Total return 21.92%
Ratios to average net assets/supplemental data:
Net assets, end of period $17,033,045
Ratio of expenses to average net assets before
expense reimbursement 1.03%
Ratio of expenses to average net assets after 0.90%
Ratio of net investment income to average net
assets 3.06%
Portfolio turnover rate 145.14%
* 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 assets of the equity portion of Managed
Portoflio.
See accompanying notes
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
1999 1998
Net asset value, beginning of period $10.99 $10.59
Income from investment operations:
Net investment income 0.52 0.55
Net realized and unrealized
gain on investments (0.95) 0.67
Total from investment operations (0.43) 1.22
Less distributions:
Dividends from net investment income (0.52) (0.55)
Distributions from net realized gains - (0.27)
Distributions from paid-in capital - -
Total distributions (0.52) (0.82)
Net asset value, end of period $10.04 $10.99
Total return -3.85% 9.00%
Ratios to average net assets/supplemental data:
Net assets, end of period $16,259,036 $16,705,618
Ratio of expenses to average net assets before
expense reimbursement 0.90% 0.92%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 4.96% 5.04%
Portfolio turnover rate 15.85% 105.90%
See accompanying notes
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
Net asset value, beginning of period $10.36 $10.45
Income from investment operations:
Net investment income 0.60 0.60
Net realized and unrealized
gain on investments 0.23 (0.09)
Total from investment operations 0.83 0.51
Less distributions:
Dividends from net investment income (0.60) (0.60)
Distributions from net realized gains - -
Distributions from paid-in capital - -
Total distributions (0.60) (0.60)
Net asset value, end of period $10.59 $10.36
Total return 8.09% 4.66%
Ratios to average net assets/supplemental data:
Net assets, end of period $7,065,818 $6,712,914
Ratio of expenses to average net assets before
expense reimbursement 1.02% 1.08%
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 5.70% 5.73%
Portfolio turnover rate 127.63% 284.11%
See accompanying notes
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
1995
Net asset value, beginning of period $9.75
Income from investment operations:
Net investment income 0.65
Net realized and unrealized
gain on investments 1.09
Total from investment operations 1.74
Less distributions:
Dividends from net investment income (0.64)
Distributions from net realized gains (0.15)
Distributions from paid-in capital (0.25)
Total distributions (1.04)
Net asset value, end of period $10.45
Total return 16.77%
Ratios to average net assets/supplemental data:
Net assets, end of period $5,493,594
Ratio of expenses to average net assets before
expense reimbursement 1.09%
Ratio of expenses to average net assets after
expense reimbursement 0.88%
Ratio of net investment income to average net
assets 6.06%
Portfolio turnover rate 245.32%
See accompanying notes
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
1999* 1998
Net asset value, beginning of period $14.45 $14.71
Income from investment operations:
Net investment income 0.06 0.03
Net realized and unrealized
gain on investments 2.80 0.49
Total from investment operations 2.86 0.52
Less distributions:
Dividends from net investment income (0.06) (0.03)
Distributions from net realized gains (2.06) (0.75)
Total distributions (2.12) (0.78)
Net asset value, end of period $15.19 $14.45
Total return 20.14% 2.81%
Ratios to average net assets/supplemental data:
Net assets, end of period $17,958,310 $16,829,336
Ratio of expenses to average net assets before 0.90% 0.97%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 0.38% 0.22%
Portfolio turnover rate 208.33% 189.28%
* 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 subadvisory agreement to provide
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 the equity portion of Value Equity Portfolio.
See accompanying notes
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
Net asset value, beginning of period $13.00 $13.51
Income from investment operations:
Net investment income 0.04 0.02
Net realized and unrealized
gain on investments 3.44 0.80
Total from investment operations 3.48 0.82
Less distributions:
Dividends from net investment income (0.04) (0.02)
Distributions from net realized gains (1.73) (1.31)
Total distributions (1.77) (1.33)
Net asset value, end of period $14.71 $13.00
Total return 26.93% 6.94%
Ratios to average net assets/supplemental data:
Net assets, end of period $10,146,856 $8,518,192
Ratio of expenses to average net assets before 1.01% 0.99%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 0.28% 0.17%
Portfolio turnover rate 50.97% 46.78%
* 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 subadvisory agreement to provide
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 the equity portion of Value Equity Portfolio.
See accompanying notes
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
1995
Net asset value, beginning of period $13.46
Income from investment operations:
Net investment income 0.12
Net realized and unrealized
gain on investments 3.17
Total from investment operations 3.29
Less distributions:
Dividends from net investment income (0.12)
Distributions from net realized gains (3.12)
Total distributions (3.24)
Net asset value, end of period $13.51
Total return 23.66%
Ratios to average net assets/supplemental data:
Net assets, end of period $8,244,957
Ratio of expenses to average net assets before 1.07%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.90%
Ratio of net investment income to average net
assets 0.81%
Portfolio turnover rate 103.07%
* 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 subadvisory agreement to provide
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 the equity portion of Value Equity Portfolio.
See accompanying notes
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
1999 1998
Net asset value, beginning of period $15.89 $14.15
Income from investment operations:
Net investment income (loss) (0.09) (0.06)
Net realized and unrealized
gain on investments 9.39 2.87
Total from investment operations 9.30 2.81
Less distributions:
Dividends from net investment income - -
Distributions from net realized gains (6.82) (1.07)
Total distributions (6.82) (1.07)
Net asset value, end of period $18.37 $15.89
Total return 61.64% 20.23%
Ratios to average net assets/supplemental data:
Net assets, end of period $9,058,622 $8,407,733
Ratio of expenses to average net assets before 0.90% 0.99%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets -0.51% -0.43%
Portfolio turnover rate 193.26% 123.69%
See accompanying notes
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
1997 1996
Net asset value, beginning of period $13.96 $13.55
Income from investment operations:
Net investment income (loss) - 0.03
Net realized and unrealized
gain on investments 2.75 1.68
Total from investment operations 2.75 1.71
Less distributions:
Dividends from net investment income - (0.03)
Distributions from net realized gains (2.56) (1.27)
Total distributions (2.56) (1.30)
Net asset value, end of period $14.15 $13.96
Total return 21.14% 12.65%
Ratios to average net assets/supplemental data:
Net assets, end of period $6,494,058 $6,676,516
Ratio of expenses to average net assets before 0.99% 0.99%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.90% 0.90%
Ratio of net investment income to average net
assets 0.03% 0.19%
Portfolio turnover rate 84.39% 54.11%
See accompanying notes
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
1995
Net asset value, beginning of period $10.48
Income from investment operations:
Net investment income (loss) 0.02
Net realized and unrealized
gain on investments 3.56
Total from investment operations 3.58
Less distributions:
Dividends from net investment income (0.01)
Distributions from net realized gains (0.50)
Total distributions (0.51)
Net asset value, end of period $13.55
Total return 33.99%
Ratios to average net assets/supplemental data:
Net assets, end of period $6,366,302
Ratio of expenses to average net assets before 1.09%
expense reimbursement
Ratio of expenses to average net assets after
expense reimbursement 0.88%
Ratio of net investment income to average net
assets 0.11%
Portfolio turnover rate 33.42%
See accompanying notes
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
1999* 1998
Net asset value, beginning of period $12.27 $11.64
Income from investment operations:
Net investment income 0.10 0.06
Net realized and unrealized gain on investments 5.41 1.62
Total from investment operations 5.51 1.68
Less distributions:
Dividends from net investment income (0.10) (0.06)
Distributions from net realized gains (2.68) (0.99)
Total distributions (2.78) (1.05)
Net asset value, end of period $15.00 $12.27
Total return 45.10% 13.37%
Ratios to average net assets/supplemental data:
Net assets, end of period $7,679,223 $6,259,057
Ratio of expenses to average net assets before
expense reimbursement 1.20% 1.47%
Rato of expenses to average net assets after
expense reimbursement 1.20% 1.20%
Ratio of net investment income to average net
assets 0.76% 0.48%
Portfolio turnover rate 164.66% 119.77%
* 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
Portfolio. From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.30% of the average
daily net assets of the International Equity Portfolio.
** 1995 amounts annualized from April 24, 1995.
See accompanying notes
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
1997 1996
Net asset value, beginning of period $11.82 $10.09
Income from investment operations:
Net investment income 0.07 0.16
Net realized and unrealized gain on investments 0.56 1.83
Total from investment operations 0.63 1.99
Less distributions:
Dividends from net investment income (0.07) (0.16)
Distributions from net realized gains (0.74) (0.10)
Total distributions (0.81) (0.26)
Net asset value, end of period $11.64 $11.82
Total return 4.32% 19.44%
Ratios to average net assets/supplemental data:
Net assets, end of period $4,771,122 $3,305,190
Ratio of expenses to average net assets before
expense reimbursement 1.32% 1.56%
Rato of expenses to average net assets after
expense reimbursement 1.20% 1.20%
Ratio of net investment income to average net
assets 0.57% 1.44%
Portfolio turnover rate 37.73% 56.28%
* 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
Portfolio. From that date, Laketon is entitled to advisory
fees at the effective annual rate of 0.30% of the average
daily net assets of the International Equity Portfolio.
** 1995 amounts annualized from April 24, 1995.
See accompanying notes
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
24-Apr-95
(commencement
of operations) to
31-Dec
1995
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income $0.10
Net realized and unrealized gain on investments $0.49
Total from investment operations $0.59
Less distributions:
Dividends from net investment income ($0.10)
Distributions from net realized gains ($0.40)
Total distributions ($0.50)
Net asset value, end of period $10.09
Total return 8.53% **
Ratios to average net assets/supplemental data:
Net assets, end of period $2,085,588
Ratio of expenses to average net assets before
expense reimbursement 1.06%
Rato of expenses to average net assets after
expense reimbursement 1.20% **
Ratio of net investment income to average net
assets 1.43% **
Portfolio turnover rate 33.56%
* 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
Portfolio. From that date, Laketon is entitled to advisory
fees at the effective annual rate of0.30% of the average daily
net assets of the International Equity Portfolio.
** 1995 amounts annualized from April 24, 1995.
See accompanying notes
Canada Life of America Series Fund, Inc.
Schedule of Investments - Money Market Series Portfolio
December 31, 1999
Principal Market
Amount Value
U.S. Government & its Agencies - 67.0%
Fed. Farm Credit Banks ( 5.530% due 01/18/00) $3,000,000 $2,992,049
Fed. Home Loan Banks ( 5.450% due 01/24/00 ) 1,300,000 1,295,289
Fed. Home Loan Banks ( 4.800% due 01/18/00 ) 500,000 498,866
Fed. Home Loan Mort. Corp. ( 5.780% due 02/15/00)1,200,000 1,191,315
Fed. Home Loan Mort. Corp. ( 5.700% due 02/08/00)2,350,000 2,335,825
Fed. Home Loan Mort. Corp. ( 5.700% due 01/27/00) 850,000 846,487
Fed. National Mort. Assn. ( 5.600% due 02/17/00) 200,000 198,530
Fed. National Mort. Assn. ( 5.660% due 02/09/00) 2,100,000 2,087,095
Fed. National Mort. Assn. ( 5.450% due 01/26/00) 1,200,000 1,195,293
Fed. National Mort. Assn. ( 5.700% due 01/14/00) 1,100,000 1,097,722
13,738,471
Promissory Note - 5.9%
Export Development Corp. ( 5.850% due 01/25/00) 1,200,000 1,195,318
Commercial Paper - 23.4%
Associates Corp. of N.A. ( 5.833% due 01/18/00) 800,000 800,000
Ford Motor Credit Co. ( 5.802% due 01/20/00 ) 800,000 800,000
Gen. Electric Capital Corp. ( 5.866% due 02/02/00) 800,000 800,000
IBM Credit Corp. ( 5.969% due 02/08/00) 800,000 800,000
John Deere Capital Corp. ( 5.705% due 01/25/00) 800,000 800,000
Norwest Financial Inc. ( 5.815% due 02/02/00) 800,000 800,000
4,800,000
Total Securities ( identified cost - $19,733,789 ) 19,733,789
Other net assets - 3.7% 763,091
Total net assets $ 20,496,880
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio
December 31, 1999
Principal Market
Amount Value
SHORT TERM NOTES - 6.6%
Canadian Wheat Board ( 5.870% due 02/01/00) $ 50,000 $ 49,743
Export Development Corp. ( 5.550% due 02/07/00) 150,000 149,139
Export Development Corp. ( 5.830% due 01/18/00) 50,000 49,856
Fed. Home Loan Mort. Corp. ( 5.530% due 01/27/00) 200,000 199,190
Fed. Home Loan Mort. Corp. ( 5.580% due 01/25/00) 200,000 199,253
Province Of Ontario ( 5.830% due 01/12/00) 50,000 49,910
Total Short Term Notes 697,091
BONDS - 47.6%
U.S. Government & its Agencies - 32.3%
U.S. Treasury Bonds ( 5.500% due 08/15/28) 1,125,000 960,469
U.S. Treasury Bonds ( 5.250% due 08/15/03) 700,000 674,844
Fed. Home Loan Banks ( 6.810% due 08/20/07) 50,000 47,905
Fed. Home Loan Mort. Corp. ( 7.500% due 02/01/28) 48,983 48,591
Fed. Home Loan Mort. Corp. ( 6.500% due 12/01/27) 341,408 322,118
Fed. Home Loan Mort. Corp. ( 6.500% due 02/01/18) 79,736 76,179
Fed. Home Loan Mort. Corp. ( 7.500% due 12/01/16) 50,673 50,691
Fed. Home Loan Mort. Corp. ( 7.585% due 09/19/06) 150,000 149,012
Fed. National Mort. Assn. ( 6.500% due 01/01/28) 225,865 212,963
Fed. National Mort. Assn. ( 6.500% due 03/01/18) 83,391 79,856
Fed. National Mort. Assn. ( 6.500% due 02/01/18) 79,275 75,914
Fed. National Mort. Assn. ( 7.000% due 02/25/13) 48,000 46,267
Fed. National Mort. Assn. ( 7.070% due 10/24/06) 100,000 98,000
Govt. National Mort. Assn. ( 7.000% due 09/15/27) 78,744 76,119
Govt. National Mort. Assn. ( 7.000% due 10/15/25) 286,986 277,420
Govt. National Mort. Assn. ( 8.000% due 06/15/24) 56,643 57,268
Govt. National Mort. Assn. ( 8.000% due 05/15/24) 92,050 93,067
Govt. National Mort. Assn. ( 8.000% due 05/15/24) 67,400 68,144
3,414,827
Corporate - 15.3%
American Gen. Finance Corp. ( 5.750% due 11/01/03) 250,000 237,353
Coca-Cola Enterprises Inc. ( 6.950% due 11/15/26) 150,000 136,397
Comdisco Inc. ( 6.130% due 08/01/01) 250,000 244,004
GTE North Inc. ( 6.375% due 02/15/10) 250,000 231,834
Johnson & Johnson Inc. ( 8.720% due 11/01/24) 225,000 242,289
Lafarge Corp. ( 6.375% due 07/15/05) 250,000 236,410
Pacific Bell ( 6.125% due 02/15/08) 150,000 138,681
Virginia Electric & Power ( 7.625% due 07/01/07) 150,000 150,236
1,617,204
Total Bonds 5,032,031
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
COMMON STOCKS - 57.5%
Aerospace & Defence - 1.0%
Aerospace & Defence - 1.0%
Honeywell International Inc. 1,890 $ 109,029
Broadcasting & Publishing - 0.9%
Advertising - 0.9%
Omnicom Group Inc. 940 94,000
Energy - 3.9%
Oil & Gas - 3.9%
Atlantic Richfield Co. 1,100 95,150
Exxon Mobil Corp. 1,730 139,373
Royal Dutch Petroleum Co. - sponsored ADR 2,900 175,269
409,792
Finance - 9.5%
Banks - 3.4%
Bank Of America Corp. 2,690 135,004
Chase Manhattan Corp. 1,620 125,854
Firstar Corp. 4,720 99,710
360,568
Credit & Other Finance - 3.1%
Citigroup Inc. 3,440 191,135
MBNA Corp. 4,970 135,433
326,568
Investment Service - 3.0%
Merrill Lynch & Co. Inc. 1,120 93,520
Morgan Stanley Dean Witter & Co. 960 137,040
J.P. Morgan & Co. Inc. 650 82,306
312,866
Total Finance 1,000,002
Health - 2.3%
Drugs & Pharmaceuticals - 2.3%
Pfizer Inc. 4,220 136,886
Schering-Plough Corp. 2,470 104,203
241,089
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Manufacturing - 10.9%
Auto Cars - 1.0%
Ford Motor Co.. 1,890 $100,997
Chemicals & Plastics - 1.1%
Dow Chemical Co. 850 113,581
Cosmetics & Toiletries - 0.9%
Kimberly-Clark Corp. 1,410 92,002
Electronic Products - 2.2%
Applied Materials Inc. 1,050 133,022
LSI logic Corp. 1,510 101,925
234,947
Miscellenous - 3.8%
Anheuser-Busch Companies Inc. 1,410 99,933
Guidant Corp. 1,880 88,360
Minnesota Mining & Manufacturing Co. 1,040 101,790
Tyco International Ltd. 2,820 109,628
399,711
Paper & Related Products - 1.9%
Georgia Pacific Corp. 2,180 110,635
Weyerhaeuser Co. 1,310 94,074
204,709
Total Manufacturing 1,145,947
Media & Leisure - 3.6%
Entertainment - 3.6%
Carnival Corp. 2,270 108,534
Time Warner Inc. 1,910 138,356
Viacom Inc. 2,200 132,963
379,853
Pipelines - 1.1%
Enron Corp. 2,650 117,594
Retail & Wholesale - 4.7%
Apparel Stores - 1.0%
The Gap Inc. 2,260 103,960
General Merchandising - 2.9%
Bestfoods 1,690 88,830
Home Depot Inc. 2,460 168,664
Sysco Corp. 1,200 47,475
304,969
Retail & Wholesale, Miscellaneous - 0.8%
CVS Corp. 2,130 85,066
Total Retail & Wholesale 493,995
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Managed Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Services - 5.9%
Internet - 1.4%
America Online Inc. 2,130 $160,682
Networking - 2.2%
Cisco Systems Inc. 2,140 229,248
Telecommunication - 2.3%
Nextel Communications Inc. 1,140 117,563
Voicestream Wireless Corp. 850 120,966
238,529
Total Services 628,459
Technology - 13.7%
Communication Equipment - 5.3%
AT&T Corp. 2,790 141,593
Comcast Corp. 2,090 105,675
Motorola Inc. 1,060 156,085
MCI Worldcom Inc. 3,033 160,939
564,292
Computer Services & Software - 5.6%
Ariba Inc. 200 35,475
Microsoft Corp. 3,450 402,788
Sun Microsystem Inc. 1,920 148,680
586,943
Electronic Products - 2.8%
Broadcom Corp. 200 54,475
Solectron Corp. 1,230 117,004
Texas Instruments Inc. 1,340 129,813
301,292
Total Technology 1,452,527
Total Common Stocks 6,072,287
Total Securities ( identified cost - $11,363,063 ) 11,801,409
Other net liabilities - (11.7)% (1,236,669)
Total net assets $10,564,740
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio
December 31, 1999
Principal Market
Amount Value
SHORT TERM NOTES - 18.0%
Canadian Treasury ( 5.520% due 01/24/00) $ 50,000 $49,823
Canadian Treasury ( 5.300% due 01/19/00) 100,000 99,731
Canadian Wheat Board ( 5.870% due 02/01/00) 200,000 198,974
Export Development Corp. ( 5.700% due 02/07/00) 200,000 198,823
Export Development Corp. ( 5.500% due 02/01/00) 50,000 49,761
Export Development Corp. ( 5.850% due 01/25/00) 50,000 49,804
Export Development Corp. ( 5.830% due 01/18/00) 100,000 99,713
Fed. Farm Credit Banks ( 5.530% due 01/27/00) 750,000 746,970
Fed. National Mort. Assn. ( 5.600% due 02/17/00) 800,000 794,120
Fed. National Mort. Assn. ( 5.450% due 01/25/00) 650,000 647,538
Total Short Term Notes 2,935,257
BONDS - 86.3%
U.S. Government & its Agencies - 64.9%
United States of America ( 5.500% due 08/15/28) 950,000 811,063
United States of America ( 6.000% due 02/15/26) 140,000 1,281,000
United States of America ( 6.125% due 08/15/07) 2,440,000 2,379,000
United States of America ( 6.500% due 05/15/05) 2,400,000 2,401,500
United States of America ( 5.875% due 02/15/04) 500,000 491,875
Fed. Home Loan Banks ( 6.810% due 08/20/07 ) 50,000 47,905
Fed. Home Loan Mort. Corp. ( 7.500% due 02/01/28) 48,983 48,591
Fed. Home Loan Mort. Corp. ( 6.500% due 12/01/27) 341,408 322,118
Fed. Home Loan Mort. Corp. ( 6.500% due 02/01/18) 79,736 76,179
Fed. Home Loan Mort. Corp. ( 7.500% due 12/01/16) 58,460 58,481
Fed. Home Loan Mort. Corp. ( 7.585% due 09/19/06) 150,000 149,012
Fed. National Mort. Assn. ( 6.500% due 01/01/28) 225,865 212,963
Fed. National Mort. Assn. ( 6.500% due 03/01/18) 83,392 79,856
Fed. National Mort. Assn. ( 6.500% due 02/01/18) 79,275 75,914
Fed. National Mort. Assn. ( 7.000% due 02/25/13) 48,000 46,267
Fed. National Mort. Assn. ( 7.070% due 10/24/06) 100,000 98,000
Fed. National Mort. Assn. ( 5.750% due 06/15/05) 749,000 711,850
Fed. National Mort. Assn. ( 5.750% due 04/15/03) 807,000 784,095
Govt.National Mort. Assn. ( 7.000% due 09/15/27) 78,744 76,119
Govt.National Mort. Assn. ( 7.000% due 10/15/25) 179,366 173,387
Govt.National Mort. Assn. ( 8.000% due 06/15/24) 56,643 57,268
Govt.National Mort. Assn. ( 8.000% due 05/15/24) 92,050 93,067
Govt.National Mort. Assn. ( 8.000% due 05/15/24) 67,400 68,144
10,543,654
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Bond Series Portfolio (Continued)
December 31, 1999
Principal Market
Amount Value
Corporate - 21.4%
American Gen. Finance Corp. ( 5.750% due 11/01/03) $250,000 $237,353
CIT Group Inc. ( 5.500% due 02/15/04 ) 250,000 234,270
Coca-Cola Enterprises Inc. ( 6.950% due 11/15/26) 150,000 136,397
Comdisco Inc. ( 6.130% due 08/01/01 ) 250,000 244,004
Comed Transitional Funding Trust(5.440% due 03/25/07)250,000 235,441
Corning Inc. ( 6.850% due 03/01/29 ) 250,000 221,789
GE Capital Mort. Services Inc. ( 6.500% due 04/25/08) 59,319 57,910
GTE North Inc. ( 6.375% due 02/15/10 ) 250,000 231,834
Johnson & Johnson Inc. ( 8.720% due 11/01/24) 225,000 242,289
Lafarge Corp. ( 6.375% due 07/15/05 ) 250,000 236,410
Pacific Bell ( 6.125% due 02/15/08 ) 150,000 138,681
Puget Sound Energy Inc. ( 7.000% due 03/09/29) 250,000 218,926
Ralston Purina Co. ( 7.875% due 06/15/25 ) 250,000 243,471
Service Corp. International ( 6.000% due 12/15/05) 250,000 186,014
Universal Foods Corp. ( 6.500% due 04/01/09) 250,000 227,083
Virginia Electric & Power Co. ( 7.625% due 07/01/07) 150,000 150,236
Walt Disney Co. ( 4.200% due 03/15/01) 250,000 243,417
3,485,525
Total Bonds 14,029,179
Total Securities ( identified cost - $18,110,600 ) 16,964,436
Other net liabilities - (4.3)% (705,400)
Total net assets $ 16,259,036
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio
December 31, 1999
Market
Shares Value
COMMON STOCKS - 114.6%
Aerospace & Defence - 2.1%
Aerospace & Defence - 2.1%
Honeywell International Inc. 6,500 $374,969
Broadcasting & Publishing - 1.7%
Advertising - 1.7%
Omnicom Group Inc. 3,200 320,000
Energy - 7.3%
Oil & Gas - 7.3%
Atlantic Richfield Co. 3,700 320,050
Exxon Mobil Corp. 5,900 475,319
Royal Dutch Petroleum Co. - sponsored ADR 8,600 519,763
1,315,132
Finance - 18.9%
Banks - 6.9%
Bank Of America Corp. 9,120 457,710
Chase Manhattan Corp. 5,400 419,513
Firstar Corp. 17,100 361,238
1,238,461
Credit & Other Finance - 6.0%
Citigroup Inc. 11,400 633,413
MBNA Corp. 16,200 441,450
1,074,863
Investment Service - 6.0%
Merrill Lynch & Co. Inc. 4,000 334,000
Morgan Stanley Dean Witter & Co. 3,200 456,800
J.P. Morgan & Co. Inc. 2,300 291,237
1,082,037
Total Finance 3,395,361
Health - 4.6%
Drugs & Pharmaceuticals - 4.6%
Pfizer Inc. 14,300 463,856
Schering-Plough Corp. 8,700 367,031
830,887
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Manufacturing - 22.4%
Auto Cars - 2.3%
Ford Motor Co. 7,800 $416,813
Chemicals & Plastics - 2.1%
Dow Chemical Co. 2,800 374,150
Cosmetics & Toiletries - 1.9%
Kimberly-Clark Corp. 5,200 339,300
Electronic Products- 4.4%
Applied Materials Inc. 3,500 443,406
LSI logic Corp. 5,200 351,000
794,406
Miscellenous - 7.6%
Anheuser-Busch Companies Inc. 4,700 333,112
Guidant Corp. 6,600 310,200
Minnesota Mining & Manufacturing Co. 3,700 362,138
Tyco International Ltd. 9,300 361,538
1,366,988
Paper & Related Products - 4.1%
Georgia Pacific Corp. 7,600 385,700
Weyerhaeuser Co. 4,800 344,700
730,400
Total Manufacturing 4,022,057
Media & Leisure - 7.0%
Entertainment - 7.0%
Carnival Corp. 7,000 334,687
Time Warner Inc. 6,700 485,331
Viacom Inc. 7,100 429,106
1,249,124
Pipelines - 2.3%
Enron Corp. 9,200 408,250
Retail & Wholesale - 9.5%
Apparel Stores - 2.1%
The Gap Inc. 8,200 377,200
General Merchandising - 5.7%
Bestfoods 5,800 304,863
Home Depot Inc. 8,250 565,641
Sysco Corp. 3,700 146,381
1,016,885
Retail & Wholesale, Miscellaneous - 1.7%
CVS Corp. 7,800 311,512
Total Retail & Wholesale 1,705,597
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Value Equity Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Services - 12.1%
Internet - 3.1%
America Online Inc. 7,300 550,694
Networking - 4.4%
Cisco Systems Inc. 7,400 792,725
Telecommunications - 4.6%
Nextel Communications Inc. 3,700 381,563
Voicestream Wireless Corp. 3,100 441,169
822,732
Total Services 2,166,151
Technology - 26.7%
Communication Equipment - 10.5%
AT&T Corp. 9,200 466,900
Comcast Corp. 7,200 364,050
Motorola Inc. 3,400 500,650
MCI Worldcom Inc. 10,267 544,792
1,876,392
Computer Services & Software - 10.9%
Ariba Inc. 800 141,900
Microsoft Corp. 11,300 1,319,275
Sun Microsystem Inc. 6,500 503,343
1,964,518
Electronic Products - 5.3%
Broadcom Corp. 500 136,187
Solectron Corp. 4,000 380,500
Texas Instruments Inc. 4,440 430,125
946,812
Total Technology 4,787,722
Total Common Stocks 20,575,250
Total Securities ( identified cost - $17,947,411 )
Other net liabilities - (14.6)% (2,616,940)
Total net assets $ 17,958,310
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio
December 31, 1999
Market
Shares Value
COMMON STOCKS - 136.0%
Energy - 6.4%
Electricity - 4.8%
AES Corp. 5,800 $ 433,550
Oil & Gas - 1.6%
EOG Resources Inc. 8,350 146,647
Total Energy 580,197
Finance - 7.3%
Credit & Other Finance - 2.2%
Capital One Financial Corp. 2,100 101,193
Southtrust Corp. 2,550 96,421
197,614
Insurance - 3.8%
ACE Ltd. 7,000 116,813
Aflac Inc. 4,900 231,219
348,032
Investmenst - 1.3%
Allied Capital Corp. 6,200 113,538
Total Finance 659,184
Health - 10.9%
Drugs & Pharmaceuticals - 8.8%
Alza Corp. 3,800 131,575
Biogen Inc. 1,800 152,100
Elan Corp. PLC - sponsored ADR 6,900 203,550
Forest Laboratories Inc. 3,000 184,313
Watson Pharmaceuticals Inc. 3,500 125,344
796,882
Medical Instruments - 2.1%
Biomet Inc. 1,800 72,000
Guidant Corp. 2,500 117,500
189,500
Total Health 986,382
Manufacturing - 31.2%
Chemicals & Plastics - 1.4%
Praxair Inc. 2,600 130,813
Electric Products - 3.9%
American Power Conversion Co. 7,500 197,813
Molex Inc. 2,700 153,056
350,869
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Electronic Products - 12.6%
Applied Micro Circuits Corp. 500 $ 63,625
Ciena Corp. 4,200 241,500
Corning Inc. 2,000 257,875
Gentex Corp. 7,700 213,675
Symbol Technologies Inc. 5,750 365,484
1,142,159
Miscellaneous - 5.3%
Avery Dennison Corp. 3,400 247,775
Danaher Corp. 1,550 74,787
PE Corp-PE Biosystems Group 1,300 156,406
478,968
Networking Products - 1.7%
Foundry Networks Inc. 500 150,844
Telecommunications Equipment - 2.3%
Vitesse Semiconductor Corp. 3,900 204,506
Retail & Wholesale, Miscellaneous - 1.5%
Newell Rubbermaid Inc. 4,800 139,200
Steel - 2.5%
Nucor Corp. 4,150 227,472
Total Manufacturing 2,824,831
Media & Leisure - 6.3%
Entertainment - 2.2%
Royal Caribbean Cruises Ltd. 3,950 194,784
Leisure Durables & Toys - 2.0%
Harley Davidson Inc. 2,900 185,781
Publishing - 2.1%
Reader's Digest Assn. 6,600 193,050
Total Media & Leisure 573,615
Non-durables - 1.3%
Household Products - 1.3%
Clorox Co. 2,400 120,900
Retail & Wholesale - 9.8%
Apparel Stores - 2.9%
The Limited Inc. 6,100 264,206
Building Products - 1.6%
Fastenal Co. 3,200 143,800
General Merchandising - 1.2%
BJ's Wholesale Club Inc. 3,100 113,150
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1999
Market
Shares Value
Retail - Consumer Electronics - 3.0%
Circuit City Stores Inc. 6,000 $ 270,375
Retail & Wholesale, Miscellaneous - 1.1%
Williams-Sonoma Inc. 2,100 96,600
Total Retail & Wholesale 888,131
Services - 26.2%
Advertising - 2.4%
Interpublic Group of Companies Inc. 1,300 74,993
Young & Rubicam Inc. 2,000 141,500
216,493
Commercial - 5.6%
Cintas Corp. 4,100 217,813
Concord EFS Inc. 7,600 195,700
Quintiles Transnational Corp. 4,900 91,568
505,081
Data Processing - 1.1%
CSG Systems International Inc. 2,700 107,663
Engineering & Construction - 2.4%
Fluor Corp. 4,700 215,613
Internet - 9.2%
Commerce One Inc. 500 98,250
Doubleclick Inc. 700 177,144
NBC Internet Inc. 2,300 177,675
Verisign Inc. 800 152,750
Vignette Corp. 1,400 228,200
834,019
Networking - 3.2%
Finisar Corp. 1,600 143,800
Network Appliance Inc. 600 49,837
PMC-Sierra Inc. 600 96,187
289,824
Oil - Field Services - 2.3%
Weatherford International Inc. 5,200 207,675
Total Services 2,376,368
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - Capital Series Portfolio (Continued)
December 31, 1999
Market
Share Value
Technology - 36.6%
Communications Equipment - 4.4%
Ariba Inc. 800 $ 141,900
JDS Uniphase Corp. 1,600 258,100
400,000
Computer & Office Equipment - 2.2%
Fiserv Inc. 2,100 80,456
Gateway Inc. 1,600 115,300
195,756
Computer Services & Software - 25.4%
BMC Software Inc. 2,500 199,844
Cadence Design Systems Inc. 14,500 348,000
Compuware Corp. 6,200 230,950
I2 Technologies Inc. 600 117,000
ISS Group Inc. 5,900 419,638
Rational Software Corp. 3,600 176,850
Siebel Systems Inc. 3,200 268,800
Software.Com Inc. 1,500 144,000
Veritas Software Co. 1,400 200,375
Xilinx Inc. 4,300 195,516
2,300,973
Electronics - 3.4%
Broadcom Corp. 900 245,138
Maxim Integrated Products Inc. 1,400 66,062
311,200
Medical Information System - 1.2%
IMS Health Inc. 3,850 104,672
Total Technology 3,312,601
Total Common Stocks 12,322,209
Total Securities ( identified cost - $8,288,069 ) 12,322,209
Other net liabilities - (36.0)% (3,263,587)
Total net assets $9,058,622
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio
December 31, 1999
Market
Shares Value
COMMON STOCKS - 109.5%
Australia - 1.8%
News Corp. Ltd. - sponsored ADR 4,100 $137,094
Finland - 5.0%
Nokia OYJ 1,000 181,557
Stora Enso OYJ 5,800 101,266
Upm-kymmene OYJ 2,500 100,865
383,688
France - 14.1%
Banque National De Paris 2,400 221,742
Dexia France 30 4,978
Dexia 1,025 10
France Telecom SA 900 119,192
Groupe Danone 600 141,614
L'Oreal SA 121 97,210
Pechiney SA 2,000 143,127
STMicroelectronics N.V. - sponsored ADR 920 139,323
Total Fina SA 1,607 214,769
1,081,965
Germany - 4.1%
Mannesmann AG 400 96,992
Prosieben Media AG - preferred shares 1,600 93,441
SAP AG - preferred shares 200 122,148
312,581
Hong Kong - 3.3%
HSBC Holdings PLC 18,300 256,601
Italy - 4.4%
Telecom Italia Mobile SPA 20,100 224,837
Telecom Italia SPA 7,900 111,557
336,394
Japan - 28.1%
Dai-Tokyo Fire & Marine Ins. 31,000 126,296
DDI Corp. 110 150,456
Fuji Machine MFG 1,900 152,957
Fujitsu Ltd. 2,000 91,055
Futaba Industrial Co. Ltd. 7,000 82,067
Kyocera Corp. 600 155,341
Minebea Co. Ltd. 5,000 85,633
NTT Mobile Communications 50 191,979
Rohm Co. Ltd. 800 328,269
Sangetsu Co. Ltd. 4,500 94,524
Sankyo Co. Ltd. 6,600 135,411
Shohkoh Fund & Co. Ltd. 300 118,558
Sony Corp. 1,500 444,042
2,156,588
See accompanying notes.
Canada Life of America Series Fund, Inc.
Schedule of Investments - International Equity Series Portfolio
(Continued)
December 31, 1999
Market
Shares Value
Netherlands - 13.9%
DSM N.V. 3,300 $132,476
ING Groep N.V. 3,028 183,068
Koninklijke Philips Electronics N.V. - sponsored ADR 1,532 206,820
Royal Dutch Petroleum Co. - sponsored ADR 4,200 253,838
TNT Post Group N.V. 4,600 132,002
Wolters Kluwer N.V. 4,800 162,675
1,070,879
Spain - 5.3%
Argentaria Caja Postal Y Banco - sponsored ADR 2,860 132,990
Telefonica SA 10,884 272,258
405,248
Sweden - 1.2%
Ericsson (LM) Tel - sponsored ADR 1,400 91,963
Switzerland - 4.7%
Nestle SA 35 63,780
Novartis AG 55 80,332
Swisscom AG 200 80,463
United Bank of Switzerland AG 500 134,314
358,889
United Kingdom - 23.6%
Astrazeneca PLC - sponsored ADR 3,800 158,650
Bank of Ireland 16,900 134,665
Barclays PLC 3,500 100,522
Billiton PLC 15,800 93,010
Boots Co. PLC (THE) 3,914 37,975
BP Amoco PLC 7,300 73,240
British Telecommunications PLC 9,700 236,535
Diageo PLC 8,800 70,631
Elan Corp. PLC - sponsored ADR 3,500 103,250
Invensys PLC 19,400 105,370
Lloyds TSB Group 15,800 197,225
Marconi PLC 9,600 169,499
Next PLC 5,400 51,697
WPP Group PLC - sponsored ADR 3,400 282,625
1,814,894
Total Common Stocks 8,406,784
Total Securities ( identified cost - $6,515,182 ) 8,406,784
Other net liabilties - (9.5)% (727,561)
Total net assets $ 7,679,223
See accompanying notes.
