Investment funds information folderpublic/... · office in London, Ontario or Montreal, Quebec before 3:58 p.m. eastern time or before the Toronto Stock Exchange closes, whichever

Investment funds inform

ation folderO

ctober 2016

Great-West Life

investment plans

Investment funds information folderNovember 2016

This document is not an insurance contract.

DISCOVERY, Great-West Life and the key design are trademarks of The Great-West Life Assurance Company. B2260-10/16

B2260_GWL_IF_Cover_Oct2016.indd 1 2016-07-13 11:01 AM

This information folder is not an insurance contract. The information in this folder is subject to change from time to time. If there is a difference between this information folder and your contract, your contract will apply.

In this information folder, you and your mean the policyowner of a Great-West investment plan. We, us, our and Great- West Life mean The Great-West Life Assurance Company. About Great-West Life The Great-West Life Assurance Company was incorporated on August 28, 1891, by a Special Act of the Parliament of Canada. Great-West Life carries on business under the Insurance Companies Act (Canada). The terms and conditions of the policies issued by Great-West Life and the distribution of the policies are governed by the Insurance Acts of the provinces and territories in Canada where Great-West Life carries on business.

Great-West Life’s administrative offices are located at:

London 255 Dufferin Avenue London, Ontario N6A 4K1

Montreal 2001 Robert-Bourassa Blvd, Suite 540 Montreal, Quebec H3A 1T9

Great-West Life’s head office is located at:

Winnipeg 100 Osborne Street North Winnipeg, MB R3C 3A5 Certification This information folder contains brief and plain disclosure of all material facts relating to the investment fund option available in the Flexible Accumulation Annuity or Flexible Income Fund investment plans offered under this folder and issued by The Great-West Life Assurance Company.

July 12, 2016

J. Dave Johnston Douglas A. Berberich President and Chief Operating Officer, Canada Vice-President and Associate General Counsel, Canada

Key facts about the Great-West Life Flexible Accumulation Annuity and Flexible Income Fund investment plans and investment funds offered under this information folder

This summary provides a brief description of the basic things you should know before you apply for this individual variable insurance contract. This summary is not your contract. A full description of all the features and how they work is contained in this information folder and your contract. You should review these documents and discuss any questions you have with your financial security advisor.

What am I getting? You are getting an insurance contract between you and The Great-West Life Assurance Company. It gives you a choice of investment funds (also known as segregated funds) and provides certain guarantees.

You can:

Pick a registered or non-registered contract Choose one or more investment funds Name a person to receive the death benefit Withdraw money from your contract Receive regular payments now or later The choices you make may affect your taxes, see the section Your income tax considerations. They could also affect the guarantees, see the section Examples of how redeeming units affects the basic amount and reduces the guaranteed value. Ask your financial security advisor to help you make these choices.

The value of your contract can go up or down subject to the guarantees.

What guarantees are available? A death benefit guarantee applies and you may get a maturity guarantee. These help protect your fund investments. For details about the guarantees, see the Basic guaranteed benefits section.

You pay fees for this protection. The fees are included in the management expense ratio, which is described in the Fees and expenses section.

Any withdrawals you make will reduce the guarantees. For full details please see the Basic guaranteed benefits section.

Maturity guarantee This protects the value of your investment at a specific date in the future, which is called the maturity date. This date is explained in the When your plan matures section.

On this date, you will receive the greater of:

The market value of the funds, or 75 per cent of the money you put in the funds

Death benefit guarantee This protects the value of your investment if the insured person dies. It is paid to someone you name.

The death benefit applies if the insured person dies before the maturity date. It pays the greater of:

The market value of the funds, or 75 per cent of the money you put in the funds

What investments are available? You can invest in the investment funds described in Fund Facts.

Other than any maturity and death benefit guarantees, Great-West Life does not guarantee the performance of the investment funds. Carefully consider your tolerance for risk when you select a fund.

How much will this cost? The investment funds you select affect your costs. The investment funds are available on a no-load and back-end load basis. For full details, see the section Sales charge options and the Fund Facts for each investment fund.

Fees and expenses are deducted from the investment funds. They are shown as management expense ratios or MERs on the Fund Facts for each fund.

If you make certain transactions or other requests, you may be charged separately for them and this includes a short-term trading fee.

For full details, see the section Fees and expenses and the Fund Facts for each investment fund.

Investment fund information folder | November 2016 1

What can I do after I purchase this contract? If you wish, you can do any of the following:

Exchanges You may exchange from one fund to another. See the section How to exchange investment fund units.

Withdrawals You can withdraw money from your contract. If you decide to, this will affect your guarantees. You may also need to pay a fee or taxes. See the section How to redeem investment fund units.

Premiums You may make lump-sum or regular payments. See the section How to allocate premiums to investment fund units.

Regular payments At a certain time, unless you select another option, we will start making payments to you. See the section When your plan matures.

Certain restrictions and other conditions may apply. Review the contract for your rights and obligations and discuss any questions with your financial security advisor.

What information will I receive about my contract? We will tell you at least once a year the value of your investments and any transactions you have made during the year.

You may request more detailed financial statements of the funds. These are updated at certain times during the year.

For full details, see the section Administration of the investments funds.

Can I change my mind? Yes, you can:

Cancel the contract Cancel any additional lump-sum premium you make Cancel the initial automatic monthly premium

To do any of these, you must tell us in writing within two business days of the earlier of:

The day you receive the confirmation of your transaction, or

Five business days after we mail the confirmation to you

The amount returned will be the lesser of the amount you invested or the value of the applicable units you acquired on the day we process your request. The amount returned will include a refund or any sales charge or other fees you paid. The transaction may generate a taxable result and you are responsible for any income tax reporting and payment that may be required as result of any transaction.

If you change your mind about a specific additional premium, the right to cancel only applies to that transaction. For full details, see the introductory page to the Fund Facts section.

Where can I get more information? You may call us at 1-800-665-5758 or send us an email. To send an email, please go to our website and then to the “Contact Us” section. Information about our company and the products and services we provide is on our website at www.greatwestlife.com.

For information about handling issues you are unable to resolve with us, contact the OmbudService for Life and Health Insurance at 1-800-268-8099 or on the Internet at www.olhi.ca. Additionally, if you are a resident of Quebec contact the Information Centre of the Autorité des marchés financiers (AMF) at 1-877-525-0337 or at [email protected].

For information about additional protection available for all life insurance policyowners, contact Assuris, a company established by the Canadian life insurance industry. See www.assuris.ca for details.

For information about how to contact the insurance regulator in your province, visit the Canadian Council of Insurance Regulators website at www.ccir-ccrra.org.

2 Investment fund information folder | November 2016

Table of contents

Key facts about the Great-West Life Flexible Accumulation Annuity and Flexible Income Fund investment plans and investment funds offered under this information folder ................. 1

How Great-West Life investment plans work .... 5 Introduction ............................................................................. 5 Non-registered plans ............................................................... 5 Non-registered plans – joint annuitants ................................... 5 RRSPs, LIRAs, locked-in RRSPs and RLSPs ........................ 6 RRIFs, PRIFs, LRIFs, LIFs and RLIFs ................................... 6 Beneficiaries ............................................................................ 7

How our investment funds work.......................... 8 Portfolio funds ......................................................................... 8 Sales charge options ................................................................ 8 How we value investment fund units ...................................... 9 Fundamental changes to the investment funds ........................ 9

Allocating premiums, redeeming and exchanging investment fund units .................... 10 How to allocate your premium to investment fund units ............................................................................... 10 How to redeem investment fund units ................................... 10 How to exchange investment fund units ............................... 10 Short-term trading ................................................................. 11 When the redemption of your units may be delayed ............. 11

When your plan matures ................................... 12 Maturity date ......................................................................... 12 What happens to your plan on the maturity date ................... 12

Basic guaranteed benefits ................................ 13 Basic amount .......................................................................... 13 Basic maturity guarantee ....................................................... 13 Basic death benefit guarantee ................................................ 14 Examples of how redeeming units affects the basic amount and reduces the guaranteed value .................... 14 When the basic guaranteed benefits end ............................... 15

Fees and expenses ............................................ 15 Fees and expenses paid by the investment fund .................... 15 Annual investment management fee by fund ........................ 17 Fees and expenses paid directly by you ................................ 19

Your income tax considerations ...................... 20 Tax status of the investment funds ........................................ 20 Non-registered plans .............................................................. 20 RRSPs .................................................................................... 21 RRIFs ..................................................................................... 21

Administration of the investment funds .......... 22 Keeping you informed ........................................................... 22 Requests for Fund Facts, financial statements and other documents .............................................................. 22 Material contracts .................................................................. 22 Material transactions .............................................................. 22 Assuris protection .................................................................. 22

Investment policy .............................................. 23

Investment managers ........................................ 24 Investment manager review process ...................................... 24

Fund risks .......................................................... 25

Fund facts .......................................................... 29

Asset allocation funds ...................................... 30 Conservative Portfolio (PSG) ................................................ 30 Moderate Portfolio (PSG) ...................................................... 32 Balanced Portfolio (PSG) ...................................................... 34 Advanced Portfolio (PSG) ..................................................... 36 Aggressive Portfolio (PSG) ................................................... 38

Income asset allocation funds ......................... 40 Conservative Income Portfolio (PSG) ................................... 40 Moderate Income Portfolio (PSG) ......................................... 42 Balanced Income Portfolio (PSG) ......................................... 44 Advanced Income Portfolio (PSG) ........................................ 46

Cash and cash equivalent funds ...................... 48 Money Market (Portico) ........................................................ 48

Fixed income funds ........................................... 50 Fixed-Income Portfolio (PSG) ............................................... 50 Core Bond (Portico) ............................................................... 52 Core Plus Bond (Portico) ....................................................... 54 Canadian Bond (Portico) ....................................................... 56 Mortgage (Portico) ................................................................ 58 Government Bond (Portico) .................................................. 60 International Bond (Brandywine) .......................................... 62


Balanced funds .................................................. 64 Income (Portico).................................................................... 64 Income (Mackenzie) .............................................................. 66 Diversified (GWLIM) ........................................................... 68 Equity/Bond (GWLIM) ......................................................... 70 Growth & Income (Mackenzie) ............................................ 72 Canadian Balanced (Mackenzie) ........................................... 74 Balanced (Invesco) ................................................................ 76 Balanced (Beutel Goodman) ................................................. 78 Global Income (Sentry) ......................................................... 80

Canadian equity funds ...................................... 82 Canadian Equity Portfolio (PSG) .......................................... 82 Canadian Equity (GWLIM) .................................................. 84 SRI Canadian Equity (GWLIM) ........................................... 86 Canadian Equity Growth (Mackenzie) .................................. 88 Canadian Equity (Bissett)...................................................... 90 Equity Index (GWLIM) ........................................................ 92 Equity (Mackenzie) ............................................................... 94 Canadian Equity (Beutel Goodman) ..................................... 96 Canadian Value (FGP) .......................................................... 98 Dividend (GWLIM) ............................................................ 100 Dividend (Mackenzie) ......................................................... 102 Mid Cap Canada (GWLIM) ................................................ 104 Growth Equity (AGF) ......................................................... 106

Canadian specialty and alternative funds ..... 108 Real Estate (GWLRA) ........................................................ 108 Canadian Resources (GWLIM) ........................................... 110

North American funds ..................................... 112 Smaller Company (Mackenzie) ........................................... 112 Science and Technology (GWLIM) .................................... 114

Foreign equity funds ....................................... 116 Global Equity Portfolio (PSG) ............................................. 116 Global Low Volatility (ILIM)……………………………. 118Foreign Equity (Mackenzie) ................................................ 120 Global Equity (Setanta) ....................................................... 122 U.S. Equity (GWLIM) ......................................................... 124 American Growth (AGF) ..................................................... 126 U.S. Value (London Capital) ............................................... 128 U.S. Mid Cap (GWLIM) ..................................................... 130 International Equity (Putnam) ............................................. 132 International Equity (JPMorgan) ......................................... 134 International Growth (Mackenzie)....................................... 136 International Opportunity (JP Morgan).............................. 138

Foreign specialty and alternative funds ........ 140 European Equity (Setanta) ................................................... 140 Far East Equity (CLI) .......................................................... 142 Emerging Markets (Mackenzie) ........................................... 144

Glossary of terms ............................................ 146


How Great-West Life investment plans work

Introduction The Great-West Life Flexible Accumulation Annuity or Flexible Income Fund plan is an individual variable insurance contract based on the life of the insured person, also known as the annuitant that you name on the application form.

There are three types of plans available:

Non-registered plans Registered retirement savings plans (RRSPs) Registered retirement income funds (RRIFs) Locked-in RRSPs, locked-in retirement accounts (LIRAs), restricted locked-in savings plans (RLSPs) are three specific types of RRSPs. You can only open locked-in RRSPs, LIRAs and RLSPs with money transferred directly from pension plans, if allowed by federal or provincial pension laws; pension laws place certain restrictions on them. Since otherwise all RRSPs work the same way, whether or not they are locked-in RRSPs, LIRAs or RLSPs, we’ll simply refer to them as RRSPs throughout the rest of this information folder. Prescribed retirement income fund (PRIF), locked-in retirement income funds (LRIFs), life income funds (LIFs) and restricted life income funds are four specific types of RRIFs. Unless, we say otherwise, when we refer to features of a RRIF, they also apply to a PRIF, LIF, LRIF and RLIF.

Each type of plan allows you, as the policyowner, to allocate premiums to a daily interest account, guaranteed interest options and investment funds. When you pay premiums to your plan, it automatically goes first into your daily interest account. From there you can transfer it to a guaranteed interest option or to an investment fund.

This information folder describes the investment funds available and the maturity and death benefit guarantees that come with them. For more information about guaranteed interest options, please contact your Great-West Life financial security advisor.

Your plan is a deferred annuity, which means at maturity, annuity payments will commence, unless you choose otherwise. For more information, see When your plan matures.

This document is divided into two parts. The first part contains general information that applies to all investment plans. The second part provides specific information about the investment funds.

A glossary of terms is located at the back of this information folder and provides an explanation of some of the terms used in the folder.

Non-registered plans A non-registered plan can be owned by a single individual or jointly by several individuals. Normally, there will only be one annuitant, who can be the policyowner or someone else.

You may be subject to early redemption fees under your plan. For more information about these fees, see Early redemption fees for back-end load units.

For information about tax implications, see Your income tax considerations.

Non-registered plans – joint annuitants Joint annuitants are the persons upon whose life the policy is based. Joint annuitants must be either married, civil union spouses or in a common-law relationship with each other at the time of the application.

The joint annuitants must also be joint policyowners with rights of survivorship (where Quebec law applies, rights of survivorship means accretion).

When joint annuitants apply for a joint policy on the application, the word “policyowner” and “you” in this folder will mean both joint policyowners.

These plans will be subject to the same rules as non-registered plans unless noted.

Upon the death of a joint annuitant, the surviving annuitant will become the sole annuitant and policyowner. The death benefit will only be paid on the death of the last annuitant while the policy is in force.

When we refer to the age of an annuitant, we mean the age of the younger of the two joint annuitants. The maturity date will be based on the age of the youngest annuitant. The maturity date will not change if the younger annuitant dies first.

Following the maturity date, if an annuitant is living and has not previously indicated an alternative preference, annuity payments will commence. If both annuitants are living, the annuity will be based on and be guaranteed for the life of both annuitants. Otherwise, the annuity will be based on and be guaranteed for the life of the surviving annuitant.


RRSPs, LIRAs, locked-in RRSPs and RLSPs An RRSP is an investment plan registered under the Income Tax Act (Canada).

The contributions you make to your RRSP are tax deductible and there is a maximum amount you can contribute each year under the Income Tax Act (Canada). You can also transfer money directly from an RRSP at another financial institution or from a pension plan, if federal or provincial pension laws allow it. There are no limits on the amount of transfers from RRSPs. There are limits under the Income Tax Act (Canada) for transfers from defined benefit pension plans.

Only one person, who must also be the annuitant, can own an RRSP.


Features of non-registered, RRSPs, LIRAs, locked-in RRSPs, RLSPs and systematic redemption plan policies are summarized in the following table:

Product feature

Non-registered, RRSPs, LIRAs, locked-in RRSPs

and RLSPs Systematic redemption plan (non-registered

only) No-load option

Back-end load

option

Maximum issue age Non-registered RRSPs, LIRAs, locked-in RRSPs and RLSPs

85 85 85

71 71 N/A

Minimum initial premium

$300 lump sum or $50 automatic monthly premium

Minimum automatic monthly transfer

$50 unless following DISCOVERYTM strategic asset allocation automatic monthly transfer must be an average of no less than $25 per fund

Minimum lump sum premium

$50 $50 $50

Minimum systematic redemption

N/A N/A $50

Product feature

Non-registered, RRSPs, LIRAs, locked-in RRSPs

and RLSPs Systematic redemption plan (non-registered

only) No-load option

Back-end load

option

Minimum partial redemption

$250 $250 $250

Redemption subject to possible early redemption fee

No Yes Yes, if back-end load option selected

Current as of the date of the information folder – subject to change

RRIFs, PRIFs, LRIFs, LIFs and RLIFs A RRIF is a plan that gives you regular income payments and is registered under the Income Tax Act (Canada).

You can only open a RRIF with money transferred directly from an RRSP or another RRIF. You can only open PRIFs, LRIFs, LIFs and RLIFs with money transferred directly from a pension plan, from a locked-in RRSP, LIRA and RLSP, or from another PRIF, LRIF, LIF or RLIF, where federal or provincial pension laws allow you to. We currently offer RRIFs and LIFs across Canada, LRIFs in Manitoba and PRIFs in Saskatchewan and Manitoba. RLIFs are only available where the money is administered under federal pension legislation.

Under the Income Tax Act (Canada), you must redeem a minimum amount each year as an income payment from these plans. For LRIFs, LIFs and RLIFs there is also a maximum amount you may redeem each year.

Only one person, who must also be the annuitant, can own a RRIF, PRIF, LRIF, LIF or RLIF.

You may be subject to early redemption fees under your plan. For more information about these fees, see Early redemption fees for back-end load units.

You can schedule periodic income payments from your RRIF. During the first calendar year, you may receive up to 20 per cent of the original premiums in payments without paying an early redemption fee. In subsequent years, you may receive up to 20 per cent of the Jan. 1 market value of the funds in the policy without paying an early redemption fee. Amounts received in excess of 20 per cent may be subject to an early redemption fee. For more information about fees to change the amount or frequency of your payments, please see Charge for changing the amount or frequency of your scheduled periodic income payments.



Features of these policies are summarized in the following table:

Product feature RRIF/PRIF/LRIF/ LIF/RLIF

Maximum issue age for RRIFs, PRIFs, LRIFs, RLIFs and currently LIFs issued under Ontario, Alberta, Federal Pension Benefits Standards Act (PBSA), British Columbia, Quebec, Nova Scotia and Manitoba pension legislation

90

Maximum issue age for LIFs issued under New Brunswick pension legislation

80

Maximum issue age LIFs issued under Newfoundland and Labrador pension legislation

70

Minimum initial premium – existing client of Great-West Life

$10,000

Minimum initial premium – new client to Great-West Life

$20,000

Minimum lump sum premium $50 per fund Minimum automatic transfer to an investment fund

$50 unless following DISCOVERYTM

strategic asset allocation automatic

monthly transfer must be an average of no

less than $25 per fund Minimum automatic scheduled income payments Legislative minimum

Minimum partial or unscheduled redemption

$250 - A maximum free redemption

percentage of 20 per cent is allowed for

partial redemptions in each calendar year. (Automatic income

payments are included in the 20 per cent free redemption per year.)

Minimum exchange to another fund $50

Current as of the date of the information folder – subject to change

Beneficiaries You may designate one or more beneficiaries to receive any death benefit payable under the policy. You may revoke or change the designation prior to the maturity date, subject to applicable law. If the designation is irrevocable, you cannot revoke or change it or exercise certain other specific rights without the written consent of the irrevocable beneficiary in accordance with applicable law.

If the policy is a LIRA, LRSP, RLSP, PRIF, LIF, RLIF or LRIF, the interest of your spouse, civil union spouse or common-law partner can take priority over a beneficiary designated by you, depending on applicable pension legislation.


How our investment funds work

Each of our investment funds is a segregated fund, which is a pool of investments kept separate, or segregated, from the general assets of Great-West Life. Each investment fund is divided into different classes with each class having an unlimited number of notional units of equal value. For more information about unit value, see How we value investment fund units.

When you transfer money from your daily interest account to investment funds, units are allocated to your plan, but you do not actually own, buy or sell any part of the investment funds or any units. Instead, we hold the assets of the investment funds. This also means that you don’t have any voting rights associated with the investment funds. We calculate the value and the benefits to which you are entitled based on the value of the units allocated to your plan on a particular date less any applicable fees and charges.

Neither your plan nor your units give you an ownership interest in Great-West Life or voting rights in connection with Great-West Life. When you select an investment fund that invests in units of a mutual fund, you will not be a unitholder of the mutual fund.

We have the right to subdivide or consolidate the units of an investment fund. If we subdivide the units of a fund, there will be a decrease in the unit value. If we consolidate the units of a fund, there will be an increase in the unit value. If we subdivide or consolidate the units of an investment fund, the market value of the investment fund and the market value of your plan will not change. We will give you advance written notice if we have decided to do so.

We have the right to add, restrict the allocation of premiums or exchanges, close and terminate an existing investment fund. If we do close an investment fund, you cannot allocate a premium or exchange to the investment fund. If we do close an investment fund, it may be reopened for investment at our discretion. We will notify you in writing 60 days before we terminate an investment fund or make a material change to the fundamental investment objectives of an investment fund. For more information, see Fundamental changes to the investment funds.

It’s important to diversify your investments, which means investing in funds which have a variety of assets and investment styles. For more information about diversification and other risks involved in investment funds, see Fund risks.

You can choose from different investment funds and this broad choice provides a good opportunity for you to diversify your investments. In addition, there are asset allocation funds that are specially designed to increase diversification. We refer to our asset allocation funds as Great-West Life portfolio funds. They are explained in more detail below. All the investment funds currently available are described in detail later in this information folder, see the Fund Facts section.

Portfolio funds Each portfolio fund invests in a variety of other funds. They offer you an easy way to diversify your investments by investing in a single fund.

A portfolio fund may offer you diversification among:

Types of assets, such as shares, bonds, mortgages and real estate

The entities that issue the assets, such as shares in large, small or resource-based companies, and bonds issued by governments or companies

Assets in different countries Investment advisors with different investment styles We may review the composition of the portfolio funds from time to time. When required, we may change the:

Funds the portfolio fund holds Percentages of each fund the portfolio fund intends

to hold Number of funds the portfolio fund holds

Sales charge options No-load and back-end load units We currently offer two different classes of investment fund units: no-load units and back-end load units. You can hold either no-load units or back-end load units in your plan, but not both in one plan.

No-load units With no-load units, you don’t pay any fees when you allocate a premium to a fund, redeem or exchange units, subject to a short-term trading fee. For more information, see Short-term trading. However, investment management fees are higher for no-load units than for back-end load units. For more information, see Fees and expenses.

Back-end load units With back-end load units, you don’t pay any fees when you allocate a premium to a fund or exchange units. However, you may have to pay a fee if you redeem units within seven years of allocating a premium to a fund. For more information, see Early redemption fees for back-end load units. You may also be subject to a short-term trading fee. For more information, see Short-term trading.


Back-end load units have lower investment management fees than no-load units. For more information, see Fees and expenses.

How we value investment fund units Generally, we value our units at the close of business on each day the Toronto Stock Exchange is open for business. We have the right to change how often we value our units. We refer to any day that we value units as a valuation day. We’ll tell you in writing 60 days before we change the frequency that we value the units. For more information, see Fundamental changes to the investment funds. When we value units, we calculate the unit value by dividing the total market value of that class of the fund by the number of units in that class of the fund. The market value of a class of a fund is the total market value of the assets in that class of the fund, less investment management fees and other expenses attributed to that class. For more information, see Fees and expenses.

When we calculate the market value of an asset held in an investment fund, we use the closing price of that asset. If a closing price is not available, we’ll determine the fair market value of the asset.

The value of investment fund units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

Fundamental changes to the investment funds If we make any of the following changes to an investment fund, we will notify you in writing 60 days before the change occurs. The notice will be sent by regular mail to the most recent address we have for you in our records.

Increase the investment management fee Material change to the investment objective Decrease the frequency with which the fund is valued During the notice period, you will have the right to exchange the value of your units from the affected investment fund to a similar investment fund that is not subject to the fundamental change without charge provided you advise us at least five business days prior to the change happening. We will advise you of similar investment funds that are available to you at that time.

A similar fund is a fund within the same investment fund category that has a comparable investment objective and the same or lower investment management fee. The exchange of your units from one investment fund to another in a non-registered policy may produce a taxable capital gain or loss. For information about tax implications, see Income tax considerations.

If we do not offer a similar investment fund, you may have the right to redeem the investment fund units without incurring a redemption charge or similar fee provided you advise us at least five business days prior to the change happening. We will advise you if this applies to you. Any redemption of units from a non-registered policy may produce a taxable capital gain or loss. For information about tax implications, see Income tax considerations. During the transition period between the announcement and the effective date of the fundamental change, you will not be permitted to allocate premiums to or exchange into the affected fund unless you agree to waive your rights under the fundamental change provision for that particular fundamental change.

When an investment fund invests in an underlying mutual fund, an increase in the investment management fee of the underlying mutual fund that also results in an increase in the investment management fee of the investment fund would be treated as a fundamental change.


Allocating premiums, redeeming and exchanging investment fund units

You can make a request to allocate your premium to a fund, redeem or exchange units at any time. However, we only process allocations, redemptions or exchanges on valuation days.

If we receive your request to allocate your premium to a fund, redeem or exchange units at our administrative office in London, Ontario or Montreal, Quebec before 3:58 p.m. eastern time or before the Toronto Stock Exchange closes, whichever is earlier, on a valuation day, we’ll process the request on that day using that day’s unit value. If we receive your request after that time, we’ll process it on the next valuation day using that day’s unit value. For more information, see How we value investment fund units.

When you ask us to allocate your premium to a fund, redeem or exchange units, your instructions must be complete and in a manner acceptable to us, otherwise we will not be able to complete the transaction for you.

We have the right to refuse any premium allocated to your plan. We also have the right to change any minimum amounts that are given in this information folder without notice.

If you choose to make a redemption, this will reduce the amount available for annuity payments. For more information, see When your policy matures.

How to allocate your premium to investment fund units You can allocate your premium to a fund by transferring all or part of the value of the daily interest account to investment funds. You can also set up an automatic monthly transfer of money from your daily interest account to investment funds. In both cases, the minimum amount you can currently transfer is $50.

When you transfer money from the daily interest account to investment funds, we allocate units to your plan. We determine the number of units to allocate by dividing the amount of money you transfer by the unit value of the class of the fund at the time of the transfer. For more information, please see How we value investment fund units.

We have the right to limit purchases of investment funds. We may also refuse to accept requests to allocate premiums to investment funds.

How to redeem investment fund units When you request money from your plan it must come from the daily interest account, which means you may first have to redeem units and transfer the proceeds to the daily interest account. Upon request and subject to our administration rules you can redeem investment funds on any valuation day. You can also set up an automatic monthly transfer from one or more investment funds to your daily interest account.

You must keep a minimum of $300 in units. If you have less than $300 in units, we may require that you redeem them and transfer the money to the daily interest account.

When you redeem investment fund units, the value of those units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

We will charge a short-term trading fee on an redemption when the units to be redeemed have not been held in the investment fund for the applicable period of time. For more information, see Short-term trading.

There may be income tax consequences if you redeem units in a non-registered plan. For more information, please see Your income tax considerations.

You will have to pay early redemption fees when you redeem back-end load units. Back-end load units older than seven years may be redeemed without an early redemption fee. For more information, see Early redemption fees for back-end load units.

The value of your guarantee will be reduced when you redeem units. For more information, see Examples of how redeeming units affects the basic amount and reduces the guaranteed value.

How to exchange investment fund units Upon request and subject to our administrative rules you can exchange units of one fund in your plan for units of another investment fund. You can also set up an automatic monthly exchange. In both cases, the minimum amount you can currently exchange is $50.

When you exchange units, you’re redeeming units of one or more funds and allocating their value to units of other funds.

If you set up an automatic exchange between investment funds and an automatic exchange between other investment options in your plan, we process the automatic exchange between investment funds first.

We will charge a short-term trading fee on an exchange when the units to be exchanged have not been held in the investment fund for the applicable period of time. For more information, see Short-term trading.


When you exchange investment fund units, the value of those units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

There may be income tax consequences if you exchange units within a non-registered plan. For more information, please see Your income tax considerations.

There are no early redemption fees when you exchange units.

Under unusual circumstances, we may have to delay your exchange of units if we’ve had to delay the redemption of any units. For more information, please see When the redemption of your units may be delayed.

The value of your guarantee will not be reduced when you exchange units.

Short-term trading Using investment funds to time the market or trading on a frequent basis is not consistent with a long-term investment approach based on financial planning principles. In order to limit such activities, we will charge a short-term trading fee as outlined below. The short-term trading fee is retained in the investment fund as compensation for the costs associated with the switch or redemption request.

We may take additional actions as we consider appropriate to prevent further similar activity by you. These actions may include the delivery of a warning, placing you on a watch list to monitor activity, declining to accept allocations to, and exchange and redemption requests from, the investment funds, delay trades by one valuation day and suspend trading under the policy. We reserve the right to change our administrative practices or introduce new ones when we determine it is appropriate.

We will charge a short-term trading fee of up to two per cent of the amount exchanged or redeemed if you allocate premiums to an investment fund for less than 90 consecutive days.

The fee is subject to change. This right is not affected by the fact that we may have waived it at any time previously. We reserve the right to increase the period of time a premium must remain in an investment fund from 90 consecutive days to up to 365 consecutive days. We will give you written notice of our intent to increase the time period at least 60 days in advance. Our notice to you will specify the affected investment fund(s) and the new period of time. We will send the notice to your most recent address on our records for this policy.

When the redemption of your units may be delayed Under unusual circumstances, we may have to delay your redemption of units or postpone the date of a transfer or payment. This may happen if:

Normal trading is suspended on a stock exchange on which the investment fund has a significant percentage of its assets, or

We believe it’s not practical to dispose of investments held in an investment fund or that it would be unfair to other unitholders

During such a delay, we’ll administer the redemption of units according to the applicable rules and laws and in a manner that we consider fair. We may have to wait until there are enough assets in the fund that can be easily converted to cash. If there are more requests to redeem units than we can accommodate, we’ll redeem as many units as we think is appropriate and allocate the proceeds proportionally among the investors who asked to redeem units. We’ll redeem any remaining units as soon as we can.


When your plan matures

Maturity date Most plans end – or mature – at a certain time. The maturity date varies depending on the type of plan you have. In some cases, you can select an earlier maturity date.

For a non-registered plan, the automatic maturity date is Dec. 31 of the year the annuitant turns 100. You may also select an earlier maturity date as long as the date is:

After the annuitant turns 70 Before Dec. 31 of the year the annuitant turns 100 At least 15 years after the later of:

The date you first held investment funds in your plan

The date you asked to change the maturity date For an RRSP, the automatic maturity date is Dec. 31 of the year the annuitant turns the age stipulated by the Income Tax Act (Canada), currently age 71. You may also select an earlier maturity date between Sept. 1 and Dec. 31 of the year the annuitant turns 71.

The maturity date for a LIF depends on the jurisdiction that governs your LIF. Some jurisdictions require that your LIF be converted to a life annuity. If your LIF requires you to receive payments from a life annuity, the maturity date will be Dec. 31 of the year stipulated in the regulations governing the LIF.

For RRIFs, PRIFs, LRIFs, RLIFs or LIFs, which are not required to be annuitized under applicable pension legislation, there is no maturity date. For RRIF policies issued to Quebec residents, the maturity date is Dec. 31 of the year the annuitant turns age 100.

Currently Newfoundland and Labrador pension legislation requires a LIF to mature in the year you attain age 80 and annuity payments to start.

Currently LIFs administered under New Brunswick pension legislation are not required to annuitize, however, funds must be fully redeemed and the policy closed by Dec. 28 of the year the annuitant attains 90.

Over time, regulators may change the rules that govern LIFs. We will change the terms of your LIF in accordance with any change in the regulations.

What happens to your plan on the maturity date On the maturity date of your plan, we will redeem all units and transfer the value to the daily interest account. If your plan was a non-registered plan, you may have to pay tax as a result.

For RRSP plans (except RRSPs for which you first allocated a premium to the investment funds when the annuitant is age 60 or older), non-registered plans and RRIFs issued to residents of Quebec, if you do not indicate a preference, following the maturity date we will commence life annuity payments. The annuity payments are conditional on the annuitant being alive and will be in equal annual or more frequent periodic amounts. We may require evidence that the person is living when the payment becomes due.

Premiums will not be accepted under the policy after the annuity payments commence. We will make payments for as long as the annuitant lives. If the annuitant dies within 10 years of when the annuity payments commenced, the remaining guaranteed payments will go to the beneficiary. If there is no beneficiary, we’ll make the payments to you (as the policyowner) or to your estate. You may have to pay tax on the annuity payments. Payments are not commutable during the annuitant’s lifetime.

If you first allocated a premium to an investment fund in an RRSP when the annuitant is age 60 or older and you do not indicate a preference for another type of annuity then offered by us, we’ll commence payments on a RRIF basis.

If on the issue date of the RRSP or non-registered plan, the policyowner is not a resident of Quebec, the amount of the annuity payments will be determined using the annuity rate in effect when the annuity payments commence.

If on the issue date of the RRSP, RRIF or non-registered plan, the policyowner is a resident of Quebec, the amount of the annuity payments will be determined by the greater of the annuity rate in effect when the annuity payments commence and the rate established in the policy.


Basic guaranteed benefits

All plans have two types of basic guaranteed benefits: the basic maturity guarantee and the basic death benefit guarantee. Both basic guaranteed benefits are included at no additional cost and apply to the investment funds you hold in your plan, regardless of the type of plan you own.

However, these basic guaranteed benefits only apply if you first held investment funds in your plan after Oct. 25, 1999. If you held investment funds in your plan before Oct. 25, 1999, please refer to your contract for more information about your guaranteed benefits.

Before the maturity date or the death of the insured person, the value of investment fund units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

Basic amount The basic amount is used to calculate the value of both basic guaranteed benefits. In general, the basic amount is:

The total of all amounts allocated to units Minus a proportional reduction for any units redeemed To calculate the proportional reduction for any units redeemed, we use the following formula:

A x B ÷ C = reduction in the basic amount when:

A is the basic amount before the redemption

B is the value of the units redeemed

C is the market value of the investment funds before the redemption

If early redemption fees, short-term trading fees or other charges apply, they are included as part of the amount of units redeemed. For more information, see Fees and expenses paid directly by you.

The basic amount does not include exchanges between funds.

Basic maturity guarantee On the maturity date, we’ll pay you the greater of:

The market value of all your units less any early redemption fees (for more information, see Early redemption fees for back-end load units), or

The basic maturity guarantee of your plan based on the basic amount

For the following plans, the basic maturity guarantee is guaranteed to be not less than 75 per cent of the basic amount:

Non-registered plans if you first allocated premiums to the investment funds 15 years or more before the maturity of the plan

RRSPs if you first allocate a premium to the investment fund option prior to the annuitant attaining age 60

RRIFs issued to a Quebec resident LIFs (which have a maturity date) if you first allocated

premiums to the investment funds 10 years or more before the maturity date of the LIF

There is no basic maturity guarantee for any RRIF, PRIF, LRIF, RLIF or LIF, which does not have a maturity date.

If you first allocated premiums to the investment funds in an RRSP when the annuitant is age 60 or older, there is no maturity guarantee unless the value of the units of the investment funds are paid out on a RRIF basis following the maturity date of the RRSP. The automatic maturity date of the RRSP is Dec. 31 in the year you attain age 71. If the value of the units of the investments funds are paid out on a RRIF basis, the maturity guarantee applies on Dec. 31 of the year you attain age 80. For such a RRIF, the basic maturity value is guaranteed to be not less than 75 per cent of:

The total of all premiums allocated to the investment funds in the RRSP

Minus a proportional reduction for any units redeemed from both the RRSP and the RRIF

We calculate this proportional reduction the same way we calculate the proportional reduction for the basic amount.


Basic death benefit guarantee We make a one-time, lump-sum payment of the basic death benefit if the last annuitant dies before your plan matures. If we receive satisfactory proof of the last annuitant’s death at our administrative office in London, Ontario or Montreal, Quebec before 3:58 p.m. eastern time on a valuation day, we’ll calculate and process the payment on and as of that day. If we receive the proof after that time, we’ll calculate and process it on and as of the valuation day after we receive the proof. For more information about valuation days, see How we value investment fund units. Also, see When the redemption of your units may be delayed.

We make this payment to the beneficiary of the plan. If there is no beneficiary, we make the payment to you (as the policyowner) or to your estate.

The basic death benefit is the greater of:

The market value of all units allocated to investment funds, or

The basic death benefit guarantee, which is 75 per cent of the basic amount and is determined for each plan

We do not deduct early redemption fees from the basic death benefit.

If you have a RRIF and your spouse or common-law partner is the beneficiary, instead of receiving a one-time, lump-sum payment, you may choose to have your spouse or common-law partner become the policyowner and annuitant of the plan and continue to receive the regular income payments. In this case, we will pay the death benefit on the death of the spouse or common-law partner, even if, on the death of the first annuitant, we increased the value of the plan to equal the death benefit guarantee applicable on the death of the first annuitant.

Once your plan matures, the basic death benefit guarantee no longer applies.

Examples of how redeeming units affects the basic amount and reduces the guaranteed value Let’s assume you allocated the following premiums to the investment fund:

Date Investment Fund

Amount you allocated to the investment fund

July 1, 2015 Canadian Equity (GWLIM) $10,000

July 1, 2016 Canadian Equity (GWLIM) $10,000

After the second premium allocation, your policy will have the following values:

Basic amount: $20,000 Basic maturity guarantee: $20,000 x 75% = $15,000

Basic death benefit guarantee: $20,000 x 75% = $15,000

Let’s also assume that on July 1, 2017, you redeem units of the Canadian Equity (GWLIM) for $4,950.

If the market value is greater than the basic amount. Let’s assume that on July 1, 2017, before you redeem the units, the market value of your Canadian Equity (GWLIM) units is $22,000.

Your basic amount would be reduced according to the formula:


A is the basic amount before the redemption ($20,000)

B is the value of the units redeemed ($4,950)

C is the market value of the investment funds before the redemption ($22,000)

$20,000 x $4,950 ÷ $22,000 = $4,500

Your plan would now have the following values:

Basic amount: $20,000 – $4,500 = $15,500Basic maturity guarantee: $15,500 x 75% = $11,625



If the market value is less than the basic amount. Let’s assume that on July 1, 2017, before you redeem the units, the market value of your Canadian Equity (GWLIM) units is $18,000.

Your basic amount would be reduced according to the formula:


A is the basic amount before the redemption ($20,000)

B is the value of the units redeemed ($4,950)

C is the market value of the investment funds before the redemption ($18,000)

$20,000 x $4,950 ÷ $18,000 = $5,500

Your plan would now have the following values:

Basic amount: $20,000 – $5,500 = $14,500Basic maturity guarantee: $14,500 x 75% = $10,875


When the basic guaranteed benefits end These benefits end on the earlier of one of the following dates:

The maturity date, once we’ve paid the basic maturity benefit, or

The date the last annuitant dies, once we’ve paid the basic death benefit

Fees and expenses

This section explains the fees and expenses you pay to us for managing the investment fund and paying for the guarantees (see Fees and expenses paid directly by the investment fund).

The total cost of investing in an investment fund (known as the management expense ratio or MER) is the sum of the investment management fee and the expenses to operate the investment fund. This is further explained below, but in order to find out how much each investment fund will cost you to hold in your policy, you want to look at the MER. For the MERs of each investment fund available under the policy, see each of the Fund Facts.

For example, if you selected to hold no-load units of an investment fund with a MER of 2.90 per cent you would pay a MER of 2.90 per cent.

You may also have to pay other fees and expenses as described under Fees and expenses paid directly by you, but these are generally costs that depend on actions taken by you, and will not be imposed unless you do something specific (for example, redeeming your units prematurely), or request a specific additional service (for example, extra copies of annual statements).

Fees and expenses paid by the investment fund Management expense ratio (MER) The MER is made up of the investment management fee and operating expenses (see below), expressed as an annualized percentage of the investment fund’s average net assets for the year. You do not directly pay the MER. The investment management fee and operating expenses are paid from the investment fund before the unit value of an investment fund is calculated.

The MER of an investment fund is subject to change without notice. The current MER is found on each of the Fund Facts.

The updated MER is published each year in the audited financial statements, which are available on or about April 30 of each year. For more information on how to obtain these statements, see Requests for Fund Facts, financial statements and other documents.


Investment management fees An investment management fee, which is a percentage of the market value of each investment fund plus applicable taxes, is deducted from each investment fund on a valuation day and paid to us before we calculate that fund’s unit value. The amount of the fee varies depending on the fund and whether or not the units are no-load or back-end load units. The current investment fees are shown in the table Annual investment management fee by fund.

Back-end load units have lower investment management fees than no-load units, but an early redemption fee may apply. For more information, see No-load and back-end load units and Early redemption fees for back-end load units.

When an investment fund invests in an underlying fund, there is no duplication of investment management fees. See Fund of funds.

Operating expenses In addition to investment management fees, we charge other expenses to the investment funds. These expenses are for the operation of the funds and your plan. They include legal, safekeeping, brokerage, administration and audit fees and taxes. These expenses vary from year to year and from fund to fund. We deduct these other expenses, plus applicable taxes, from each investment fund on a valuation day, before we calculate that fund’s unit value.

These operating expenses are the same for both classes of investment fund units: no-load and back-end load.

Fund of funds Where the investment funds invest in an underlying fund, the fees and expenses payable in connection with the management, operation and administration of the underlying fund are in addition to those payable by the investment fund. As a result, the investment fund pays its own fees and expenses and its proportionate share of the fees and expenses of the underlying fund; accordingly, this is reflected in the total investment management fee and management expense ratio charged by the investment fund. However, there will be no duplication in the payment of investment management fees in such circumstances.


Annual investment management fee by fund The following table shows the current investment management fee for each of our investment funds.

We have the right to change the investment management fees at any time. If we do, we’ll tell you in writing 60 days before we make the change. For more information, see Fundamental changes to the investment funds.

Fund name Investment management fee

No-load Back-end load Asset allocation funds Conservative Portfolio (PSG) 2.40% 2.20%Moderate Portfolio (PSG) 2.55% 2.35%Balanced Portfolio (PSG) 2.70% 2.50%Advanced Portfolio (PSG) 2.75% 2.55%Aggressive Portfolio (PSG) 2.80% 2.60%Income allocation funds Conservative Income Portfolio (PSG) 2.40% 2.20%Moderate Income Portfolio (PSG) 2.50% 2.30%Balanced Income Portfolio (PSG) 2.65% 2.45%Advanced Income Portfolio (PSG) 2.75% 2.55%Cash and cash equivalent funds Money Market (Portico) 0.95% 1.05%Fixed-income funds Fixed-Income Portfolio (PSG) 2.20% 2.00%Core Bond (Portico) 1.85% 1.65% Core Plus Bond (Portico) 1.90% 1.70% Canadian Bond (Portico) 1.85% 1.65% Mortgage (Portico) 2.25% 2.05% Government Bond (Portico) 1.85% 1.65%International Bond (Brandywine) 2.25% 2.05% Balanced funds Income (Portico) 2.05% 1.85%Income (Mackenzie) 2.10% 1.90% Diversified (GWLIM) 2.45% 2.25%Equity/Bond (GWLIM) 2.45% 2.25%Growth & Income (Mackenzie) 2.40% 2.20%Canadian Balanced (Mackenzie) 2.60% 2.40%Balanced (Invesco) 2.60% 2.40%Balanced (Beutel Goodman) 2.60% 2.40%Global Income (Sentry) 2.60% 2.40% Canadian equity funds Canadian Equity Portfolio (PSG) 2.75% 2.55%Canadian Equity (GWLIM) 2.50% 2.30% SRI Canadian Equity (GWLIM) 2.55% 2.35% Canadian Equity Growth (Mackenzie) 2.65% 2.45% Canadian Equity (Bissett) 2.65% 2.45% Equity Index (GWLIM) 2.25% 2.05% Equity (Mackenzie) 2.65% 2.45%


Fund name Investment management fee No-load Back-end load

Canadian Equity (Beutel Goodman) 2.65% 2.45% Canadian Value (FGP) 2.65% 2.45% Dividend (GWLIM) 2.40% 2.20%Dividend (Mackenzie) 2.55% 2.35%Mid Cap Canada (GWLIM) 2.60% 2.40%Growth Equity (AGF) 2.95% 2.75%Canadian specialty and alternative funds Real Estate (GWLRA) 2.80% 2.60%Canadian Resources (GWLIM) 2.90% 2.70%North American funds Smaller Company (Mackenzie) 2.65% 2.45%Science and Technology (GWLIM) 2.75% 2.55%Foreign equity funds Global Equity Portfolio (PSG) 2.95% 2.75%Global Low Volatility (ILIM) 2.70% 2.50% Foreign Equity (Mackenzie) 2.70% 2.50% Global Equity (Setanta) 2.70% 2.50% U.S. Equity (GWLIM) 2.60% 2.40%American Growth (AGF) 2.85% 2.65%U.S. Value (London Capital) 2.60% 2.40%U.S. Mid Cap (GWLIM) 2.80% 2.60% International Equity (Putnam) 2.70% 2.50%International Equity (JPMorgan) 2.75% 2.55%International Growth (Mackenzie) 2.75% 2.55% International Opportunity (JPMorgan) 2.80% 2.60% Foreign specialty and alternative funds European Equity (Setanta) 2.70% 2.50%Far East Equity (CLI) 2.80% 2.60% Emerging Markets (Mackenzie) 3.00% 2.80%

For an explanation of the term management expense ratio, see Glossary of terms.


Fees and expenses paid directly by you You may have to pay the following fees and expenses directly when you invest in a policy:

Early redemption fee for back-end load units Charge for changing the amount or frequency of your

scheduled periodic income payments Charge for duplicate RRSP receipts and tax slips Policy research fee Short-term trading fee Returned cheque fee Cheque processing and courier fee These fees and expenses are explained in more detail later.

You do not pay for the following services:

Establishing non-registered or registered policies Pre-authorized payment agreement (PPA) Scheduled periodic income payment Exchanges between investment funds unless you have

been in the investment fund for less than the applicable period (for more information, see Short-term trading)

We reserve the right to charge fees for additional services from time to time and to change the amount or the nature of the fees and expenses paid by you at any time.

Early redemption fees for back-end load units You may have to pay early redemption fees if you redeem back-end load units of an investment fund less than seven years after you allocated your premium to the fund.

Each year, you may redeem a portion of your back-end load units without having to pay an early redemption fee. This is called a free redemption. The amount of the free redemption varies depending on the type of plan you have. For non-registered plans and RRSPs, the free redemption is 10 per cent of the market value of your back-end load units. For RRIFs, it is 20 per cent of the market value of your back-end load units. During the first calendar year your plan is open, the free redemption is based on the amount you transferred from the daily interest account to back-end load units throughout that year. Each year after that, the free redemption is based on the market value of your back-end load units on Jan. 1 of that year.

If you redeem all your units while early redemption fees still apply, you are not entitled to the free redemption and you will have to pay early redemption fees for any units you already redeemed under the free redemption. The early redemption fee in this circumstance is a specified percentage of the amount transferred to the back-end load investment fund option and declines over time.

If you make a partial redemption from your back-end load units that is more than the free redemption, you may have to pay early redemption fees on the excess amount. The early redemption fee for partial redemptions is a percentage of the amount being redeemed above the free redemption amount and declines over time. This table shows how the amount of the early redemption fees decreases the longer the units are allocated to your policy.

Number of calendar years you’ve held

your units when you redeem them

Early redemption fee

1 4.50% 2 4.25% 3 3.90% 4 3.50% 5 3.00% 6 2.35% 7 1.50%

more than 7 0.00% Early redemption fees are calculated for each fund separately. To reduce the amount of early redemption fees that you have to pay, the back-end load units you have held the longest will be redeemed first.

We do not deduct early redemption fees when we pay the basic death benefit.

We have the right to change the amount or the nature of the early redemption fees at any time. If we do, we’ll tell you in writing 60 days before we make the change.

For more information about redeeming units, see How to redeem investment fund units. When you redeem investment fund units, the value of those units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

Charge for changing the amount or frequency of your scheduled periodic income payments We may charge up to $60 if you change the amount or frequency of your scheduled periodic income payments more than once per year.

Charge for duplicate RRSP receipts or tax slips We will give you one duplicate RRSP receipt or a tax slip for the current tax year without charge, if you ask for it. We may charge $25 for duplicates of RRSP receipts and tax slips issued in all prior years.


Policy research fee We may charge up to $15 per year of policy history or $35 per hour for researching your policy. You will be advised of the fee before the research begins.

Short-term trading fee We may charge a short-term trading fee of up to two per cent of the amount exchanged or redeemed if you invest in a fund for less than the applicable period.

Returned cheque fee If your pre-authorized payment is returned by your financial institution, we may charge up to $20 to cover the cost of our processing.

Cheque processing and courier fee You are allowed one partial redemption each calendar quarter without a service fee. For any additional requests within the same calendar quarter, we may charge up to $20 per redemption request. If you request a cheque be sent by courier, we may charge a courier fee for this service.

Your income tax considerations

This is a general summary of income tax considerations for Canadian residents. It is based on the current Income Tax Act (Canada) and does not take into account any provincial tax laws. The summary does not include all possible tax considerations.

The taxation of certain benefits available with these annuities is not certain at this time. You are responsible for the proper reporting of all taxable income and payment of all related taxes. This summary is not intended to offer you tax advice. Consult your tax advisor about the tax treatment of these annuities for your personal circumstances.

Tax status of the investment funds The investment funds are not separate legal entities. They fall under the definition of segregated funds in the Income Tax Act (Canada). For tax purposes, our investment funds are deemed to be trusts that are separate entities from Great-West Life. The assets of the investment funds are kept separate from our general assets.

The investment funds generally do not pay income tax because, throughout the year, all their income and realized capital gains and losses are allocated to you and other investment fund policyowners.

The investment funds may have foreign tax withheld on income that is earned by their foreign investments.

Non-registered plans For income tax purposes, you must report the following investment income that is allocated to you by the investment funds:

Interest Dividends from taxable Canadian companies Taxable capital gains or losses Any other investment income When you redeem units of an investment fund you will realize a capital gain or a capital loss, which you must report. Your capital gain (loss) generally will be the amount by which the value of the redemption exceeds (is less than) the adjusted cost base of the units being redeemed.

Any exchange will be treated the same as a redemption of your units.

Death of the policyowner or transfer of ownership may create capital gains that must be reported.


Once a year, we’ll send you tax reporting slips that show the amounts that must be reported for income tax purposes. These slips will include the capital gain or loss on the redemption or exchange of your units as well as allocations from the investment funds. The slips will also include any capital gain or loss arising from rebalancing of investment fund assets, investment fund discontinuance or an underlying fund substitution.

The tax information we provide to you will not include adjustments for transactions that generate superficial losses under the Income Tax Act (Canada). To avoid the creation of superficial losses that will be denied for income tax purposes, we recommend you avoid allocating premiums to a fund within 30 days before or after redeeming units of that same fund.

Any premiums allocated to a non-registered plan are not tax deductible.

The tax treatment of a top-up maturity or death benefit guarantee payment is not certain at this time. We recommend that you contact your tax advisor regarding the tax treatment of top-up payments in your particular circumstances. We will report top-up guarantee payments based on our understanding of the tax legislation and the Canada Revenue Agency (CRA) assessing practices at that time. You are responsible for any tax liabilities arising from any change in law, interpretation or CRA assessing practices.

RRSPs An RRSP is registered under the Income Tax Act (Canada). Generally, the contributions you make to your RRSP are tax deductible up to a certain limit.

You do not have to report investment income that is allocated to you by the investment funds in the year that the income is earned. However, for income tax purposes, you must report any redemption you make, unless the money is transferred directly to another plan registered under the Income Tax Act (Canada). Tax will be withheld on redemptions.

Payment of top-up maturity or death benefit guarantees into the policy are not taxable. All amounts withdrawn from the registered policy are taxable.

RRIFs A RRIF is registered under the Income Tax Act (Canada) as a registered retirement income fund. You can only open a RRIF with money transferred from another plan registered under the Income Tax Act (Canada).

You do not have to report investment income that is allocated to you by the investment funds in the year that it’s earned. However, all redemptions are taxable each year and tax may be withheld on these payments. Current income tax regulations require us to withhold income tax on any amount that is redeemed that is in excess of the minimum income.

Generally transfers you make to a RRIF are not tax deductible.

Payment of top-up maturity or death benefit guarantees into the policy are not taxable. All amounts withdrawn from the registered policy are taxable.


Administration of the investment funds

Keeping you informed You will be sent a statement at the end of June and December. The statement will give you the following information:

The total number of units, unit value and market value for all the investment funds in your Great-West Life investment plan on the statement date

Dollar amount and number of units transferred to and from each investment fund for the statement period

Any income payments made during the statement period for a RRIF, PRIF, LRIF, LIF or RLIF

Any early redemption fees charged for back-end load units for the statement period

Any written communications will be sent to you at the most recent address in our records for the policy. Please tell us promptly if your address changes.

Please review your statement and advise your financial security advisor or one of our administrative offices, at the address located on the inside front cover, if they do not agree with your records. Any discrepancies must be reported in writing within 60 days of the statement date. If we do not hear from you, the statement is deemed to be accurate.

We may change the frequency or content of your statement, subject to applicable laws.

Requests for Fund Facts, financial statements and other documents The most current Fund Facts for each investment fund is available upon request to Great-West Life’s administrative office at the address on the inside front cover or by visiting our website at www.greatwestlife.com.

The most recent annual audited financial statements and semi-annual unaudited financial statements for the investment funds are available upon request from your financial security advisor, by writing to Great-West Life’s administrative office at the address on the inside front cover or by visiting our website at www.greatwestlife.com.

The annual audited financial statements for the current financial year will be made available to you after April 30 and the semi-annual unaudited financial statements will be available after Sept. 30 of each year.

In addition, copies of the simplified prospectus, annual information form, unaudited semi-annual financial statements, audited financial statements, and interim and annual management reports of fund performance of the underlying funds are available upon request from your financial security advisor.

Material contracts In the last two years, we haven’t entered or amended any contracts that are material to policyowners who invest in our investment funds.

There are no material facts of which Great-West Life is aware which relate to the policy that are not disclosed in this information folder.

The auditor of the segregated funds is Deloitte & Touche LLP. Deloitte is located at 360 Main Street, Suite 2300, Winnipeg, Manitoba, R3C 3Z3.

Material transactions In the last three years, no director, senior officer, associate or affiliate of Great-West Life has had any material interest, direct or indirect, in any transaction or in any proposed transaction that would materially affect the investment funds.

We don’t retain a principal broker for buying or selling the underlying investments in the investment funds. We usually arrange these investment transactions through many different brokerage houses.

Assuris protection Assuris is a not-for-profit corporation, funded by the life insurance industry that protects Canadian policyowners against loss of benefits due to the financial failure of a member company. Details about the extent of Assuris’s protection are available at www.assuris.ca or in its brochure, which can be obtained from your financial security advisor, life insurance company, www.assuris.ca or by calling 1-866-878-1225.


Investment policy

We have established investment and lending policies we believe are reasonable and prudent. The investment policies comply with:

Federal and provincial pension benefit standards laws Canadian Life and Health Insurance Association Inc.

(CLHIA) Guidelines on Individual Variable Insurance Contracts Relating to Segregated Funds approved by the Canadian Council of Insurance Regulators, all as may be amended from time to time

Autorité des marches financiers (AMF) Guideline on Individual Variable Insurance Contracts Relating to Segregated Funds, as amended, and approved by Autorité des marches financiers

all as may be amended from time to time.

The investment funds may achieve their investment objective and/or investment strategies by either investing directly in securities or in units of one or more underlying funds that have a similar investment objective of the investment fund. If the underlying fund is a mutual fund, the fundamental investment objective of the mutual fund cannot be changed unless approved by the mutual fund unitholders. If such a change is approved, we will give you notice of the change.

We may update an investment fund’s investment strategy, including the removal or substitution of underlying funds, without notice to you.

The earnings of each investment fund are reinvested in the same fund according to its investment objectives and investment strategies. When the fund invests, it doesn’t distinguish between capital and reinvested earnings. The investment funds may lend securities in a manner that is prudent, in the interest of the investment fund, and in compliance with any applicable laws.

The Real Estate Fund (GWLRA) is the only fund that may borrow to buy securities. For more information, about the Real Estate Fund (GWLRA), see its Fund Facts page. The other investment funds do not borrow money except for the purpose of funding redemptions (and only to the extent permitted by applicable regulatory requirements).

For a summary of an investment fund’s investment policy, see the Fund Facts section. A detailed description of each investment fund’s investment objective and strategies is available upon request from Great-West Life at the address on the inside of the front cover. In addition, you may request information about the underlying funds, including audited financial statements of the underlying funds by contacting your financial security advisor.

The sum of a fund’s exposure to any one corporate entity will not exceed 10 per cent of the value of the fund at the time of investment. Furthermore, the percentage of securities of any one corporate issue that may be acquired is limited to 10 per cent of each class of securities of any one corporate issuer, except for any corporate issue of, or a government security guaranteed by, any government authority in Canada. We will not, in respect of any fund, invest in securities of an issuer for the purpose of exercising control or management.

Performance of investment funds and underlying funds The investment objectives and investment strategies of the funds are in many cases similar to the objectives and strategies of a corresponding mutual fund sponsored by our investment managers. Although the funds have these similar objectives and strategies, and in most cases will have investment portfolios managed by the same individuals, the performance of the mutual funds and the corresponding investment funds will not be identical. This result occurs because not all of the investments of the two groups of funds will be the same in all respects, the investments will be acquired at different times, in different amounts and at different prices, and each fund will have different levels of purchases and redemptions and different pricing structures necessitating different portfolio transactions.


Investment managers

We have the right to appoint or change investment managers to provide investment management, investment advisory and related services necessary for the investment and management of investment fund property. We will advise you of any change to an investment manager.

We currently retain the following investment managers for our investment funds.

AGF Investments Inc. located at P.O. Box 50, Suite 3100, Toronto-Dominion Bank Tower, Toronto, Ontario, M5K 1E9.

Beutel, Goodman & Company Ltd. located at 20 Eglinton Avenue West, Suite 2000, P.O. Box 2005, Toronto, Ontario, M4R 1K8.

Bissett Investment Management located at 350 7th Ave. S.W., Suite 3100, Calgary, Alberta, T2P 3N9.

Brandywine Global Investment Management, LLC located at 2929 Arch St, 8th Floor, Philadelphia, Pennsylvania 19104.

Canada Life Investments located at 1-6 Lombard Street, London, England, EC3V 9JU. Canada Life Investments is the brand for investment management activities undertaken by Canada Life Asset Management Limited.

GLC Asset Management Group Ltd. located at 255 Dufferin Avenue, London, Ontario, N6A 4K1. GLC Asset Management Group Ltd. manages their investment mandates through four investment management divisions – London Capital Management (London Capital), GWL Investment Management (GWLIM), Portico Investment Management (Portico) and Portfolio Solutions Group (PSG).

GWL Realty Advisors Inc. located at 830-33 Yonge Street, Toronto, Ontario, M5E 1G4.

Foyston, Gordon & Payne Inc., located at 1 Adelaide Street East, Suite 2600, Toronto, Ontario, M5C 2V9

Invesco Canada Ltd., located at 5140 Yonge Street, Suite 900, Toronto, Ontario, M2N 6X7.

Irish Life Investment Managers Limited, located at Beresford Court, Beresford Place, Dublin 1, Ireland.

JPMorgan Asset Management (Canada) Inc. located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 1800, Toronto, Ontario, M5J 2J2 or 999 West Hastings Street, Suite 600, Vancouver, British Columbia, V6C 2W2.

Mackenzie Investments located at 180 Queen Street West, Toronto, Ontario, M5V 3K1. Mackenzie Investments is the brand for investment management activities undertaken by Mackenzie Financial Corporation.

Putnam Investments Canada ULC c/o Legal Department located at 180 Queen Street West, Toronto, Ontario M5V 3K1 or One Post Office Square, Boston, Massachusetts, 02109.

Sentry Investments Inc. located at 199 Bay Street, Suite 2700, P.O. Box 108, Toronto, Ontario, M5L 1E2

Setanta Asset Management Limited located at College Park House, 20 Nassau Street, Dublin 2, Ireland.

Mackenzie Investments, Setanta Asset Management Limited and Canada Life Investments are affiliates of Great-West Life. Putnam Investments Canada ULC and Irish Life Investment Managers Limited are wholly owned subsidiaries of Great-West Lifeco Inc. GLC Asset Management Group Ltd. and GWL Realty Advisors Inc. are wholly owned subsidiaries of The Great-West Life Assurance Company. The Great-West Life Assurance Company and Mackenzie Investments are members of the Power Financial Corporation group of companies. Policies are in place to avoid any potential conflicts of interest.

Investment manager review process Through our investment manager review process, we regularly review and monitor investment managers against our standards and established expectations.

These reviews include:

A review of performance – absolute and risk-adjusted – and the consistency of this performance relative to their peer group and benchmark.

A review of the investment policies and procedures of the fund to ensure that the fund objectives, risk tolerances and investment constraints are being met.

A review of qualitative factors such as portfolio turnover and consistency of style.

Our review is carried out by our investment manager review committee. This committee consists of members of senior management with a wide variety of business and investment qualifications.


Fund risks Investment funds hold different types of investments – stocks, bonds, other funds, cash – depending on what the fund invests in. Different kinds of investment funds are subject to different risks. The value of the investment funds will vary from day to day because of various factors including changes in interest rates, economic conditions, and market and company news. As a result, the value of investment fund units may go up and down, and the value of your investment may have increased or decreased when you redeem it.

Although you can never eliminate risk, you can reduce the risk through diversification, which means investing in a variety of different investments. You can achieve diversification by investing in an asset allocation fund or investing in several investment funds with different risks.

In certain circumstances, an investment fund may suspend redemptions. For more information, see When the redemption of your units may be delayed.

On each Fund Facts page the section Who is this fund for? can help you decide if the investment fund might be suitable for you.

As well, on each Fund Facts page the investments funds have been rated as to how risky they are (very low to high) in the section How risky is it? This rating, where applicable, has been determined using historical volatility risk as measured by the standard deviation of fund performance. Other types of risk, both measurable and non-measurable, may exist and an investment fund’s historical volatility may not capture all potential risks or be indicative of its future volatility. For example, a fund with a very low or low risk level would be more appropriate for an investor with a short time horizon and seeking capital preservation. A fund with a high risk level would be more appropriate for a long-term investor seeking to grow their capital and can tolerate the up and downs of the stock market. These ratings are meant as a general guide only. You should consult with your financial security advisor who can help you determine your appropriate risk level.

Below is a summary of various types of risks that may apply to the investment funds.

Commodity risk An investment fund that invests in energy and natural resource companies such as oil, gas, mining and gold, will be affected by changes in commodity prices. Commodity prices tend to be cyclical and can move dramatically in short periods of time. In addition, new discoveries or changes in government regulations can affect the price of commodities.

Credit risk Credit risk is comprised of default risk, credit-spread risk and downgrade risk. Each can have a negative impact on the value of a fixed income security.

Default risk is the risk that the issuer of a bond or other fixed income security may not be able to pay the interest or the principal at maturity. This risk can change during the term of the fixed income investment.

Credit-spread risk is the risk that there will be an increase in the difference between the interest rate of an issuer’s bond and the interest rate of a bond that is considered to have little associated risk, such as a government bond. The difference between these interest rates is called credit spread. An increase in credit spread after the purchase of a fixed income security will decrease the value of that security.

Downgrade risk is the risk that a specialized credit rating agency, such as Standard & Poor’s or Dominion Bond Rating Services will reduce the credit rating of an issuer’s securities. Downgrades in credit rating or other adverse news regarding an issuer can decrease a security’s market value.

Derivative risk Derivatives are securities whose values are based on, or derived from, an underlying asset, interest rate, exchange rate or market index. They are used to reduce the risks associated with changes in interest rates and exchange rates and to enhance returns. When derivatives are used for a non-hedging purpose, it allows the investment funds to invest indirectly in the returns of one or more stocks or an entire index without actually buying the stock(s) or all the stocks in the index.

There are a number of risks associated with derivatives:

The value of a derivative may change due to changes in the market price of securities, interest rates or exchange rates.

It may be difficult to sell a derivative in time to avoid a loss or realize a gain, because there aren’t enough securities trading in the market.

Some types of derivatives also carry the risk that one party to a derivative may fail to make a promised payment.

The portfolio funds and the investment funds that invest directly in an underlying fund don’t invest directly in derivatives. Most of the other investment funds may use derivatives for hedging or reducing risk. They may also use derivative instruments for non-hedging purposes in order to invest indirectly in securities or financial markets and gain exposure to other currencies provided that the use of derivative instruments is consistent with the investment fund’s investment objectives. The investment manager may not use derivatives for leverage or pledge the fund’s assets


as part of any derivative transaction.

Derivatives fall into four basic groups: interest rate contracts, foreign exchange contracts, equity contracts and commodity contracts. Within each of these groups there are different types of derivatives. The most common types are:

Options Interest rate swaps An option is a contract that gives the holder of the option the right, but not the obligation, to buy or sell an asset at a specified price within a certain period of time.

An interest rate swap is an agreement to trade the interest payments from one security for those of another over a certain period of time. The principal amount of a security is not exchanged in an interest rate swap.

The investment manager may use derivatives that are traded on exchanges and sold over-the-counter. Over-the-counter derivatives are subject to additional restrictions set by guidelines and regulations.

Equity risk Equity investments, such as stocks, carry several risks. The value of shares is affected by stock market conditions where the company’s shares trade, by factors related to each specific company, and by general economic and financial conditions in the countries where the company operates. Equity investment funds generally tend to be more volatile than fixed income investment funds and the value of their securities can vary widely.

Fixed income investment risk Fixed income investments, such as bonds, carry several risks. In addition to credit risk and interest rate risk a number of other factors may cause the price of a fixed income investment to fall. For investments in corporate fixed income instruments, factors include developments related to each specific company and general financial, economic (other than interest rates) and political conditions in the countries where the company operates. For government fixed income investments, factors include general financial, economic and political conditions.

Foreign currency risk The net asset value of a segregated fund is calculated in Canadian dollars. The value of securities issued in foreign currencies is affected by changes in the value of the Canadian dollar relative to those currencies. If the Canadian dollar goes down relative to a foreign currency, the value of an investment held in that currency goes up. This change results in an increase in the unit value of the investment fund. The reverse occurs when the dollar goes up against a currency.

Foreign investment risk Foreign investment risk is the risk of financial loss due to investing in foreign markets. The value of the securities of the investment fund may be affected by general global economic conditions and specific economic conditions in a particular country. The regulatory environment may be less stringent than in North America and many of these countries do not have the same accounting, auditing and reporting standards that apply in North America. The legal systems of some foreign countries may not adequately protect investors. Some foreign stock markets have less trading volume than North American markets, making it more difficult to buy or sell investments. Trading large orders in foreign countries may cause the price to fluctuate more than it would in North America. A country may impose withholding or other taxes that could reduce the return on the investment or it may have foreign investment or exchange laws that make it difficult to sell an investment. There may be political or social instability in the countries in which an investment fund invests.

Index risk When any investment fund indicates “index” in the fund name it is considered an index fund. The investment decisions for such an investment fund are based on the investment fund’s permitted index. As such, the investment fund may have more of the net assets of the investment fund invested in one or more issuers than is usually permitted for investment funds. There is a possibility that this could lead to less diversification within the investment fund, and in turn less liquidity of the investment fund. It could also mean that the investment fund volatility is higher than that of a more diversified investment fund, while still tracking the volatility of the permitted index.

Interest rate risk Interest rate risk is the risk of economic loss caused by changes in interest rates. The value of fixed income securities will change inversely with a corresponding change in interest rates: as interest rates decrease, the value of fixed income securities will increase, and as interest rates increase, the value of fixed-income securities will decrease. Fixed income securities with longer terms-to-maturity are generally more sensitive to interest rate changes than those of shorter terms-to-maturity.

Large withdrawal risk Some investment funds may have particular investors, including other investment funds, who own a large proportion of the outstanding units. If one of those investors redeems a large amount of their investment, the investment fund may have to sell its portfolio investments at unfavourable prices to meet the withdrawal request. This can result in significant price fluctuations to the net asset value of the investment fund, and may potentially reduce the returns of the investment fund.


Real estate risk The Real Estate Fund (GWLRA) is the only investment fund that invests directly in real estate. Portfolio funds invest in the Real Estate Fund (GWLRA). The Real Estate Fund (GWLRA) and investment funds that invest in the Real Estate Fund (GWLRA) could experience a delay when a withdrawal request is made due to the relative illiquidity of its real estate holdings.

Real estate by nature is not a liquid asset. There is no formal market for trading in real property and very few records are available to the public that give terms and conditions of real property transactions. It may take time to sell real estate investments at a reasonable price. This could limit the fund’s ability to respond quickly to changes in economic or investment conditions. It could also affect the fund’s ability to pay policyowners who want to redeem their units. The fund will keep enough cash on hand to be able to pay for the normal amount of withdrawal requests in a timely manner. However, withdrawals may be suspended during any period that the investment fund does not have sufficient cash or readily marketable securities to meet requests for withdrawals. For more information, see When the withdrawal of your units may be delayed.

The unit value of the Real Estate Fund (GWLRA) will vary with changes in the real estate market and in the appraised values of the properties the fund holds. The value of real estate investments can vary with competition, how attractive the property is to tenants and the level of maintenance. The timing of the annual appraisal may also affect the value of the fund units.

The Real Estate Fund (GWLRA) should be considered as a long-term investment and is not suitable for investors who may need to quickly convert their holdings to cash.

In the event the Real Estate Fund (GWLRA) is dissolved, policyowners may receive less than the unit value because the unit value is based on appraisals, which may be greater than the amounts received upon the sale of properties pursuant to a liquidation.

Short selling risk Certain funds may engage in a disciplined amount of short selling. A short sale is when a fund borrows securities from a lender and then sells the borrowed securities in the open market. The fund must repurchase the securities at a later date in order to return them to the lender. In the interim, the proceeds from the short sale are deposited with the lender and the fund pays interest to the lender in respect of the borrowed securities. If the value of the securities declines between the time that the fund borrows the securities and the time it repurchases and returns the securities, the fund makes a profit for the difference (less any interest the fund pays to the lender). However, there is a risk that the prices of the borrowed securities will rise, and the fund will experience a loss. The fund may also experience difficulties repurchasing and returning the borrowed securities if a

liquid market for the securities does not exist. In addition, there is a risk that the lender from whom the fund has borrowed securities may go bankrupt before the repurchase transaction is completed, causing the fund to forfeit the collateral it has deposited with the lender for the borrowed securities. When a fund engages in short selling it adheres to controls and limits that are intended to offset these risks by selling short only securities of larger issuers for which a liquid market is expected to be maintained and by limiting the amount of exposure for short sales. The fund also deposits collateral only with lenders that meet certain criteria for creditworthiness and only up to certain limits. Although segregated funds may not themselves engage in short selling, they may be exposed to short selling risk because the underlying funds in which they invest may be engaged in short selling.

Securities lending, repurchase and reverse repurchase transaction risk In securities lending transactions, the investment fund lends its portfolio securities to another party (often called counterparty) in exchange for a fee and a form of acceptable collateral. In a repurchase transaction, the investment fund sells its portfolio securities for cash while at the same time it assumes an obligation to repurchase the same securities for cash, usually at a lower cost, at a later date. In a reverse repurchase transaction, the investment fund buys securities for cash while agreeing to resell the same securities for cash, usually at a higher price, at a later date. Below are some of the general risks associated with entering into securities lending, repurchase and reverse repurchase transactions:

When entering into securities lending repurchase and reverse repurchase transactions, the investment fund is subject to the credit risk that the counterparty may default under the agreement and the investment fund would be forced to make a claim in order to recover the investment.

When recovering its investment on a default, the investment fund could incur a loss if the value of the securities loaned (in a securities lending transaction) or sold (in a repurchase transaction) has increased in value relative to the value of the collateral held by the investment fund.

Similarly, an investment fund could incur a loss if the value of the portfolio securities it has purchased (in a reverse repurchase transaction) decreases below the amount of cash paid by the investment fund to the counterparty.


Smaller company risk Investing in securities of smaller companies may be riskier than investing in larger, more established companies. Smaller companies may have limited financial resources, a less established market for their shares and fewer shares issued. This can cause the share prices of smaller companies to fluctuate more than those of larger companies. The market for the shares of small companies may be less liquid. Investments in smaller companies are generally more volatile than investments in larger companies.

Sovereign risk Sovereign risk is the risk of financial loss due to the government seizure of any assets held in a country. This may be more prevalent in foreign markets that experience great political, social or economic instability. Sovereign risk also arises due to the possibility of less stringent accounting practices and regulatory supervision standards and practices in foreign jurisdictions.

Specialization risk If an investment fund invests only in specific countries, or in particular types of securities, or in specific markets, the fund’s ability to diversify its investments may be limited. This limited diversification may mean that the investment fund will be less defensive in poor market conditions meaning a higher likelihood of lower fund performance.

Underlying fund risk All of the portfolio funds and some other investment funds use a fund-of-funds structure whereby the investment fund invests all of its assets in a secondary or underlying fund. Depending on the size of the investment being made by the investment fund in an underlying fund and the timing of the withdrawal of this investment, an underlying fund could be forced to sell significant assets prematurely to accommodate a large withdrawal request. This may negatively impact the unit price of the underlying fund.


Fund Facts

This section of the information folder contains individual Fund Facts for each investment fund available to you. You can choose to invest in one or more of these funds.

The individual Fund Facts give you an idea of what each investment fund invests in, how it has performed, and what fees or charges may apply.

The description of each investment fund in the individual Fund Facts is not complete without the following description of What if I change my mind? and For more information.

What if I change my mind? You can change your mind and cancel the investment fund contract, the initial automatic monthly premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you

Your cancellation request has to be in writing, which can include email, fax or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.

For more information The Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at the following administrative office:

The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1

Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section. Telephone: 1-800-665-5758


The Great-West Life Assurance Company FUND FACTS - Flexible Accumulation Annuity and Flexible Income Fund investment plansAll Information as at December 31, 2015

Conservative Portfolio (PSG)Quick facts: Date fund available: September 24, 1996

Date fund created: September 24, 1996Managed by: GLC Asset Management Group Ltd.

Total fund value: $245,724,855Portfolio turnover rate: 19.31%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($) Units outstanding

75% maturity and 75% death benefit guarantee - Back-end load units 2.61 419.21 168,31075% maturity and 75% death benefit guarantee - No-load units 2.83 401.74 171,876

Minimum investment • Non-registered and RRSP policies: $300 lump sum or pre-authorized chequing (PAC) of $50• RRIF policies: Existing Great-West Life client $10,000; New Great-West Life client $20,000

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 75 per cent fixed income and 25 per cent equities. Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................20.02Core Bond (Portico) .................................................................................15.02Mortgage (Portico) ...................................................................................13.01Corporate Bond (Portico)...........................................................................7.00Bond (Mackenzie)......................................................................................6.01Real Estate (GWLRA) ...............................................................................5.99Unconstrained Fixed Income (Mackenzie) ................................................5.99International Bond (Brandywine) ...............................................................5.02Global Equity (Setanta) .............................................................................3.49Total .........................................................................................................81.55Total investments: ......................................................................................15

Investment segmentation Asset %

■Bond................................................................ 64.44 ■Canadian Equity.............................................. 10.84 ■United States Equity ......................................... 7.88 ■Other ................................................................. 7.40 ■Cash.................................................................. 5.76 ■International Equity ........................................... 3.69

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner who chooses the 75/75 guarantee option (back-end load units). Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2005 and chose the 75/75 guarantee option (back-end load units) now has $1,398.57 on December 31, 2015. This works out to an average of 3.41 per cent a year.Year-by-year returns(%)This chart shows how the fund would have performed in each of the past 10 years for a policyowner who chose the 75/75 guarantee option (back-end load units). In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

How risky is it?Very low Low Low to

moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 25 per cent invested in equities and is comfortable with low risk.



Conservative Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:

Sales charge option What you pay How it worksBack-end load units If you redeem units within:

1 year of investing, you pay 4.50%2 years of investing, you pay 4.25%3 years of investing, you pay 3.90%4 years of investing, you pay 3.50%5 years of investing, you pay 3.00%6 years of investing, you pay 2.35%7 years of investing, you pay 1.50%After 7 years, you pay 0.0%

• When you invest, Great-West Life pays a commission of up to 5%. Any early redemption fee you pay goes to Great-West Life.

• You can redeem up to 10% (20% for RRIF type policies) of your units each year without paying an early redemption.

• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• You can exchange to units of other funds under the contract at any time without

paying an early redemption fee.• The early redemption fee schedule is based on the date you invested the premium.

No-load units There is no fee to invest or redeem units.

• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expenses:The MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.Guarantee option MER (Annual rate as a % of the fund’s value)75% maturity and 75% death benefit guarantee - Back-end load units ..................................................................... 2.6175% maturity and 75% death benefit guarantee - No-load units ................................................................................ 2.83

Trailing commissionGreat-West Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year3. Other fees:You may have to pay other fees when you redeem or switch units of the fund.

Fee What you payShort-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Lipper, a Thomson Reuters company



Moderate Portfolio (PSG)Quick facts: Date fund available: September 24, 1996








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 60 per cent fixed income and 40 per cent equities.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................18.04Core Bond (Portico) .................................................................................14.03Mortgage (Portico) ...................................................................................10.03Real Estate (GWLRA) ...............................................................................8.01Foreign Equity (Mackenzie) .......................................................................7.96Dividend (GWLIM) .....................................................................................7.45Bond (Mackenzie)......................................................................................6.02Global Equity (Setanta) .............................................................................4.99Canadian Equity (GWLIM).........................................................................4.47Global Infrastructure Equity (London Capital) ...........................................4.01Total .........................................................................................................85.01Total investments: ......................................................................................14


■Bond................................................................ 51.78 ■Canadian Equity.............................................. 17.14 ■United States Equity ........................................11.85 ■Cash.................................................................. 6.84 ■Other ................................................................. 6.20 ■International Equity ........................................... 6.19



-10

-5

0

5

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 40 per cent invested in equities and is comfortable with low to moderate risk.



Moderate Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Balanced Portfolio (PSG)Quick facts: Date fund available: September 24, 1996








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 40 per cent fixed income and 60 per cent equities.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................13.04Real Estate (GWLRA) ...............................................................................9.97Canadian Equity (GWLIM).........................................................................8.91Global Value (Mackenzie) ..........................................................................7.91Core Bond (Portico) ...................................................................................7.03Mortgage (Portico) .....................................................................................7.01Global Equity (Setanta) .............................................................................7.01Dividend (GWLIM) .....................................................................................6.91Bond (Mackenzie)......................................................................................6.02U.S. Value (London Capital) ......................................................................5.01Total .........................................................................................................78.82Total investments: ......................................................................................16


■Bond................................................................ 35.26 ■Canadian Equity.............................................. 25.84 ■United States Equity ....................................... 17.79 ■International Equity ..........................................11.09 ■Cash.................................................................. 5.97 ■Other ................................................................. 4.05


How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner who chooses the 75/75 guarantee option (back-end load units). Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2005 and chose the 75/75 guarantee option (back-end load units) now has $1,416.77 on December 31, 2015. This works out to an average of 3.55 per cent a year.Year-by-year returns(%)This chart shows how the fund would have performed in each of the past 10 years for a policyowner who chose the 75/75 guarantee option (back-end load units). In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

-15-10-505

1015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 40 per cent invested in fixed income and is comfortable with low to moderate risk.



Balanced Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Advanced Portfolio (PSG)Quick facts: Date fund available: September 24, 1996








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 20 per cent fixed income and 80 per cent equities.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................14.09Real Estate (GWLRA) .............................................................................10.00U.S. Value (London Capital) ......................................................................9.09Canadian Equity (GWLIM).........................................................................8.91Global Value (Mackenzie) ..........................................................................6.97American Growth (AGF) ............................................................................5.61Mid Cap Canada (GWLIM) ........................................................................5.10Dividend (GWLIM) .....................................................................................4.88International Opportunity (JPMorgan) .......................................................4.06Global Equity (Setanta) .............................................................................4.04Total .........................................................................................................72.75Total investments: ......................................................................................18


■Canadian Equity.............................................. 34.57 ■United States Equity ....................................... 24.14 ■Bond................................................................ 17.62 ■International Equity ......................................... 15.28 ■Cash.................................................................. 5.81 ■Other ................................................................. 2.58



-30-20-10

01020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 20 per cent invested in fixed income and is comfortable with low to moderate risk.



Advanced Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Aggressive Portfolio (PSG)Quick facts: Date fund available: September 24, 1996








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities. It targets an asset mix of 100 per cent equities.Top 10 investments Asset %

Real Estate (GWLRA) ...............................................................................9.95Canadian Equity (GWLIM).........................................................................9.93American Growth (AGF) ............................................................................9.08U.S. Value (London Capital) ......................................................................9.03Mid Cap Canada (GWLIM) ........................................................................ 8.11Global Value (Mackenzie) ..........................................................................8.01Canadian Equity (Laketon) ........................................................................6.90Canadian Value (CI/Tetrem) ......................................................................5.96International Opportunity (JPMorgan) .......................................................5.54Global Equity (Setanta) .............................................................................5.03Total .........................................................................................................77.54Total investments: ......................................................................................15


■Canadian Equity.............................................. 42.64 ■United States Equity ....................................... 30.20 ■International Equity ......................................... 20.17 ■Cash.................................................................. 5.04 ■Bond.................................................................. 1.19 ■Other ................................................................. 0.76



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in equities and is comfortable with moderate risk.



Aggressive Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Conservative Income Portfolio (PSG)Quick facts: Date fund available: June 12, 2006

Date fund created: June 12, 2006Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 60 to 80 per cent fixed income and 20 to 40 per cent equities. Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................21.03Core Bond (Portico) .................................................................................17.03Mortgage (Portico) ...................................................................................13.02Bond (Mackenzie)......................................................................................8.01Unconstrained Fixed Income (Mackenzie) ................................................7.01Real Estate (GWLRA) ...............................................................................6.00International Bond (Brandywine) ...............................................................5.98North American High Yield Bond (Putnam) ...............................................5.01Dividend (GWLIM) .....................................................................................3.97Foreign Equity (Mackenzie) .......................................................................3.97Total .........................................................................................................91.03Total investments: ......................................................................................13


■Bond................................................................ 69.23 ■Canadian Equity................................................ 8.86 ■Other ................................................................. 7.20 ■Cash.................................................................. 5.68 ■United States Equity ......................................... 5.15 ■International Equity ........................................... 3.89


How has the fund performed?This section tells you how the fund has performed over the past 9 years for a policyowner who chooses the 75/75 guarantee option (back-end load units). Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on June 12, 2006 and chose the 75/75 guarantee option (back-end load units) now has $1,383.48 on December 31, 2015. This works out to an average of 3.46 per cent a year.Year-by-year returns(%)This chart shows how the fund would have performed in each of the past 9 years for a policyowner who chose the 75/75 guarantee option (back-end load units). In the past 9 years, the fund was up in value 8 years and down in value 1 year of the 9.

-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 20 to 40 per cent invested in equities and is comfortable with low risk.



Conservative Income Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Moderate Income Portfolio (PSG)Quick facts: Date fund available: June 12, 2006








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 40 to 70 per cent fixed income and 30 to 60 per cent equities.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................18.99Core Bond (Portico) .................................................................................15.00Mortgage (Portico) ...................................................................................10.00Real Estate (GWLRA) ...............................................................................7.99Dividend (GWLIM) .....................................................................................6.00Global Infrastructure Equity (London Capital) ...........................................5.54Unconstrained Fixed Income (Mackenzie) ................................................5.00Bond (Mackenzie)......................................................................................5.00Global Dividend (Setanta) .........................................................................4.99International Bond (Brandywine) ...............................................................4.49Total .........................................................................................................83.00Total investments: ......................................................................................15


■Bond................................................................ 56.48 ■Canadian Equity.............................................. 15.21 ■United States Equity ....................................... 10.38 ■Other ................................................................. 6.26 ■International Equity ........................................... 6.06 ■Cash.................................................................. 5.62



-6-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 30 to 60 per cent invested in equities and is comfortable with low to moderate risk.



Moderate Income Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Balanced Income Portfolio (PSG)Quick facts: Date fund available: June 12, 2006








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 25 to 50 per cent fixed income and 50 to 75 per cent equities.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................16.09Core Bond (Portico) ................................................................................. 11.06Real Estate (GWLRA) .............................................................................10.03Dividend (GWLIM) .....................................................................................7.47Foreign Equity (Mackenzie) .......................................................................7.45Mortgage (Portico) .....................................................................................7.03Global Infrastructure Equity (London Capital) ...........................................6.98Canadian Equity (GWLIM).........................................................................6.96Global Dividend (Setanta) .........................................................................6.95U.S. Value (London Capital) ......................................................................5.95Total .........................................................................................................85.97Total investments: ......................................................................................14


■Bond................................................................ 39.64 ■Canadian Equity.............................................. 24.10 ■United States Equity ....................................... 15.72 ■International Equity ........................................... 9.55 ■Cash.................................................................. 6.64 ■Other ................................................................. 4.35


How has the fund performed?This section tells you how the fund has performed over the past 9 years for a policyowner who chooses the 75/75 guarantee option (back-end load units). Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on June 12, 2006 and chose the 75/75 guarantee option (back-end load units) now has $1,451.11 on December 31, 2015. This works out to an average of 3.97 per cent a year.Year-by-year returns(%)This chart shows how the fund would have performed in each of the past 9 years for a policyowner who chose the 75/75 guarantee option (back-end load units). In the past 9 years, the fund was up in value 7 years and down in value 2 years of the 9.

-15-10-505

1015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 25 to 50 per cent invested in fixed income and is comfortable with low to moderate risk.



Balanced Income Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Advanced Income Portfolio (PSG)Quick facts: Date fund available: June 12, 2006








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 10 to 30 per cent fixed income and 70 to 90 per cent equities.Top 10 investments Asset %

Foreign Equity (Mackenzie) ..................................................................... 11.52Real Estate (GWLRA) ...............................................................................9.98Global Dividend (Setanta) .........................................................................9.50Dividend (GWLIM) .....................................................................................8.42Canadian Bond (Portico) ...........................................................................8.04Canadian Equity (GWLIM).........................................................................7.93Global Infrastructure Equity (London Capital) ...........................................7.56Global Value (Mackenzie) ..........................................................................5.99Canadian Equity (Laketon) ........................................................................5.93Bond (Mackenzie)......................................................................................5.03Total .........................................................................................................79.90Total investments: ......................................................................................15


■Canadian Equity.............................................. 32.91 ■Bond................................................................ 21.06 ■United States Equity ....................................... 20.30 ■International Equity ......................................... 13.40 ■Cash.................................................................. 7.56 ■Other ................................................................. 4.77



-30-20-10

01020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 10 to 30 per cent invested in fixed income and is comfortable with low to moderate risk.



Advanced Income Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Money Market (Portico)Quick facts: Date fund available: April 30, 1989

Date fund created: April 30, 1989Managed by: GLC Asset Management Group Ltd.

Total fund value: $126,462,459Portfolio turnover rate: -






What does the fund invest in?This segregated fund invests primarily in Canadian money market instruments, such as high-quality commercial paper and short-term government debt securities.Top 10 investments Asset %

Canada 0.000% 17-Nov-2016 ...................................................................8.10Caiss Desjardins 0.000% 19-Jan-2016 .....................................................6.10Canada 0.000% 02-Jun-2016....................................................................5.83Canada 0.000% 24-Mar-2016 ...................................................................5.32Canadian Imperial Bank of Commerce 0.000% 14-Jan-2016 ...................5.09Omers Realty FRN 18-Feb-2016...............................................................4.61Canada 0.000% 25-Feb-2016 ...................................................................4.22Canada 0.000% 20-Oct-2016 ....................................................................3.68Honda Canada Fin 0.000% 07-Jan-2016 ..................................................3.13Bank of Montreal 0.000% 15-Jan-2016 .....................................................2.74Total .........................................................................................................48.82Total investments: ......................................................................................52


■Cash................................................................ 67.71 ■Bond................................................................ 32.29



0

1

2

3

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person seeking short-term safety and planning to hold their investment for a short period of time.NotesGreat-West Life is currently waiving a portion of the fees for this fund. There is no obligation on Great-West Life to continue waiving these fees and it may cease to do so at any time without notice. During 2015 Great-West Life waived fees equal to 0.56 per cent for units under the no-load option and 0.53 per cent for units under the back-end load option.



Money Market (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Fixed-Income Portfolio (PSG)Quick facts: Date fund available: December 12, 2000

Date fund created: December 12, 2000Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian fixed-income securities It targets an asset mix of 100 per cent fixed income.Top 10 investments Asset %

Canadian Bond (Portico) .........................................................................24.00Core Bond (Portico) .................................................................................19.00Mortgage (Portico) ...................................................................................15.00Bond (Mackenzie)....................................................................................14.00Unconstrained Fixed Income (Mackenzie) ................................................8.00Corporate Bond (Portico)...........................................................................7.00International Bond (Brandywine) ...............................................................7.00Government Bond (Portico) .......................................................................3.00Real Return Bond (Portico) .......................................................................3.00Total .......................................................................................................100.00Total investments: ........................................................................................9


■Bond................................................................ 87.80 ■Other ................................................................. 7.04 ■Cash.................................................................. 5.16



-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in fixed income and is comfortable with low risk.



Fixed-Income Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Core Bond (Portico)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities issued by governments and corporations.Top 10 investments Asset %

Canada 3.750% 01-Jun-2019....................................................................3.07Canada 4.000% 01-Jun-2041....................................................................3.06Canada 1.250% 01-Sep-2018 ...................................................................2.71Canada 5.750% 01-Jun-2033....................................................................2.58Canada 3.250% 01-Jun-2021....................................................................2.49Canada 2.750% 01-Sep-2016 ...................................................................2.06Can House No1 2.350% 15-Dec-2018 ......................................................2.04Canada 2.500% 01-Jun-2024....................................................................2.04Ontario Province 4.600% 02-Jun-2039 .....................................................2.03Ontario Province 3.500% 02-Jun-2024 .....................................................2.01Total .........................................................................................................24.09Total investments: ....................................................................................154


■Bond................................................................ 96.62 ■Cash.................................................................. 3.38



-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in bonds its value is affected by changes in interest rates.



Core Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Core Plus Bond (Portico)Quick facts: Date fund available: June 12, 2006








What does the fund invest in?This segregated fund invests primarily in Canadian and foreign fixed income securities issued by governments and corporations.Top 10 investments Asset %

Quebec Province 4.250% 01-Dec-2043 ....................................................3.89Ontario Province 4.650% 02-Jun-2041 .....................................................3.75Ontario Province 2.600% 02-Jun-2025 .....................................................3.49Canada 1.250% 01-Sep-2018 ...................................................................3.14Can House No1 2.650% 15-Mar-2022 ......................................................3.04Can House No1 1.250% 15-Dec-2020 ......................................................2.99Canada 2.500% 01-Jun-2024....................................................................2.91CAD Cash..................................................................................................2.57Royal Bank of Canada 3.770% 30-Mar-2018 ............................................2.55Quebec Province 2.750% 01-Sep-2025 ....................................................2.31Total .........................................................................................................30.64Total investments: ......................................................................................77


■Bond................................................................ 91.39 ■Cash.................................................................. 8.61



-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking the potential for interest income and wants exposure to Canadian and foreign fixed income securities in their portfolio and is comfortable with low risk. Since the fund invests in bonds its value is affected by changes in interest rates.



Core Plus Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Bond (Portico)Quick facts: Date fund available: April 30, 1989








What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities issued by governments and corporations.Top 10 investments Asset %

Can House No1 2.650% 15-Mar-2022 ......................................................4.92Can House No1 2.900% 15-Jun-2024.......................................................4.77Can House No1 1.700% 15-Dec-2017 ......................................................4.31Ontario Province 2.600% 02-Jun-2025 .....................................................4.19Quebec Province 4.250% 01-Dec-2043 ....................................................3.83Ontario Province 4.650% 02-Jun-2041 .....................................................3.78Can House No1 1.250% 15-Dec-2020 ......................................................3.00CAD Cash..................................................................................................2.81Ontario Province 4.700% 02-Jun-2037 .....................................................2.70Quebec Province 2.750% 01-Sep-2025 ....................................................2.28Total .........................................................................................................36.59Total investments: ......................................................................................71


■Bond................................................................ 92.52 ■Cash.................................................................. 7.48



-4-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Canadian Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Mortgage (Portico)Quick facts: Date fund available: April 30, 1989








What does the fund invest in?This segregated fund invests primarily in mortgages on Canadian residential and commercial properties. Top 10 investments Asset %

Other Assets less Liabilities .....................................................................69.62Canada 1.250% 01-Sep-2018 ...................................................................3.27Can House No1 1.850% 15-Dec-2016 ......................................................2.57OMERS Realty 3.040% 05-Dec-2017 .......................................................2.48PSPIB-RE Summit 3.266% 12-Jun-2020 ..................................................2.17Canada 1.000% 01-Nov-2016 ...................................................................2.00Can House No1 1.700% 15-Dec-2017 ......................................................1.91ARI FCP HOLDINGS INC FRN 01-Dec-2023 ...........................................1.61Canada 1.250% 01-Aug-2017 ...................................................................1.32Ontario Province 4.200% 02-Jun-2020 .....................................................1.24Total .........................................................................................................88.19Total investments: ......................................................................................31


■Other ............................................................... 69.62 ■Bond................................................................ 27.27 ■Cash...................................................................3.11



-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in mortgages its value is affected by changes in interest rates.



Mortgage (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Government Bond (Portico)Quick facts: Date fund available: November 8, 1994

Date fund created: November 8, 1994Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund invests primarily in fixed income securities issued by Canadian governments.Top 10 investments Asset %

Can House No1 1.700% 15-Dec-2017 ......................................................8.57Can House No1 4.100% 15-Dec-2018 ......................................................7.62Can House No1 2.050% 15-Jun-2018.......................................................7.10Can House No1 1.850% 15-Dec-2016 ......................................................5.96Can House No1 1.950% 15-Jun-2019.......................................................5.68Can House No1 2.000% 15-Dec-2019 ......................................................4.33Ontario Province 2.100% 08-Sep-2018 .....................................................4.02Can House No1 1.250% 15-Dec-2020 ......................................................3.99Can House No1 2.050% 15-Jun-2017.......................................................3.95Ontario Province 3.150% 02-Jun-2022 .....................................................3.93Total .........................................................................................................55.15Total investments: ......................................................................................37


■Bond................................................................ 97.83 ■Cash.................................................................. 2.17



-202468

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Government Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:













© 2016 All Rights Reserved.

Source: Lipper, a Thomson Reuters companyInvestment fund information folder | November 2016 61


International Bond (Brandywine)Quick facts: Date fund available: November 8, 1994

Date fund created: November 8, 1994Managed by: Brandywine Global Investment Management, LLC







What does the fund invest in?This segregated fund invests primarily in fixed-income securities issued by governments and corporations currently through the Legg Mason Brandywine Global Fixed Income Fund.Top 10 investments (of the underlying fund) Asset %

US Treasury 0.000% 15-May-2044 ...........................................................9.72SEK/USD Forward Contract ......................................................................8.76CLP/USD Forward Contract ......................................................................7.03NOK/USD Forward Contract .....................................................................5.59European Investment Bank 0.625% 15-Apr-2016 .....................................5.26JPY/USD Forward Contract.......................................................................5.14Italy 5.000% 01-Aug-2039 .........................................................................4.76MXN/USD Forward Contract .....................................................................4.71USD Cash..................................................................................................4.10USD/EUR Forward Contract......................................................................4.05Total .........................................................................................................59.12Total investments: ......................................................................................71


■Bond................................................................ 83.70 ■Cash................................................................ 16.30



-10-505

101520

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income and wants exposure to foreign fixed-income securities in their portfolio and is comfortable with low to moderate risk. Since the fund invests in bonds its value is affected by changes in interest rates.



International Bond (Brandywine)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Income (Portico)Quick facts: Date fund available: November 8, 1994








What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities with exposure to Canadian and foreign stocks.Top 10 investments Asset %

Quebec Province 4.250% 01-Dec-2043 ....................................................2.87Toronto-Dominion Bank .............................................................................2.66Royal Bank of Canada...............................................................................2.63Bce Inc.......................................................................................................2.58Canada 2.750% 01-Jun-2022....................................................................2.42Ontario Province 3.500% 02-Jun-2043 .....................................................2.30British Columbia 4.300% 18-Jun-2042 ......................................................2.01Bank of Nova Scotia ..................................................................................1.97Canada 2.250% 01-Jun-2025....................................................................1.93Canada 5.750% 01-Jun-2033....................................................................1.83Total .........................................................................................................23.20Total investments: ....................................................................................133


■Bond................................................................ 69.65 ■Canadian Equity.............................................. 27.41 ■Cash.................................................................. 2.53 ■United States Equity ......................................... 0.41



-202468

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to Canadian bonds and Canadian and foreign stocks and is comfortable with low risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.



Income (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Income (Mackenzie)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Mackenzie Investments







What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.Top 10 investments Asset %

Ontario Province 3.450% 02-Jun-2045 .....................................................5.50Canada 3.500% 01-Dec-2045 ...................................................................2.64Quebec Province 3.500% 01-Dec-2045 ....................................................1.96Quebec Province 2.750% 01-Sep-2025 ....................................................1.83US Treasury 2.250% 15-Nov-2025............................................................1.53Muskrat Fal 3.860% 01-Dec-2048 .............................................................1.32British Columbia 2.850% 18-Jun-2025 ......................................................1.27Ontario Province 0.952% 26-Aug-2019 .....................................................1.13Ontario Province 0.000% 02-Dec-2023 .....................................................0.98CAD Cash..................................................................................................0.96Total .........................................................................................................19.12Total investments: ....................................................................................386


■Bond................................................................ 70.41 ■Canadian Equity.............................................. 13.14 ■United States Equity ......................................... 7.46 ■International Equity ........................................... 6.39 ■Cash.................................................................. 2.60



-10-505

1015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.



Income (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Diversified (GWLIM)Quick facts: Date fund available: March 31, 1988

Date fund created: March 31, 1988Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund invests in Canadian fixed-income securities and Canadian and foreign equities through various Great-West Life segregated funds. Top 10 investments Asset %

Canadian Equity (GWLIM).......................................................................21.01Canadian Bond (Portico) .........................................................................20.02Mortgage (Portico) ...................................................................................13.00Real Estate (GWLRA) ...............................................................................9.94International Equity (JPMorgan) ................................................................9.04U.S. Equity (GWLIM) .................................................................................8.99U.S. Mid Cap (GWLIM) ..............................................................................5.96Mid Cap Canada (GWLIM) ........................................................................5.06Equity Index (GWLIM) ...............................................................................3.00Emerging Markets (Mackenzie) .................................................................2.98Total .........................................................................................................99.00Total investments: ...................................................................................... 11


■Canadian Equity.............................................. 36.55 ■Bond................................................................ 22.88 ■United States Equity ....................................... 15.34 ■International Equity ......................................... 10.27 ■Other ................................................................. 8.02 ■Cash.................................................................. 6.93



-30-20-10

01020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term, wants exposure to fixed income and equities in a single fund and is comfortable with low to moderate risk.



Diversified (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Equity/Bond (GWLIM)Quick facts: Date fund available: March 31, 1988

Date fund created: March 31, 1988Managed by: GLC Asset Management Group Ltd.








GWL International Equity (JPMorgan) 75/75 ...........................................12.77Toronto-Dominion Bank .............................................................................2.91Royal Bank of Canada...............................................................................2.77Bank of Nova Scotia ..................................................................................1.86Canadian National Railway Co ..................................................................1.56Can House No1 2.650% 15-Mar-2022 ......................................................1.49Can House No1 2.900% 15-Jun-2024.......................................................1.47Brookfield Asset Management Inc .............................................................1.39Can House No1 1.700% 15-Dec-2017 ......................................................1.34Ontario Province 2.600% 02-Jun-2025 .....................................................1.32Total .........................................................................................................28.88Total investments: ....................................................................................181


■Canadian Equity.............................................. 38.00 ■Bond................................................................ 28.56 ■United States Equity ....................................... 17.20 ■International Equity ......................................... 13.31 ■Cash.................................................................. 2.06 ■Other ................................................................. 0.86



-30-20-10

01020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Equity/Bond (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Growth & Income (Mackenzie)Quick facts: Date fund available: January 23, 1996









Brookfield Asset Management Inc .............................................................3.81Loblaw Companies Ltd ..............................................................................3.59Saputo Inc .................................................................................................3.25Suncor Energy Inc .....................................................................................3.14Canadian Natural Resources Ltd ..............................................................2.88Toronto-Dominion Bank .............................................................................2.88Omnicom Group Inc ..................................................................................2.72Bank of Nova Scotia ..................................................................................2.67Canadian Western Bank ............................................................................2.61Raging River Exploration Inc .....................................................................2.48Total .........................................................................................................30.03Total investments: ....................................................................................254


■Canadian Equity.............................................. 51.81 ■Bond................................................................ 24.99 ■United States Equity ....................................... 16.28 ■International Equity ........................................... 6.46 ■Cash.................................................................. 0.46



-15-10-505

1015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Growth & Income (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Balanced (Mackenzie)Quick facts: Date fund available: December 12, 2000

Date fund created: December 12, 2000Managed by: Mackenzie Investments








Can House No1 2.900% 15-Jun-2024.......................................................6.59Ontario Province 3.450% 02-Jun-2045 .....................................................3.86Ontario Province 2.600% 02-Jun-2025 .....................................................2.74Quebec Province 4.500% 01-Dec-2020 ....................................................1.98Temp Holdings Co Ltd ...............................................................................1.90Bank of Nova Scotia ..................................................................................1.78Royal Bank of Canada...............................................................................1.57Manulife Financial Corp .............................................................................1.48Alimentation Couche-Tard Inc ...................................................................1.45Canada 3.500% 01-Dec-2045 ...................................................................1.41Total .........................................................................................................24.76Total investments: ....................................................................................195


■Bond................................................................ 49.63 ■Canadian Equity.............................................. 23.90 ■United States Equity ....................................... 13.51 ■International Equity ..........................................11.30 ■Cash.................................................................. 1.66



-20-15-10-505

1015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Canadian Balanced (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Balanced (Invesco)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Invesco Canada Ltd.








Toronto-Dominion Bank .............................................................................6.05Brookfield Asset Management Inc .............................................................5.62Bank of Nova Scotia ..................................................................................5.07Berkshire Hathaway Inc.............................................................................4.21Manulife Financial Corp .............................................................................3.21Canadian Natural Resources Ltd ..............................................................2.52Royal Bank of Canada...............................................................................2.45Richelieu Hardware Ltd .............................................................................2.38Wells Fargo & Co ......................................................................................2.25Procter & Gamble Co ................................................................................2.24Total .........................................................................................................36.00Total investments: ....................................................................................105


■Canadian Equity.............................................. 41.88 ■Bond................................................................ 29.41 ■United States Equity ....................................... 22.74 ■International Equity ........................................... 4.02 ■Cash.................................................................. 1.96



-20-10

0102030

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Balanced (Invesco)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Balanced (Beutel Goodman)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Beutel, Goodman & Company Ltd.








Toronto-Dominion Bank .............................................................................4.00Royal Bank of Canada...............................................................................3.98Rogers Communications Inc .....................................................................3.22Can House No1 2.050% 15-Jun-2018.......................................................2.61Bank of Nova Scotia ..................................................................................2.52Cenovus Energy Inc ..................................................................................2.00Magna International Inc .............................................................................1.93JPMorgan Chase & Co ..............................................................................1.89Verizon Communications Inc .....................................................................1.78Canadian Natural Resources Ltd ..............................................................1.77Total .........................................................................................................25.70Total investments: ....................................................................................232


■Canadian Equity.............................................. 38.04 ■Bond................................................................ 30.99 ■United States Equity ....................................... 26.65 ■International Equity ........................................... 1.95 ■Other ................................................................. 1.66 ■Cash.................................................................. 0.71



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101520

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Balanced (Beutel Goodman)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Global Income (Sentry)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Sentry Investments







What does the fund invest in?This segregated fund invests primarily in fixed income securities and stocks anywhere in the world.Top 10 investments Asset %

Royal Bank of Canada...............................................................................2.27Toronto-Dominion Bank .............................................................................1.98Canadian National Railway Co ..................................................................1.96Canada 5.000% 01-Jun-2037....................................................................1.92Ontario Province 2.850% 02-Jun-2023 .....................................................1.78CAD Cash..................................................................................................1.76Bank of Nova Scotia ..................................................................................1.73Can House No1 2.350% 15-Dec-2018 ......................................................1.69Ontario Province 5.600% 02-Jun-2035 .....................................................1.53Manulife Financial Corp .............................................................................1.44Total .........................................................................................................18.06Total investments: ....................................................................................251


■Bond................................................................ 37.03 ■Canadian Equity.............................................. 28.09 ■United States Equity ....................................... 23.44 ■International Equity ........................................... 8.99 ■Cash.................................................................. 2.46



-10-505

101520

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to Canadian and foreign bonds and stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time. NotesEffective November 2016 Sentry Investments Inc. assumed portfolio management responsibilities for the Growth & Income Fund (AGF). The name of the fund changed to Global Income Fund (Sentry) from Growth & Income Fund (AGF). The investment objective of the segregated fund changed from investing primarily in Canadian fixed income securities and stocks to investing primarily in fixed income securities and stocks anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.



Global Income (Sentry)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Equity Portfolio (PSG)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian equities. It targets an asset mix of 100 per cent equities.Top 10 investments Asset %

Dividend (GWLIM) ...................................................................................20.00Canadian Equity (GWLIM).......................................................................15.00Canadian Equity (Beutel Goodman) ........................................................15.00Canadian Value (CI/Tetrem) ....................................................................12.00Canadian Equity (Bissett) ........................................................................10.00Canadian Equity (Laketon) ......................................................................10.00Canadian Equity Growth (Mackenzie) .....................................................10.00Mid Cap Canada (GWLIM) ........................................................................8.02Total .......................................................................................................100.02Total investments: ........................................................................................8


■Canadian Equity.............................................. 75.64 ■United States Equity ....................................... 16.01 ■Cash.................................................................. 3.44 ■International Equity ........................................... 2.90 ■Other ................................................................. 1.97 ■Bond.................................................................. 0.03



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in equities and is comfortable with moderate risk.



Canadian Equity Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Equity (GWLIM)Quick facts: Date fund available: April 30, 1989








What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.Top 10 investments Asset %

Toronto-Dominion Bank .............................................................................6.81Royal Bank of Canada...............................................................................6.58CAD Cash..................................................................................................6.07Bank of Nova Scotia ..................................................................................4.55Canadian National Railway Co ..................................................................3.67Brookfield Asset Management Inc .............................................................3.27Suncor Energy Inc .....................................................................................2.93Alimentation Couche-Tard Inc ...................................................................2.87Manulife Financial Corp .............................................................................2.85Keyera Corp ..............................................................................................2.82Total .........................................................................................................42.42Total investments: ......................................................................................57


■Canadian Equity.............................................. 80.00 ■United States Equity ........................................11.61 ■Cash.................................................................. 6.31 ■Other ................................................................. 2.08



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Canadian Equity (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















SRI Canadian Equity (GWLIM)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in Canadian stocks that conduct their business in a socially responsible manner with exposure to foreign stocks. Top 10 investments Asset %

Toronto-Dominion Bank .............................................................................6.88Royal Bank of Canada...............................................................................6.59CAD Cash..................................................................................................6.26Bank of Nova Scotia ..................................................................................4.57Canadian National Railway Co ..................................................................3.62Brookfield Asset Management Inc .............................................................3.24Suncor Energy Inc .....................................................................................3.13Manulife Financial Corp .............................................................................2.90Keyera Corp ..............................................................................................2.86Canadian Imperial Bank of Commerce......................................................2.80Total .........................................................................................................42.85Total investments: ......................................................................................56


■Canadian Equity.............................................. 79.87 ■United States Equity ........................................11.60 ■Cash.................................................................. 6.51 ■Other ................................................................. 2.01



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesEffective November 2016 GLC Asset Management Group Ltd. renamed the segregated fund from Ethics (GWLIM) to SRI Canadian Equity (GWLIM). No other changes were made to the segregated fund.



SRI Canadian Equity (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Equity Growth (Mackenzie)Quick facts: Date fund available: December 12, 2000









Bank of Nova Scotia ..................................................................................3.77Royal Bank of Canada...............................................................................3.30Temp Holdings Co Ltd ...............................................................................3.24Manulife Financial Corp .............................................................................3.15Alimentation Couche-Tard Inc ...................................................................2.95Toronto-Dominion Bank .............................................................................2.92Canadian National Railway Co ..................................................................2.57CGI Group Inc ...........................................................................................2.47Sun Life Financial Inc ................................................................................2.26Canadian Imperial Bank of Commerce......................................................2.15Total .........................................................................................................28.78Total investments: ......................................................................................79


■Canadian Equity.............................................. 50.69 ■United States Equity ........................................26.11 ■International Equity ......................................... 21.08 ■Cash...................................................................2.11 ■Other ................................................................. 0.01



-40-30-20-10

01020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Canadian Equity Growth (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Equity (Bissett)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Bissett Investment Management








Brookfield Asset Management Inc .............................................................7.08Toronto-Dominion Bank .............................................................................6.32Royal Bank of Canada...............................................................................5.62Canadian National Railway Co ..................................................................5.42Onex Corp .................................................................................................4.84Canadian Imperial Bank of Commerce......................................................4.74Bank of Montreal .......................................................................................4.34Restaurant Brands International Inc ..........................................................4.02Bank of Nova Scotia ..................................................................................3.61Enbridge Inc ..............................................................................................3.56Total .........................................................................................................49.55Total investments: ......................................................................................51


■Canadian Equity.............................................. 96.52 ■United States Equity ......................................... 2.47 ■Cash.................................................................. 1.01



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Canadian Equity (Bissett)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Equity Index (GWLIM)Quick facts: Date fund available: April 30, 1989








What does the fund invest in?This segregated fund invests primarily in Canadian stocks.Top 10 investments Asset %

Royal Bank of Canada...............................................................................6.69Toronto-Dominion Bank ............................................................................. 6.11Bank of Nova Scotia ..................................................................................4.09Canadian National Railway Co ..................................................................3.73Suncor Energy Inc .....................................................................................3.14Bank of Montreal .......................................................................................3.05Bce Inc.......................................................................................................2.81Valeant Pharmaceuticals International Inc ................................................2.74Manulife Financial Corp .............................................................................2.48Enbridge Inc ..............................................................................................2.41Total .........................................................................................................37.25Total investments: ....................................................................................242


■Canadian Equity.............................................. 95.55 ■Other ................................................................. 2.71 ■United States Equity ......................................... 1.28 ■Cash.................................................................. 0.37 ■International Equity ........................................... 0.10



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Equity Index (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Equity (Mackenzie)Quick facts: Date fund available: January 23, 1996









Omnicom Group Inc ..................................................................................4.13Brookfield Asset Management Inc .............................................................3.98Loblaw Companies Ltd ..............................................................................3.78Alberta Province 0.000% 13-Jan-2016 ......................................................3.75Quebec Province 0.000% 11-Mar-2016 ....................................................3.74Suncor Energy Inc .....................................................................................3.72Danone SA ................................................................................................3.43United Parcel Service Inc ..........................................................................3.36Saputo Inc .................................................................................................3.34Canadian Natural Resources Ltd ..............................................................3.16Total .........................................................................................................36.39Total investments: ......................................................................................42


■Canadian Equity.............................................. 53.50 ■United States Equity ....................................... 26.02 ■Cash.................................................................11.10 ■International Equity ........................................... 9.38



-20

-10

0

10

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Equity (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Equity (Beutel Goodman)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: Beutel, Goodman & Company Ltd.








Toronto-Dominion Bank .............................................................................7.37Royal Bank of Canada...............................................................................7.30Rogers Communications Inc .....................................................................5.80Bank of Nova Scotia ..................................................................................4.64Cenovus Energy Inc ..................................................................................3.69Magna International Inc .............................................................................3.54Canadian Natural Resources Ltd ..............................................................3.27Canadian Imperial Bank of Commerce......................................................3.14Brookfield Asset Management Inc .............................................................3.09Canadian National Railway Co ..................................................................2.88Total .........................................................................................................44.72Total investments: ......................................................................................56


■Canadian Equity.............................................. 69.85 ■United States Equity ....................................... 24.61 ■Other ................................................................. 2.56 ■International Equity ........................................... 1.75 ■Cash.................................................................. 1.23



-30-20-10

0102030

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







Canadian Equity (Beutel Goodman)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Value (FGP)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: Foyston Gordon and Payne








Toronto-Dominion Bank .............................................................................6.44MacDonald Dettwiler and Associates Ltd ..................................................5.57Toromont Industries Ltd .............................................................................4.96Bank of Nova Scotia ..................................................................................4.52Crew Energy Inc ........................................................................................3.93Enerflex Ltd ...............................................................................................3.48Shaw Communications Inc ........................................................................3.44Generac Holdings Inc ................................................................................3.34Koninklijke DSM NV ..................................................................................3.20BRP Inc ..................................................................................................... 3.11Total .........................................................................................................41.99Total investments: ......................................................................................49


■Canadian Equity.............................................. 69.16 ■United States Equity ....................................... 18.50 ■International Equity ..........................................11.86 ■Cash.................................................................. 0.45 ■Other ................................................................. 0.02


How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner who chooses the 75/75 guarantee option (back-end load units). Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2005 and chose the 75/75 guarantee option (back-end load units) now has $962.82 on December 31, 2015. This works out to an average of -0.38 per cent a year.Year-by-year returns(%)This chart shows how the fund would have performed in each of the past 10 years for a policyowner who chose the 75/75 guarantee option (back-end load units). In the past 10 years, the fund was up in value 5 years and down in value 5 years of the 10.

-30-20-10

0102030

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesEffective November 2016 Foyston, Gordon & Payne Inc. (FGP) assumed portfolio management responsibilities for the Canadian Value Fund (Invesco). The name of the fund changed to Canadian Value Fund (FGP) from Canadian Value Fund (Invesco). The performance before that date was achieved under the previous investment manager. No other changes were made to the segregated fund.



Canadian Value (FGP)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Dividend (GWLIM)Quick facts: Date fund available: November 25, 1997








What does the fund invest in?This segregated fund invests primarily in dividend yielding Canadian stocks.Top 10 investments Asset %

Toronto-Dominion Bank .............................................................................6.42Royal Bank of Canada...............................................................................6.29CAD Cash..................................................................................................5.82Bank of Nova Scotia ..................................................................................5.73Canadian National Railway Co ..................................................................3.13Bank of Montreal .......................................................................................2.99TransCanada Corp ....................................................................................2.94Enbridge Inc ..............................................................................................2.90Manulife Financial Corp .............................................................................2.73Bce Inc.......................................................................................................2.14Total .........................................................................................................41.09Total investments: ......................................................................................78


■Canadian Equity.............................................. 76.97 ■United States Equity ....................................... 13.71 ■Cash.................................................................. 6.18 ■Other ................................................................. 3.01 ■Bond.................................................................. 0.14



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking dividend income along with the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Dividend (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Dividend (Mackenzie)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in dividend yielding Canadian stocks.Top 10 investments Asset %

Royal Bank of Canada...............................................................................3.81Toronto-Dominion Bank .............................................................................3.79Bank of Montreal .......................................................................................3.62Bank of Nova Scotia ..................................................................................3.45Manulife Financial Corp .............................................................................2.95Canadian Imperial Bank of Commerce......................................................2.71Canadian National Railway Co ..................................................................2.27Suncor Energy Inc .....................................................................................2.26Brookfield Asset Management Inc .............................................................2.12Rogers Communications Inc .....................................................................2.04Total .........................................................................................................29.02Total investments: ....................................................................................123


■Canadian Equity.............................................. 66.95 ■United States Equity ....................................... 16.05 ■International Equity ......................................... 13.57 ■Cash.................................................................. 2.56 ■Other ................................................................. 0.87



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking dividend income along with the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Dividend (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Mid Cap Canada (GWLIM)Quick facts: Date fund available: November 25, 1997








What does the fund invest in?This segregated fund invests primarily in Canadian companies that are in the middle capitalization range of the equity market with exposure to foreign stocks.Top 10 investments Asset %

CCL Industries Inc .....................................................................................6.38Boyd Group Income Fund .........................................................................5.06CAD Cash..................................................................................................4.47Winpak Ltd.................................................................................................4.30Stella-Jones Inc .........................................................................................4.15Enghouse Systems Ltd..............................................................................3.45Descartes Systems Group Inc ...................................................................3.42Morneau Shepell Inc..................................................................................2.79Intertape Polymer Group Inc .....................................................................2.63Kinaxis Inc .................................................................................................2.51Total .........................................................................................................39.16Total investments: ......................................................................................62


■Canadian Equity.............................................. 73.92 ■United States Equity ....................................... 15.22 ■Other ................................................................. 6.24 ■Cash.................................................................. 4.63



-60-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks of smaller companies, which includes moderate exposure to foreign stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Mid Cap Canada (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Growth Equity (AGF)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: AGF Investments Inc.








Real Matters Inc P/P ..................................................................................6.39Alimentation Couche-Tard Inc ...................................................................4.36CAD Cash..................................................................................................4.12AGT Food and Ingredients Inc ..................................................................2.83Parex Resources Inc .................................................................................2.64Linamar Corp .............................................................................................2.46CGI Group Inc ...........................................................................................2.42Bank of Nova Scotia ..................................................................................2.32Element Financial Corp .............................................................................2.32Boyd Group Income Fund .........................................................................2.15Total .........................................................................................................32.01Total investments: ......................................................................................95


■Canadian Equity.............................................. 76.02 ■United States Equity ......................................... 7.96 ■Bond.................................................................. 6.80 ■Cash.................................................................. 4.89 ■Other ................................................................. 4.31 ■International Equity ........................................... 0.03



-60-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Growth Equity (AGF)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Real Estate (GWLRA)Quick facts: Date fund available: April 30, 1989

Date fund created: April 30, 1989Managed by: GWL Realty Advisors Inc.

Total fund value: $3,955,856,614Portfolio turnover rate: 8.87%




75% maturity and 75% death benefit guarantee - Back-end load units 3.05 301.87 834,12375% maturity and 75% death benefit guarantee - No-load units 3.27 257.30 1,289,912


What does the fund invest in?This segregated fund invests primarily, directly or indirectly, in a portfolio of income producing Canadian real estate properties.Top 10 investments Asset %

High Park Village - West Tower .................................................................4.65200 Kent Street..........................................................................................4.25Gulf Canada Square ..................................................................................3.6433 Yonge Street .........................................................................................3.55Crestwood Corporate Centre.....................................................................3.29Watermark Tower.......................................................................................3.235140 Yonge Street .....................................................................................2.965150 - 5160 Yonge St ................................................................................2.63The Lillian Redpath Towers .......................................................................2.54Grenadier Square ......................................................................................2.29Total .........................................................................................................33.03Total investments: ....................................................................................108


■Canadian Equity.............................................. 86.90 ■Cash................................................................ 12.40 ■United States Equity ......................................... 0.70



-505

101520

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term and seeking the potential for long-term growth by investing in a portfolio of Canadian real estate properties and are comfortable with low to moderate risk due to the ups and downs of the real estate market. Redemptions may be suspended during any period that the segregated fund does not have sufficient cash or readily marketable securities to meet requests for redemptions. This fund should be considered as a long-term investment and is not suitable for a person who may need to quickly convert their holdings to cash. NotesOver the past five years, the fund has bought $674 million worth of real property and has sold $729 million worth.



Real Estate (GWLRA)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Canadian Resources (GWLIM)Quick facts: Date fund available: January 23, 1996

Date fund created: January 23, 1996Managed by: GLC Asset Management Group Ltd.







What does the fund invest in?This segregated fund invests primarily in Canadian companies engaged in the discovery, development and extraction of oil, gas or metals with exposure to foreign stocks.Top 10 investments Asset %

CAD Cash................................................................................................14.74USD Cash..................................................................................................5.56Boralex Inc.................................................................................................4.24Valero Energy Corp ...................................................................................4.06Monsanto Co .............................................................................................3.85Pembina Pipeline Corp ..............................................................................3.80Winpak Ltd.................................................................................................3.71Osisko Gold Royalties Ltd .........................................................................3.21Suncor Energy Inc .....................................................................................3.16Keyera Corp ..............................................................................................3.14Total .........................................................................................................49.47Total investments: ......................................................................................37


■Canadian Equity.............................................. 70.50 ■Cash................................................................ 20.44 ■United States Equity ......................................... 9.06



-60-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of companies operating in the natural resource industries and is comfortable with higher risk due to investing solely in this one economic sector. NotesGLC Asset Management Group Ltd. assumed portfolio management responsibilities for the Canadian Resources Fund (AGF) in October 2015. The segregated fund was renamed Canadian Resources Fund (GWLIM). The performance before that date was achieved under the previous investment manager. No other changes were made to the segregated fund.



Canadian Resources (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Smaller Company (Mackenzie)Quick facts: Date fund available: January 23, 1996








What does the fund invest in?This segregated fund invests primarily in stock of North American small and mid-size companies.Top 10 investments Asset %

Spirit Airlines Inc ........................................................................................3.83Waste Connections Inc ..............................................................................3.69IBERIABANK Corp ....................................................................................3.59DexCom Inc ...............................................................................................3.52First Republic Bank ...................................................................................3.51Lattice Semiconductor Corp ......................................................................3.44FEI Co .......................................................................................................3.17Bio-Techne Corp ........................................................................................3.14Brown & Brown Inc ....................................................................................3.13CommVault Systems Inc ...........................................................................2.86Total .........................................................................................................33.88Total investments: ......................................................................................63


■United States Equity ....................................... 72.65 ■Canadian Equity.............................................. 14.27 ■International Equity ......................................... 10.59 ■Cash.................................................................. 2.49



-20-10

010203040

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Smaller Company (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Science and Technology (GWLIM)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in the Canadian and U.S. science and technology companies. Top 10 investments Asset %

Constellation Software Inc .........................................................................7.61CGI Group Inc ...........................................................................................6.26Alphabet Inc...............................................................................................6.02Descartes Systems Group Inc ...................................................................5.19Open Text Corp .........................................................................................4.38Enghouse Systems Ltd..............................................................................4.33Time/Term Deposits General Security .......................................................3.92Apple Inc....................................................................................................3.59Facebook Inc .............................................................................................3.40DH Corp.....................................................................................................3.10Total .........................................................................................................47.80Total investments: ......................................................................................54


■United States Equity ....................................... 52.19 ■Canadian Equity.............................................. 39.22 ■Cash.................................................................. 5.05 ■International Equity ........................................... 3.55



-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of Canadian and U.S. companies operating in the science and technology sector and is comfortable with moderate to high risk due to investing solely in this one economic sector.



Science and Technology (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Global Equity Portfolio (PSG)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in foreign stocks. It targets an asset mix of 100 per cent stocks.Top 10 investments Asset %

U.S. Value (London Capital) ....................................................................14.99Global Value (Mackenzie) ..........................................................................9.98U.S. Dividend (GWLIM) .............................................................................9.50Foreign Equity (Mackenzie) .......................................................................9.50American Growth (AGF) ............................................................................9.02International Opportunity (JPMorgan) .......................................................8.00Global Small Cap Growth (Mackenzie) .....................................................7.01U.S. Equity (GWLIM) .................................................................................7.00International Equity (Setanta) ....................................................................6.99Global Dividend (Setanta) .........................................................................6.99Total .........................................................................................................88.98Total investments: ......................................................................................12


■United States Equity ....................................... 48.31 ■International Equity ......................................... 40.71 ■Cash.................................................................. 8.21 ■Canadian Equity................................................ 2.54 ■Other ................................................................. 0.23



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0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in foreign equities and is comfortable with moderate risk.



Global Equity Portfolio (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Global Low Volatility (ILIM)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: Irish Life Investment Managers Limited







What does the fund invest in?This segregated fund invests primarily in stock of companies anywhere in the world with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.Top 10 investments Asset %

Celgene Corp ............................................................................................3.51Chubb Ltd ..................................................................................................3.16NXP Semiconductors NV ..........................................................................3.10Walt Disney Co ..........................................................................................3.08PNC Financial Services Group Inc ............................................................3.01Skyworks Solutions Inc..............................................................................2.89Johnson & Johnson ...................................................................................2.86Visa Inc ......................................................................................................2.80Alphabet Inc...............................................................................................2.73Apple Inc....................................................................................................2.61Total .........................................................................................................29.75Total investments: ......................................................................................72


■United States Equity ....................................... 75.45 ■Canadian Equity.............................................. 16.74 ■ International Equity ........................................... 7.08 ■Cash.................................................................. 0.73



-30-20-10

0102030

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of global stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesEffective November 2016 Irish Life Investment Management Limited assumed portfolio management responsibilities for the North American Opportunity Fund (Mackenzie). The name of the fund changed to Global Low Volatility (ILIM) from North American Opportunity Fund (Mackenzie). The investment objective of the segregated fund changed from investing primarily in stocks of North American companies to investing primarily in stocks of companies anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.



Global Low Volatility (ILIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Foreign Equity (Mackenzie)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Ivy Foreign Equity Fund.Top 10 investments (of the underlying fund) Asset %

Cash and Cash Equivalents ....................................................................29.30Omnicom Group Inc ..................................................................................4.16Procter & Gamble Co ................................................................................3.52Admiral Group PLC ...................................................................................3.45Danone SA ................................................................................................3.38Danaher Corp ............................................................................................3.26United Parcel Service Inc ..........................................................................3.20US Bancorp ...............................................................................................3.13Henry Schein Inc .......................................................................................3.08Brookfield Asset Management Inc .............................................................2.96Total .........................................................................................................59.44Total investments: ......................................................................................34


■United States Equity ....................................... 39.66 ■Cash................................................................ 29.30 ■International Equity ......................................... 27.94 ■Canadian Equity................................................ 2.96 ■Other ................................................................. 0.15



-100

10203040

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesThe rating in the “How risky is it?” section increased from “Low to Moderate” to “Moderate” effective December 31, 2015.



Foreign Equity (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Global Equity (Setanta)Quick facts: Date fund available: June 12, 2006

Date fund created: June 12, 2006Managed by: Setanta Asset Management Limited







What does the fund invest in?This segregated fund invests primarily in stocks anywhere in the world.Top 10 investments Asset %

DCC PLC ...................................................................................................3.29Berkshire Hathaway Inc.............................................................................3.00CRH PLC ...................................................................................................2.81McDonald’s Corp .......................................................................................2.80Owens-Illinois Inc ......................................................................................2.78Fairfax Financial Holdings Ltd ...................................................................2.71Johnson & Johnson ...................................................................................2.52Leucadia National Corp .............................................................................2.32Federated Investors Inc .............................................................................2.31Nike Inc......................................................................................................2.28Total .........................................................................................................26.82Total investments: ......................................................................................85


■United States Equity ....................................... 55.33 ■International Equity ......................................... 36.37 ■Canadian Equity................................................ 6.46 ■Cash.................................................................. 1.83



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-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Global Equity (Setanta)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















U.S. Equity (GWLIM)Quick facts: Date fund available: November 8, 1994








What does the fund invest in?This segregated fund invests primarily in United States stocks.Top 10 investments Asset %

Alphabet Inc...............................................................................................3.29Lockheed Martin Corp ............................................................................... 3.11USD Cash..................................................................................................2.98Moody’s Corp ............................................................................................2.78Apple Inc....................................................................................................2.77Alliance Data Systems Corp ......................................................................2.75Visa Inc ......................................................................................................2.58Facebook Inc .............................................................................................2.51Microsoft Corp ...........................................................................................2.47Boeing Co ..................................................................................................2.42Total .........................................................................................................27.66Total investments: ......................................................................................59


■United States Equity ....................................... 91.65 ■ International Equity ........................................... 4.74 ■Cash.................................................................. 3.61



-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



U.S. Equity (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















American Growth (AGF)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: AGF Investments Inc.








Facebook Inc .............................................................................................5.19Amazon.com Inc ........................................................................................4.96Boeing Co ..................................................................................................4.02Red Hat Inc................................................................................................3.98Salesforce.com Inc ....................................................................................3.91MasterCard Inc ..........................................................................................3.80Charles Schwab Corp................................................................................3.65Alliance Data Systems Corp ......................................................................3.62Lennar Corp...............................................................................................3.51T-Mobile US Inc .........................................................................................3.33Total .........................................................................................................39.97Total investments: ......................................................................................38


■United States Equity ....................................... 95.24 ■International Equity ........................................... 3.05 ■Cash.................................................................. 1.72



-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







American Growth (AGF)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















U.S. Value (London Capital)Quick facts: Date fund available: June 12, 2006









USD Cash..................................................................................................2.97Tyson Foods Inc ........................................................................................2.63General Electric Co ...................................................................................2.23Thermo Fisher Scientific Inc ......................................................................2.17Nike Inc......................................................................................................2.14Microsoft Corp ...........................................................................................2.13American International Group Inc ..............................................................2.04Travelers Companies Inc ...........................................................................2.03Progressive Corp .......................................................................................2.03JPMorgan Chase & Co ..............................................................................2.00Total .........................................................................................................22.37Total investments: ......................................................................................60


■United States Equity ....................................... 96.65 ■Cash.................................................................. 3.35



-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







U.S. Value (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















U.S. Mid Cap (GWLIM)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in U.S. companies that are in the middle capitalization range of the equity market.Top 10 investments Asset %

Everest Re Group Ltd ................................................................................3.04Signature Bank ..........................................................................................2.84Broadridge Financial Solutions Inc ............................................................2.80Alaska Air Group Inc ..................................................................................2.76CAD Cash..................................................................................................2.74Alexandria Real Estate Equities Inc ..........................................................2.69Waste Connections Inc ..............................................................................2.51JetBlue Airways Corp ................................................................................2.41SEI Investments Co ...................................................................................2.39FactSet Research Systems Inc .................................................................2.35Total .........................................................................................................26.53Total investments: ......................................................................................65


■United States Equity ....................................... 92.50 ■International Equity ........................................... 4.59 ■Cash.................................................................. 2.91



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



U.S. Mid Cap (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















International Equity (Putnam)Quick facts: Date fund available: November 8, 1994

Date fund created: November 8, 1994Managed by: Putnam Investments Canada ULC.







What does the fund invest in?This segregated fund invests primarily in stocks outside of Canada and the U.S. Top 10 investments Asset %

Toyota Motor Corp .....................................................................................2.99Novartis AG ...............................................................................................2.63Veolia Environnement VE SA ....................................................................2.12USD Cash..................................................................................................1.99Persimmon PLC ........................................................................................1.91Prudential PLC ..........................................................................................1.89Sumitomo Mitsui Financial Group Inc ........................................................1.82Anheuser Busch Inbev SA .........................................................................1.75Japan Tobacco Inc .....................................................................................1.73KDDI Corp .................................................................................................1.71Total .........................................................................................................20.54Total investments: ......................................................................................85


■International Equity ......................................... 94.94 ■Cash.................................................................. 2.04 ■Canadian Equity................................................ 1.31 ■United States Equity ......................................... 1.27 ■Other ................................................................. 0.44



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time. NotesPutnam Investments assumed portfolio management responsibilities for the International Equity Fund (UBS) in September 2014. The name of the fund was changed to International Equity Fund (Putnam). The performance before that date was achieved under the previous investment manager.



International Equity (Putnam)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















International Equity (JPMorgan)Quick facts: Date fund available: July 19, 2004

Date fund created: July 19, 2004Managed by: JPMorgan Asset Management (Canada) Inc.








CAD Cash..................................................................................................3.26Roche Holding AG Par ..............................................................................2.48HSBC Holdings PLC..................................................................................2.35Vodafone Group PLC ................................................................................2.23Novartis AG ...............................................................................................2.17Sumitomo Mitsui Financial Group Inc ........................................................2.04UBS Group AG ..........................................................................................2.00BG Group PLC ..........................................................................................1.95Toyota Motor Corp .....................................................................................1.92SAP SE ......................................................................................................1.88Total .........................................................................................................22.28Total investments: ......................................................................................90


■International Equity ......................................... 96.54 ■Cash.................................................................. 3.45 ■Other ................................................................. 0.01



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







International Equity (JPMorgan)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















International Growth (Mackenzie)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in equities of international companies currently through the Mackenzie International Growth Class Fund.Top 10 investments (of the underlying fund) Asset %

Roche Holding AG Par ..............................................................................4.69Toyota Motor Corp .....................................................................................3.71UBS Group AG ..........................................................................................3.56Sumitomo Mitsui Trust Holdings Inc ..........................................................3.44WPP PLC ..................................................................................................3.28Total SA .....................................................................................................3.06Reckitt Benckiser Group PLC ....................................................................3.04Novartis AG ...............................................................................................2.96Kanamoto Co Ltd.......................................................................................2.83Ashtead Group PLC ..................................................................................2.78Total .........................................................................................................33.35Total investments: ......................................................................................60


■International Equity ......................................... 97.06 ■Cash.................................................................. 2.60 ■Other ................................................................. 0.34



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of international companies and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time. NotesEffective August 2013 the name of the segregated fund changed to International Growth (Mackenzie) from Japan Equity (Mackenzie) as the Mackenzie Focus Japan Class mutual fund merged into Mackenzie International Growth Class mutual fund. With this change the investment objective of the segregated fund changed from investing primarily in Japanese equities to investing primarily in international equities. The performance before this date was achieved under the previous investment objective.



International Growth (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















International Opportunity (JPMorgan)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: JPMorgan Asset Management (Canada) Inc.








Roche Holding AG Par ..............................................................................4.31Novartis AG ...............................................................................................3.24Novo Nordisk A/S ......................................................................................3.16Unilever PLC ............................................................................................. 3.11Anheuser Busch Inbev SA .........................................................................2.78Bayer AG ...................................................................................................2.64SAP SE ......................................................................................................2.61UBS Group AG ..........................................................................................2.46Prudential PLC ..........................................................................................2.30Toyota Motor Corp .....................................................................................2.26Total .........................................................................................................28.87Total investments: ......................................................................................63


■ International Equity ......................................... 98.66 ■Cash.................................................................. 1.18 ■Other ................................................................. 0.16



-40

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0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015







International Opportunity (JPMorgan)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















European Equity (Setanta)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: Setanta Asset Management Limited







What does the fund invest in?This segregated fund invests primarily in companies located or active in Europe.Top 10 investments Asset %

CAD Cash..................................................................................................9.89DCC PLC ...................................................................................................6.99Diageo PLC ...............................................................................................6.32Groupe Bruxelles Lambert SA ...................................................................5.85CRH PLC ...................................................................................................5.70Lancashire Holdings Ltd ............................................................................5.05Vodafone Group PLC ................................................................................4.81LSL Property Services PLC .......................................................................4.25Liberty Global PLC ....................................................................................3.83GlaxoSmithKline PLC ................................................................................3.73Total .........................................................................................................56.42Total investments: ......................................................................................29


■ International Equity ......................................... 89.76 ■Cash................................................................ 10.16 ■Other ................................................................. 0.08



-40

-20

0

20

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of European companies and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



European Equity (Setanta)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Far East Equity (CLI)Quick facts: Date fund available: November 25, 1997

Date fund created: November 25, 1997Managed by: Canada Life Investments







What does the fund invest in?This segregated fund invests primarily in companies located or active in Asia or the Pacific Rim.Top 10 investments Asset %

Lyxor UCITS ETF MSCI India C-EUR .......................................................6.19IMAX China Holding Inc ............................................................................2.90SYDNEY AIRPORT UNT ...........................................................................2.86Genic Co Ltd..............................................................................................2.85W.I.S.E - CSI 300 CHINA TRACKER ........................................................2.83Naturalendo Tech Co Ltd ...........................................................................2.57Amorepacific Corp .....................................................................................2.57HDFC Bank Ltd DR ...................................................................................2.34AGL Energy Ltd .........................................................................................2.28Australian Pipeline Ltd ...............................................................................2.28Total .........................................................................................................29.67Total investments: ....................................................................................100


■International Equity ......................................... 94.17 ■Other ................................................................. 5.83



-60-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of Asian and Pacific Rim companies and is comfortable with high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesCanada Life Investments assumed portfolio management responsibilities for the Asian Growth Fund (AGF) in October 2015. The segregated fund was renamed Far East Equity Fund (CLI). The performance before that date was achieved under the previous investment manager. No other changes were made to the segregated fund.



Far East Equity (CLI)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:
















Emerging Markets (Mackenzie)Quick facts: Date fund available: December 12, 2000








What does the fund invest in?This segregated fund invests primarily in equities of companies operating in emerging markets currently through the Mackenzie Emerging Markets Class Fund.Top 10 investments (of the underlying fund) Asset %

Housing Development Finance Corporation Ltd........................................6.00Taiwan Semiconductor Manufacturing Co Ltd DR .....................................4.71CAD Cash..................................................................................................4.71AIA Group Ltd ............................................................................................4.28Tata Consultancy Services Ltd ..................................................................3.20Tencent Holdings Ltd .................................................................................3.17Samsung Electronics Co Ltd .....................................................................3.01SABMiller PLC ...........................................................................................2.96Infosys Ltd DR ...........................................................................................2.78HDFC Bank Ltd DR ...................................................................................2.64Total .........................................................................................................37.46Total investments: ......................................................................................77


■International Equity ......................................... 95.29 ■Cash.................................................................. 4.71



-60-40-20

0204060

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015




Who is this fund for?A person who is investing for the longer term, seeking the growth potential of companies in the emerging markets and is comfortable with high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.



Emerging Markets (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.1. Sales charges:















Glossary of terms

The section provides an understanding of some of the terms used in this information folder.

Administrative rules Internal rules that govern our operations, including policies, guidelines, rules and practices of Great-West Life, which can change at our sole discretion, without notice.

Annuitant The annuitant is the individual on whose life the maturity and death benefit guarantees are based. The annuitant can be you, the policyowner, or an individual whom you designate.

Beneficiary The beneficiary is the person, persons or entity appointed to receive any amounts payable after the last annuitant’s death. If there is no living beneficiary, we will pay the death benefit to the policyowner’s estate.

Capital gains The profit that results when an asset is sold for more than its purchase price.

Capital loss The loss that results when an asset is sold for less than its purchase price.

Diversification Investing in a number of different securities, companies, industries or geographic locations to attempt to reduce the risks inherent in investing.

Guaranteed death benefit The minimum amount to be received by a beneficiary, or if there is no beneficiary, to the policyowner’s estate, upon the death of the annuitant.

Investment management fee The amount charged for supervising a portfolio and administering its operations. This fee is a component of the MER.

Life income fund (LIF) or restricted LIF A LIF is established by the transfer of locked-in pension assets from a pension plan, a locked-in RRSP, LIRA or RLSP.

Locked-in plans When used in reference to an RRSP or pension plan, locked-in means an account in which accumulated benefits can only be used to purchase retirement income as specified by pension regulations.

Load Commissions that may be charged when you buy or sell certain funds.

Locked-in retirement account (LIRA) A LIRA, also known as a locked-in RSP, is a registered retirement savings plan from which, generally, funds cannot be redeemed except for the purchase of a life annuity, LIF, PRIF (where available) or a LRIF (where available). A LIRA is only available until the end of the year in which you turn 71 (or such other age as the tax legislation then in effect may provide).

Locked-in retirement income fund (LRIF) A plan available only in certain provinces for locked-in pension funds. These plans work the same way as a RIF, but there are maximum and minimum payment requirements. A LRIF may be converted to a life annuity at any age, but it is not necessary to do so.

Management expense ratio (MER) The MER is the total of the annual investment management fee and operating expenses paid by the investment fund, and is expressed as an annualized percentage of daily average net assets during the year.

Maturity date The contractual date the policy matures.

Maturity guarantee The minimum amount to be received by the policyowner upon maturity of the contract.

Policyowner The policyowner is the individual who is the legal owner of the policy. An individual or several individuals may own non-registered policies. Registered policies can only be owned by one individual. All policy information is sent to the policyowner.


Prospectus A document that contains a wide variety of information about a mutual fund’s investment objectives, the fund managers, how income is distributed, costs, rights, tax issues and risk factors. It is important to read the prospectus carefully to gain a thorough understanding of the fund.

Retirement income fund (RIF or RRIF) A tax deferral vehicle available to RRSP holders. The plan holder invests the funds in the RRIF and must withdraw a certain amount each year. Income tax would be due on the funds withdrawn.

Retirement savings plan (RSP or RRSP) A vehicle available to individuals to defer tax on a specified amount of money to be used for retirement. The holder invests money in one or more of a variety of investment vehicles which are held in trust under the plan. Income tax on contributions and earnings within the plan is deferred until the money is withdrawn at retirement. RRSPs can be transferred into registered retirement income funds (RRIFs).

Spousal retirement savings plan (Spousal RRSP) An RRSP registered in the name of your spouse (as defined by the Income Tax Act). You deduct the annual contribution from earned income (the maximum is your contribution limit minus your personal RRSP contributions) and your spouse receives the eventual income generated. The Income Tax Act’s definition of spouse includes common-law spouses in certain circumstances. You should note that the amount you may contribute to your own registered savings plan(s) is reduced by the amount you contribute to a spousal RRSP. Moreover, if your spouse makes withdrawals from the plan within three years of deposit, there are tax implications for you.

Underlying fund An underlying fund is a secondary fund in which some of our funds may invest. You do not become a unitholder of the underlying fund.


148

Notes

Investment fund information folder | November 2016

This information folder is not an insurance contract. The information in this folder is subject to change from time to time. If there is a difference between this information folder and your contract, your contract will apply.

In this information folder, you and your mean the policyowner of a Great-West investment plan. We, us, our and Great-West Life mean The Great-West Life Assurance Company.

About Great-West Life The Great-West Life Assurance Company was incorporated on August 28, 1891, by a Special Act of the Parliament of Canada. Great-West Life carries on business under the Insurance Companies Act (Canada). The terms and conditions of the policies issued by Great-West Life and the distribution of the policies are governed by the Insurance Acts of the provinces and territories in Canada where Great-West Life carries on business.

Great-West Life’s administrative offices are located at:

London 255 Dufferin Avenue London, Ontario N6A 4K1

Montreal 2001 Robert-Bourassa Blvd, Suite 540 Montreal, Quebec H3A 1T9

Great-West Life’s head office is located at:

Winnipeg 100 Osborne Street North Winnipeg, MB R3C 3A5

Certification This information folder contains brief and plain disclosure of all material facts relating to the investment fund option available in the Flexible Accumulation Annuity or Flexible Income Fund investment plans offered under this folder and issued by The Great-West Life Assurance Company.

July 16, 2015

J. Dave Johnston Douglas A. Berberich President and Chief Operating Officer, Canada Vice-President and Associate General Counsel, Canada

Great-West Life

investment plans

This document is not an insurance contract.

Investment funds inform

ation folderO

ctober 2016

Investment funds information folderOctober 2016

DISCOVERY, Great-West Life and the key design are trademarks of The Great-West Life Assurance Company. B2260-11/16

B2260_GWL_IF_Cover_Oct2016.indd 1 2016-07-13 11:01 AM

Documents

Investment funds information folderpublic/... · office in London, Ontario or Montreal, Quebec before 3:58 p.m. eastern time or before the Toronto Stock Exchange closes, whichever