THE GREAT-WEST LIFE ASSURANCE COMPANY IG/GWL INVESTMENT … · Great-West Life Assurance Company -...

Financial Statements of

THE GREAT-WEST LIFE ASSURANCE COMPANY

IG/GWL INVESTMENT FUNDS

December 31, 2015

Deloitte LLP 360 Main Street Suite 2300 Winnipeg MB R3C 3Z3 Canada Tel: 204-942-0051 Fax: 204-947-9390 www.deloitte.ca

INDEPENDENT AUDITOR’S REPORT

To the Contractholders of The Great-West Life Assurance Company - IG/GWL Investment Funds

We have audited the accompanying financial statements of The Great-West Life Assurance Company - IG/GWL Investment Funds as listed in Note 1 to the financial statements, which comprise the statements of financial position as at December 31, 2015 and December 31, 2014, the statements of comprehensive income, statements of changes in net assets attributable to contractholders and the statements of cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and the requirements of Part XII of the Canadian Life and Health Insurance Association Guideline G2, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of The Great-West Life Assurance Company - IG/GWL Investment Funds as listed in Note 1 to the financial statements, as at December 31, 2015 and December 31, 2014, and the results of operations and cash flows for the years then ended in accordance with International Financial Reporting Standards and the requirements of Part XII of the Canadian Life and Health Insurance Association Guideline G2.

Chartered Accountants Winnipeg, Manitoba March 18, 2016

IG/GWL Investment Funds IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund

The Great-West Life Assurance Company

Managed By: Investors Group

Bonds -

Stocks -

Investment properties -

Mortgages and sales

agreements-

Investment fund units (note 3) 690

Cash and short-term deposits -

Investment income due and accrued -

Due to The Great-West Life Assurance Company (note 8) -

Due to brokers -

Statement of Financial Position Statement of Comprehensive Income

December 31

-

-

-

-

960

-

-

-

-

December 31 December 31December 31

Net assets attributable to contractholders - beginning of year

Contractholder deposits 1 1

Statement of Changes in Net Assets Attributable

to Contractholders

Contractholder withdrawals (282) (158)

Increase (decrease) from

operations

Investments

Investment properties income - -

Expenses

Management fees (note 8) 6

Investment properties expenses -

Other -

Total expenses 6 8

7

-

1

Net increase (decrease) in net assets

from operations attributable to

contractholders 11 73Total investments 690 960

Due to outside parties - -

Total liabilities excluding net

assets attributable to

contractholders - -

Net assets attributable to

contractholders 690 960

1,044960

11 73

Change in net assets attributable to contractholders

(270) (84)


contractholders - end of year690 960

(in Canadian $ thousands)

- -Derivatives

Mortgages on investment properties - -

December 31 December 31

2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets

Due from The Great-West Life

Assurance Company (note 8) - -

Due from brokers - -

Due from outside parties - -

Total assets 690 960

Overdrafts - -

Derivatives - -

Income

Net gain (loss) on investments 17 81

Miscellaneous income (loss) - -

Total Income 17 81

Transaction costs - -

Withholding taxes - -

Liabilities

IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group


Statement of Cash Flows

For the years ended December 31

2015

2014

Net Inflow (Outflow) of Cash Related to the Following Activities

Operating Activities

Increase (decrease) in net assets from operations attributable to contractholders 11

73

Adjustments

Realized (gains) losses (24)

(22)

Unrealized (gains) losses 40

28

Gross proceeds of disposition of investments 288

165

Gross payments for the purchase of investments (1)

-

Change in distribution income of underlying mutual fund (33)

(87)

Change in investment income due and accrued -

-

Change in due from/to The Great-West Life Assurance Company -

-

Change in due from/to brokers -

-

Change in due from/to outside parties -

-

Change in mortgages on investment properties -

-

281

157

Financing Activities

Contractholder deposits 1

1

Contractholder withdrawals (282)

(158)

(281)

(157)

Net increase (decrease) in cash, short-term deposits and overdrafts -

-

Cash, short-term deposits and overdrafts, beginning of year -

-

Cash, short-term deposits and overdrafts, end of year -

-




Net Assets Attributable to Contractholders Per Unit (note 7)

Net Assets Attributable to Contractholders by Category

(in Canadian $ thousands, except per unit amounts)

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past five years.

For the years ended December 31Number of units outstanding

2015 2014 2013 2012 2011

Investment Only

Individual No-Load (IA)

Individual Back-End Load (IB)

Managed Money (IC)

75/75 guarantee policy



PS1 75/75 guarantee policy






- - - - -

- - - - -

57,567 80,718 94,181 116,103 131,651

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

Net asset value per unit

2015 2014 2013 2012 2011

- - - - -

- - - - -

11.99 11.90 11.08 9.28 8.59

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

690 960

- -

- -

- -

- -

- -

- -

- -

- -

-

-

1,044

-

-

-

-

-

-

-

-

-

-

1,078

-

-

-

-

-

-

-

-

-

-

1,131

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-







Increase (decrease) per unit

2015 2014

- -

- -

0.09 0.82

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-

(in Canadian $ thousands, except number of units)

Schedule of Investment Portfolio

As at December 31, 2015

No. of Average Fair

Units Cost Value

Investment Fund Units

Allegro Aggressive Canada Focus Portfolio Fund Series S* 73,200 672 690

Total Investments 672 690

Top 5 Holdings of the underlying funds

Underlying fund: Investors Canadian Large Cap Value Fund

Security Description % of Total

Royal Bank of Canada 9.64%

The Bank of Nova Scotia 8.55%

The Toronto-Dominion Bank 7.58%

TransCanada Corp. 5.35%

Canadian Imperial Bank of Commerce 5.26%

Underlying fund: Investors Canadian Small Cap Fund


Cash and short-term deposits 3.86%

Algonquin Power & Utilities Corp. 2.97%

Stella-Jones Inc. 2.82%

Quebecor Inc. Class B SV 2.80%

Chartwell Retirement Residences 2.59%

Underlying fund: IG Mackenzie Canadian Equity GrowthFund




Temp Holdings Co. Ltd. 3.23%

Manulife Financial Corp. 3.13%

Alimentation Couche-Tard Inc. Class B SV 2.95%

*The issuer of this security is a related company to the issuer of the fund.

IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund







Top 5 Holdings of the underlying funds (continued)

Underlying fund: IG AGF Global Equity Fund


ACE Ltd. 3.93%

Moody’s Corp. 3.87%

Honeywell International Inc. 3.74%

Philip Morris International Inc. 3.65%

Altria Group Inc. 3.28%

Underlying fund: Investors U.S. Large Cap Value Fund


Berkshire Hathaway Inc. Class A 3.88%

Wells Fargo & Co. 3.50%

JPMorgan Chase & Co. 3.25%

CSX Corp. 3.21%

Exxon Mobil Corp. 3.16%

Underlying fund: IG Putnam U.S. Growth Fund


Amazon.com Inc. 4.38%

Alphabet Inc. Class C 4.05%

Facebook Inc. 3.85%

Apple Inc. 3.75%

Visa Inc. Class A 3.70%

Underlying fund: Investors European Equity Fund


British American Tobacco PLC 3.69%


Sampo OYJ A 3.43%

Roche Holding AG Genusscheine 3.31%

Fresenius SE & Co. KGaA 3.19%







Underlying fund: Investors European Mid-Cap Equity Fund


Next PLC 3.61%

Baloise Holding AG 3.49%

DCC PLC 3.35%


Persimmon PLC 2.65%

Underlying fund: Investors Pan Asian Equity Fund


Toyota Motor Corp. 4.62%


Samsung Electronics Co. Ltd. 2.20%

SoftBank Group Corp. 1.92%

Sumitomo Mitsui Financial Group Inc. 1.92%

Underlying fund: IG Beutel Goodman Canadian Equity Fund




Rogers Communications Inc. Class B NV 6.13%


Cenovus Energy Inc. 3.83%

Underlying fund: IG FI Canadian Equity Fund




Suncor Energy Inc. 4.94%

Canadian Pacific Railway Ltd. 4.07%

Enbridge Inc. 3.58%




Portfolio Turnover Rate

Management Expense Ratio

(unaudited)

The management expense ratio has been calculated as the aggregate of all fees, taxes, charges and other expenses incurred during the year divided by the average daily netasset value of the segregated fund attributable to the particular fee option. All ratios shown are on an annual basis. In circumstances where the particular fund or fee option did

not have twelve months' exposure the ratios have been annualized. Management expense ratios are calculated for Individual Retirement and Investment Services clients only.No management expense rat io is calculated for the Preferred Ser ies 2 guarantee pol icy opt ion as such fees are charged di rect ly to the contractholder.

The portfolio turnover rates presented in the financial statements reflects the Canadian Life and Health Insurance Association Inc. (CLHIA) Guideline G2, Individual VariableInsurance Contracts Relating to Segregated Funds 12.3(a)(iii). The portfolio turnover rates indicate how actively the portfolio investments have been bought or sold throughout

the year. A portfol io turnover rate of 100% is equivalent to the Fund buying and sel l ing al l of the securi t ies in i ts portfol io once in the course of the year.

(2)

(1)


(1)

(2)

(unaudited)


Portfolio Turnover Rate (%)

2015 2014 2013 2012 2011

- 0.04 1.94 0.83 2.54

For the years ended December 31 2015 2014 2013 2012 2011







- - - - -

3.12 3.14 3.15 3.19 3.20

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Aggressive Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-

Investment fund units (note 3) 3,703




Due to brokers -


December 31

-

-

-

-

4,066

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 3

Total expenses 32 33

30

-

3



contractholders 280 359Total investments 3,703 4,066




contractholders - 1


contractholders 3,704 4,066

4,4994,066

280 359


(362) (433)


contractholders - end of year3,704 4,066


- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets



Due from brokers 1 1


Total assets 3,704 4,067

Overdrafts - 1

Derivatives - -

Income



Total Income 312 392



Liabilities

IG/GWL Allegro Aggressive Portfolio Segregated Fund Managed By: Investors Group




2015

2014




359

Adjustments


(145)

Unrealized (gains) losses (4)

104


845


(19)


(351)


-


(1)


-


-


-

643

793



36


(828)

(642)

(792)

Net increase (decrease) in cash, short-term deposits and overdrafts 1

-

Cash, short-term deposits and overdrafts, beginning of year (1)

(1)


(1)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

270,840 317,237 383,338 462,718 482,321

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.67 12.82 11.74 9.87 9.17

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

3,703 4,066

- -

- -

- -

- -

- -

- -

- -

- -

-

-

4,499

-

-

-

-

-

-

-

-

-

-

4,565

-

-

-

-

-

-

-

-

-

-

4,423

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.85 1.08

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Aggressive Fund Series S* 333,233 3,135 3,703

Total Investments 3,135 3,703





















CSX Corp. 3.21%



IG/GWL Allegro Aggressive Portfolio Segregated Fund















Underlying fund: Investors U.S. Opportunities fund



Lear Corp. 3.25%

Dollar General Corp. 2.89%

Huntington Bancshares Inc. 2.88%

WEC Energy Group Inc. 2.86%





Sampo OYJ A 3.43%



Underlying fund: IG AGF U.S. Growth Fund


Facebook Inc. 5.17%


The Boeing Co. 4.00%

Red Hat Inc. 3.97%

Salesforce.com Inc. 3.90%







Underlying fund: IG Mackenzie Emerging Markets Class


HDFC Bank Ltd. ADR 4.73%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.70%

AIA Group Ltd. 4.33%

Housing Development Finance Corp. Ltd. 3.71%

Tencent Holdings Ltd. 3.30%

Underlying fund: IG Mackenzie Ivy Foreign Equity Class



Omnicom Group Inc. 4.14%

The Procter & Gamble Co. 3.50%

Admiral Group PLC 3.40%

Danone SA 3.37%

Underlying fund: IG Beutel Goodman Canadian Equity Fund




Rogers Communications Inc. Class B NV 6.13%


Cenovus Energy Inc. 3.83%







Enbridge Inc. 3.58%











Facebook Inc. 3.85%

Apple Inc. 3.75%







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

5.97 0.49 1.34 1.30 4.56








- - - - -

3.24 3.25 3.24 3.24 3.23

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Conservative Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-




Due to The Great-West Life Assurance Company (note 8) 2

Due to brokers -


December 31

-

-

-

-

14,458

-

-

2

-



Contractholder deposits 929 2,296


to Contractholders

Contractholder withdrawals (2,689) (3,227)


operations

Investments


Expenses



Other 6


70

-

6










14,68814,415

606 658


(1,154) (273)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 4 48

Derivatives - -

Income






Liabilities

IG/GWL Allegro Conservative Portfolio Segregated Fund Managed By: Investors Group




2015

2014




658

Adjustments


(285)


(11)

Gross proceeds of disposition of investments 2,592

3,199


(2,307)


(394)


-


31

Change in due from/to brokers 3

-


-


-

1,804

891



2,296

Contractholder withdrawals (2,689)

(3,227)

(1,760)

(931)


(40)


(8)

Cash, short-term deposits and overdrafts, end of year (4)

(48)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,028,698 1,165,317 1,241,750 1,315,924 1,348,617

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

12.89 12.37 11.83 11.18 10.78

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

13,261 14,415

- -

- -

- -

- -

- -

- -

- -

- -

-

-

14,688

-

-

-

-

-

-

-

-

-

-

14,713

-

-

-

-

-

-

-

-

-

-

14,537

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.52 0.54

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Conservative Fund Series S* 1,203,103 12,204 13,263



Underlying fund: Investors Canadian Corporate Bond Fund


Royal Bank of Canada 2.77% 12-11-2018 2.41%


The Toronto-Dominion Bank 2.62% 12-22-2021 1.61%

Canadian Imperial Bank of Commerce 2.22% 03-07-2018 1.55%


Underlying fund: Investors Mortgage and Short Term Income Fund



Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%



Province of Ontario 4.40% 06-02-2019 1.54%

Underlying fund: Investors Canadian Bond Fund


Government of Canada 5.00% 06-01-2037 3.08%



Bank of Montreal 3.21% 09-13-2018 2.53%



IG/GWL Allegro Conservative Portfolio Segregated Fund








Underlying fund: Investors Global Bond Fund



United States Treasury 3.63% 02-15-2020 8.23%



Government of Australia 3.25% 04-21-2029 5.36%

Underlying fund: IG Mackenzie Canadian Equity Growth Fund









Facebook Inc. 5.17%



Red Hat Inc. 3.97%


Underlying fund: IG Mackenzie Ivy European Fund



Publicis Groupe 8.59%

Aggreko PLC 6.95%


Danone SA 5.96%














Underlying fund: Investors Real Property Fund



1 Toronto Street (Toronto, Ontario) 2.90%

Plains Midstream Plaza (Calgary, Alberta) 2.49%

5000 Yonge Street (Toronto, Ontario) 2.42%

Bell Canada Building (Calgary, Alberta) 2.20%

Underlying fund: IG Mackenzie Income Fund



Province of Quebec 4.50% 12-01-2020 3.99%






ACE Ltd. 3.93%











Underlying fund: IG Putnam U.S. High Yield Income Fund



Sprint Corp. 7.88% 09-15-2023 0.68%

HCA Inc. 6.50% 02-15-2020 0.67%

ADS Waste Holdings Inc. 8.25% 10-01-2020 0.63%

Caesars Entertainment Operating Co. Inc.

Floating Rate 01-28-2018 0.60%






(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

5.18 15.54 17.46 15.67 14.80








- - - - -

2.71 2.72 2.72 2.71 2.71

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

2,322

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 2


15

-

2







contractholders - -



2,2402,322

39 159


(221) 82




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts - -

Derivatives - -

Income



Total Income 55 176



Liabilities

IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group




2015

2014




159

Adjustments


(19)


33


95


(1)


(190)


-


-


-


-


-

260

77



5


(82)

(260)

(77)


-


-


-









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

155,439 173,657 179,601 211,125 192,044

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.52 13.37 12.47 10.78 9.92

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

2,101 2,322

- -

- -

- -

- -

- -

- -

- -

- -

-

-

2,240

-

-

-

-

-

-

-

-

-

-

2,276

-

-

-

-

-

-

-

-

-

-

1,905

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.15 0.90

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Moderate Aggressive Canada Focus Portfolio

Series S* 218,096 1,900 2,101



Underlying fund: Investors Canadian High Yield Income Fund



Westcoast Energy Inc. 8.50% 09-04-2018 1.13%

Rogers Communications Inc. 4.70% 09-29-2020 1.13%

Bank of Montreal 3.12% 09-19-2024 1.10%

















IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund














Enbridge Inc. 3.58%













CSX Corp. 3.21%




Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%











Facebook Inc. 3.85%

Apple Inc. 3.75%









Underlying fund: IG Franklin Bissett Canadian Equity Fund


Brookfield Asset Management Inc. Class A 6.07%

Canadian National Railway Co. 5.62%





















Sampo OYJ A 3.43%








(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.64 0.08 3.82 4.27 5.14








- - - - -

3.04 3.05 3.05 3.03 3.03

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

10,534

-

-

4

-





to Contractholders



operations

Investments


Expenses



Other 7


74

-

7







contractholders 5 6



11,34310,530

683 806


(885) (813)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 2 2

Derivatives - -

Income






Liabilities

IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund Managed By: Investors Group




2015

2014




806

Adjustments


(329)


337


1,889


(191)


(895)


-

Change in due from/to The Great-West Life Assurance Company (1)

3


(1)


-


-

1,568

1,619



230


(1,849)

(1,568)

(1,619)


-


(2)


(2)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

686,116 798,351 924,218 1,080,798 1,158,206

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

14.06 13.19 12.27 10.42 9.64

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

9,645 10,530

- -

- -

- -

- -

- -

- -

- -

- -

-

-

11,343

-

-

-

-

-

-

-

-

-

-

11,261

-

-

-

-

-

-

-

-

-

-

11,160

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.87 0.92

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Moderate Aggressive Fund Series S* 911,020 8,528 9,648








Bank of Montreal 3.12% 09-19-2024 1.10%
















IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund









Underlying fund: Investors Canadian Growth Fund




Element Financial Corp. 4.12%

Power Financial Corp.* 3.95%














CSX Corp. 3.21%



Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%













Facebook Inc. 3.85%

Apple Inc. 3.75%









Underlying fund: Investors Pacific International Fund




Taiwan Semiconductor Manufacturing Co. Ltd. 3.35%


National Australia Bank Ltd. 3.07%


























(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

3.91 1.72 3.49 3.00 5.35








- - - - -

3.05 3.05 3.06 3.05 3.05

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

10,833

-

-

4

-





to Contractholders



operations

Investments


Expenses



Other 5


62

-

5










12,21310,829

580 658


(1,177) (1,384)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 112 3

Derivatives - -

Income






Liabilities

IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund Managed By: Investors Group




2015

2014




658

Adjustments


(346)


86


2,696


(465)


(452)


-

Change in due from/to The Great-West Life Assurance Company 1

(134)


(196)


-


-

1,648

1,847



663


(2,705)

(1,757)

(2,042)

Net increase (decrease) in cash, short-term deposits and overdrafts (109)

(195)


192


(3)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

731,171 865,301 1,032,399 1,118,683 1,233,245

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.20 12.51 11.83 10.72 10.21

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

9,652 10,829

- -

- -

- -

- -

- -

- -

- -

- -

-

-

12,213

-

-

-

-

-

-

-

-

-

-

11,988

-

-

-

-

-

-

-

-

-

-

12,596

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.69 0.68

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Moderate Conservative Fund Series S* 910,761 8,688 9,766






















Bank of Montreal 3.21% 09-13-2018 2.53%



IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
























Facebook Inc. 5.17%



Red Hat Inc. 3.97%






Sampo OYJ A 3.43%






















Enbridge Inc. 3.58%



ACE Ltd. 3.93%


















Underlying fund: IG Putnam U.S. High Yield Income Fund



Sprint Corp. 7.88% 09-15-2023 0.68%

HCA Inc. 6.50% 02-15-2020 0.67%

ADS Waste Holdings Inc. 8.25% 10-01-2020 0.63%

Caesars Entertainment Operating Co. Inc.







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

3.81 4.03 6.02 4.65 7.27








- - - - -

2.86 2.87 2.86 2.84 2.84

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Allegro Moderate Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

17,937

-

-

7

-



Contractholder deposits 1,156 962


to Contractholders



operations

Investments


Expenses



Other 10


118

-

10



contractholders 1,025 1,228Total investments 16,910 17,937







19,75717,926

1,025 1,228


(1,023) (1,831)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 9 9

Derivatives - -

Income

Net gain (loss) on investments 1,148 1,356


Total Income 1,148 1,356



Liabilities

IG/GWL Allegro Moderate Portfolio Segregated Fund Managed By: Investors Group




2015

2014



Increase (decrease) in net assets from operations attributable to contractholders 1,025

1,228

Adjustments


(355)

Unrealized (gains) losses (30)

21


3,478


(309)


(1,010)


-


7

Change in due from/to brokers (1)

-


-


-

2,048

3,060


Contractholder deposits 1,156

962


(4,021)

(2,048)

(3,059)


1


(10)


(9)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,344,901 1,506,082 1,773,389 1,847,421 2,384,561

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

12.57 11.90 11.14 10.09 9.67

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

16,902 17,926

- -

- -

- -

- -

- -

- -

- -

- -

-

-

19,757

-

-

-

-

-

-

-

-

-

-

18,639

-

-

-

-

-

-

-

-

-

-

23,050

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.67 0.76

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Allegro Moderate Fund Series S* 1,650,013 15,419 16,910

















Underlying fund: Investors Core Canadian Equity Fund






Bank of Montreal 3.80%


IG/GWL Allegro Moderate Portfolio Segregated Fund














Enbridge Inc. 3.58%










Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%





Aggreko PLC 6.95%


Danone SA 5.96%







Underlying fund: Investors Core U.S. Equity Fund


Apple Inc. 2.83%

Microsoft Corp. 2.42%


Facebook Inc. 1.75%

Comcast Corp. Class A 1.52%








Underlying fund: IG FI U.S. Large Cap Equity Fund


Alphabet Inc. Class A 3.98%

Apple Inc. 2.94%

Occidental Petroleum Corp. 2.45%

Facebook Inc. 2.38%

Citigroup Inc. 2.25%






Bank of Montreal 3.12% 09-19-2024 1.10%








Underlying fund: IG Mackenzie Ivy Foreign Equity Class



Omnicom Group Inc. 4.14%



Danone SA 3.37%






(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

4.01 1.70 8.67 1.74 4.99








- - - - -

2.98 2.99 2.99 2.97 2.97

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-

Investment fund units (note 3) 559




Due to brokers -


December 31

-

-

-

-

1,013

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 1

Total expenses 7 8

7

-

1



contractholders 21 68Total investments 559 1,013




contractholders - -


contractholders 559 1,013

9551,013

21 68


(454) 58


contractholders - end of year559 1,013


- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets





Total assets 559 1,013

Overdrafts - -

Derivatives - -

Income



Total Income 28 76



Liabilities

IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group




2015

2014




68

Adjustments


(5)


(36)


21

Gross payments for the purchase of investments -

(3)


(35)


-


-


-


-


-

475

10



3


(13)

(475)

(10)


-


-


-









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

46,491 84,535 85,403 94,723 95,023

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

12.02 11.99 11.19 9.75 9.23

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

559 1,013

- -

- -

- -

- -

- -

- -

- -

- -

-

-

955

-

-

-

-

-

-

-

-

-

-

923

-

-

-

-

-

-

-

-

-

-

877

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.03 0.80

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Aggressive Canada Focus Fund Series S* 57,118 469 559

Total Investments 469 559
























IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund



















Aggreko PLC 6.95%


Danone SA 5.96%





Facebook Inc. 3.85%

Apple Inc. 3.75%




















CSX Corp. 3.21%




Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%

Underlying fund: Investors Canadian Equity Fund






Canadian Natural Resources Ltd. 3.71%






(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

0.15 0.26 2.03 1.57 4.18








- - - - -

3.16 3.17 3.18 3.16 3.18

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Aggressive Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

2,096

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 1


17

-

1







contractholders 1 -



2,4842,096

118 233


(185) (388)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts - -

Derivatives - -

Income






Liabilities

IG/GWL Alto Aggressive Portfolio Segregated Fund Managed By: Investors Group




2015

2014




233

Adjustments


(148)


37


757


(118)


(140)


-


-


1


-


-

303

622



123


(744)

(303)

(621)


1


(1)


-









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

139,616 161,425 212,173 218,320 349,291

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.69 12.99 11.71 9.78 9.10

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

1,911 2,096

- -

- -

- -

- -

- -

- -

- -

- -

-

-

2,484

-

-

-

-

-

-

-

-

-

-

2,135

-

-

-

-

-

-

-

-

-

-

3,177

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.70 1.28

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Aggressive Portfolio Fund Series S* 166,479 1,633 1,912


















HDFC Bank Ltd. ADR 4.73%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.70%

AIA Group Ltd. 4.33%

Housing Development Finance Corp. Ltd. 3.71%



IG/GWL Alto Aggressive Portfolio Segregated Fund


Underlying fund: IG Mackenzie Emerging Markets Class











Sampo OYJ A 3.43%



Underlying fund: Investors U.S. Opportunities Fund



Lear Corp. 3.25%

Dollar General Corp. 2.89%

Huntington Bancshares Inc. 2.88%

WEC Energy Group Inc. 2.86%






CSX Corp. 3.21%




Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%


















Facebook Inc. 3.85%

Apple Inc. 3.75%





















(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

3.76 5.09 13.20 2.27 4.22








- - - - -

3.19 3.19 3.23 3.20 3.22

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Conservative Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

22,254

-

-

8

-





to Contractholders



operations

Investments


Expenses



Other 9


106

-

10










23,17222,244

439 947


(3,036) (928)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 17 13

Derivatives - -

Income

Net gain (loss) on investments 543 1,063


Total Income 543 1,063



Liabilities

IG/GWL Alto Conservative Portfolio Segregated Fund

Managed By: Investors Group(in Canadian $ thousands)



2015 2014



Increase (decrease) in net assets from operations attributable to contractholders 439 947

Adjustments

Realized (gains) losses (415) (334)

Unrealized (gains) losses 749 (77)

Gross proceeds of disposition of investments 4,307 3,670

Gross payments for the purchase of investments (725) (1,783)

Change in distribution income of underlying mutual fund (877) (582)

Change in investment income due and accrued - -

Change in due from/to The Great-West Life Assurance Company (3) 35

Change in due from/to brokers (4) (2)

Change in due from/to outside parties - -

Change in mortgages on investment properties - -

3,471 1,874




(3,475) (1,875)

Net increase (decrease) in cash, short-term deposits and overdrafts (4) (1)

Cash, short-term deposits and overdrafts, beginning of year (13) (12)

Cash, short-term deposits and overdrafts, end of year (17) (13)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,565,616 1,846,618 2,003,930 2,146,704 2,414,449

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

12.27 12.05 11.56 11.10 10.75

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

19,208 22,244

- -

- -

- -

- -

- -

- -

- -

- -

-

-

23,172

-

-

-

-

-

-

-

-

-

-

23,820

-

-

-

-

-

-

-

-

-

-

25,955

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.22 0.49

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Conservative Portfolio Fund Series S* 1,852,742 18,330 19,215










Underlying fund: Investors Global Bond Fund






Government of Australia 3.25% 04-21-2029 5.36%
























Underlying fund: Investors Core Canadian Equity Fund












CSX Corp. 3.21%






Aggreko PLC 6.95%


Danone SA 5.96%


























Bank of Montreal 3.21% 09-13-2018 2.53%







Bank of Montreal 3.12% 09-19-2024 1.10%







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

3.48 7.82 7.14 10.98 12.42








- - - - -

2.69 2.69 2.69 2.69 2.68

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

4,481

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 4


30

-

4







contractholders 3 4



4,7084,481

70 315


(198) (227)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 3 4

Derivatives - -

Income






Liabilities

IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group




2015

2014




315

Adjustments


(86)


21


574


-


(282)


-


-


-


-


-

269

542



197


(739)

(268)

(542)


-


(4)


(4)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

326,377 346,262 388,663 423,104 428,679

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.12 12.94 12.11 10.92 10.36

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

4,283 4,481

- -

- -

- -

- -

- -

- -

- -

- -

-

-

4,708

-

-

-

-

-

-

-

-

-

-

4,623

-

-

-

-

-

-

-

-

-

-

4,442

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.18 0.83

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Moderate Aggressive Canada Focus Fund Series S* 457,195 4,021 4,283















Bank of Montreal 3.12% 09-19-2024 1.10%










IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund


























Aggreko PLC 6.95%


Danone SA 5.96%





Facebook Inc. 3.85%

Apple Inc. 3.75%














CSX Corp. 3.21%




Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%

































(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

0.59 0.03 2.25 5.01 14.29








- - - - -

3.11 3.11 3.09 3.04 3.06

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

4,308

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 3


30

-

3







contractholders 1 -



4,7244,308

179 357


(102) (416)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets



Due from brokers 1 -



Overdrafts 1 -

Derivatives - -

Income






Liabilities

IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund Managed By: Investors Group




2015

2014




357

Adjustments


(142)


21


943


(137)


(269)


-


1


-


-


-

280

774



165


(938)

(281)

(773)


1


(1)


-









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

307,687 327,934 388,394 425,883 450,313

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.67 13.14 12.16 10.54 9.85

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

4,206 4,308

- -

- -

- -

- -

- -

- -

- -

- -

-

-

4,724

-

-

-

-

-

-

-

-

-

-

4,491

-

-

-

-

-

-

-

-

-

-

4,438

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.53 0.98

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Moderate Aggressive Fund Series S* 404,427 3,827 4,206















Bank of Montreal 3.12% 09-19-2024 1.10%










IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
























Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%






CSX Corp. 3.21%













Facebook Inc. 3.85%

Apple Inc. 3.75%









Underlying fund: Investors Pacific International Fund




Taiwan Semiconductor Manufacturing Co. Ltd. 3.35%


National Australia Bank Ltd. 3.07%


























(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.25 3.01 3.33 3.73 11.00








- - - - -

3.05 3.06 3.06 3.05 3.05

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Moderate Conservative Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

11,464

22

-

-

23





to Contractholders

Contractholder withdrawals (3,401) (814)


operations

Investments


Expenses



Other 5


60

-

5










11,21711,463

308 563


(2,746) 246




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets



Due from brokers 2 -



Overdrafts 3 -

Derivatives - -

Income






Liabilities

IG/GWL Alto Moderate Conservative Portfolio Segregated Fund Managed By: Investors Group




2015

2014




563

Adjustments


(102)


34


848


(475)


(546)


-


(5)


26


-


-

3,029

343



497


(814)

(3,054)

(317)


26

Cash, short-term deposits and overdrafts, beginning of year 22

(4)


22









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

675,122 910,992 936,766 1,016,416 1,179,005

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

12.91 12.58 11.97 10.89 10.44

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

8,717 11,463

- -

- -

- -

- -

- -

- -

- -

- -

-

-

11,217

-

-

-

-

-

-

-

-

-

-

11,068

-

-

-

-

-

-

-

-

-

-

12,305

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.33 0.61

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Moderate Conservative Fund Series S* 814,501 8,068 8,719








Bank of Montreal 3.21% 09-13-2018 2.53%

















IG/GWL Alto Moderate Conservative Portfolio Segregated Fund



















Facebook Inc. 3.85%

Apple Inc. 3.75%







CSX Corp. 3.21%



















Aggreko PLC 6.95%


Danone SA 5.96%













Bank of Montreal 3.12% 09-19-2024 1.10%














(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.12 4.17 10.56 7.77 9.76








- - - - -

2.81 2.82 2.81 2.80 2.81

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Alto Moderate Portfolio Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

20,793

-

-

5

-





to Contractholders



operations

Investments


Expenses



Other 13


125

-

13



contractholders 878 1,128Total investments 18,979 20,793







20,66020,787

878 1,128


(1,873) 127




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 67 18

Derivatives - -

Income






Liabilities

IG/GWL Alto Moderate Portfolio Segregated Fund Managed By: Investors Group




2015

2014




1,128

Adjustments


(221)


348


2,132


(1,004)


(1,381)


-


-


(11)


-


-

2,702

991



1,227


(2,228)

(2,751)

(1,001)


(10)


(8)


(18)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,442,120 1,651,619 1,733,366 2,026,196 2,383,099

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

13.12 12.59 11.92 10.68 10.14

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

18,914 20,787

- -

- -

- -

- -

- -

- -

- -

- -

-

-

20,660

-

-

-

-

-

-

-

-

-

-

21,630

-

-

-

-

-

-

-

-

-

-

24,168

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.53 0.67

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Alto Moderate Portfolio Fund Series S* 1,922,565 18,006 18,979

























IG/GWL Alto Moderate Portfolio Segregated Fund




















CSX Corp. 3.21%


Investors Canadian Small Cap Growth Fund




Enerflex Ltd. 2.15%

Tahoe Resources Inc. 2.12%

Heroux-Devtek Inc. 2.12%



Next PLC 3.61%


DCC PLC 3.35%


Persimmon PLC 2.65%


















Aggreko PLC 6.95%


Danone SA 5.96%












Facebook Inc. 3.85%

Apple Inc. 3.75%







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

0.76 4.81 5.97 4.00 7.78








- - - - -

2.97 2.98 2.96 2.94 2.94

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Canadian Balanced Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

46,649

-

-

22

-



Contractholder deposits 1,006 1,790


to Contractholders



operations

Investments


Expenses



Other 30


379

-

36



contractholders (2,793) 3,415Total investments 36,034 46,649







51,31846,617

(2,793) 3,415


(10,607) (4,701)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 33 61

Derivatives - -

Income

Net gain (loss) on investments (2,443) 3,830


Total Income (2,443) 3,830



Liabilities

IG/GWL Canadian Balanced Segregated Fund Managed By: Investors Group




2015

2014



Increase (decrease) in net assets from operations attributable to contractholders (2,793)

3,415

Adjustments


(955)

Unrealized (gains) losses 3,819

(2,405)


9,295


(880)


(341)


-


(12)


(211)


-


-

7,842

7,906



1,790


(9,906)

(7,814)

(8,116)


(210)


149


(61)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,911,735 2,296,687 2,701,429 3,371,880 4,001,745

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

18.84 20.30 19.00 17.98 18.22

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

36,010 46,617

- -

- -

- -

- -

- -

- -

- -

- -

-

-

51,318

-

-

-

-

-

-

-

-

-

-

60,622

-

-

-

-

-

-

-

-

-

-

72,930

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

(1.46) 1.30

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Canadian Balanced Fund Series S* 2,569,968 34,841 36,034


Top 25 Holdings










Sysco Corp. 2.05%

Valeant Pharmaceuticals International Inc. 1.83%


Nielsen Holdings PLC 1.42%

Loblaw Companies Ltd. 1.39%

CI Financial Corp. 1.35%

Shaw Communications Inc. Class B 1.34%




Verizon Communications Inc. 1.25%


AltaGas Ltd. 1.21%

Merck & Co. Inc. 1.07%

Gilead Sciences Inc. 1.04%

The Priceline Group Inc. 1.04%



IG/GWL Canadian Balanced Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

1.48 1.82 1.90 1.54 5.95








- - - - -

2.96 2.97 2.97 2.99 2.98

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Canadian Equity Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

15,240

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 11


128

-

13



contractholders (650) 1,417Total investments 11,636 15,240







17,55315,221

(650) 1,417


(3,611) (2,332)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 28 22

Derivatives - -

Income

Net gain (loss) on investments (535) 1,558


Total Income (535) 1,558



Liabilities

IG/GWL Canadian Equity Segregated Fund Managed By: Investors Group




2015

2014



Increase (decrease) in net assets from operations attributable to contractholders (650)

1,417

Adjustments


(344)


(802)


4,230


(362)

Change in distribution income of underlying mutual fund -

(412)


-


4


-


-


-

2,955

3,731



656


(4,405)

(2,961)

(3,749)


(18)


(4)


(22)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - 10 10 10

- - - - -

612,614 759,680 950,247 1,099,907 1,256,973

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - 19.76 17.43 16.95

- - - - -

18.95 20.04 18.47 16.43 16.09

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

11,610 15,221

- -

- -

- -

- -

- -

- -

- -

- -

-

-

17,552

-

-

-

-

-

-

-

-

-

-

18,072

-

-

-

-

-

-

-

-

-

-

20,230

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

(1.09) 1.57

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Canadian Equity Fund Series S* 653,049 11,423 11,636


Top 25 Holdings











CBS Corp. Class B NV 2.48%

Valeant Pharmaceuticals International Inc. 2.44%

United Technologies Corp. 2.39%


Eaton Corp. PLC 2.15%



Express Scripts Holding Co. 2.01%



Great-West Lifeco Inc.* 1.92%


Cisco Systems Inc. 1.84%

Agrium Inc. 1.72%

CGI Group Inc. Class A SV 1.71%



IG/GWL Canadian Equity Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.12 2.18 5.23 4.16 8.63








- - - - -

3.04 3.05 3.05 3.03 3.04

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Dividend Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

153,581

149

-

41

150





to Contractholders



operations

Investments


Expenses

Management fees (note 8) 1,095


Other 90

Total expenses 1,185 1,358

1,253

-

105



contractholders (10,859) 10,192Total investments 121,614 153,581







166,701153,581

(10,859) 10,192


(32,006) (13,120)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets





Total assets 121,651 153,772

Overdrafts 45 -

Derivatives - -

Income

Net gain (loss) on investments (9,674) 11,550


Total Income (9,674) 11,550



Liabilities

IG/GWL Dividend Segregated Fund Managed By: Investors Group




2015

2014



Increase (decrease) in net assets from operations attributable to contractholders (10,859)

10,192

Adjustments

Realized (gains) losses (3,076)

(4,251)

Unrealized (gains) losses 17,040

(2,193)


27,649

Gross payments for the purchase of investments (2,880)

(5,589)

Change in distribution income of underlying mutual fund (3,288)

(2,530)


-


117


140


-


-

20,953

23,535



8,436


(31,748)

(21,147)

(23,312)


223

Cash, short-term deposits and overdrafts, beginning of year 149

(74)


149









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - 10 10 10

- - - - -

5,046,900 5,883,573 6,810,385 7,388,738 8,420,033

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - 26.05 22.37 19.92

- - - - -

24.09 26.10 24.48 21.20 19.01

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

121,575 153,581

- -

- -

- -

- -

- -

- -

- -

- -

-

-

166,701

-

-

-

-

-

-

-

-

-

-

156,641

-

-

-

-

-

-

-

-

-

-

160,089

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

(2.01) 1.62

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Dividend Fund Series S* 5,178,748 113,538 121,614


Top 25 Holdings








CI Financial Corp. 5.08%



TELUS Corp. 3.77%


Great-West Lifeco Inc.* 3.37%

Sun Life Financial Inc. 3.14%


Emera Inc. 2.48%

BCE Inc. 2.23%

Husky Energy Inc. 2.18%


Thomson Reuters Corp. 1.96%

Fortis Inc. 1.74%

Enbridge Inc. 1.51%




Potash Corp. of Saskatchewan Inc. 0.80%


IG/GWL Dividend Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.08 3.54 8.35 5.71 5.99








- - - - -

2.97 2.98 2.99 3.01 3.01

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Global Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

24,307

-

-

1

-





to Contractholders



operations

Investments


Expenses



Other 15


159

-

15










26,39724,283

3,135 2,461


(693) (2,114)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 4 29

Derivatives - -

Income






Liabilities

IG/GWL Global Segregated Fund Managed By: Investors Group




2015

2014




2,461

Adjustments


(1,303)

Unrealized (gains) losses (1,177)

(507)


5,228


(503)


(825)


-


3


(2)


-


-

3,853

4,552



1,038


(5,613)

(3,828)

(4,575)


(23)


(6)


(29)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

1,205,371 1,409,499 1,687,968 1,842,586 2,037,798

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

19.57 17.23 15.64 12.08 10.81

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

23,590 24,283

- -

- -

- -

- -

- -

- -

- -

- -

-

-

26,397

-

-

-

-

-

-

-

-

-

-

22,264

-

-

-

-

-

-

-

-

-

-

22,032

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

2.34 1.59

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Global Fund Series S* 1,163,192 16,316 23,590


Top 25 Holdings


Alphabet Inc. Class A 2.70%

Johnson & Johnson 2.36%


Twenty-First Century Fox Inc. 1.99%




Gilead Sciences Inc. 1.86%



American Express Co. 1.77%





Allianz SE Reg. 1.50%

Harley-Davidson Inc. 1.44%

Bayer AG 1.42%

Pfizer Inc. 1.40%

National Grid PLC 1.40%

Laboratory Corp. of America Holdings 1.28%

General Electric Co. 1.28%

The TJX Companies Inc. 1.26%

Nestle SA 1.25%

Koninklijke Philips NV 1.20%


IG/GWL Global Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

5.25 1.99 4.80 2.83 4.91








- - - - -

3.05 3.06 3.07 3.06 3.05

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Government Bond Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

26,941

-

-

21

-





to Contractholders



operations

Investments


Expenses



Other 11


122

-

12



contractholders 404 1,807Total investments 22,453 26,941







32,96526,898

404 1,807


(4,473) (6,067)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 31 86

Derivatives - -

Income

Net gain (loss) on investments 515 1,941


Total Income 515 1,941



Liabilities

IG/GWL Government Bond Segregated Fund Managed By: Investors Group




2015

2014




1,807

Adjustments


(183)


(1,211)


8,120


(456)


(212)


-


4


3


-


-

4,932

7,872



585


(8,459)

(4,877)

(7,874)


(2)


(84)


(86)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - 10 10 10

- - - - -

1,252,888 1,524,526 1,981,691 2,598,649 2,692,875

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - 17.17 17.58 17.26

- - - - -

17.90 17.64 16.63 17.11 16.87

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

22,425 26,898

- -

- -

- -

- -

- -

- -

- -

- -

-

-

32,965

-

-

-

-

-

-

-

-

-

-

44,467

-

-

-

-

-

-

-

-

-

-

45,428

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

0.26 1.01

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Canadian Bond Fund Series S* 2,155,175 21,717 22,453


Top 25 Holdings





Bank of Montreal 3.21% 09-13-2018 2.53%



Province of British Columbia 6.35% 06-18-2031 1.81%


Royal Bank of Canada Floating Rate 02-11-2020 1.60%



Bank of Montreal 2.12% 03-16-2022 1.38%

Province of British Columbia 0.00% 09-05-2020 1.35%



Province of Manitoba 4.60% 03-05-2038 1.31%









CU Inc. 4.09% 09-02-2044 1.01%


IG/GWL Government Bond Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

2.49 1.71 2.68 25.69 109.14








- - - - -

2.26 2.26 2.27 2.22 2.24

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Money Market Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

5,079

-

-

3

-





to Contractholders



operations

Investments


Expenses



Other 1

Total expenses 7 9

8

-

1



contractholders (1) 8Total investments 6,135 5,079







7,3805,074

(1) 8


1,002 (2,306)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 57 2

Derivatives - -

Income



Total Income 6 17



Liabilities

IG/GWL Money Market Segregated Fund

Managed By: Investors Group(in Canadian $ thousands)



2015 2014



Increase (decrease) in net assets from operations attributable to contractholders (1) 8

Adjustments

Realized (gains) losses - -

Unrealized (gains) losses - -

Gross proceeds of disposition of investments 3,502 4,554

Gross payments for the purchase of investments (4,552) (2,203)

Change in distribution income of underlying mutual fund (6) (7)

Change in investment income due and accrued - -

Change in due from/to The Great-West Life Assurance Company (1) (31)

Change in due from/to brokers - -

Change in due from/to outside parties - -

Change in mortgages on investment properties - -

(1,058) 2,321




1,003 (2,314)

Net increase (decrease) in cash, short-term deposits and overdrafts (55) 7

Cash, short-term deposits and overdrafts, beginning of year (2) (9)

Cash, short-term deposits and overdrafts, end of year (57) (2)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - 10 10 10

- - - - -

477,982 399,062 581,244 707,557 870,254

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - 12.60 12.60 12.60

- - - - -

12.71 12.71 12.70 12.68 12.66

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

6,076 5,074

- -

- -

- -

- -

- -

- -

- -

- -

-

-

7,380

-

-

-

-

-

-

-

-

-

-

8,972

-

-

-

-

-

-

-

-

-

-

11,021

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

- 0.01

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors Money Market Fund Class S* 6,135,442 6,135 6,135


Top 25 Holdings







Province of New Brunswick 0.53% 03-24-2016 2.78%

The Bank of Nova Scotia Floating Rate 03-11-2016 2.72%

National Bank of Canada Floating Rate 06-22-2016 2.72%

Canadian Imperial Bank of Commerce


Royal Bank of Canada Floating Rate 09-16-2016 2.72%




Province of Saskatchewan 0.56% 03-02-2016 2.08%

Bank of Montreal Floating Rate 06-12-2017 2.04%





The Toronto-Dominion Bank Floating Rate 04-21-2016 1.70%

Imperial Oil Ltd. 0.81% 01-21-2016 1.70%

Province of Alberta 0.55% 02-16-2016 1.70%














(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

- - - - -








- - - - -

0.80 0.96 0.97 0.94 0.83

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL Summa™ Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-





Due to brokers -


December 31

-

-

-

-

4,954

-

-

5

-





to Contractholders

Contractholder withdrawals (812) (1,539)


operations

Investments


Expenses



Other 3


34

-

3



contractholders (129) 582Total investments 4,150 4,954




contractholders 1 6



5,8564,949

(129) 582


(799) (907)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts 1 1

Derivatives - -

Income

Net gain (loss) on investments (98) 619


Total Income (98) 619



Liabilities

IG/GWL Summa™ Segregated Fund Managed By: Investors Group




2015

2014



Increase (decrease) in net assets from operations attributable to contractholders (129)

582

Adjustments


(253)


(366)


1,523


(2)


-


5


-


-


-

670

1,489



50


(1,539)

(670)

(1,489)


-


(1)


(1)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

352,342 407,388 534,435 632,982 693,055

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

11.78 12.15 10.96 9.43 9.19

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

4,150 4,949

- -

- -

- -

- -

- -

- -

- -

- -

-

-

5,856

-

-

-

-

-

-

-

-

-

-

5,970

-

-

-

-

-

-

-

-

-

-

6,368

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

(0.37) 1.19

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors SummaTM

SRI Fund Series S* 265,603 3,421 4,150


Top 25 Holdings








Cisco Systems Inc. 2.24%

CVS Health Corp. 1.97%

Union Agriculture Group 1.80%



The Home Depot Inc. 1.76%


Pfizer Inc. 1.70%

Jones Lang LaSalle Inc. 1.62%

Tiffany & Co. 1.62%

Intact Financial Corp. 1.61%


Canadian Tire Corp. Ltd. Class A NV 1.58%


Bio-Techne Corp. 1.52%

The Descartes Systems Group Inc. 1.48%


Hormel Foods Corp. 1.45%

Loblaw Companies Ltd. 1.44%


IG/GWL Summa™ Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

1.40 0.03 0.49 6.19 4.43








- - - - -

2.87 2.87 2.87 2.98 3.03

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

IG/GWL Investment Funds IG/GWL U.S. Large Cap Value Segregated Fund



Bonds -

Stocks -


Mortgages and sales

agreements-


Cash and short-term deposits 71



Due to brokers -


December 31

-

-

-

-

16,262

-

-

-

-





to Contractholders



operations

Investments


Expenses



Other 11


129

-

13










17,31816,242

1,324 2,136


(3,076) (1,076)




- -Derivatives



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets






Overdrafts - 23

Derivatives - -

Income






Liabilities

IG/GWL U.S. Large Cap Value Segregated Fund Managed By: Investors Group




2015

2014




2,136

Adjustments


(1,315)


(53)


4,136


(839)


(910)


-


35


-


-


-

4,494

3,190



1,418


(4,630)

(4,400)

(3,212)


(22)


(1)

Cash, short-term deposits and overdrafts, end of year 71

(23)









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

- - - - -

714,678 958,961 1,162,972 1,216,309 1,318,433

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -


2015 2014 2013 2012 2011

- - - - -

- - - - -

18.42 16.94 14.89 10.72 9.85

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

- -

13,166 16,242

- -

- -

- -

- -

- -

- -

- -

- -

-

-

17,318

-

-

-

-

-

-

-

-

-

-

13,040

-

-

-

-

-

-

-

-

-

-

12,984

-

-

-

-

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

-

-

-

-

-

-

-

-

-

-








2015 2014

- -

- -

1.48 2.05

- -

- -

- -

- -

- -

- -

- -

- -

-

-

-

-




No. of Average Fair

Units Cost Value


Investors U.S. Large Cap Value Fund Series S* 146,192 9,115 13,094


Top 25 Holdings





CSX Corp. 3.21%



Citigroup Inc. 3.08%

United Technologies Corp. 3.05%

Johnson & Johnson 2.84%

American International Group Inc. 2.83%


General Mills Inc. 2.77%

Bank of America Corp. 2.76%

U.S. Bancorp 2.76%


CBS Corp. Class B 2.68%

Occidental Petroleum Corp. 2.56%

Emerson Electric Co. 2.52%

Medtronic PLC 2.44%

Pfizer Inc. 2.37%

The TJX Companies Inc. 2.33%

AT&T Inc. 2.33%



Chevron Corp. 2.13%


IG/GWL U.S. Large Cap Value Segregated Fund







(unaudited)





(2)

(1)


(1)

(2)

(unaudited)



2015 2014 2013 2012 2011

7.68 5.04 8.62 7.23 7.34








- - - - -

3.06 3.07 3.08 3.04 3.05

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 1. THE FUNDS

The following Funds are offered by The Great-West Life Assurance Company:















IG/GWL Canadian Balanced Segregated Fund

IG/GWL Canadian Equity Segregated Fund

IG/GWL Dividend Segregated Fund

IG/GWL Global Segregated Fund

IG/GWL Government Bond Segregated Fund


IG/GWL SummaTM

Segregated Fund

IG/GWL U.S. Large Cap Value Segregated Fund

The Great-West Life Assurance Company (the Company) is the sole issuer of the insurance

contracts providing for investment in each Fund. The assets of the Funds are owned by the Company and are segregated from the other assets of the Company. The Funds are not separate legal entities. The Funds invest in a portfolio of assets to generate returns in the form of investment income and capital appreciation for the contractholders, who are the ultimate beneficiaries of the Funds. The Funds' investment activities are overseen by the Company. The Company is a wholly owned subsidiary of Great-West Lifeco Inc. (“Lifeco”), a publicly listed company incorporated and domiciled in Canada. Lifeco is a member of the Power Financial Corporation (“Power Financial”) group of companies and its direct parent is Power Financial. The Funds’ registered office is at 100 Osborne Street North, Winnipeg, Manitoba, Canada, R3C 1V3. The financial statements of the Funds were approved for issue by the Company on March 18, 2016.

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Funds have been prepared in compliance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). Uniform accounting policies were applied in the preparation of the Fund’s financial statements. These accounting policies are based on the IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective at December 31, 2015. The financial statements of the Funds have also been prepared in accordance with the requirements of Part XII of the Canadian Life and Health Insurance Association Guideline G2. The Funds adopted the narrow scope amendments to IFRS for Annual Improvements 2010 - 2012 Cycle and Annual Improvements 2011 – 2013 Cycle effective January 1, 2015. The adoption of these narrow scope amendments did not have a significant impact on the Funds financial statements.

a) Use of Estimates, Significant Accounting Judgments and Assumptions The preparation of the Funds' financial statements in accordance with IFRS requires management to make estimates, judgments and assumptions that affect the reported amount of assets and liabilities at the reporting date and the reported amount of revenues and expenses during the reporting period. The valuation of investments is the most significant component of the financial statements subject to estimates. Although some variability is inherent in these judgments and assumptions, the Funds believe that the amounts recorded are reasonable. When the fair values of financial assets and financial liabilities recorded in the Statement of Financial Position cannot be derived from active markets, the fair value is determined using a variety of valuation techniques that include the use of valuation models. The inputs to these models are taken from observable markets where possible, but where this information is not available, estimation is required in establishing fair values. The estimates include consideration of liquidity and model inputs related to items such as credit risk (both own and counterparty's), correlation and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments in the Statement of Financial Position and the level where the financial instruments are disclosed in the fair value hierarchy. Actual results could differ from these estimates. Entities that meet the definition of an investment entity within IFRS 10, Consolidated Financial Statements are required to measure their subsidiaries at fair value through profit or loss rather than consolidate them. The criteria which define an investment entity are, as follows:

• An entity that obtains funds from one or more investors for the purpose of providing those investors with investment services;

• An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and

• An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis.

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a) Use of Estimates, Significant Accounting Judgments and Assumptions (continued)

In the judgment of management, the Funds meet the definition of an investment entity. This conclusion will be reassessed on a periodic basis, if any changes in criteria or circumstances exist.

b) Fair Value Measurement and Classification The fair value of financial assets and liabilities have been categorized based upon the following fair value hierarchy: Level 1: Fair value measurements utilize observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Funds have the ability to access. Assets and liabilities utilizing Level 1 inputs include equity securities that are actively traded on an exchange and underlying mutual funds which have available prices in an active market with no redemption restrictions. Level 2: Fair value measurements utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. The fair values for some Level 2 securities were obtained from a pricing service. The pricing service inputs include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, offers and reference data. Level 2 assets and liabilities include those priced using a matrix which is based on credit quality and average life, and include some private bonds and equities, most investment-grade and high-yield corporate bonds, most asset-backed securities, most over-the-counter derivatives, and mortgage loans. Level 3: Fair value measurements utilize one or more significant inputs that are not based on observable market inputs and include situations where there is little, if any, market activity for the asset or liability. The values of the majority of Level 3 securities were obtained from single broker quotes, internal pricing models, or external appraisers. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Funds determine whether transfers have occurred between levels in the hierarchy by re-assessing the categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Fair values of financial instruments are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3. Additional disclosures relating to transfers between levels and a reconciliation of beginning and ending balances in Level 3 are included in the notes to the Schedule of Investment Portfolio, where applicable.


b) Fair Value Measurement and Classification (continued)

Level 3 financial instruments are reviewed on a periodic basis by the Fund’s administrator. The Fund’s administrator considers the appropriateness of the valuation model inputs, as well as the valuation result using various valuation methods and techniques generally recognized as standard within the industry. Transfers into Level 3 are due primarily to decreased observability of inputs in valuation methodologies. Transfers out of Level 3 are due primarily to increased observability of inputs in valuation methodologies as evidenced by corroboration of market prices with multiple pricing vendors. The Funds' fair value hierarchy classification of its assets and liabilities is included in fair value measurements in the notes to the Schedule of Investment Portfolio. The Funds classify its financial assets and financial liabilities at initial recognition at fair value through profit or loss into the following: Financial assets and liabilities held for trading: financial assets are classified as held for trading if they are acquired for the purpose of selling and/or repurchasing in the near term. Derivatives are classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39, Financial Instruments: Recognition and Measurement. The Funds' policy is not to apply hedge accounting. Financial instruments designated as fair value through profit or loss upon initial recognition: these include stocks, bonds, and other interest-bearing investments. These financial assets are designated upon initial recognition on the basis that they are part of a group of financial assets that are managed and have their performance evaluated on a fair value basis, in accordance with risk management and investment strategies of the Funds, as set out in the Funds' offering document. The following is a summary of the classification of financial instruments in accordance with IAS 39, Financial Instruments: Recognition and Measurement: Financial Instrument Classification Cash and short-term deposits Loans and receivables Investment income due and accrued Loans and receivables Due to/from The Great-West Life Assurance Company Loans and receivables Due to/from brokers Loans and receivables Due to/from outside parties Loans and receivables Bonds Fair value through profit or loss Stocks Fair value through profit or loss Investment fund units Fair value through profit or loss Mortgages and sales agreements Fair value through profit or loss Mortgages on investment properties Fair value through profit or loss Derivatives Held-for-trading Net assets attributable to contractholders Fair value through profit or loss All financial instruments classified as loans and receivables are held at cost, which approximates their fair value.


c) Investment Fund Units

Fair values are determined by the daily closing unit value of the underlying fund.

d) Cash, Short-term Deposits and Overdrafts Cash, short-term deposits and overdrafts are comprised of cash on deposit, short-term deposits and overdrafts with terms to maturity of less than three months at acquisition. Cash, short-term deposits and overdrafts are held at cost, which approximates fair value.

e) Derivatives Derivatives are classified as held-for-trading and are measured at fair value.

f) Classification of Units Issued by the Funds The units of the Funds are classified as financial liabilities under IFRS as the Funds are contractually obligated to repurchase or redeem them for cash or another financial asset when the units are disposed. The net assets attributable to contractholders are classified as fair value through profit or loss.

g) Recognition of Investments and Income Financial investment purchases and sales are recorded when the Funds become a party to the contractual provisions of the instrument on a trade date basis. Financial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of Financial Position at fair value. The accrual basis of accounting is used to record all types of investment income earned and expenses incurred by the Funds. The following are included in net gain (loss) on investments on the Statement of Comprehensive Income: Realized gains (losses) on investments - recorded upon the sale or maturity of an asset. Gains are calculated as the excess of the net proceeds from sale over the cost of the investment. Unrealized gains (losses) on investments - calculated as the in-year change in fair value of the investment. Interest income on debt securities - recognized in the Statement of Comprehensive Income when received or receivable. Dividend revenue - recognized when the Funds' right to receive the payment is established. Dividend revenue is presented gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income. After initial measurement, the Funds measure financial instruments which are classified as fair value through profit or loss, at fair value at the reporting date. Changes in the fair value of those financial instruments are recorded in net gain (loss) on investments in the Statement of Comprehensive Income.


g) Recognition of Investments and Income (continued)

Foreign currency Foreign currency translations are calculated using the exchange rate in effect when the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are re-translated at the functional currency rate of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gains or losses generated by foreign exchange are recorded in the Statement of Comprehensive Income within net gain (loss) on investments.

h) Offsetting of Financial Instruments Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial Position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously.

i) Amounts Due to/from Broker Amounts due to brokers are payables for securities purchased (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Amounts due from brokers include margin accounts and receivables for securities sold (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Amounts due to/from brokers are held at cost, classified as loans and receivables, and their cost approximates their fair value. Amounts due to/from brokers are settled within a few business days of the reporting date.

j) Other Expenses Other expenses consist primarily of securities handling charges. All these expenses are paid to third parties. The accrual basis of accounting is used to record all types of expenses incurred by the Funds.

k) Income Allocation Net gain (loss) on investments, which includes dividend income, interest income, realized gains and losses and unrealized gains and losses, accrues to each contractholder through the increase (decrease) of the net asset value (NAV) per unit.


l) Issue and Redemption of Units

Units attributable to contractholders are redeemable at the contractholders’ option at prices based on the Funds' NAV per unit at the time of redemption and are therefore classified as financial liabilities. Units are issued and redeemed at their NAV per unit established as noted in the information folder of the Funds. The Fund’s obligation for net assets attributable to contractholders is presented at the redemption amount at the reporting date. The deposits and withdrawals of contractholders are adjusted for inter-fund transfers.

m) Foreign Currency Translation The financial statements have been presented in Canadian dollars, which is the currency of the primary economic environment in which the Funds are domiciled and are the Funds' functional currency.

n) Future Accounting Policies IFRS 9, Financial Instruments

In July 2014, the IASB issued a final version of IFRS 9, Financial Instruments to replace IAS 39, Financial Instruments: Recognition and Measurement. The standard provides changes to financial instruments accounting for the following: • Classification and measurement of financial instruments based on a business model

approach for managing financial assets and the contractual cash flow characteristics of the financial asset;

• Impairment based on an expected loss model; and • Hedge accounting that incorporates the risk management practices of an entity. The standard is effective January 1, 2018. The Funds are evaluating the impact of the adoption of this standard. IFRS 15, Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers, which provides a single revenue recognition standard to align the financial reporting of revenue from contracts with customers and related costs. The revenue arising from insurance contracts, leases and financial instruments are not required to apply the revenue recognition requirements in IFRS 15. A fund would recognize revenue when it transfers goods or services to a customer in the amount of consideration the fund expects to receive from the customer. In September 2015, the IASB issued an amendment to IFRS 15 providing a deferral of one year of the effective date of the standard, from January 1, 2017 to January 1, 2018. The Funds are evaluating the impact of the adoption of this standard.


n) Future Accounting Policies (continued)

IAS 1, Presentation of Financial Statements In December 2014, the IASB issued amendments to IAS 1, Presentation of Financial Statements to add clarity and flexibility to financial statement presentation, ensuring entities use judgment in applying materiality, and presentation of financial statements and structure of the notes. The amendments are effective January 1, 2016. Adoption of these amendments is not expected to have a significant impact on the Funds’ financial statements. Amendment to Applying the Consolidation Exception to Investment Entities

In December 2014, the IASB issued narrow‑scope amendments to IFRS 10,

Consolidated Financial Statement, IAS 28, Investments in Associates and Joint Ventures and IFRS 12, Disclosure of Interests in Other Entities. The amendment clarifies the application of the exemption from presenting consolidated financial statements that is available to investments entities under IFRS 10, Consolidated Financial Statements. The amendment is effective for annual periods beginning on or after January 1, 2016. The Funds continue to evaluate the impact of the adoption of this standard.

3. FUND OF FUNDS

Fund of Funds invest solely in underlying investment funds. As Fund of Funds' assets are invested in underlying investment funds, the Fund of Funds indirectly pay management fees and operating expenses of the underlying funds. All such charges are included in the management expense ratio of the segregated funds. Capital gain (loss) distributions from the underlying investment funds are shown as net gain (loss) on investments on the Statement of Comprehensive Income. Investment activity does expose the Fund of Funds to financial risk. See Note 9 on Financial Instrument Risk Management. Investments in unconsolidated structured entities The Company has determined that each Fund meets the definition of an investment entity and as such, accounts for its holdings in unlisted open-ended investment funds, at fair value through profit or loss. The Company has concluded that the underlying funds in which the Funds invest, but do not consolidate, meet the definition of structured entities because: (i) the voting rights in the underlying funds are not dominant rights in deciding who controls them; (ii) each underlying fund’s activities are restricted by its prospectus; and (iii) the underlying funds have narrow and well-defined objectives to provide investment opportunities to investors.

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 4. DESCRIPTION OF UNITS

The capital of the Funds is divided into categories of units as follows: Investment Only units are available to: • Canadian Group Registered, and • Non-Registered Plans. Individual units are available to individuals for investment in: • Registered Retirement Savings Plans, • Registered Savings Plans, and • Non-Registered Savings Plans through the purchase of the Flexible Accumulation Annuity and

the Flexible Income Fund. Category I units are available under one option: • Option B is a back end load investment option These categories of units are accounted for separately and any increases or decreases in net assets attributable to contractholders during the year are allocated proportionately to each category.

5. CAPITAL MANAGEMENT

The Funds are not subject to externally imposed capital requirement and has no legal restrictions on the issue, repurchase or resale of redeemable shares beyond those included in the Funds' offering document. Units are redeemed at the NAV per unit of a Fund on the redemption date. The capital received by Funds are utilized within the respective investment mandate of the Funds.

6. INCOME TAXES

The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada). Income of a segregated fund is deemed to be payable to the contractholders and therefore the segregated fund will not have taxable income. In addition capital gains and losses are deemed to be those of the contractholders and not of the trusts. Realized gains or losses may be reduced by the amount of gains or losses realized by contractholders on the redemption of their investment. As a result, no provision of income tax is required in the financial statements of the Funds. Investment income is subject to withholding tax deducted at the source of the income in some jurisdictions. Withholding tax is a generic term used for the amount of withholding tax deducted at the source of the income. The Funds present the withholding tax separately from the net gain (loss) on investments in the Statement of Comprehensive Income.

7. NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS PER UNIT

The presentation of unit values is broken down by contractholder category. Net increase (decrease) in net assets from operations attributable to contractholders per unit per series is calculated by dividing the net increase (decrease) in net assets attributable to contractholders from operations as disclosed in the Statement of Comprehensive Income, by the weighted average number of units of each series outstanding during the period.

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 8. RELATED PARTY TRANSACTIONS

Great-West Lifeco Inc. is the parent of the Company as well as a member of the Power Financial group of companies. Through this relationship, the Company is related to IGM Financial Inc., a company in the financial services sector along with its subsidiaries Investors Group and Mackenzie Financial.

The financial statements of the Funds include transactions with the following related parties to the Company:

Company Relationship Incorporated in

IGM Financial Inc. Subsidiary of Power Financial Canada

Putnam Investments, LLC Wholly owned subsidiary of Lifeco

United States

a) The Great-West Life Assurance Company provides management, advisory and

administrative services to the Funds which includes the services of key management personnel. In respect of these services, the Funds are charged management and other fees which are at market terms and conditions. For the Managed Money category, advisory and management service fees are charged directly to the contractholder by redeeming units from their policy. Management and other fees are calculated at set rates applied against the net assets at each valuation date. Management fees and other fees charged to other categories are calculated at set rates applied against the net assets of the specific category at each valuation date.

b) A separate investment management fee is charged directly to the transaction account of each Category A contractholder by The Great-West Life Assurance Company in the normal course of business at market terms and conditions. Accordingly such fees are not included as an expense in these financial statements for Category A units. All management fees, in the Statement of Comprehensive Income, are paid to The Great-West Life Assurance Company.

c) The amounts shown as "Due from (to) The Great-West Life Assurance Company" represents outstanding management fees, un-cleared deposits/withdrawals and investment activity from the December 31 valuation date of the fund.

9. FINANCIAL INSTRUMENT RISK MANAGEMENT

Fund of Funds

a) Risk Management The Fund’s investment activities expose it to a variety of financial risks. The Schedule of Investment Portfolio presents the securities held by the Fund as at December 31, 2015. Significant risks that are relevant to the Fund are discussed below. To assist with managing risk, the Manager maintains a governance structure that oversees the Fund’s investment activities and monitors compliance with the Fund’s stated investment strategy and securities regulations. Financial Statements for the underlying funds, which include discussions about their respective risk exposure, are available upon request.

THE GREAT-WEST LIFE ASSURANCE COMPANY - IG/GWL INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS (in Canadian $ thousands) December 31, 2015 9. FINANCIAL INSTRUMENT RISK MANAGEMENT (continued)

Fund of Funds (continued)

b) Liquidity Risk Liquidity risk arises when a Fund encounters difficulty in meeting its financial obligations as they come due. The Fund is exposed to liquidity risk due to potential daily cash redemptions of redeemable units. As the Fund primarily invests all of their net assets in the underlying funds, liquidity risk is mitigated by the underlying funds’ ability to meet the obligation to fund daily cash redemptions of their redeemable units/shares. In addition, the underlying funds retain sufficient cash and cash equivalent positions to maintain adequate liquidity.

c) Currency Risk Currency risk is the risk that financial instruments which are denominated or exchanged in a currency other than the Canadian dollar, which is the Fund’s reporting currency, will fluctuate due to changes in exchange rates. The Fund’s investments in all underlying funds are denominated in Canadian dollars. However, the underlying funds are exposed to currency risk to the extent that their investments are denominated or traded in a foreign currency.

d) Interest Rate Risk Interest rate risk arises on interest-bearing financial instruments such as bonds. The Fund does not directly hold any interest-bearing financial instruments. The Fund is indirectly exposed to the risk that the value of interest-bearing financial instruments held by the underlying funds will fluctuate due to changes in the prevailing levels of market interest rates.

e) Credit Risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. The Fund has no direct exposure to credit risk. The greatest indirect concentration of credit risk is in debt securities, such as bonds, held by underlying funds. The fair value of debt securities includes consideration of the credit worthiness of the debt issuer.

f) Other Price Risk Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate, currency or credit risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. For the instruments held by this Fund, maximum risk of loss is equivalent to their fair value. The Fund Manager moderates this risk through a careful selection of underlying funds within the parameters of the investment strategy.

g) Fair Value Classification Investment Fund Units are recorded at fair value, which is the closing NAV per unit of the underlying fund. This valuation is considered to be a Level 1 classification.

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