THE GREAT-WEST LIFE ASSURANCE COMPANY INDIVIDUAL ...€¦ · The Great-West Life Assurance Company...

Financial Statements of

THE GREAT-WEST LIFE ASSURANCE COMPANY

INDIVIDUAL 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 - Individual Investment Funds

We have audited the accompanying financial statements of The Great-West Life Assurance Company - Individual 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 - Individual 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

Individual Investment FundsAmerican Growth Fund 8.05A

The Great-West Life Assurance Company

Managed By: AGF Investments Inc.

Bonds -

Stocks 111,148

Investment properties -

Mortgages and sales

agreements-

Investment fund units -

Cash and short-term deposits 1,632

Investment income due and accrued 33

Due to The Great-West Life Assurance Company (note 12) 53

Due to brokers -

Statement of Financial Position Statement of Comprehensive Income

December 31

-

89,898

-

-

-

2,796

6

-

-

December 31 December 31December 31

Net assets attributable to contractholders - beginning of year

Contractholder deposits 24,489 18,328

Statement of Changes in Net Assets Attributable

to Contractholders

Contractholder withdrawals (26,720) (24,037)

Increase (decrease) from

operations

Investments

Investment properties income - -

Expenses

Management fees (note 12) 1,570

Investment properties expenses -

Other 159

Total expenses 1,992 1,639

1,302

-

135

Net increase (decrease) in net assets

from operations attributable to

contractholders 22,467 11,996Total investments 111,148 89,898

Due to outside parties - -

Total liabilities excluding net

assets attributable to

contractholders 53-

Net assets attributable to

contractholders 113,038 92,802

86,51592,802

22,467 11,996

Change in net assets attributable to contractholders

20,236 6,287


contractholders - end of year113,038 92,802

(in Canadian $ thousands)

- -Derivatives (note 11)

Mortgages on investment properties (note 6) - -

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 12) - 101

Due from brokers 278 -

Due from outside parties - 1

Total assets 113,091 92,802

Overdrafts - -

Derivatives (note 11) - -

Income

Net gain (loss) on investments 23,687 13,215

Miscellaneous income (loss) 772 420

Total Income 24,459 13,635

Transaction costs 85 46

Withholding taxes 178 156

Liabilities

American Growth Fund 8.05A

Managed By: AGF Investments Inc.(in Canadian $ thousands)

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 22,467 11,996

Adjustments

Realized (gains) losses (22,862) (9,237)

Unrealized (gains) losses 243 (3,439)

Gross proceeds of disposition of investments 83,617 48,558

Gross payments for the purchase of investments (82,248) (41,641)

Change in investment income due and accrued (27) (4)

Change in due from/to The Great-West Life Assurance Company 154 (167)

Change in due from/to brokers (278) (210)

Change in due from/to outside parties 1 (1)

Change in mortgages on investment properties - -

1,067 5,855

Financing Activities



(2,231) (5,709)

Net increase (decrease) in cash, short-term deposits and overdrafts (1,164) 146

Cash, short-term deposits and overdrafts, beginning of year 2,796 2,650

Cash, short-term deposits and overdrafts, end of year 1,632 2,796

Supplementary cash flow information

Dividends received 1,027 724




Net Assets Attributable to Contractholders Per Unit (note 10)

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






6,052 6,542 7,157 10,198 2,791

46,572 45,500 57,468 53,022 34,922

61,609 62,501 67,334 61,978 51,846

15,852 22,507 25,519 38,166 24,151

307,564 250,781 132,422 64,885 15,016

230,633 208,892 173,121 63,575 22,497

47,666 37,619 14,281 4,937 2,225

57,946 26,392 21,173 4,154 -

15,751 9,364 7,807 - -

43,246 37,450 36,037 12,076 -

2,276 448 1,117 - -

Net asset value per unit

2015 2014 2013 2012 2011

337.85 267.51 230.43 154.42 133.73

376.49 308.08 274.28 189.96 170.00

392.30 320.31 284.54 196.64 175.52

280.39 225.69 197.63 134.63 118.52

26.48 21.62 19.21 13.27 11.85

26.23 21.45 19.08 13.21 11.80

25.50 20.93 18.69 12.98 11.67

20.68 16.79 14.84 10.20 -

20.47 16.67 14.77 - -

20.19 16.50 14.68 - -

22.71 17.98 15.48 10.37 -

222,352

3,704

162,149

3,779

148,719

3,798

38,287

-

-

-

22.71

22.71

17.97

17.97

15.48

15.48

10.37

-

-

-


Investment Only



Managed Money (IC)




2,045 1,750

17,534 14,018

24,169 20,020

4,445 5,079

8,145 5,423

6,049 4,480

1,215 787

1,198 443

322 156

46 7

982 673

1,649

15,762

19,159

5,043

2,544

3,304

267

314

115

16

558

1,575

10,072

12,187

5,138

861

840

64

42

-

-

125

373

5,937

9,100

2,862

178

265

26

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

5,049

84

2,914

68

2,302

59

397

-

-

-







Increase (decrease) per unit

2015 2014

70.34 37.08

68.41 33.80

71.99 35.77

54.70 28.06

4.86 2.41

4.78 2.37

4.57 2.24

3.89 1.95

3.80 1.90

3.69 1.82

4.73 2.50

4.74

4.74

2.49

2.49

(in Canadian $ thousands, except number of units, shares or par value)

Schedule of Investment Portfolio

As at December 31, 2015

No. of Units,

Shares or Average Fair

Par Value Cost Value

United States Common Stock

Consumer Discretionary

Amazon.com Inc. 5,998 1,715 5,609

Dollar General Corp. 37,762 3,671 3,755

Harman International Industries Inc. 8,328 1,318 1,085

Lennar Corp. Class A 58,712 3,341 3,973

Lowe's Companies Inc. 16,368 1,675 1,722

Ulta Salon Cosmetics & Fragrance Inc. 12,110 2,505 3,100

Consumer Staples

Costco Wholesale Corp. 13,369 2,782 2,987

Energy

Newfield Exploration Co. 64,107 2,951 2,888

Financials

American Tower Corp. Class A 25,288 3,025 3,392

Ameriprise Financial Inc. 7,258 567 1,069

Morgan Stanley 79,012 3,848 3,477

Primerica Inc. 35,640 1,198 2,329

Raymond James Financial Inc. 35,476 2,797 2,845

T. Rowe Price Group Inc. 11,193 883 1,107

The Charles Schwab Corp. 90,713 3,951 4,133

Health Care

Edwards Lifesciences Corp. 15,282 1,673 1,670

Illumina Inc. 9,665 1,162 2,567

Laboratory Corp. of America Holdings 16,655 2,633 2,849

Regeneron Pharmaceuticals Inc. 3,706 1,570 2,783

Industrials

Fortune Brands Home & Security Inc. 21,829 1,632 1,676

Robert Half International Inc. 21,468 908 1,400

The Boeing Co. 22,729 2,009 4,547






No. of Units,





United States Common Stock (continued)

Information Technology

Adobe Systems Inc. 21,836 2,634 2,838

Alliance Data Systems Corp. 10,696 2,710 4,093

Cognizant Technology Solutions Corp. 41,180 2,943 3,420

Corning Inc. 96,034 1,838 2,429

Equinix Inc. Real Estate Investment Trust 7,377 2,692 3,086

Facebook Inc. 40,530 2,821 5,869

MasterCard Inc. Class A 31,935 3,611 4,302

Palo Alto Networks Inc. 4,421 1,135 1,077

Red Hat Inc. 39,307 2,827 4,503

Salesforce.com Inc. 40,797 2,322 4,425

ServiceNow Inc. 10,472 1,069 1,254

Materials

Vulcan Materials Co. 15,735 2,171 2,067

Telecommunication Services

T-Mobile US Inc. 69,612 3,020 3,768

Total United States Common Stock 79,607 104,094

Global Common Stock

Bermuda

Norwegian Cruise Line Holdings Ltd. 44,541 2,845 3,610

Ireland

Allergan PLC 7,966 1,455 3,444

Total Global Common Stock 4,300 7,054

Total Stocks 83,907 111,148

Total Investments 83,907 111,148

AMERICAN GROWTH FUND 8.05A MANAGED BY: AGF INVESTMENTS INC. NOTES TO THE SCHEDULE OF INVESTMENT PORTFOLIO

(in Canadian $ thousands) As at December 31, 2015

Introduction The Fund's objective in managing risk is the creation and protection of contractholder value. Risk is inherent in the Fund's activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the Fund's continuing profitability. The Fund can be exposed to liquidity risk, market risk (which includes currency risk, interest rate risk and other price risk) and credit risk arising from the financial instruments it holds.

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, and groups the securities by asset type, geographic region and/or market segment. The following sections describe the significant risks that are relevant to the Fund. To assist with managing risk, The Great-West Life Assurance Company (the Company) maintains a governance structure that oversees the Fund's investment activities and monitors compliance with the Fund's stated investment strategy and other regulations.

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. The Fund retains sufficient cash and cash equivalent positions to maintain adequate liquidity to meet the obligation to fund daily cash redemptions of their redeemable units. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security or security type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly. In accordance with the Fund's policy, the Company monitors the Fund's liquidity positions on a regular basis.

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 table below indicates the foreign currencies to which the Fund had significant exposure as at period end in Canadian dollar terms, including the underlying principal amount of forward currency contracts, if any. The table also illustrates the potential impact to the Fund’s net assets attributable to contractholders, all other variables held constant, as a result of a 1% change in these currencies relative to the Canadian dollar. In practice, the actual results may differ from this sensitivity analysis and the difference could be significant.

2015

Currency Investments

Cash, Short-term Deposits and Overdrafts Total*

Impact on Net Assets Attributable to Contractholders

United States Dollar 111,148 1,133 112,281 1,123

Total 111,148 1,133 112,281 1,123

As Percent of Net Assets Attributable to Contractholders

99.3 1.0

*includes both monetary and non-monetary instruments

AMERICAN GROWTH FUND 8.05A MANAGED BY: AGF INVESTMENTS INC. NOTES TO THE SCHEDULE OF INVESTMENT PORTFOLIO


C. Currency Risk (continued)

2014



Impact on Net Assets Attributable to

Contractholders

United States Dollar 89,898 2,049 91,947 919

Total 89,898 2,049 91,947 919


99.1 1.0


D. 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. The Fund Manager moderates this risk through careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from financial instruments is equivalent to their fair value. For this Fund, the most significant exposure to other price risk arises from its investment in equity securities. As at December 31, 2015, had the prices on the respective stock exchanges for these securities raised (or lowered) by 1%, with all other variables held constant, net assets would have increased (or decreased) by approximately $1,111 or approximately 1.0% of total net assets attributable to contractholders. In practice, the actual results may differ and the difference could be significant.

E. Fair Value Classification The following table presents information about the Fund's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Fund to determine such fair value:

2015 Assets Measured at Fair Value

Assets measured at fair value

Level 1

Level 2

Level 3 Stocks

Total 111,148

-

-

111,148

Total assets measured at fair value 111,148

-

-

111,148

2014 Assets Measured at Fair Value

Assets measured at fair value

Level 1

Level 2

Level 3

Stocks

Total

89,898

-

-

89,898

Total assets measured at fair value 89,898

-

-

89,898

There have not been any significant transfers in or out of Level 1 or 2 during the period.




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

79.62 49.14 64.22 42.09 52.50

For the years ended December 31 2015 2014 2013 2012 2011







3.33 3.34 3.34 3.32 3.28

3.11 3.12 3.12 3.06 3.03

1.67 1.68 1.68 1.67 1.64

3.10 3.12 3.13 3.08 3.02

3.26 3.27 3.28 3.17 3.18

3.64 3.64 3.64 3.74 3.72

2.59 2.60 2.59 2.56 -

2.86 2.87 2.87 - -

3.25 3.27 3.25 - -

No Load

Back-End Load

Managed Money

Individual Investment FundsGrowth & Income Fund 6.10A



Bonds 9,377

Stocks 15,322


Mortgages and sales

agreements-


Cash and short-term deposits 397



Due to brokers -


December 31

6,261

17,644

-

-

-

4,886

48

9

526





to Contractholders



operations

Investments


Expenses

Management fees (note 12) 680


Other 66

Total expenses 807 867

734

-

71



contractholders (128) 1,858Total investments 24,699 23,908




contractholders 22609



28,63928,233

(128) 1,858


(2,934) (406)




- 3Derivatives (note 11)



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets


Assurance Company (note 12) - -


Due from outside parties - -


Overdrafts - -

Derivatives (note 11) 19 74

Income

Net gain (loss) on investments 557 2,532


Total Income 679 2,725



Liabilities

Growth & Income Fund 6.10A




2015 2014



Increase (decrease) in net assets from operations attributable to contractholders (128) 1,858

Adjustments


Unrealized (gains) losses 3,037 754



Change in investment income due and accrued (29) 28

Change in due from/to The Great-West Life Assurance Company (6) 4

Change in due from/to brokers (674) 524

Change in due from/to outside parties - -


(1,683) 4,320




(2,806) (2,264)

Net increase (decrease) in cash, short-term deposits and overdrafts (4,489) 2,056

Cash, short-term deposits and overdrafts, beginning of year 4,886 2,830

Cash, short-term deposits and overdrafts, end of year 397 4,886


Interest received 189 204

Dividends received 331 332









2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - 1 1 1

20,997 25,028 28,467 33,743 42,316

23,305 27,361 30,831 36,026 43,794

2,530 3,113 3,496 4,803 7,151

69,810 65,703 47,558 55,318 47,102

66,878 57,531 51,672 41,890 34,634

165,123 161,357 154,163 126,916 88,129

- - - - -

- - - - -

91,377 39,450 16,940 747 -

- - - - -


2015 2014 2013 2012 2011

- - 382.07 321.08 296.69

419.26 422.65 396.97 343.96 327.63

438.72 441.30 413.59 357.57 339.79

423.22 420.15 388.61 331.57 311.02

12.75 12.83 12.02 10.39 9.87

12.64 12.73 11.95 10.35 9.84

12.46 12.57 11.82 10.25 9.78

- - - - -

- - - - -

- - - - -

14.41 14.09 12.84 10.79 -

6,360

-

7,993

-

-

-

-

-

-

-

14.41

-

14.09

-

-

-

-

-

-

-


Investment Only



Managed Money (IC)




- -

8,803 10,578

10,224 12,075

1,071 1,308

890 843

845 733

2,057 2,028

- -

- -

- -

1,317 556

-

11,301

12,751

1,359

572

617

1,822

-

-

-

218

-

11,606

12,882

1,592

575

433

1,301

-

-

-

8

-

13,864

14,881

2,224

465

341

862

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

92

-

113

-

-

-

-

-

-

-








2015 2014

- -

(3.39) 25.68

(2.58) 27.71

3.07 31.54

(0.08) 0.81

(0.09) 0.78

(0.11) 0.75

- -

- -

- -

0.32 1.25

0.32

-

0.30

-




No. of Units,



Canadian Bonds

Federal Government

Canada Housing Trust No. 1 2.35% 12-15-2018 410,000 429 427

Canada Housing Trust No. 1 Floating Rate 09-15-2019 290,000 289 288

Canada Post Corp. 4.36% 07-16-2040 50,000 64 65

Government of Canada 1.50% 06-01-2026 70,000 69 70

Government of Canada 3.00% 12-01-2036 Real Return 40,000 73 74





Total Federal Government 1,798 1,801

Provincial Governments

CDP Financial Inc. 4.60% 07-15-2020 65,000 74 74

Labrador Island 3.76% 06-01-2033 250,000 290 289

Province of British Columbia 3.70% 12-18-2020 25,000 28 28

Province of British Columbia 5.70% 06-18-2029 175,000 235 234

Province of Manitoba 4.60% 03-05-2038 65,000 77 78

Province of Manitoba 4.70% 09-22-2017 25,000 27 27

Province of Nova Scotia 4.40% 06-01-2042 45,000 52 53

Province of Ontario 2.85% 06-02-2023 425,000 450 450



Province of Quebec 3.50% 12-01-2022 150,000 166 166



Province of Quebec Floating Rate 12-19-2018 100,000 100 100

Total Provincial Governments 2,439 2,440

Corporate - Non Convertible

Aimia Inc. 5.60% 05-17-2019 50,000 54 53

Algonquin Power & Utilities Corp. 4.65% 02-15-2022 50,000 53 53






No. of Units,





Canadian Bonds (continued)

Corporate - Non Convertible (continued)

Bank of Montreal 2.10% 10-06-2020 50,000 50 50

Bank of Montreal 2.84% 06-04-2020 50,000 52 52

Bell Canada 4.35% 12-18-2045 50,000 47 46

Brookfield Asset Management Inc. 4.54% 03-31-2023 50,000 50 53

Brookfield Infrastructure Finance Ltd. 3.45% 03-11-2022 50,000 50 49

BRP Finance 5.14% 10-13-2020 40,000 45 44

Canadian Pacific Railway Ltd. 5.10% 01-14-2022 50,000 57 57

Canadian Pacific Railway Ltd. 6.45% 11-17-2039 50,000 64 60

Cascades Inc. 5.50% 07-15-2022 Callable 2017 25,000 32 34

CI Financial Corp. 2.65% 12-07-2020 50,000 50 51

CIBC Capital Trust 9.98% 06-30-2019 50,000 63 62

Cominar Real Estate Investment Trust 4.94% 07-27-2020 Callable 25,000 26 26

CPPIB Capital Inc. 1.40% 06-04-2020 100,000 100 100

Dollarama Inc. 3.10% 11-05-2018 50,000 51 51

Enbridge Inc. 4.57% 03-11-2044 75,000 69 65

Fairfax Financial Holdings Ltd. 6.40% 05-21-2021 75,000 84 85

First Capital Realty Inc. 4.32% 07-31-2025 50,000 52 52

FortisAlberta Inc. 4.27% 09-22-2045 Callable 50,000 52 52

GM Financial Services Company 3.25% 05-30-2017 50,000 51 51

Great Canadian Gaming Corp. 6.63% 07-25-2022 Callable 25,000 26 25

Greater Toronto Airports Authority 6.45% 12-03-2027 50,000 68 68

Husky Energy Inc. 3.55% 03-12-2025 25,000 25 24

Intact Financial Corp. 6.40% 11-23-2039 50,000 65 64

Leisureworld Senior Care Corp. 3.47% 02-03-2021 150,000 160 159

Loblaw Companies Ltd. 4.86% 03-12-2023 Callable 75,000 85 84

Magna International Inc. 3.10% 12-15-2022 50,000 50 51

Manufacturers Life Insurance Co. 4.16% 06-01-2022 75,000 78 78

NAV Canada 7.40% 06-01-2027 50,000 71 72

Northland Power Inc. 4.75% 06-30-2020 15,000 15 16

OMERS Realty Corp. 2.47% 11-12-2019 100,000 103 103

Parkland Fuel Corp. 5.50% 05-28-2021 Callable 2017 32,000 32 32

Pembina Pipeline Corp. 3.54% 02-03-2025 25,000 25 24

Quebecor Media Inc. 6.63% 01-15-2023 Restricted Warrant 25,000 26 26




No. of Units,





Canadian Bonds (continued)

Corporate - Non Convertible (continued)

RioCan Real Estate Investment Trust 3.29% 02-12-2024 60,000 59 59

Rogers Communications Inc. 4.00% 03-13-2024 50,000 52 52

Royal Bank of Canada 2.77% 12-11-2018 150,000 156 155

Scotiabank Tier I Trust 7.80% 06-30-2108 15,000 18 18

Sun Life Financial Inc. 2.60% 09-25-2025 90,000 90 90

TD Capital Trust IV Floating Rate 06-30-2108 25,000 30 29

The Bank of Nova Scotia 2.75% 08-13-2018 150,000 155 155

The Toronto-Dominion Bank 2.17% 04-02-2018 100,000 102 102

Thomson Reuters Corp. 4.35% 09-30-2020 50,000 54 54

Toromont Industries Ltd. 3.71% 09-30-2025 55,000 55 56

TransAlta Corp. 5.00% 11-25-2020 168,000 167 154

Valeant Pharmaceuticals International Inc. 6.75% 08-15-2018 30,000 39 41

VW Credit Canada Inc. 2.50% 10-01-2019 12,000 12 12

Wells Fargo Financial Canada Corp. 3.87% 05-21-2025 100,000 103 103

WestJet Airlines Ltd. 3.29% 07-23-2019 10,000 10 10

Total Corporate - Non Convertible 3,083 3,062

Supra - National

Inter-American Development Bank 4.40% 01-26-2026 160,000 187 187

International Bank for Reconstruction and Development 1.88% 05-30-2019 50,000 52 51

Total Supra - National 239 238

Total Canadian Bonds 7,559 7,541

United States Bonds

Federal Government

United States Treasury 0.13% 01-15-2023 100,000 132 133



Total Federal Government 514 528




No. of Units,





United States Bonds (continued)

Corporate - Non Convertible

Ciena Corp. 3.75% 10-15-2018 12,000 22 21

Citigroup Inc. 3.39% 11-18-2021 75,000 78 78

Citigroup Inc. Floating Rate 12-29-2049 75,000 99 103

Cott Beverages Inc. 5.38% 07-01-2022 2,000 3 3

Goldman Sachs Group Inc. 3.38% 02-01-2018 100,000 104 103

Goodyear Tire & Rubber Co. 5.13% 11-15-2023 22,000 29 31

Kinder Morgan Inc. 6.85% 02-15-2020 25,000 33 36

Laredo Petroleum 5.63% 01-15-2022 Restricted Warrant 35,000 43 42

Merrill Lynch & Co. Floating Rate 05-30-2022 100,000 103 102

Morgan Stanley 3.13% 08-05-2021 60,000 61 62

Neiman Marcus Group Ltd. 8.00% 10-15-2021 Restricted Warrant 31,000 43 32

NorthGroup Preferred Capital Corp. Floating Rate 01-29-2049 50,000 68 70

Palo Alto Networks Inc. 0.00% 07-01-2019 10,000 24 23

Pattern Energy Group Inc. 4.00% 07-15-2020 25,000 32 32

Priceline Group Inc. 0.90% 09-15-2021 16,000 22 22

Prudential Financial Inc. Floating Rate 06-15-2043 50,000 69 72

Red Hat Inc. 0.25% 10-01-2019 15,000 26 27

Salesforce.com Inc. 0.25% 04-01-2018 12,000 21 22

ServiceNow Inc. 0.00% 11-01-2018 17,000 28 30

XPO Logistics Inc. 6.50% 06-15-2022 35,000 42 45

Total Corporate - Non Convertible 950 956

Total United States Bonds 1,464 1,484

Global Bonds

Mexico

Mexican Bonds 8.00% 12-07-2023 507,500 45 46

Norway

Kommunalbanken AS 3.74% 05-27-2021 Callable 150,000 152 151




No. of Units,





Global Bonds (continued)

United Kingdom

Heathrow Funding Ltd. 3.00% 06-17-2023 150,000 154 155

Total Global Bonds 351 352

Total Bonds 9,374 9,377

Canadian Common Stock


Canadian Tire Corp. Ltd. Class A non-voting 1,493 179 176

Dollarama Inc. 1,738 98 139

Gildan Activewear Inc. 2,415 55 95

Magna International Inc. 2,529 100 142

Restaurant Brands International Inc. 2,873 140 149

Thomson Reuters Corp. 2,309 126 121

Consumer Staples

Alimentation Couche-Tard Inc. Class B Sub. voting 5,066 193 309

Loblaw Companies Ltd. 3,993 218 261

Metro Inc. 4,817 168 187

Energy

Canadian Energy Services & Technology Corp. 10,515 74 41

Canadian Natural Resources Ltd. 9,650 293 292

Enbridge Inc. 4,048 204 186

Inter Pipeline Ltd. 4,522 113 100

Keyera Corp. 1,727 64 70

Peyto Exploration & Development Corp. 3,588 108 89

Raging River Exploration Inc. 8,558 77 72

ShawCor Ltd. 1,249 37 35

Tourmaline Oil Corp. 1,936 62 43

Whitecap Resources Inc. 6,239 86 57




No. of Units,





Canadian Common Stock (continued)

Financials

Bank of Montreal 2,348 164 183

Brookfield Asset Management Inc. Class A limited voting 8,218 335 359

Colliers International Group Inc. 467 26 29

FirstService Corp. 1,388 63 78

Intact Financial Corp. 1,844 172 164

Manulife Financial Corp. 17,588 392 365

Royal Bank of Canada 7,738 533 574

The Bank of Nova Scotia 7,830 448 438

The Toronto-Dominion Bank 9,228 411 501

Industrials

Canadian National Railway Co. 6,421 477 497

Finning International Inc. 3,371 73 63

TransForce Inc. 3,152 75 74


CGI Group Inc. Class A Sub. voting 3,953 125 219

Constellation Software Inc. 79 46 46

Davis + Henderson Income Corp. 1,907 76 60

Open Text Corp. 1,706 105 113

The Descartes Systems Group Inc. 940 23 26

Materials

Agrium Inc. ADR 287 39 35

CCL Industries Inc. Class B non-voting 729 137 164

Goldcorp Inc. ADR 1,126 19 18

Intertape Polymer Group Inc. 2,888 43 54

Lundin Mining Corp. 11,927 54 45


BCE Inc. 6,283 336 336

TELUS Corp. 6,019 252 230




No. of Units,






Total Canadian Common Stock 6,819 7,235

United States Common Stock


Amazon.com Inc. 222 154 208

Dollar General Corp. 1,395 131 139

Harman International Industries Inc. 308 41 40

Lennar Corp. Class A 2,166 150 147

Lowe's Companies Inc. 605 62 64

Omnicom Group Inc. 927 85 97

The Kraft Heinz Co. 354 35 36

Ulta Salon Cosmetics & Fragrance Inc. 447 98 114

Consumer Staples

Altria Group Inc. 1,642 121 132

Costco Wholesale Corp. 494 103 110

Mondelez International Inc. 1,050 60 65

Philip Morris International Inc. 1,210 131 147

Energy

Exxon Mobil Corp. 684 67 74

Newfield Exploration Co. 2,365 113 107

The Williams Companies Inc. 1,634 95 58

WPX Energy Inc. 1,042 10 8

Exchange Traded Funds

Global X MSCI Norway ETF 1,752 25 23

iShares MSCI China ETF 1,191 72 74

iShares MSCI Germany ETF 1,650 60 60

iShares MSCI Japan ETF 4,965 78 83

iShares MSCI Netherlands ETF 1,442 46 48

iShares MSCI South Korea Capped ETF 887 59 61




No. of Units,






Financials

American Tower Corp. Class A 933 111 125

Ameriprise Financial Inc. 268 39 39

Forestar Group Inc. 668 11 10

JPMorgan Chase & Co. 1,253 106 114

Lincoln National Corp. 430 29 30

MetLife Inc. 464 30 31

Moody's Corp. 1,123 152 156

Morgan Stanley 2,914 133 128

Primerica Inc. 1,315 80 86

Raymond James Financial Inc. 1,311 103 105

T. Rowe Price Group Inc. 413 39 41

The Charles Schwab Corp. 3,346 135 152

Unum Group 2,186 95 101

Health Care

AbbVie Inc. 646 51 53

Bristol-Myers Squibb Co. 581 47 55

Edwards Lifesciences Corp. 565 62 62

Illumina Inc. 357 97 95

Laboratory Corp. of America Holdings 615 97 105

Regeneron Pharmaceuticals Inc. 137 98 103

Industrials

AGCO Corp. 1,058 67 66

Dun & Bradstreet Corp. 428 61 62

Fortune Brands Home & Security Inc. 807 60 62

Honeywell International Inc. 1,051 140 151

Huntington Ingalls Industries Inc. 114 17 20

Northrop Grumman Corp. 398 91 104

Robert Half International Inc. 792 55 52

The Boeing Co. 839 152 168

Waste Management Inc. 1,458 97 108




No. of Units,







Adobe Systems Inc. 807 97 105

Alliance Data Systems Corp. 395 135 151

Cognizant Technology Solutions Corp. 1,519 126 126

Corning Inc. 3,542 85 90

Equinix Inc. Real Estate Investment Trust 273 105 114

Facebook Inc. 1,495 184 216

IBM Corp. 191 37 36

MasterCard Inc. Class A 1,178 144 159

Palo Alto Networks Inc. 164 42 40

Red Hat Inc. 1,450 138 166

Salesforce.com Inc. 1,505 143 163

ServiceNow Inc. 387 39 46

Western Digital Corp. 399 43 33

Materials

Vulcan Materials Co. 581 80 76


AT&T Inc. 682 30 32

T-Mobile US Inc. 2,572 140 139

Total United States Common Stock 5,619 5,971

Global Common Stock

Australia

Brambles Ltd. 4,354 39 50

Recall Holdings Ltd. 906 6 6

Austria

Voestalpine AG 798 40 34

Belgium

Anheuser-Busch InBev NV 565 85 97




No. of Units,





Global Common Stock (continued)

Bermuda

Invesco Ltd. 1,223 54 57

Norwegian Cruise Line Holdings Ltd. 1,643 134 132

Brazil

Petroleo Brasileiro SA 799 2 2

Vale SA 256 1 1

Vale SA ADR 218 1 1

Convertible Preferred

Teva Pharmaceutical Industries Ltd. Preferred Shares 35 48 49

France

Arkema SA 18 2 2

BNP Paribas SA 455 38 36

Schneider Electric SA 422 36 33

Total SA 482 30 30

Germany

Hannover Rueck SE 821 114 130

Henkel AG & Co. KGaA 551 66 73

Hong Kong

CNOOC Ltd. 27,209 40 39

Wharf Holdings Ltd. Real Estate Investment Trust 4,363 33 33

Ireland

Allergan PLC 295 74 128

Israel

Teva Pharmaceutical Industries Ltd. ADR 541 45 49

Italy

Intesa Sanpaolo SPA 5,125 25 24




No. of Units,






Japan

Astellas Pharma Inc. 5,974 110 117

Canon Inc. 700 28 29

Fujifilm Holdings Corp. 914 48 53

Keyence Corp. 153 90 116

Nippon Telegraph & Telephone Corp. 1,752 81 96

Netherlands

ING Groep NV 3,118 62 58

Norway

Fred Olsen Energy ASA 407 3 2

Singapore

Keppel Corp. Ltd. 3,570 23 23

Keppel Real Estate Investment Trust 845 1 1

Singapore Press Holdings Ltd. 2,685 10 10

South Korea

Samsung Electronics Co. Ltd. GDR 167 109 123

Spain

Banco Santander 4,556 35 31

Switzerland

ACE Ltd. 979 132 157

Roche Holding AG Genusscheine 272 97 104

Thailand

PTT Exploration and Production Public Co. 1,896 5 4

United Kingdom

British American Tobacco PLC 1,069 78 82

Lloyds Banking Group PLC 5,132 8 8




No. of Units,






United Kingdom (continued)

Persimmon PLC 1,127 48 47

Royal Dutch Shell PLC Class B 712 24 22

The Sage Group PLC 2,207 23 27

Total Global Common Stock 1,928 2,116

Total Stocks 14,366 15,322

Derivatives

Forward Currency Contracts

Net unrealized loss - - (19)

Total Derivatives - (19)

Total Investments 23,740 24,680

GROWTH & INCOME FUND 6.10A MANAGED BY: AGF INVESTMENTS INC. NOTES TO THE SCHEDULE OF INVESTMENT PORTFOLIO


Introduction

The Fund's objective in managing risk is the creation and protection of contractholder value. Risk is inherent in the Fund's activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the Fund's continuing profitability. The Fund can be exposed to liquidity risk, market risk (which includes currency risk, interest rate risk and other price risk) and credit risk arising from the financial instruments it holds.

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, and groups the securities by asset type, geographic region and/or market segment. The following sections describe the significant risks that are relevant to the Fund. To assist with managing risk, The Great-West Life Assurance Company (the Company) maintains a governance structure that oversees the Fund's investment activities and monitors compliance with the Fund's stated investment strategy and other regulations.

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. The Fund retains sufficient cash and cash equivalent positions to maintain adequate liquidity to meet the obligation to fund daily cash redemptions of their redeemable units. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security or security type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Fund to sell such securities quickly. In accordance with the Fund's policy, the Company monitors the Fund's liquidity positions on a regular basis.

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 table below indicates the foreign currencies to which the Fund had significant exposure as at period end in Canadian dollar terms, including the underlying principal amount of forward currency contracts, if any. The table also illustrates the potential impact to the Fund’s net assets attributable to contractholders, all other variables held constant, as a result of a 1% change in these currencies relative to the Canadian dollar. In practice, the actual results may differ from this sensitivity analysis and the difference could be significant.

2015



Impact on Net Assets Attributable to Contractholders

United States Dollar 7,936 99 8,035 80

Other Currencies 1,465 - 1,465 15

Total 9,401 99 9,500 95


37.6 0.4




C. Currency Risk (continued)

2014



Impact on Net Assets Attributable to

Contractholders

United States Dollar 7,559 1,295 8,854 89

Total 7,559 1,295 8,854 89


31.4 0.3


D. Interest Rate Risk Interest rate risk arises on interest-bearing financial instruments such as bonds. The Fund is exposed to the risk that the value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year, these investments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates. The risk is professionally managed at the security and fund level by the Company. The table below summarizes the Fund's exposure to interest rate risks by remaining term to maturity.

2015

Less than 1 year 1 – 5 years 5 – 10 years > 10 years Total

Bonds - 3,043 2,876 3,458 9,377

2014

Less than 1 year 1 – 5 years 5 – 10 years > 10 years Total

Bonds - 3,333 2,888 40 6,261

As at December 31, 2015, had prevailing interest rates raised or lowered by 1% assuming a parallel shift in the yield curve, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $639 or approximately 2.5% of total net assets attributable to contractholders. The Fund’s sensitivity to interest rate changes was estimated using the weighted average duration of the bond portfolio. In practice, the actual results may differ and the difference could be significant.

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’s greatest concentration of credit risk is in debt securities, such as bonds. The fair value of debt instruments includes consideration of the credit worthiness of the debt issuer. The carrying amount of debt instruments represents the maximum credit risk exposure as at December 31, 2015. The amount of credit risk to any one issuer may be determined from the information reported in the Schedule of Investment Portfolio. The Fund may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or any Canadian provincial government, obligations of Canadian chartered banks or trust companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low. The Company monitors credit risk and credit ratings on a regular basis. All new counterparties to financial instruments are subject to an approval process.



E. Credit Risk (continued)

There was no change in fair values of financial liabilities as a result of changes in credit risks. All transactions in listed securities are settled and paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. Credit ratings are obtained from the Bloomberg Composite rating unless a rating from another agency (DBRS, Standard & Poor's, Moody's Investors Service and/or Fitch Ratings) is lower, in which case the lower rating is used. Debt securities by credit rating are as follows:

2015 2014

Percent of Total Bonds

(%)

Percent of Total Net Assets Attributable to Contractholders

(%)

Percent of Total Bonds

(%)

Percent of Total Net Assets Attributable to

Contractholders (%)

AAA 32.3 12.0 52.0 11.5

AA 11.2 4.1 - -

A 27.5 10.2 22.9 5.1

BBB 22.5 8.3 25.1 5.6

BB and lower 5.2 1.9 - -

NR * 1.3 0.5 - -

Total 100.0 37.0 100.0 22.2

*bonds rated NR are mortgage backed securities or privately placed bonds or bonds that have not been rated by a rating agency

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. The Fund Manager moderates this risk through careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from financial instruments is equivalent to their fair value. For this Fund, the most significant exposure to other price risk arises from its investment in equity securities. As at December 31, 2015, had the prices on the respective stock exchanges for these securities raised (or lowered) by 1%, with all other variables held constant, net assets would have increased (or decreased) by approximately $153 or approximately 0.6% of total net assets attributable to contractholders. In practice, the actual results may differ and the difference could be significant.



G. Fair Value Classification

The following table presents information about the Fund's financial assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Fund to determine such fair value:

2015Assets and Liabilities Measured at Fair Value

Assets measured at fair value Level 1 Level 2 Level 3 Total

Bonds - 9,377 - 9,377

Stocks 13,784 1,538 - 15,322

Total assets measured at fair value 13,784 10,915 - 24,699

Liabilities measured at fair value

Derivatives - 19 - 19

Net assets measured at fair value 13,784 10,896 - 24,680

2014 Assets and Liabilities Measured at Fair Value

Assets measured at fair value Level 1 Level 2 Level 3 Total

Bonds - 6,261 - 6,261

Stocks 17,644 - - 17,644

Derivatives - 3 - 3

Total assets measured at fair value 17,644 6,264 - 23,908

Liabilities measured at fair value

Derivatives - 74 - 74

Net assets measured at fair value 17,644 6,190 - 23,834

In accordance with the Fund’s valuation policy, the Fund applies fair value adjustment factors to the quoted market prices for certain non-North American equities when North American intraday stock market movements exceed predetermined tolerances. The adjustment factors are applied in order to estimate the impact on fair values of events occurring between the close of the non-North American stock markets and the close of business for the Fund. If fair value adjustment factors are applied, non-North American equities are classified as Level 2. Consequently, during the periods, non-North American equities are frequently transferred between Level 1 (unadjusted quoted market prices) and Level 2 (adjusted market prices). As of December 31, 2015, these securities were classified as Level 2.




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

143.16 90.31 77.33 68.74 115.64

For the years ended December 31 2015 2014 2013 2012 2011







3.04 3.05 3.04 3.04 3.02

2.82 2.83 2.82 2.80 2.78

1.50 1.51 1.50 1.50 1.49

2.82 2.82 2.82 2.79 2.75

2.96 2.97 2.97 2.91 2.86

3.12 3.13 3.14 3.20 3.19

- - - - -

- - - - -

- - - - -

No Load

Back-End Load

Managed Money

Individual Investment FundsGrowth Equity Fund 6.08A



Bonds 16

Stocks 23,021


Mortgages and sales

agreements-


Cash and short-term deposits 985



Due to brokers 6


December 31

18

26,970

-

-

-

587

20

-

-





to Contractholders



operations

Investments


Expenses

Management fees (note 12) 750


Other 69

Total expenses 889 1,090

904

-

83



contractholders 204 (655)Total investments 23,037 26,988




contractholders 7-



33,23627,608

204 (655)


(3,387) (5,628)




- -Derivatives (note 11)



2015 2014 2015 2014

2015 2014

For the years ended

For the years ended

Assets


Assurance Company (note 12) - 13


Due from outside parties - -


Overdrafts - -

Derivatives (note 11) - -

Income

Net gain (loss) on investments 1,036 412


Total Income 1,093 435



Liabilities

Growth Equity Fund 6.08A




2015 2014



Increase (decrease) in net assets from operations attributable to contractholders 204 (655)

Adjustments


Unrealized (gains) losses 1,965 3,294



Change in investment income due and accrued (3) 41

Change in due from/to The Great-West Life Assurance Company 14 (17)

Change in due from/to brokers (177) 18

Change in due from/to outside parties - -


3,989 5,002




(3,591) (4,973)

Net increase (decrease) in cash, short-term deposits and overdrafts 398 29

Cash, short-term deposits and overdrafts, beginning of year 587 558

Cash, short-term deposits and overdrafts, end of year 985 587


Interest received 1 1

Dividends received 331 467

Individual Investment FundsGrowth Equity Fund 6.08A








2015 2014 2013 2012 2011

Investment Only



Managed Money (IC)










- - - - -

19,885 22,967 28,108 38,289 50,487

27,142 32,005 37,821 47,114 59,319

4,527 6,114 7,843 13,927 17,649

61,566 62,397 43,811 35,639 32,222

68,674 65,125 67,694 73,547 74,858

8,468 8,220 15,386 10,573 7,965

24,087 3,885 2,813 - -

9,487 - - - -

63,373 60,406 26,267 21,228 -

- - - - -


2015 2014 2013 2012 2011

- - - - -

404.31 404.05 417.82 379.91 390.00

422.68 421.48 434.90 394.58 404.19

365.20 359.23 365.64 327.24 330.66

12.34 12.30 12.70 11.52 11.81

12.15 12.15 12.56 11.43 11.74

11.92 11.95 12.39 11.30 11.65

11.13 11.03 11.31 - -

11.04 - - - -

- - - - -

12.21 11.79 11.79 10.36 -

6,961

10,607

6,754

11,793

7,975

12,185

24,335

-

-

-

12.21

12.21

11.79

11.79

11.79

11.79

10.36

-

-

-


Investment Only



Managed Money (IC)




- -

8,040 9,280

11,472 13,489

1,653 2,196

760 768

834 791

101 98

268 43

105 -

- -

774 712

-

11,744

16,448

2,868

556

851

191

32

-

-

310

-

14,547

18,590

4,557

411

841

120

-

-

-

220

-

19,690

23,976

5,836

380

878

93

-

-

-

-

Net asset value

2015 2014 2013 2012 2011

85

130

80

139

94

144

252

-

-

-








2015 2014

- -

0.26 (13.77)

1.20 (13.42)

5.97 (6.41)

0.04 (0.40)

- (0.41)

(0.03) (0.44)

0.10 (0.28)

(0.22) -

- -

0.42 -

0.42

0.42

-

-




No. of Units,



Canadian Bonds

Corporate - Convertible

Eguana Technologies Inc. 3.00% 08-07-2018 18,333 16 16

Total Corporate - Convertible 16 16

Total Canadian Bonds 16 16

Total Bonds 16 16

Canadian Common Stock


AutoCanada Inc. 4,775 125 115

Dollarama Inc. 2,750 218 220

Gaming Nation Inc. 126,500 255 86

Linamar Corp. 7,975 179 596

Magna International Inc. 6,261 338 351

The Intertain Group Ltd. 24,390 345 243

Consumer Staples

Alimentation Couche-Tard Inc. Class B Sub. voting 17,352 365 1,057

Alliance Grain Traders Inc. 20,133 402 684

Clearwater Seafoods Inc. 6,646 56 80

Loblaw Companies Ltd. 6,314 388 413

Energy

Boulder Energy Ltd. 11,033 85 18

Buried Hill Energy (Cyprus) Public Co. Ltd. Subscription Receipts 43,300 73 6

Canadian Energy Services & Technology Corp. 44,713 415 173

Canadian Natural Resources Ltd. 11,961 306 361

Cenovus Energy Inc. 8,211 150 144

Granite Oil Corp. 7,353 155 59

Lonestar West Inc. 7,902 21 6

Parex Resources Inc. 62,973 719 640

Petrowest Energy Services Corp. Class A 97,015 103 50






No. of Units,






Energy (continued)

Precision Drilling Corp. 40,156 255 220

Rock Energy Inc. 48,047 274 70

Secure Energy Services Inc. 33,100 291 277

ShawCor Ltd. 2,712 53 76

Suncor Energy Inc. 13,530 446 483

Tamarack Valley Energy Ltd. 157,353 775 470

Tourmaline Oil Corp. 75 2 2

Yangarra Resources Ltd. 149,270 487 82

Financials

Acasta Enterprises Inc. 37,996 376 361

Acasta Enterprises Inc. Warrants 18,998 4 9

CI Financial Corp. 7,807 254 239

Colliers International Group Inc. 7,330 68 452

Diversified Royalty Corp. 152,676 397 369

Dundee Corp. Class A Sub. voting 392 6 2

Element Financial Corp. 33,575 502 561

FirstService Corp. 7,278 44 407

Guardian Capital Group Ltd. 18,137 290 330

Intact Financial Corp. 5,461 357 484

Manulife Financial Corp. 19,500 404 404

Milestone Apartments Real Estate Investment Trust 33,370 446 502

Real Matters Inc. Private Placement Class A 447,714 374 1,119

Real Matters Inc. Private Placement Class B 171,183 205 428

RIFCO Inc. 9,985 40 16

Royal Bank of Canada 4,200 308 311

The Bank of Nova Scotia 10,044 612 562

Tricon Capital Group Inc. 15,554 99 141

Westaim Corp. 45,000 131 123

Health Care

CRH Medical Corp. 90,295 311 370

Merus Labs International Inc. 116,806 337 266




No. of Units,






Health Care (continued)

Nobilis Health Corp. 14,500 131 57

Nobilis Health Corp. Purchase Warrants 7,250 - 1

Industrials

Aecon Group Inc. 18,007 189 277

Badger Daylighting Inc. 9,487 169 232

Boyd Group Income Fund 7,869 358 520

Canadian National Railway Co. 6,490 478 502

Dirtt Environmental Solutions Ltd. 31,420 223 218

Eguana Technologies Inc. 41,596 21 4

Stantec Inc. 7,474 56 257

WestJet Airlines Ltd. 11,036 168 225


Absolute Software Corp. 459 3 3

CGI Group Inc. Class A Sub. voting 10,576 396 586

DealNet Capital Corp. Private Placement 195,000 78 142

DealNet Capital Corp. Restricted Warrant 97,500 - 22

Espial Group Inc. 151,664 445 352

Frankly Inc. 22,226 68 17

Kinaxis Inc. 9,785 144 459

Payfirma Corp. Private Placement 55,000 83 83

Pure Technologies Ltd. 13,379 36 62

RDM Corp. 37,844 103 149

Sandvine Corp. 32,906 113 116

Materials

B2Gold Corp. 47,536 102 67

Canam Group Inc. 8,856 119 123

Capstone Mining Corp. 224,390 316 99

Detour Gold Corp. 28,714 370 414

EcoSynthetix Inc. 21,689 87 28

Global Atomic Fuels Corp. 78,450 124 6




No. of Units,






Materials (continued)

International Forest Products Ltd. Class A 13,829 222 194

Lundin Mining Corp. 102,694 459 390

Semafo Inc. 96,986 342 340

Silvercrest Metals Inc. 4,045 1 1

Tahoe Res

Date post:	18-Jul-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

THE GREAT-WEST LIFE ASSURANCE COMPANY INDIVIDUAL ...€¦ · The Great-West Life Assurance Company...

Documents