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Transcript of 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)
Net assets attributable to
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
(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 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 -
-
IG/GWL Investment Funds IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 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
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
690 960
- -
- -
- -
- -
- -
- -
- -
- -
-
-
1,044
-
-
-
-
-
-
-
-
-
-
1,078
-
-
-
-
-
-
-
-
-
-
1,131
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
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
Security Description % of Total
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
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
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
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG AGF Global Equity Fund
Security Description % of Total
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
Security Description % of Total
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
Security Description % of Total
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
Security Description % of Total
British American Tobacco PLC 3.69%
Cash and short-term deposits 3.69%
Sampo OYJ A 3.43%
Roche Holding AG Genusscheine 3.31%
Fresenius SE & Co. KGaA 3.19%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
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
Security Description % of Total
The Toronto-Dominion Bank 7.66%
Royal Bank of Canada 7.60%
Rogers Communications Inc. Class B NV 6.13%
The Bank of Nova Scotia 4.82%
Cenovus Energy Inc. 3.83%
Underlying fund: IG FI Canadian Equity Fund
Security Description % of Total
The Toronto-Dominion Bank 8.99%
Royal Bank of Canada 8.92%
Suncor Energy Inc. 4.94%
Canadian Pacific Railway Ltd. 4.07%
Enbridge Inc. 3.58%
IG/GWL Investment Funds IG/GWL Allegro Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
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
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 3,703
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
-
-
-
-
4,066
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 244 36
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (886) (828)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 29
Investment properties expenses -
Other 3
Total expenses 32 33
30
-
3
Net increase (decrease) in net assets
from operations attributable to
contractholders 280 359Total investments 3,703 4,066
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders - 1
Net assets attributable to
contractholders 3,704 4,066
4,4994,066
280 359
Change in net assets attributable to contractholders
(362) (433)
Net assets attributable to
contractholders - end of year3,704 4,066
(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 1 1
Due from outside parties - -
Total assets 3,704 4,067
Overdrafts - 1
Derivatives - -
Income
Net gain (loss) on investments 312 392
Miscellaneous income (loss) - -
Total Income 312 392
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Aggressive Portfolio Segregated Fund Managed By: Investors Group
(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 280
359
Adjustments
Realized (gains) losses (179)
(145)
Unrealized (gains) losses (4)
104
Gross proceeds of disposition of investments 915
845
Gross payments for the purchase of investments (240)
(19)
Change in distribution income of underlying mutual fund (129)
(351)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
(1)
Change in due from/to brokers -
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
643
793
Financing Activities
Contractholder deposits 244
36
Contractholder withdrawals (886)
(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)
Cash, short-term deposits and overdrafts, end of year -
(1)
IG/GWL Investment Funds IG/GWL Allegro Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
270,840 317,237 383,338 462,718 482,321
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.67 12.82 11.74 9.87 9.17
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
3,703 4,066
- -
- -
- -
- -
- -
- -
- -
- -
-
-
4,499
-
-
-
-
-
-
-
-
-
-
4,565
-
-
-
-
-
-
-
-
-
-
4,423
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.85 1.08
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Fund Series S* 333,233 3,135 3,703
Total Investments 3,135 3,703
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
Security Description % of Total
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: Investors U.S. Large Cap Value Fund
Security Description % of Total
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Aggressive Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors U.S. Opportunities fund
Security Description % of Total
Cash and short-term deposits 3.39%
Lear Corp. 3.25%
Dollar General Corp. 2.89%
Huntington Bancshares Inc. 2.88%
WEC Energy Group Inc. 2.86%
Underlying fund: Investors European Equity Fund
Security Description % of Total
British American Tobacco PLC 3.69%
Cash and short-term deposits 3.69%
Sampo OYJ A 3.43%
Roche Holding AG Genusscheine 3.31%
Fresenius SE & Co. KGaA 3.19%
Underlying fund: IG AGF U.S. Growth Fund
Security Description % of Total
Facebook Inc. 5.17%
Amazon.com Inc. 4.94%
The Boeing Co. 4.00%
Red Hat Inc. 3.97%
Salesforce.com Inc. 3.90%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Emerging Markets Class
Security Description % of Total
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
Security Description % of Total
Cash and short-term deposits 28.93%
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
Security Description % of Total
The Toronto-Dominion Bank 7.66%
Royal Bank of Canada 7.60%
Rogers Communications Inc. Class B NV 6.13%
The Bank of Nova Scotia 4.82%
Cenovus Energy Inc. 3.83%
Underlying fund: IG FI Canadian Equity Fund
Security Description % of Total
The Toronto-Dominion Bank 8.99%
Royal Bank of Canada 8.92%
Suncor Energy Inc. 4.94%
Canadian Pacific Railway Ltd. 4.07%
Enbridge Inc. 3.58%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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%
IG/GWL Investment Funds IG/GWL Allegro Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
5.97 0.49 1.34 1.30 4.56
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 13,263
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 2
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
14,458
-
-
2
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 929 2,296
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (2,689) (3,227)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 65
Investment properties expenses -
Other 6
Total expenses 71 76
70
-
6
Net increase (decrease) in net assets
from operations attributable to
contractholders 606 658Total investments 13,263 14,458
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 6 50
Net assets attributable to
contractholders 13,261 14,415
14,68814,415
606 658
Change in net assets attributable to contractholders
(1,154) (273)
Net assets attributable to
contractholders - end of year13,261 14,415
(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 4 7
Due from outside parties - -
Total assets 13,267 14,465
Overdrafts 4 48
Derivatives - -
Income
Net gain (loss) on investments 677 734
Miscellaneous income (loss) - -
Total Income 677 734
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Conservative Portfolio Segregated Fund Managed By: Investors Group
(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 606
658
Adjustments
Realized (gains) losses (280)
(285)
Unrealized (gains) losses 22
(11)
Gross proceeds of disposition of investments 2,592
3,199
Gross payments for the purchase of investments (721)
(2,307)
Change in distribution income of underlying mutual fund (418)
(394)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
31
Change in due from/to brokers 3
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
1,804
891
Financing Activities
Contractholder deposits 929
2,296
Contractholder withdrawals (2,689)
(3,227)
(1,760)
(931)
Net increase (decrease) in cash, short-term deposits and overdrafts 44
(40)
Cash, short-term deposits and overdrafts, beginning of year (48)
(8)
Cash, short-term deposits and overdrafts, end of year (4)
(48)
IG/GWL Investment Funds IG/GWL Allegro Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,028,698 1,165,317 1,241,750 1,315,924 1,348,617
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
12.89 12.37 11.83 11.18 10.78
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
13,261 14,415
- -
- -
- -
- -
- -
- -
- -
- -
-
-
14,688
-
-
-
-
-
-
-
-
-
-
14,713
-
-
-
-
-
-
-
-
-
-
14,537
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.52 0.54
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Conservative Fund Series S* 1,203,103 12,204 13,263
Total Investments 12,204 13,263
Top 5 Holdings of the underlying funds
Underlying fund: Investors Canadian Corporate Bond Fund
Security Description % of Total
Royal Bank of Canada 2.77% 12-11-2018 2.41%
Cash and short-term deposits 2.12%
The Toronto-Dominion Bank 2.62% 12-22-2021 1.61%
Canadian Imperial Bank of Commerce 2.22% 03-07-2018 1.55%
Canadian Imperial Bank of Commerce 2.35% 10-18-2017 1.45%
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: Investors Canadian Bond Fund
Security Description % of Total
Government of Canada 5.00% 06-01-2037 3.08%
Government of Canada 4.00% 06-01-2041 2.85%
Province of Ontario 4.65% 06-02-2041 2.85%
Bank of Montreal 3.21% 09-13-2018 2.53%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.39%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Conservative Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Global Bond Fund
Security Description % of Total
Cash and short-term deposits 17.44%
United States Treasury 3.63% 02-15-2020 8.23%
United States Treasury 2.00% 02-15-2025 7.66%
United States Treasury 2.38% 08-15-2024 5.97%
Government of Australia 3.25% 04-21-2029 5.36%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
Underlying fund: IG AGF U.S. Growth Fund
Security Description % of Total
Facebook Inc. 5.17%
Amazon.com Inc. 4.94%
The Boeing Co. 4.00%
Red Hat Inc. 3.97%
Salesforce.com Inc. 3.90%
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: IG AGF Global Equity Fund
Security Description % of Total
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%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 7.25%
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%
IG/GWL Investment Funds IG/GWL Allegro Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
5.18 15.54 17.46 15.67 14.80
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 2,101
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
-
-
-
-
2,322
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 224 5
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (484) (82)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 14
Investment properties expenses -
Other 2
Total expenses 16 17
15
-
2
Net increase (decrease) in net assets
from operations attributable to
contractholders 39 159Total investments 2,101 2,322
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders - -
Net assets attributable to
contractholders 2,101 2,322
2,2402,322
39 159
Change in net assets attributable to contractholders
(221) 82
Net assets attributable to
contractholders - end of year2,101 2,322
(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 2,101 2,322
Overdrafts - -
Derivatives - -
Income
Net gain (loss) on investments 55 176
Miscellaneous income (loss) - -
Total Income 55 176
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group
(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 39
159
Adjustments
Realized (gains) losses (62)
(19)
Unrealized (gains) losses 135
33
Gross proceeds of disposition of investments 335
95
Gross payments for the purchase of investments (57)
(1)
Change in distribution income of underlying mutual fund (130)
(190)
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 -
-
260
77
Financing Activities
Contractholder deposits 224
5
Contractholder withdrawals (484)
(82)
(260)
(77)
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 -
-
IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
155,439 173,657 179,601 211,125 192,044
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.52 13.37 12.47 10.78 9.92
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
2,101 2,322
- -
- -
- -
- -
- -
- -
- -
- -
-
-
2,240
-
-
-
-
-
-
-
-
-
-
2,276
-
-
-
-
-
-
-
-
-
-
1,905
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.15 0.90
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Moderate Aggressive Canada Focus Portfolio
Series S* 218,096 1,900 2,101
Total Investments 1,900 2,101
Top 5 Holdings of the underlying funds
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG FI Canadian Equity Fund
Security Description % of Total
The Toronto-Dominion Bank 8.99%
Royal Bank of Canada 8.92%
Suncor Energy Inc. 4.94%
Canadian Pacific Railway Ltd. 4.07%
Enbridge Inc. 3.58%
Underlying fund: Investors Canadian Small Cap Fund
Security Description % of Total
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: Investors U.S. Large Cap Value Fund
Security Description % of Total
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: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: IG Franklin Bissett Canadian Equity Fund
Security Description % of Total
Brookfield Asset Management Inc. Class A 6.07%
Canadian National Railway Co. 5.62%
The Toronto-Dominion Bank 5.13%
Canadian Imperial Bank of Commerce 4.86%
Royal Bank of Canada 4.77%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors European Equity Fund
Security Description % of Total
British American Tobacco PLC 3.69%
Cash and short-term deposits 3.69%
Sampo OYJ A 3.43%
Roche Holding AG Genusscheine 3.31%
Fresenius SE & Co. KGaA 3.19%
IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.64 0.08 3.82 4.27 5.14
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 9,648
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 3
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
10,534
-
-
4
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 425 230
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (1,993) (1,849)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 65
Investment properties expenses -
Other 7
Total expenses 72 81
74
-
7
Net increase (decrease) in net assets
from operations attributable to
contractholders 683 806Total investments 9,648 10,534
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 5 6
Net assets attributable to
contractholders 9,645 10,530
11,34310,530
683 806
Change in net assets attributable to contractholders
(885) (813)
Net assets attributable to
contractholders - end of year9,645 10,530
(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 2 2
Due from outside parties - -
Total assets 9,650 10,536
Overdrafts 2 2
Derivatives - -
Income
Net gain (loss) on investments 755 887
Miscellaneous income (loss) - -
Total Income 755 887
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund Managed By: Investors Group
(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 683
806
Adjustments
Realized (gains) losses (332)
(329)
Unrealized (gains) losses 58
337
Gross proceeds of disposition of investments 2,024
1,889
Gross payments for the purchase of investments (383)
(191)
Change in distribution income of underlying mutual fund (481)
(895)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (1)
3
Change in due from/to brokers -
(1)
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
1,568
1,619
Financing Activities
Contractholder deposits 425
230
Contractholder withdrawals (1,993)
(1,849)
(1,568)
(1,619)
Net increase (decrease) in cash, short-term deposits and overdrafts -
-
Cash, short-term deposits and overdrafts, beginning of year (2)
(2)
Cash, short-term deposits and overdrafts, end of year (2)
(2)
IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
686,116 798,351 924,218 1,080,798 1,158,206
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
14.06 13.19 12.27 10.42 9.64
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
9,645 10,530
- -
- -
- -
- -
- -
- -
- -
- -
-
-
11,343
-
-
-
-
-
-
-
-
-
-
11,261
-
-
-
-
-
-
-
-
-
-
11,160
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.87 0.92
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Moderate Aggressive Fund Series S* 911,020 8,528 9,648
Total Investments 8,528 9,648
Top 5 Holdings of the underlying funds
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Underlying fund: Investors Canadian Large Cap Value Fund
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Canadian Growth Fund
Security Description % of Total
Royal Bank of Canada 5.76%
The Toronto-Dominion Bank 4.63%
Element Financial Corp. 4.12%
Power Financial Corp.* 3.95%
The Bank of Nova Scotia 3.77%
Underlying fund: Investors Canadian Small Cap Fund
Security Description % of Total
Cash and short-term deposits 3.87%
Algonquin Power & Utilities Corp. 2.97%
Stella-Jones Inc. 2.82%
Quebecor Inc. Class B SV 2.80%
Chartwell Retirement Residences 2.60%
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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%
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
*The issuer of this security is a related company to the issuer of the fund.
Underlying fund: Investors European Mid-Cap Equity Fund
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors Pacific International Fund
Security Description % of Total
Cash and short-term deposits 4.41%
Samsung Electronics Co. Ltd. 3.78%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.35%
Tencent Holdings Ltd. 3.15%
National Australia Bank Ltd. 3.07%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
IG/GWL Investment Funds IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
3.91 1.72 3.49 3.00 5.35
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 9,766
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 5
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
10,833
-
-
4
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 429 663
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (2,186) (2,705)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 56
Investment properties expenses -
Other 5
Total expenses 61 67
62
-
5
Net increase (decrease) in net assets
from operations attributable to
contractholders 580 658Total investments 9,766 10,833
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 117 7
Net assets attributable to
contractholders 9,652 10,829
12,21310,829
580 658
Change in net assets attributable to contractholders
(1,177) (1,384)
Net assets attributable to
contractholders - end of year9,652 10,829
(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 3 3
Due from outside parties - -
Total assets 9,769 10,836
Overdrafts 112 3
Derivatives - -
Income
Net gain (loss) on investments 641 725
Miscellaneous income (loss) - -
Total Income 641 725
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund Managed By: Investors Group
(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 580
658
Adjustments
Realized (gains) losses (315)
(346)
Unrealized (gains) losses 109
86
Gross proceeds of disposition of investments 2,107
2,696
Gross payments for the purchase of investments (399)
(465)
Change in distribution income of underlying mutual fund (435)
(452)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company 1
(134)
Change in due from/to brokers -
(196)
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
1,648
1,847
Financing Activities
Contractholder deposits 429
663
Contractholder withdrawals (2,186)
(2,705)
(1,757)
(2,042)
Net increase (decrease) in cash, short-term deposits and overdrafts (109)
(195)
Cash, short-term deposits and overdrafts, beginning of year (3)
192
Cash, short-term deposits and overdrafts, end of year (112)
(3)
IG/GWL Investment Funds IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
731,171 865,301 1,032,399 1,118,683 1,233,245
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.20 12.51 11.83 10.72 10.21
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
9,652 10,829
- -
- -
- -
- -
- -
- -
- -
- -
-
-
12,213
-
-
-
-
-
-
-
-
-
-
11,988
-
-
-
-
-
-
-
-
-
-
12,596
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.69 0.68
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Moderate Conservative Fund Series S* 910,761 8,688 9,766
Total Investments 8,688 9,766
Top 5 Holdings of the underlying funds
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: Investors Canadian Corporate Bond Fund
Security Description % of Total
Royal Bank of Canada 2.77% 12-11-2018 2.41%
Cash and short-term deposits 2.12%
The Toronto-Dominion Bank 2.62% 12-22-2021 1.61%
Canadian Imperial Bank of Commerce 2.22% 03-07-2018 1.55%
Canadian Imperial Bank of Commerce 2.35% 10-18-2017 1.45%
Underlying fund: Investors Canadian Bond Fund
Security Description % of Total
Government of Canada 5.00% 06-01-2037 3.08%
Government of Canada 4.00% 06-01-2041 2.85%
Province of Ontario 4.65% 06-02-2041 2.85%
Bank of Montreal 3.21% 09-13-2018 2.53%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.39%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: IG AGF U.S. Growth Fund
Security Description % of Total
Facebook Inc. 5.17%
Amazon.com Inc. 4.94%
The Boeing Co. 4.00%
Red Hat Inc. 3.97%
Salesforce.com Inc. 3.90%
Underlying fund: Investors European Equity Fund
Security Description % of Total
British American Tobacco PLC 3.69%
Cash and short-term deposits 3.69%
Sampo OYJ A 3.43%
Roche Holding AG Genusscheine 3.31%
Fresenius SE & Co. KGaA 3.19%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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 FI Canadian Equity Fund
Security Description % of Total
The Toronto-Dominion Bank 8.99%
Royal Bank of Canada 8.92%
Suncor Energy Inc. 4.94%
Canadian Pacific Railway Ltd. 4.07%
Enbridge Inc. 3.58%
Underlying fund: IG AGF Global Equity Fund
Security Description % of Total
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: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 7.25%
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%
IG/GWL Investment Funds IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
3.81 4.03 6.02 4.65 7.27
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 16,910
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 4
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
17,937
-
-
7
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 1,156 962
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (3,204) (4,021)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 113
Investment properties expenses -
Other 10
Total expenses 123 128
118
-
10
Net increase (decrease) in net assets
from operations attributable to
contractholders 1,025 1,228Total investments 16,910 17,937
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 13 16
Net assets attributable to
contractholders 16,903 17,926
19,75717,926
1,025 1,228
Change in net assets attributable to contractholders
(1,023) (1,831)
Net assets attributable to
contractholders - end of year16,903 17,926
(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 6 5
Due from outside parties - -
Total assets 16,916 17,942
Overdrafts 9 9
Derivatives - -
Income
Net gain (loss) on investments 1,148 1,356
Miscellaneous income (loss) - -
Total Income 1,148 1,356
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Allegro Moderate Portfolio Segregated Fund Managed By: Investors Group
(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 1,025
1,228
Adjustments
Realized (gains) losses (377)
(355)
Unrealized (gains) losses (30)
21
Gross proceeds of disposition of investments 2,885
3,478
Gross payments for the purchase of investments (710)
(309)
Change in distribution income of underlying mutual fund (741)
(1,010)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (3)
7
Change in due from/to brokers (1)
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
2,048
3,060
Financing Activities
Contractholder deposits 1,156
962
Contractholder withdrawals (3,204)
(4,021)
(2,048)
(3,059)
Net increase (decrease) in cash, short-term deposits and overdrafts -
1
Cash, short-term deposits and overdrafts, beginning of year (9)
(10)
Cash, short-term deposits and overdrafts, end of year (9)
(9)
IG/GWL Investment Funds IG/GWL Allegro Moderate Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,344,901 1,506,082 1,773,389 1,847,421 2,384,561
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
12.57 11.90 11.14 10.09 9.67
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
16,902 17,926
- -
- -
- -
- -
- -
- -
- -
- -
-
-
19,757
-
-
-
-
-
-
-
-
-
-
18,639
-
-
-
-
-
-
-
-
-
-
23,050
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.67 0.76
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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 Moderate Fund Series S* 1,650,013 15,419 16,910
Total Investments 15,419 16,910
Top 5 Holdings of the underlying funds
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: Investors Core Canadian Equity Fund
Security Description % of Total
Royal Bank of Canada 7.30%
The Toronto-Dominion Bank 5.08%
The Bank of Nova Scotia 4.31%
Cash and short-term deposits 4.16%
Bank of Montreal 3.80%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Allegro Moderate Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG FI Canadian Equity Fund
Security Description % of Total
The Toronto-Dominion Bank 8.99%
Royal Bank of Canada 8.92%
Suncor Energy Inc. 4.94%
Canadian Pacific Railway Ltd. 4.07%
Enbridge Inc. 3.58%
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Core U.S. Equity Fund
Security Description % of Total
Apple Inc. 2.83%
Microsoft Corp. 2.42%
Amazon.com Inc. 1.92%
Facebook Inc. 1.75%
Comcast Corp. Class A 1.52%
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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 FI U.S. Large Cap Equity Fund
Security Description % of Total
Alphabet Inc. Class A 3.98%
Apple Inc. 2.94%
Occidental Petroleum Corp. 2.45%
Facebook Inc. 2.38%
Citigroup Inc. 2.25%
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Allegro Moderate Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Ivy Foreign Equity Class
Security Description % of Total
Cash and short-term deposits 28.93%
Omnicom Group Inc. 4.14%
The Procter & Gamble Co. 3.50%
Admiral Group PLC 3.40%
Danone SA 3.37%
IG/GWL Investment Funds IG/GWL Allegro Moderate Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
4.01 1.70 8.67 1.74 4.99
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 559
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
-
-
-
-
1,013
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 1 3
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (476) (13)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 6
Investment properties expenses -
Other 1
Total expenses 7 8
7
-
1
Net increase (decrease) in net assets
from operations attributable to
contractholders 21 68Total investments 559 1,013
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders - -
Net assets attributable to
contractholders 559 1,013
9551,013
21 68
Change in net assets attributable to contractholders
(454) 58
Net assets attributable to
contractholders - end of year559 1,013
(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 559 1,013
Overdrafts - -
Derivatives - -
Income
Net gain (loss) on investments 28 76
Miscellaneous income (loss) - -
Total Income 28 76
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group
(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 21
68
Adjustments
Realized (gains) losses (116)
(5)
Unrealized (gains) losses 118
(36)
Gross proceeds of disposition of investments 482
21
Gross payments for the purchase of investments -
(3)
Change in distribution income of underlying mutual fund (30)
(35)
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 -
-
475
10
Financing Activities
Contractholder deposits 1
3
Contractholder withdrawals (476)
(13)
(475)
(10)
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 -
-
IG/GWL Investment Funds IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
46,491 84,535 85,403 94,723 95,023
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
12.02 11.99 11.19 9.75 9.23
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
559 1,013
- -
- -
- -
- -
- -
- -
- -
- -
-
-
955
-
-
-
-
-
-
-
-
-
-
923
-
-
-
-
-
-
-
-
-
-
877
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.03 0.80
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Aggressive Canada Focus Fund Series S* 57,118 469 559
Total Investments 469 559
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 Growth Fund
Security Description % of Total
Royal Bank of Canada 5.76%
The Toronto-Dominion Bank 4.63%
Element Financial Corp. 4.12%
Power Financial Corp.* 3.95%
The Bank of Nova Scotia 3.77%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
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 Alto Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Canadian Small Cap Fund
Security Description % of Total
Cash and short-term deposits 3.87%
Algonquin Power & Utilities Corp. 2.97%
Stella-Jones Inc. 2.82%
Quebecor Inc. Class B SV 2.80%
Chartwell Retirement Residences 2.60%
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
Underlying fund: Investors Canadian Equity Fund
Security Description % of Total
Royal Bank of Canada 7.79%
The Bank of Nova Scotia 5.05%
The Toronto-Dominion Bank 4.68%
Manulife Financial Corp. 3.98%
Canadian Natural Resources Ltd. 3.71%
IG/GWL Investment Funds IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
0.15 0.26 2.03 1.57 4.18
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 1,912
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 1
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
2,096
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 76 123
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (379) (744)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 15
Investment properties expenses -
Other 1
Total expenses 16 18
17
-
1
Net increase (decrease) in net assets
from operations attributable to
contractholders 118 233Total investments 1,912 2,096
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 1 -
Net assets attributable to
contractholders 1,911 2,096
2,4842,096
118 233
Change in net assets attributable to contractholders
(185) (388)
Net assets attributable to
contractholders - end of year1,911 2,096
(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 1,912 2,096
Overdrafts - -
Derivatives - -
Income
Net gain (loss) on investments 134 251
Miscellaneous income (loss) - -
Total Income 134 251
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Aggressive Portfolio Segregated Fund Managed By: Investors Group
(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 118
233
Adjustments
Realized (gains) losses (88)
(148)
Unrealized (gains) losses 73
37
Gross proceeds of disposition of investments 394
757
Gross payments for the purchase of investments (76)
(118)
Change in distribution income of underlying mutual fund (119)
(140)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company 1
-
Change in due from/to brokers -
1
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
303
622
Financing Activities
Contractholder deposits 76
123
Contractholder withdrawals (379)
(744)
(303)
(621)
Net increase (decrease) in cash, short-term deposits and overdrafts -
1
Cash, short-term deposits and overdrafts, beginning of year -
(1)
Cash, short-term deposits and overdrafts, end of year -
-
IG/GWL Investment Funds IG/GWL Alto Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
139,616 161,425 212,173 218,320 349,291
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.69 12.99 11.71 9.78 9.10
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
1,911 2,096
- -
- -
- -
- -
- -
- -
- -
- -
-
-
2,484
-
-
-
-
-
-
-
-
-
-
2,135
-
-
-
-
-
-
-
-
-
-
3,177
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.70 1.28
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Aggressive Portfolio Fund Series S* 166,479 1,633 1,912
Total Investments 1,633 1,912
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 Growth Fund
Security Description % of Total
Royal Bank of Canada 5.76%
The Toronto-Dominion Bank 4.63%
Element Financial Corp. 4.12%
Power Financial Corp.* 3.95%
The Bank of Nova Scotia 3.77%
Security Description % of Total
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. 3.31%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Underlying fund: IG Mackenzie Emerging Markets Class
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors European Equity Fund
Security Description % of Total
British American Tobacco PLC 3.69%
Cash and short-term deposits 3.69%
Sampo OYJ A 3.43%
Roche Holding AG Genusscheine 3.31%
Fresenius SE & Co. KGaA 3.19%
Underlying fund: Investors U.S. Opportunities Fund
Security Description % of Total
Cash and short-term deposits 3.39%
Lear Corp. 3.25%
Dollar General Corp. 2.89%
Huntington Bancshares Inc. 2.88%
WEC Energy Group Inc. 2.86%
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 Canadian Small Cap Fund
Security Description % of Total
Cash and short-term deposits 3.87%
Algonquin Power & Utilities Corp. 2.97%
Stella-Jones Inc. 2.82%
Quebecor Inc. Class B SV 2.80%
Chartwell Retirement Residences 2.60%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
IG/GWL Investment Funds IG/GWL Alto Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
3.76 5.09 13.20 2.27 4.22
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 19,215
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 4
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
22,254
-
-
8
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 832 2,095
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (4,307) (3,970)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 95
Investment properties expenses -
Other 9
Total expenses 104 116
106
-
10
Net increase (decrease) in net assets
from operations attributable to
contractholders 439 947Total investments 19,215 22,254
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 21 21
Net assets attributable to
contractholders 19,208 22,244
23,17222,244
439 947
Change in net assets attributable to contractholders
(3,036) (928)
Net assets attributable to
contractholders - end of year19,208 22,244
(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 14 11
Due from outside parties - -
Total assets 19,229 22,265
Overdrafts 17 13
Derivatives - -
Income
Net gain (loss) on investments 543 1,063
Miscellaneous income (loss) - -
Total Income 543 1,063
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Conservative Portfolio Segregated Fund
Managed By: Investors Group(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 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
Financing Activities
Contractholder deposits 832 2,095
Contractholder withdrawals (4,307) (3,970)
(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)
IG/GWL Investment Funds IG/GWL Alto Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,565,616 1,846,618 2,003,930 2,146,704 2,414,449
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
12.27 12.05 11.56 11.10 10.75
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
19,208 22,244
- -
- -
- -
- -
- -
- -
- -
- -
-
-
23,172
-
-
-
-
-
-
-
-
-
-
23,820
-
-
-
-
-
-
-
-
-
-
25,955
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.22 0.49
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Conservative Portfolio Fund Series S* 1,852,742 18,330 19,215
Total Investments 18,330 19,215
Top 5 Holdings of the underlying funds
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: Investors Global Bond Fund
Security Description % of Total
Cash and short-term deposits 17.44%
United States Treasury 3.63% 02-15-2020 8.23%
United States Treasury 2.00% 02-15-2025 7.66%
United States Treasury 2.38% 08-15-2024 5.97%
Government of Australia 3.25% 04-21-2029 5.36%
Underlying fund: Investors Canadian Corporate Bond Fund
Security Description % of Total
Royal Bank of Canada 2.77% 12-11-2018 2.41%
Cash and short-term deposits 2.12%
The Toronto-Dominion Bank 2.62% 12-22-2021 1.61%
Canadian Imperial Bank of Commerce 2.22% 03-07-2018 1.55%
Canadian Imperial Bank of Commerce 2.35% 10-18-2017 1.45%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Conservative Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: Investors Core Canadian Equity Fund
Security Description % of Total
Royal Bank of Canada 7.30%
The Toronto-Dominion Bank 5.08%
The Bank of Nova Scotia 4.31%
Cash and short-term deposits 4.16%
Bank of Montreal 3.80%
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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 Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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: Investors Canadian Bond Fund
Security Description % of Total
Government of Canada 5.00% 06-01-2037 3.08%
Government of Canada 4.00% 06-01-2041 2.85%
Province of Ontario 4.65% 06-02-2041 2.85%
Bank of Montreal 3.21% 09-13-2018 2.53%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.39%
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
IG/GWL Investment Funds IG/GWL Alto Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
3.48 7.82 7.14 10.98 12.42
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 4,283
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
-
-
-
-
4,481
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 27 197
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (295) (739)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 29
Investment properties expenses -
Other 4
Total expenses 33 34
30
-
4
Net increase (decrease) in net assets
from operations attributable to
contractholders 70 315Total investments 4,283 4,481
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 3 4
Net assets attributable to
contractholders 4,283 4,481
4,7084,481
70 315
Change in net assets attributable to contractholders
(198) (227)
Net assets attributable to
contractholders - end of year4,283 4,481
(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 3 4
Due from outside parties - -
Total assets 4,286 4,485
Overdrafts 3 4
Derivatives - -
Income
Net gain (loss) on investments 103 349
Miscellaneous income (loss) - -
Total Income 103 349
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund Managed By: Investors Group
(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 70
315
Adjustments
Realized (gains) losses (44)
(86)
Unrealized (gains) losses 177
21
Gross proceeds of disposition of investments 327
574
Gross payments for the purchase of investments (26)
-
Change in distribution income of underlying mutual fund (236)
(282)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
-
Change in due from/to brokers 1
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
269
542
Financing Activities
Contractholder deposits 27
197
Contractholder withdrawals (295)
(739)
(268)
(542)
Net increase (decrease) in cash, short-term deposits and overdrafts 1
-
Cash, short-term deposits and overdrafts, beginning of year (4)
(4)
Cash, short-term deposits and overdrafts, end of year (3)
(4)
IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
326,377 346,262 388,663 423,104 428,679
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.12 12.94 12.11 10.92 10.36
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
4,283 4,481
- -
- -
- -
- -
- -
- -
- -
- -
-
-
4,708
-
-
-
-
-
-
-
-
-
-
4,623
-
-
-
-
-
-
-
-
-
-
4,442
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.18 0.83
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Moderate Aggressive Canada Focus Fund Series S* 457,195 4,021 4,283
Total Investments 4,021 4,283
Top 5 Holdings of the underlying funds
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Canadian Small Cap Fund
Security Description % of Total
Cash and short-term deposits 3.87%
Algonquin Power & Utilities Corp. 2.97%
Stella-Jones Inc. 2.82%
Quebecor Inc. Class B SV 2.80%
Chartwell Retirement Residences 2.60%
Underlying fund: Investors Canadian Growth Fund
Security Description % of Total
Royal Bank of Canada 5.76%
The Toronto-Dominion Bank 4.63%
Element Financial Corp. 4.12%
Power Financial Corp.* 3.95%
The Bank of Nova Scotia 3.77%
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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%
*The issuer of this security is a related company to the issuer of the fund.
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
0.59 0.03 2.25 5.01 14.29
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 4,206
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
-
-
-
-
4,308
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 109 165
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (390) (938)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 29
Investment properties expenses -
Other 3
Total expenses 32 33
30
-
3
Net increase (decrease) in net assets
from operations attributable to
contractholders 179 357Total investments 4,206 4,308
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 1 -
Net assets attributable to
contractholders 4,206 4,308
4,7244,308
179 357
Change in net assets attributable to contractholders
(102) (416)
Net assets attributable to
contractholders - end of year4,206 4,308
(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 1 -
Due from outside parties - -
Total assets 4,207 4,308
Overdrafts 1 -
Derivatives - -
Income
Net gain (loss) on investments 211 390
Miscellaneous income (loss) - -
Total Income 211 390
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund Managed By: Investors Group
(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 179
357
Adjustments
Realized (gains) losses (63)
(142)
Unrealized (gains) losses 99
21
Gross proceeds of disposition of investments 411
943
Gross payments for the purchase of investments (98)
(137)
Change in distribution income of underlying mutual fund (247)
(269)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
1
Change in due from/to brokers (1)
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
280
774
Financing Activities
Contractholder deposits 109
165
Contractholder withdrawals (390)
(938)
(281)
(773)
Net increase (decrease) in cash, short-term deposits and overdrafts (1)
1
Cash, short-term deposits and overdrafts, beginning of year -
(1)
Cash, short-term deposits and overdrafts, end of year (1)
-
IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
307,687 327,934 388,394 425,883 450,313
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.67 13.14 12.16 10.54 9.85
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
4,206 4,308
- -
- -
- -
- -
- -
- -
- -
- -
-
-
4,724
-
-
-
-
-
-
-
-
-
-
4,491
-
-
-
-
-
-
-
-
-
-
4,438
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.53 0.98
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Moderate Aggressive Fund Series S* 404,427 3,827 4,206
Total Investments 3,827 4,206
Top 5 Holdings of the underlying funds
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
Underlying fund: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Canadian Small Cap Fund
Security Description % of Total
Cash and short-term deposits 3.87%
Algonquin Power & Utilities Corp. 2.97%
Stella-Jones Inc. 2.82%
Quebecor Inc. Class B SV 2.80%
Chartwell Retirement Residences 2.60%
Underlying fund: Investors Canadian Growth Fund
Security Description % of Total
Royal Bank of Canada 5.76%
The Toronto-Dominion Bank 4.63%
Element Financial Corp. 4.12%
Power Financial Corp.* 3.95%
The Bank of Nova Scotia 3.77%
Underlying fund: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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%
*The issuer of this security is a related company to the issuer of the fund.
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: Investors Pacific International Fund
Security Description % of Total
Cash and short-term deposits 4.41%
Samsung Electronics Co. Ltd. 3.78%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.35%
Tencent Holdings Ltd. 3.15%
National Australia Bank Ltd. 3.07%
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
IG/GWL Investment Funds IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.25 3.01 3.33 3.73 11.00
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 8,719
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 1
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
11,464
22
-
-
23
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 347 497
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (3,401) (814)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 58
Investment properties expenses -
Other 5
Total expenses 63 65
60
-
5
Net increase (decrease) in net assets
from operations attributable to
contractholders 308 563Total investments 8,719 11,464
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 4 23
Net assets attributable to
contractholders 8,717 11,463
11,21711,463
308 563
Change in net assets attributable to contractholders
(2,746) 246
Net assets attributable to
contractholders - end of year8,717 11,463
(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 2 -
Due from outside parties - -
Total assets 8,721 11,486
Overdrafts 3 -
Derivatives - -
Income
Net gain (loss) on investments 371 628
Miscellaneous income (loss) - -
Total Income 371 628
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Moderate Conservative Portfolio Segregated Fund Managed By: Investors Group
(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 308
563
Adjustments
Realized (gains) losses (393)
(102)
Unrealized (gains) losses 379
34
Gross proceeds of disposition of investments 3,345
848
Gross payments for the purchase of investments (228)
(475)
Change in distribution income of underlying mutual fund (358)
(546)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company 1
(5)
Change in due from/to brokers (25)
26
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
3,029
343
Financing Activities
Contractholder deposits 347
497
Contractholder withdrawals (3,401)
(814)
(3,054)
(317)
Net increase (decrease) in cash, short-term deposits and overdrafts (25)
26
Cash, short-term deposits and overdrafts, beginning of year 22
(4)
Cash, short-term deposits and overdrafts, end of year (3)
22
IG/GWL Investment Funds IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
675,122 910,992 936,766 1,016,416 1,179,005
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
12.91 12.58 11.97 10.89 10.44
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
8,717 11,463
- -
- -
- -
- -
- -
- -
- -
- -
-
-
11,217
-
-
-
-
-
-
-
-
-
-
11,068
-
-
-
-
-
-
-
-
-
-
12,305
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.33 0.61
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Moderate Conservative Fund Series S* 814,501 8,068 8,719
Total Investments 8,068 8,719
Top 5 Holdings of the underlying funds
Underlying fund: Investors Canadian Bond Fund
Security Description % of Total
Government of Canada 5.00% 06-01-2037 3.08%
Government of Canada 4.00% 06-01-2041 2.85%
Province of Ontario 4.65% 06-02-2041 2.85%
Bank of Montreal 3.21% 09-13-2018 2.53%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.39%
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: Investors Canadian Corporate Bond Fund
Security Description % of Total
Royal Bank of Canada 2.77% 12-11-2018 2.41%
Cash and short-term deposits 2.12%
The Toronto-Dominion Bank 2.62% 12-22-2021 1.61%
Canadian Imperial Bank of Commerce 2.22% 03-07-2018 1.55%
Canadian Imperial Bank of Commerce 2.35% 10-18-2017 1.45%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
Underlying fund: IG Putnam U.S. Growth Fund
Security Description % of Total
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 U.S. Large Cap Value Fund
Security Description % of Total
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: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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: Investors Canadian High Yield Income Fund
Security Description % of Total
Cash and short-term deposits 2.50%
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%
Royal Bank of Canada 2.58% 04-13-2017 1.09%
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%
IG/GWL Investment Funds IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.12 4.17 10.56 7.77 9.76
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 18,979
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 5
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
20,793
-
-
5
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 361 1,227
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (3,112) (2,228)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 122
Investment properties expenses -
Other 13
Total expenses 135 138
125
-
13
Net increase (decrease) in net assets
from operations attributable to
contractholders 878 1,128Total investments 18,979 20,793
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 72 23
Net assets attributable to
contractholders 18,914 20,787
20,66020,787
878 1,128
Change in net assets attributable to contractholders
(1,873) 127
Net assets attributable to
contractholders - end of year18,914 20,787
(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 7 17
Due from outside parties - -
Total assets 18,986 20,810
Overdrafts 67 18
Derivatives - -
Income
Net gain (loss) on investments 1,013 1,266
Miscellaneous income (loss) - -
Total Income 1,013 1,266
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Alto Moderate Portfolio Segregated Fund Managed By: Investors Group
(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 878
1,128
Adjustments
Realized (gains) losses (291)
(221)
Unrealized (gains) losses 198
348
Gross proceeds of disposition of investments 2,983
2,132
Gross payments for the purchase of investments (155)
(1,004)
Change in distribution income of underlying mutual fund (921)
(1,381)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
-
Change in due from/to brokers 10
(11)
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
2,702
991
Financing Activities
Contractholder deposits 361
1,227
Contractholder withdrawals (3,112)
(2,228)
(2,751)
(1,001)
Net increase (decrease) in cash, short-term deposits and overdrafts (49)
(10)
Cash, short-term deposits and overdrafts, beginning of year (18)
(8)
Cash, short-term deposits and overdrafts, end of year (67)
(18)
IG/GWL Investment Funds IG/GWL Alto Moderate Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,442,120 1,651,619 1,733,366 2,026,196 2,383,099
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
13.12 12.59 11.92 10.68 10.14
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
18,914 20,787
- -
- -
- -
- -
- -
- -
- -
- -
-
-
20,660
-
-
-
-
-
-
-
-
-
-
21,630
-
-
-
-
-
-
-
-
-
-
24,168
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.53 0.67
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Alto Moderate Portfolio Fund Series S* 1,922,565 18,006 18,979
Total Investments 18,006 18,979
Top 5 Holdings of the underlying funds
Underlying fund: Investors Mortgage and Short Term Income Fund
Security Description % of Total
Cash and short-term deposits 4.27%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.47%
Royal Bank of Canada 2.77% 12-11-2018 1.93%
Canada Housing Trust No. 1 4.10% 12-15-2018 1.87%
Province of Ontario 4.40% 06-02-2019 1.54%
Underlying fund: IG Mackenzie Income Fund
Security Description % of Total
Province of Ontario 3.45% 06-02-2045 7.12%
Province of Quebec 4.50% 12-01-2020 3.99%
Province of Ontario 2.60% 06-02-2025 3.98%
Province of Quebec 2.75% 09-01-2025 2.58%
Province of Ontario 4.20% 06-02-2020 2.42%
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Alto Moderate Portfolio Segregated Fund
Managed By: Investors Group
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: IG Mackenzie Canadian Equity Growth Fund
Security Description % of Total
The Bank of Nova Scotia 3.76%
Royal Bank of Canada 3.31%
Temp Holdings Co. Ltd. 3.23%
Manulife Financial Corp. 3.13%
Alimentation Couche-Tard Inc. Class B SV 2.95%
Underlying fund: Investors U.S. Large Cap Value Fund
Security Description % of Total
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%
Investors Canadian Small Cap Growth Fund
Security Description % of Total
Quebecor Inc. Class B SV 2.30%
Element Financial Corp. 2.16%
Enerflex Ltd. 2.15%
Tahoe Resources Inc. 2.12%
Heroux-Devtek Inc. 2.12%
Underlying fund: Investors European Mid-Cap Equity Fund
Security Description % of Total
Next PLC 3.61%
Baloise Holding AG 3.49%
DCC PLC 3.35%
Fresenius SE & Co. KGaA 3.00%
Persimmon PLC 2.65%
(in Canadian $ thousands, except number of units)
Schedule of Investment Portfolio
As at December 31, 2015
IG/GWL Alto Moderate Portfolio Segregated Fund
Managed By: Investors Group
Top 5 Holdings of the underlying funds (continued)
Underlying fund: Investors Pan Asian Equity Fund
Security Description % of Total
Toyota Motor Corp. 4.62%
Cash and short-term deposits 3.36%
Samsung Electronics Co. Ltd. 2.20%
SoftBank Group Corp. 1.92%
Sumitomo Mitsui Financial Group Inc. 1.92%
Underlying fund: IG Mackenzie Ivy European Fund
Security Description % of Total
Cash and short-term deposits 32.80%
Publicis Groupe 8.59%
Aggreko PLC 6.95%
Admiral Group PLC 6.09%
Danone SA 5.96%
Underlying fund: Investors Real Property Fund
Security Description % of Total
Cash and short-term deposits 16.58%
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 Putnam U.S. Growth Fund
Security Description % of Total
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%
IG/GWL Investment Funds IG/GWL Alto Moderate Portfolio Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
0.76 4.81 5.97 4.00 7.78
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 36,034
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 10
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
46,649
-
-
22
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 1,006 1,790
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (8,820) (9,906)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 320
Investment properties expenses -
Other 30
Total expenses 350 415
379
-
36
Net increase (decrease) in net assets
from operations attributable to
contractholders (2,793) 3,415Total investments 36,034 46,649
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 43 83
Net assets attributable to
contractholders 36,010 46,617
51,31846,617
(2,793) 3,415
Change in net assets attributable to contractholders
(10,607) (4,701)
Net assets attributable to
contractholders - end of year36,010 46,617
(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 19 51
Due from outside parties - -
Total assets 36,053 46,700
Overdrafts 33 61
Derivatives - -
Income
Net gain (loss) on investments (2,443) 3,830
Miscellaneous income (loss) - -
Total Income (2,443) 3,830
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Canadian Balanced Segregated Fund Managed By: Investors Group
(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 (2,793)
3,415
Adjustments
Realized (gains) losses (931)
(955)
Unrealized (gains) losses 3,819
(2,405)
Gross proceeds of disposition of investments 8,688
9,295
Gross payments for the purchase of investments (627)
(880)
Change in distribution income of underlying mutual fund (334)
(341)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (12)
(12)
Change in due from/to brokers 32
(211)
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
7,842
7,906
Financing Activities
Contractholder deposits 1,006
1,790
Contractholder withdrawals (8,820)
(9,906)
(7,814)
(8,116)
Net increase (decrease) in cash, short-term deposits and overdrafts 28
(210)
Cash, short-term deposits and overdrafts, beginning of year (61)
149
Cash, short-term deposits and overdrafts, end of year (33)
(61)
IG/GWL Investment Funds IG/GWL Canadian Balanced Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,911,735 2,296,687 2,701,429 3,371,880 4,001,745
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
18.84 20.30 19.00 17.98 18.22
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
36,010 46,617
- -
- -
- -
- -
- -
- -
- -
- -
-
-
51,318
-
-
-
-
-
-
-
-
-
-
60,622
-
-
-
-
-
-
-
-
-
-
72,930
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
(1.46) 1.30
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Canadian Balanced Fund Series S* 2,569,968 34,841 36,034
Total Investments 34,841 36,034
Top 25 Holdings
Security Description % of Total
The Toronto-Dominion Bank 6.47%
Royal Bank of Canada 5.71%
The Bank of Nova Scotia 4.81%
Power Financial Corp.* 2.76%
Manulife Financial Corp. 2.49%
Element Financial Corp. 2.40%
Comcast Corp. Class A 2.34%
Canadian National Railway Co. 2.06%
Sysco Corp. 2.05%
Valeant Pharmaceuticals International Inc. 1.83%
TransCanada Corp. 1.77%
Nielsen Holdings PLC 1.42%
Loblaw Companies Ltd. 1.39%
CI Financial Corp. 1.35%
Shaw Communications Inc. Class B 1.34%
Canadian Natural Resources Ltd. 1.32%
Quebecor Inc. Class B SV 1.29%
Province of Quebec 6.00% 10-01-2029 1.26%
Verizon Communications Inc. 1.25%
Province of Ontario 6.50% 03-08-2029 1.22%
AltaGas Ltd. 1.21%
Merck & Co. Inc. 1.07%
Gilead Sciences Inc. 1.04%
The Priceline Group Inc. 1.04%
JPMorgan Chase & Co. 0.97%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Canadian Balanced Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Canadian Balanced Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
1.48 1.82 1.90 1.54 5.95
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 11,636
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
-
-
-
-
15,240
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 368 656
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (3,329) (4,405)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 104
Investment properties expenses -
Other 11
Total expenses 115 141
128
-
13
Net increase (decrease) in net assets
from operations attributable to
contractholders (650) 1,417Total investments 11,636 15,240
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 28 22
Net assets attributable to
contractholders 11,610 15,221
17,55315,221
(650) 1,417
Change in net assets attributable to contractholders
(3,611) (2,332)
Net assets attributable to
contractholders - end of year11,610 15,221
(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 2 3
Due from outside parties - -
Total assets 11,638 15,243
Overdrafts 28 22
Derivatives - -
Income
Net gain (loss) on investments (535) 1,558
Miscellaneous income (loss) - -
Total Income (535) 1,558
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Canadian Equity Segregated Fund Managed By: Investors Group
(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 (650)
1,417
Adjustments
Realized (gains) losses (257)
(344)
Unrealized (gains) losses 866
(802)
Gross proceeds of disposition of investments 3,286
4,230
Gross payments for the purchase of investments (291)
(362)
Change in distribution income of underlying mutual fund -
(412)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company -
4
Change in due from/to brokers 1
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
2,955
3,731
Financing Activities
Contractholder deposits 368
656
Contractholder withdrawals (3,329)
(4,405)
(2,961)
(3,749)
Net increase (decrease) in cash, short-term deposits and overdrafts (6)
(18)
Cash, short-term deposits and overdrafts, beginning of year (22)
(4)
Cash, short-term deposits and overdrafts, end of year (28)
(22)
IG/GWL Investment Funds IG/GWL Canadian Equity Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - 10 10 10
- - - - -
612,614 759,680 950,247 1,099,907 1,256,973
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - 19.76 17.43 16.95
- - - - -
18.95 20.04 18.47 16.43 16.09
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
11,610 15,221
- -
- -
- -
- -
- -
- -
- -
- -
-
-
17,552
-
-
-
-
-
-
-
-
-
-
18,072
-
-
-
-
-
-
-
-
-
-
20,230
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
(1.09) 1.57
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Canadian Equity Fund Series S* 653,049 11,423 11,636
Total Investments 11,423 11,636
Top 25 Holdings
Security Description % of Total
Royal Bank of Canada 7.79%
The Bank of Nova Scotia 5.05%
The Toronto-Dominion Bank 4.68%
Manulife Financial Corp. 3.98%
Canadian Natural Resources Ltd. 3.71%
Canadian National Railway Co. 3.62%
Bank of Montreal 3.44%
Suncor Energy Inc. 3.44%
TransCanada Corp. 3.19%
CBS Corp. Class B NV 2.48%
Valeant Pharmaceuticals International Inc. 2.44%
United Technologies Corp. 2.39%
Verizon Communications Inc. 2.21%
Eaton Corp. PLC 2.15%
Element Financial Corp. 2.04%
The Procter & Gamble Co. 2.03%
Express Scripts Holding Co. 2.01%
Shaw Communications Inc. Class B 1.96%
Canadian Pacific Railway Ltd. 1.96%
Great-West Lifeco Inc.* 1.92%
Merck & Co. Inc. 1.92%
Cisco Systems Inc. 1.84%
Agrium Inc. 1.72%
CGI Group Inc. Class A SV 1.71%
Canadian Imperial Bank of Commerce 1.70%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Canadian Equity Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Canadian Equity Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.12 2.18 5.23 4.16 8.63
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 121,614
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 31
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
153,581
149
-
41
150
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 3,821 8,436
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (24,968) (31,748)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 1,095
Investment properties expenses -
Other 90
Total expenses 1,185 1,358
1,253
-
105
Net increase (decrease) in net assets
from operations attributable to
contractholders (10,859) 10,192Total investments 121,614 153,581
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 76 191
Net assets attributable to
contractholders 121,575 153,581
166,701153,581
(10,859) 10,192
Change in net assets attributable to contractholders
(32,006) (13,120)
Net assets attributable to
contractholders - end of year121,575 153,581
(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 37 42
Due from outside parties - -
Total assets 121,651 153,772
Overdrafts 45 -
Derivatives - -
Income
Net gain (loss) on investments (9,674) 11,550
Miscellaneous income (loss) - -
Total Income (9,674) 11,550
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Dividend Segregated Fund Managed By: Investors Group
(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 (10,859)
10,192
Adjustments
Realized (gains) losses (3,076)
(4,251)
Unrealized (gains) losses 17,040
(2,193)
Gross proceeds of disposition of investments 24,171
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)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (10)
117
Change in due from/to brokers (145)
140
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
20,953
23,535
Financing Activities
Contractholder deposits 3,821
8,436
Contractholder withdrawals (24,968)
(31,748)
(21,147)
(23,312)
Net increase (decrease) in cash, short-term deposits and overdrafts (194)
223
Cash, short-term deposits and overdrafts, beginning of year 149
(74)
Cash, short-term deposits and overdrafts, end of year (45)
149
IG/GWL Investment Funds IG/GWL Dividend Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - 10 10 10
- - - - -
5,046,900 5,883,573 6,810,385 7,388,738 8,420,033
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - 26.05 22.37 19.92
- - - - -
24.09 26.10 24.48 21.20 19.01
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
121,575 153,581
- -
- -
- -
- -
- -
- -
- -
- -
-
-
166,701
-
-
-
-
-
-
-
-
-
-
156,641
-
-
-
-
-
-
-
-
-
-
160,089
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
(2.01) 1.62
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Dividend Fund Series S* 5,178,748 113,538 121,614
Total Investments 113,538 121,614
Top 25 Holdings
Security Description % of Total
Royal Bank of Canada 8.14%
The Bank of Nova Scotia 7.19%
Bank of Montreal 6.27%
Canadian Imperial Bank of Commerce 5.75%
TransCanada Corp. 5.40%
Power Financial Corp.* 5.36%
CI Financial Corp. 5.08%
The Toronto-Dominion Bank 4.20%
Manulife Financial Corp. 3.94%
TELUS Corp. 3.77%
Cash and short-term deposits 3.70%
Great-West Lifeco Inc.* 3.37%
Sun Life Financial Inc. 3.14%
Shaw Communications Inc. Class B 2.98%
Emera Inc. 2.48%
BCE Inc. 2.23%
Husky Energy Inc. 2.18%
Canada Housing Trust No. 1 1.95% 06-15-2019 2.18%
Thomson Reuters Corp. 1.96%
Fortis Inc. 1.74%
Enbridge Inc. 1.51%
Government of Canada 1.25% 02-01-2016 1.50%
Canada Housing Trust No. 1 2.00% 12-15-2019 1.45%
Canada Housing Trust No. 1 2.35% 12-15-2018 1.38%
Potash Corp. of Saskatchewan Inc. 0.80%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Dividend Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Dividend Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.08 3.54 8.35 5.71 5.99
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 23,590
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
-
-
-
-
24,307
-
-
1
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 830 1,038
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (4,658) (5,613)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 152
Investment properties expenses -
Other 15
Total expenses 167 174
159
-
15
Net increase (decrease) in net assets
from operations attributable to
contractholders 3,135 2,461Total investments 23,590 24,307
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 4 30
Net assets attributable to
contractholders 23,590 24,283
26,39724,283
3,135 2,461
Change in net assets attributable to contractholders
(693) (2,114)
Net assets attributable to
contractholders - end of year23,590 24,283
(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 4 6
Due from outside parties - -
Total assets 23,594 24,313
Overdrafts 4 29
Derivatives - -
Income
Net gain (loss) on investments 3,302 2,635
Miscellaneous income (loss) - -
Total Income 3,302 2,635
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Global Segregated Fund Managed By: Investors Group
(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 3,135
2,461
Adjustments
Realized (gains) losses (1,428)
(1,303)
Unrealized (gains) losses (1,177)
(507)
Gross proceeds of disposition of investments 4,589
5,228
Gross payments for the purchase of investments (1,267)
(503)
Change in distribution income of underlying mutual fund -
(825)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (1)
3
Change in due from/to brokers 2
(2)
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
3,853
4,552
Financing Activities
Contractholder deposits 830
1,038
Contractholder withdrawals (4,658)
(5,613)
(3,828)
(4,575)
Net increase (decrease) in cash, short-term deposits and overdrafts 25
(23)
Cash, short-term deposits and overdrafts, beginning of year (29)
(6)
Cash, short-term deposits and overdrafts, end of year (4)
(29)
IG/GWL Investment Funds IG/GWL Global Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
1,205,371 1,409,499 1,687,968 1,842,586 2,037,798
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
19.57 17.23 15.64 12.08 10.81
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
23,590 24,283
- -
- -
- -
- -
- -
- -
- -
- -
-
-
26,397
-
-
-
-
-
-
-
-
-
-
22,264
-
-
-
-
-
-
-
-
-
-
22,032
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
2.34 1.59
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Global Fund Series S* 1,163,192 16,316 23,590
Total Investments 16,316 23,590
Top 25 Holdings
Security Description % of Total
Alphabet Inc. Class A 2.70%
Johnson & Johnson 2.36%
Cash and short-term deposits 2.30%
Twenty-First Century Fox Inc. 1.99%
Wells Fargo & Co. 1.99%
Verizon Communications Inc. 1.95%
JPMorgan Chase & Co. 1.87%
Gilead Sciences Inc. 1.86%
Visa Inc. Class A 1.78%
Roche Holding AG Genusscheine 1.78%
American Express Co. 1.77%
Microsoft Corp. 1.76%
Altria Group Inc. 1.72%
Philip Morris International Inc. 1.66%
Samsung Electronics Co. Ltd. 1.65%
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%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Global Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Global Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
5.25 1.99 4.80 2.83 4.91
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 22,453
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 18
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
26,941
-
-
21
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 673 585
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (5,550) (8,459)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 100
Investment properties expenses -
Other 11
Total expenses 111 134
122
-
12
Net increase (decrease) in net assets
from operations attributable to
contractholders 404 1,807Total investments 22,453 26,941
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 49 107
Net assets attributable to
contractholders 22,425 26,898
32,96526,898
404 1,807
Change in net assets attributable to contractholders
(4,473) (6,067)
Net assets attributable to
contractholders - end of year22,425 26,898
(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 21 64
Due from outside parties - -
Total assets 22,474 27,005
Overdrafts 31 86
Derivatives - -
Income
Net gain (loss) on investments 515 1,941
Miscellaneous income (loss) - -
Total Income 515 1,941
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Government Bond Segregated Fund Managed By: Investors Group
(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 404
1,807
Adjustments
Realized (gains) losses (266)
(183)
Unrealized (gains) losses 305
(1,211)
Gross proceeds of disposition of investments 5,411
8,120
Gross payments for the purchase of investments (627)
(456)
Change in distribution income of underlying mutual fund (335)
(212)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (3)
4
Change in due from/to brokers 43
3
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
4,932
7,872
Financing Activities
Contractholder deposits 673
585
Contractholder withdrawals (5,550)
(8,459)
(4,877)
(7,874)
Net increase (decrease) in cash, short-term deposits and overdrafts 55
(2)
Cash, short-term deposits and overdrafts, beginning of year (86)
(84)
Cash, short-term deposits and overdrafts, end of year (31)
(86)
IG/GWL Investment Funds IG/GWL Government Bond Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - 10 10 10
- - - - -
1,252,888 1,524,526 1,981,691 2,598,649 2,692,875
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - 17.17 17.58 17.26
- - - - -
17.90 17.64 16.63 17.11 16.87
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
22,425 26,898
- -
- -
- -
- -
- -
- -
- -
- -
-
-
32,965
-
-
-
-
-
-
-
-
-
-
44,467
-
-
-
-
-
-
-
-
-
-
45,428
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
0.26 1.01
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Canadian Bond Fund Series S* 2,155,175 21,717 22,453
Total Investments 21,717 22,453
Top 25 Holdings
Security Description % of Total
Government of Canada 5.00% 06-01-2037 3.08%
Government of Canada 4.00% 06-01-2041 2.85%
Province of Ontario 4.65% 06-02-2041 2.85%
Bank of Montreal 3.21% 09-13-2018 2.53%
Canada Housing Trust No. 1 2.35% 12-15-2018 2.39%
Canada Housing Trust No. 1 1.75% 06-15-2018 2.01%
Province of British Columbia 6.35% 06-18-2031 1.81%
Province of Ontario 2.85% 06-02-2023 1.81%
Royal Bank of Canada Floating Rate 02-11-2020 1.60%
Cash and short-term deposits 1.54%
Province of Quebec 3.50% 12-01-2022 1.50%
Bank of Montreal 2.12% 03-16-2022 1.38%
Province of British Columbia 0.00% 09-05-2020 1.35%
Province of Ontario 3.15% 06-02-2022 1.34%
Province of Ontario 2.60% 06-02-2025 1.32%
Province of Manitoba 4.60% 03-05-2038 1.31%
Canadian Imperial Bank of Commerce 2.65% 11-08-2016 1.29%
Province of Ontario 4.70% 06-02-2037 1.28%
The Toronto-Dominion Bank 2.62% 12-22-2021 1.16%
Royal Bank of Canada 2.77% 12-11-2018 1.15%
The Toronto-Dominion Bank 4.78% 12-14-2105 1.13%
Province of Quebec 6.25% 06-01-2032 1.05%
Royal Bank of Canada 2.26% 03-12-2018 1.05%
Province of Ontario 5.85% 03-08-2033 1.04%
CU Inc. 4.09% 09-02-2044 1.01%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Government Bond Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Government Bond Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
2.49 1.71 2.68 25.69 109.14
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 6,135
Cash and short-term deposits -
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 2
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
5,079
-
-
3
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 4,607 2,273
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (3,604) (4,587)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 6
Investment properties expenses -
Other 1
Total expenses 7 9
8
-
1
Net increase (decrease) in net assets
from operations attributable to
contractholders (1) 8Total investments 6,135 5,079
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 59 5
Net assets attributable to
contractholders 6,076 5,074
7,3805,074
(1) 8
Change in net assets attributable to contractholders
1,002 (2,306)
Net assets attributable to
contractholders - end of year6,076 5,074
(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 6,135 5,079
Overdrafts 57 2
Derivatives - -
Income
Net gain (loss) on investments 6 17
Miscellaneous income (loss) - -
Total Income 6 17
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Money Market Segregated Fund
Managed By: Investors Group(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 (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
Financing Activities
Contractholder deposits 4,607 2,273
Contractholder withdrawals (3,604) (4,587)
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)
IG/GWL Investment Funds IG/GWL Money Market Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - 10 10 10
- - - - -
477,982 399,062 581,244 707,557 870,254
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - 12.60 12.60 12.60
- - - - -
12.71 12.71 12.70 12.68 12.66
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
6,076 5,074
- -
- -
- -
- -
- -
- -
- -
- -
-
-
7,380
-
-
-
-
-
-
-
-
-
-
8,972
-
-
-
-
-
-
-
-
-
-
11,021
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
- 0.01
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors Money Market Fund Class S* 6,135,442 6,135 6,135
Total Investments 6,135 6,135
Top 25 Holdings
Security Description % of Total
Royal Bank of Canada 0.45% 01-04-2016 4.05%
Government of Canada 0.45% 05-05-2016 3.39%
Government of Canada 0.47% 06-30-2016 3.39%
Government of Canada 0.38% 02-25-2016 2.85%
Government of Canada 0.48% 05-19-2016 2.85%
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
Floating Rate 09-23-2016 2.72%
Royal Bank of Canada Floating Rate 09-16-2016 2.72%
Government of Canada 0.42% 03-10-2016 2.38%
Government of Canada 0.43% 03-24-2016 2.38%
Government of Canada 0.50% 06-16-2016 2.38%
Province of Saskatchewan 0.56% 03-02-2016 2.08%
Bank of Montreal Floating Rate 06-12-2017 2.04%
Canadian Imperial Bank of Commerce
Floating Rate 04-08-2016 2.04%
Canadian Imperial Bank of Commerce
Floating Rate 08-11-2016 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%
Province of Quebec 0.52% 01-05-2016 1.70%
Government of Canada 0.44% 04-21-2016 1.70%
Province of Ontario 0.56% 03-23-2016 1.70%
Province of Quebec 0.65% 04-08-2016 1.68%
Province of Ontario 0.66% 03-23-2016 1.66%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Money Market Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Money Market Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
- - - - -
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 4,150
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
-
-
-
-
4,954
-
-
5
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 142 50
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (812) (1,539)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 28
Investment properties expenses -
Other 3
Total expenses 31 37
34
-
3
Net increase (decrease) in net assets
from operations attributable to
contractholders (129) 582Total investments 4,150 4,954
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 1 6
Net assets attributable to
contractholders 4,150 4,949
5,8564,949
(129) 582
Change in net assets attributable to contractholders
(799) (907)
Net assets attributable to
contractholders - end of year4,150 4,949
(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 1 1
Due from outside parties - -
Total assets 4,151 4,955
Overdrafts 1 1
Derivatives - -
Income
Net gain (loss) on investments (98) 619
Miscellaneous income (loss) - -
Total Income (98) 619
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL Summa™ Segregated Fund Managed By: Investors Group
(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 (129)
582
Adjustments
Realized (gains) losses (155)
(253)
Unrealized (gains) losses 253
(366)
Gross proceeds of disposition of investments 770
1,523
Gross payments for the purchase of investments (64)
(2)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company (5)
5
Change in due from/to brokers -
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
670
1,489
Financing Activities
Contractholder deposits 142
50
Contractholder withdrawals (812)
(1,539)
(670)
(1,489)
Net increase (decrease) in cash, short-term deposits and overdrafts -
-
Cash, short-term deposits and overdrafts, beginning of year (1)
(1)
Cash, short-term deposits and overdrafts, end of year (1)
(1)
IG/GWL Investment Funds IG/GWL Summa™ Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
352,342 407,388 534,435 632,982 693,055
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
11.78 12.15 10.96 9.43 9.19
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
4,150 4,949
- -
- -
- -
- -
- -
- -
- -
- -
-
-
5,856
-
-
-
-
-
-
-
-
-
-
5,970
-
-
-
-
-
-
-
-
-
-
6,368
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
(0.37) 1.19
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors SummaTM
SRI Fund Series S* 265,603 3,421 4,150
Total Investments 3,421 4,150
Top 25 Holdings
Security Description % of Total
Royal Bank of Canada 5.83%
The Toronto-Dominion Bank 4.95%
Canadian National Railway Co. 3.54%
Manulife Financial Corp. 2.72%
The Bank of Nova Scotia 2.51%
Bank of Montreal 2.31%
Cisco Systems Inc. 2.24%
CVS Health Corp. 1.97%
Union Agriculture Group 1.80%
Wells Fargo & Co. 1.79%
Eaton Corp. PLC 1.77%
The Home Depot Inc. 1.76%
Canadian Imperial Bank of Commerce 1.71%
Pfizer Inc. 1.70%
Jones Lang LaSalle Inc. 1.62%
Tiffany & Co. 1.62%
Intact Financial Corp. 1.61%
Comcast Corp. Class A 1.61%
Canadian Tire Corp. Ltd. Class A NV 1.58%
Power Financial Corp.* 1.53%
Bio-Techne Corp. 1.52%
The Descartes Systems Group Inc. 1.48%
Microsoft Corp. 1.47%
Hormel Foods Corp. 1.45%
Loblaw Companies Ltd. 1.44%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL Summa™ Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL Summa™ Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
1.40 0.03 0.49 6.19 4.43
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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
The Great-West Life Assurance Company
Managed By: Investors Group
Bonds -
Stocks -
Investment properties -
Mortgages and sales
agreements-
Investment fund units (note 3) 13,094
Cash and short-term deposits 71
Investment income due and accrued -
Due to The Great-West Life Assurance Company (note 8) 1
Due to brokers -
Statement of Financial Position Statement of Comprehensive Income
December 31
-
-
-
-
16,262
-
-
-
-
December 31 December 31December 31
Net assets attributable to contractholders - beginning of year
Contractholder deposits 777 1,418
Statement of Changes in Net Assets Attributable
to Contractholders
Contractholder withdrawals (5,177) (4,630)
Increase (decrease) from
operations
Investments
Investment properties income - -
Expenses
Management fees (note 8) 114
Investment properties expenses -
Other 11
Total expenses 125 142
129
-
13
Net increase (decrease) in net assets
from operations attributable to
contractholders 1,324 2,136Total investments 13,094 16,262
Due to outside parties - -
Total liabilities excluding net
assets attributable to
contractholders 1 23
Net assets attributable to
contractholders 13,166 16,242
17,31816,242
1,324 2,136
Change in net assets attributable to contractholders
(3,076) (1,076)
Net assets attributable to
contractholders - end of year13,166 16,242
(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 2 3
Due from outside parties - -
Total assets 13,167 16,265
Overdrafts - 23
Derivatives - -
Income
Net gain (loss) on investments 1,449 2,278
Miscellaneous income (loss) - -
Total Income 1,449 2,278
Transaction costs - -
Withholding taxes - -
Liabilities
IG/GWL U.S. Large Cap Value Segregated Fund Managed By: Investors Group
(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 1,324
2,136
Adjustments
Realized (gains) losses (1,710)
(1,315)
Unrealized (gains) losses 935
(53)
Gross proceeds of disposition of investments 5,067
4,136
Gross payments for the purchase of investments (1,124)
(839)
Change in distribution income of underlying mutual fund -
(910)
Change in investment income due and accrued -
-
Change in due from/to The Great-West Life Assurance Company 2
35
Change in due from/to brokers -
-
Change in due from/to outside parties -
-
Change in mortgages on investment properties -
-
4,494
3,190
Financing Activities
Contractholder deposits 777
1,418
Contractholder withdrawals (5,177)
(4,630)
(4,400)
(3,212)
Net increase (decrease) in cash, short-term deposits and overdrafts 94
(22)
Cash, short-term deposits and overdrafts, beginning of year (23)
(1)
Cash, short-term deposits and overdrafts, end of year 71
(23)
IG/GWL Investment Funds IG/GWL U.S. Large Cap Value Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
- - - - -
- - - - -
714,678 958,961 1,162,972 1,216,309 1,318,433
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Net asset value per unit
2015 2014 2013 2012 2011
- - - - -
- - - - -
18.42 16.94 14.89 10.72 9.85
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the years ended December 31
Investment Only
Individual No-Load (IA)
Individual Back-End Load (IB)
Managed Money (IC)
100/100 guarantee policy
75/100 guarantee policy
75/75 guarantee policy
- -
- -
13,166 16,242
- -
- -
- -
- -
- -
- -
- -
- -
-
-
17,318
-
-
-
-
-
-
-
-
-
-
13,040
-
-
-
-
-
-
-
-
-
-
12,984
-
-
-
-
-
-
-
-
Net asset value
2015 2014 2013 2012 2011
-
-
-
-
-
-
-
-
-
-
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
PS2 75/75 guarantee policy
PS2 75/100 guarantee policy
PS2 100/100 guarantee policy
Increase (decrease) per unit
2015 2014
- -
- -
1.48 2.05
- -
- -
- -
- -
- -
- -
- -
- -
-
-
-
-
(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
Investors U.S. Large Cap Value Fund Series S* 146,192 9,115 13,094
Total Investments 9,115 13,094
Top 25 Holdings
Security Description % of Total
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%
Eaton Corp. PLC 3.12%
Citigroup Inc. 3.08%
United Technologies Corp. 3.05%
Johnson & Johnson 2.84%
American International Group Inc. 2.83%
The Boeing Co. 2.80%
General Mills Inc. 2.77%
Bank of America Corp. 2.76%
U.S. Bancorp 2.76%
The Procter & Gamble Co. 2.71%
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%
Microsoft Corp. 2.29%
Merck & Co. Inc. 2.25%
Chevron Corp. 2.13%
*The issuer of this security is a related company to the issuer of the fund.
IG/GWL U.S. Large Cap Value Segregated Fund
Managed By: Investors Group
IG/GWL Investment Funds IG/GWL U.S. Large Cap Value Segregated Fund
The Great-West Life Assurance Company
Managed By: Investors Group
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)
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.
(1)
(2)
(unaudited)
For the years ended December 31
Portfolio Turnover Rate (%)
2015 2014 2013 2012 2011
7.68 5.04 8.62 7.23 7.34
For the years ended December 31 2015 2014 2013 2012 2011
75/75 guarantee policy
75/100 guarantee policy
100/100 guarantee policy
PS1 75/75 guarantee policy
PS1 75/100 guarantee policy
PS1 100/100 guarantee policy
- - - - -
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 Allegro Aggressive Canada Focus Portfolio Segregated Fund
IG/GWL Allegro Aggressive Portfolio Segregated Fund
IG/GWL Allegro Conservative Portfolio Segregated Fund
IG/GWL Allegro Moderate Aggressive Canada Focus Portfolio Segregated Fund
IG/GWL Allegro Moderate Aggressive Portfolio Segregated Fund
IG/GWL Allegro Moderate Conservative Portfolio Segregated Fund
IG/GWL Allegro Moderate Portfolio Segregated Fund
IG/GWL Alto Aggressive Canada Focus Portfolio Segregated Fund
IG/GWL Alto Aggressive Portfolio Segregated Fund
IG/GWL Alto Conservative Portfolio Segregated Fund
IG/GWL Alto Moderate Aggressive Canada Focus Portfolio Segregated Fund
IG/GWL Alto Moderate Aggressive Portfolio Segregated Fund
IG/GWL Alto Moderate Conservative Portfolio Segregated Fund
IG/GWL Alto Moderate Portfolio Segregated Fund
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 Money Market 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.
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)
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.
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)
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.
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)
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.
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)
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.
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)
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.