Great-West Lifetime 2060 Fund L Class (MXGVX) Exchange: NMFQS

Below is a summary of the principal investment strategies of the Fund. The Fund seeks to achieve its objective by investing in a professionally selected mix of Underlying Funds that is tailored for investors planning to retire in (or otherwise begin using the invested funds on), or close to, 2060 (which is assumed to be at age 65). The Fund is designed for investors who plan to withdraw the value of their account in the Fund gradually after retirement. Depending on its risk profile and proximity to 2060, the Fund employs a combination of investments among Underlying Funds in order to emphasize, as appropriate, growth, income and/or preservation of capital. The Fund currently expects (as of the date of this Prospectus) to invest 75-95% of its net assets in Underlying Funds that invest primarily in equity securities, 2-20% of its net assets in Underlying Funds that invest primarily in fixed income securities, and 0-10% of its net assets in Underlying Funds that invest primarily in real estate-related securities. The Fund may also invest in the GWL&A Contract. Over time, the Fund’s asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth. GWCM uses asset allocation strategies to allocate assets among different broad asset classes and the Underlying Funds. Each Underlying Fund has its own investment objectives and strategies and may hold a wide range of securities and other instruments in its portfolio, including, without limitation, U.S. and foreign equity securities (including those from emerging markets), U.S. and foreign fixed income securities (including those rated below investment grade), real estate instruments, short-term investments, and derivatives. The following table shows the Fund’s target allocation for the various asset classes and the Underlying Funds in which the Fund expects to invest as of the date of this Prospectus: Large Cap 27.49% Great-West Large Cap Growth Fund Institutional   Great-West Large Cap Value Fund Institutional   Great-West S&P 500® Index Fund Institutional   Mid Cap 11.79% Great-West Ariel Mid Cap Value Fund Institutional   Great-West Mid Cap Value Fund Institutional   Great-West S&P Mid Cap 400® Index Fund Institutional   Great-West T. Rowe Price Mid Cap Growth Fund Institutional   Small Cap 11.45% Great-West Loomis Sayles Small Cap Value Fund Institutional   Great-West S&P Small Cap 600® Index Fund Institutional   Great-West S&P Small Cap Growth Fund Institutional   Janus Henderson Triton Fund N   International 26.04% Great-West International Growth Fund Institutional   Great-West International Index Fund Institutional   Great-West International Value Fund Institutional   Emerging Markets 11.30% Great-West Emerging Markets Equity Fund Institutional   Northern Emerging Markets Equity Index Fund   Bond 6.60% Great-West Bond Index Fund Institutional   Great-West Core Bond Fund Institutional   Great-West Global Bond Fund Institutional   Great-West High Yield Bond Fund Institutional   Great-West Multi-Sector Bond Fund Institutional   Real Estate 4.92% American Century Real Estate Fund R6   DFA International Real Estate Securities Fund I   Great-West Real Estate Index Fund Institutional   Invesco Global Real Estate Fund R6   Short-Term Bond/Cash 0.41% Great-West Short Duration Bond Fund Institutional   GWL&A Contract   The Fund will rebalance its holdings of the Underlying Funds on a periodic basis to maintain the appropriate asset allocation. GWCM reviews asset class allocations, Underlying Fund allocations, and the Underlying Funds themselves on a quarterly basis, or more frequently as deemed necessary. GWCM may add or delete asset classes, and add or delete Underlying Funds at any time and without shareholder notice or approval. The following chart illustrates the Fund’s target asset allocations among U.S. equity, foreign equity, real estate, and fixed income asset classes as of the date of this Prospectus. The chart represents the asset allocation path (the “glide path”) that the Fund follows to become more conservative over time. The glide path reflects the declining percentage of equities in the Fund as it approaches and passes the target date. The glide path provides for more exposure to equities for investors further from retirement and more exposure to fixed income securities for investors near and through retirement. The glide path continues to adjust the Fund’s equity exposure downward after the target date is reached. The illustration reflects the Fund’s neutral allocations (without any tactical adjustments by GWCM). The Fund’s actual asset allocation may differ from this illustration to reflect GWCM’s tactical adjustments to the asset mix based on market outlook or other factors. GWCM periodically reviews the asset allocations and may change target asset allocations or deviate from the target asset allocations at any time without shareholder notice or approval.