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Apr. 29, 2016
GREAT-WEST FUNDS, INC.

Great-West Ariel Mid Cap Value Fund
Institutional Class Ticker: MXOAX
Initial Class Ticker: MXMCX
Class L Ticker: MXAMX
(the "Fund")


Supplement dated January 10, 2017 to the Prospectus and Summary Prospectus for the Fund, dated April 29, 2016.

Effective immediately, under the "Example" section of the Prospectus and Summary Prospectus, the table on page 1 is hereby deleted in its entirety and replaced with the following table:

    
    1 Year      
 
  
    3 Years    
 
  
    5 Years    
 
  
  10 Years  
 
Institutional Class
 
  
$72
 
  
$224
 
  
$390
 
  
$871
 
Initial Class
 
  
$109
 
  
$340
 
  
$590
 
  
$1,306
 
Class L
 
  
$134
 
  
$423
 
  
$732
 
  
$1,611