UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03364
GREAT-WEST FUNDS, INC.
(Exact name of registrant as specified in charter)
8515 E. Orchard Road, Greenwood Village, Colorado 80111
(Address of principal executive offices)
(Address of principal executive offices)
Jonathan D. Kreider
President and Chief Executive Officer
Great-West Funds, Inc.
8515 E. Orchard Road
Great-West Funds, Inc.
8515 E. Orchard Road
Greenwood Village, Colorado 80111
(Name and address of agent for service)
Registrant's telephone number, including area code: (866) 831-7129
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. REPORTS TO STOCKHOLDERS
GREAT-WEST FUNDS, INC.
Great-West Multi-Sector Bond Fund
(Institutional Class and Investor Class)
Semi-Annual Report
June 30, 2021
On June 5, 2018 the Securities and Exchange Commission (“SEC”) adopted new rule 30e-3 under the Investment Company Act of 1940. Subject to conditions, new rule 30e-3 will provide certain registered investment companies with an optional method to satisfy their obligations to transmit shareholder reports by making such reports and other materials accessible at a website address specified in a notice to investors.
Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.greatwestfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your financial intermediary electronically by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. You can contact (866) 345-5954 or make elections online at www.fundreports.com to let your financial intermediary know you wish to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
This report and the financial statements attached are submitted for general information and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein is to be considered an offer of the sale of shares of the Fund. Such offering is made only by the prospectus of the Fund, which includes details as to offering price and other information.
Summary of Investments by Ratings as of June 30, 2021 (unaudited)
Rating | Percentage of Fund Investments |
Aaa | 10.63% |
Aa1 | 0.19 |
Aa2 | 1.21 |
Aa3 | 0.89 |
A1 | 1.30 |
A2 | 2.77 |
A3 | 1.67 |
Baa1 | 3.64 |
Baa2 | 10.14 |
Baa3 | 15.37 |
Ba1 | 4.21 |
Ba2 | 5.19 |
Ba3 | 5.16 |
B1 | 4.21 |
B2 | 4.07 |
B3 | 3.14 |
CCC, CC, C | 4.83 |
Equities | 2.49 |
Not Rated | 17.83 |
Short Term Investments | 1.06 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 to June 30, 2021).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/21) | (06/30/21) | (01/01/21 – 06/30/21) | |||
Institutional Class | |||||
Actual | $1,000.00 | $1,009.50 | $2.74 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.10 | $2.76 | ||
Investor Class | |||||
Actual | $1,000.00 | $1,007.30 | $4.48 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.30 | $4.51 |
* Expenses are equal to the Fund's annualized expense ratio of 0.55% for the Institutional Class shares and 0.90% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 14.40% | ||
ACC Trust(b) | ||
Series 2019-1 Class B | ||
$ 766,388 | 4.47%, 10/20/2022 | $ 772,832 |
Series 2021-1 Class C | ||
830,000 | 2.08%, 12/20/2024 | 829,121 |
263,422 | Ajax Mortgage Loan Trust(b)(c) Series 2019-D Class A1 2.96%, 09/25/2065 | 265,194 |
American Credit Acceptance Receivables Trust(b) | ||
Series 2019-2 Class C | ||
619,834 | 3.17%, 06/12/2025 | 626,489 |
Series 2019-3 Class D | ||
360,000 | 2.89%, 09/12/2025 | 369,046 |
252,540 | American Homes 4 Rent(b) Series 2015-SFR1 Class A 3.47%, 04/17/2052 | 267,862 |
AmeriCredit Automobile Receivables Trust | ||
Series 2019-2 Class D | ||
720,000 | 2.99%, 06/18/2025 | 750,416 |
Series 2019-3 Class D | ||
330,000 | 2.58%, 09/18/2025 | 342,885 |
Series 2020-3 Class D | ||
85,000 | 1.49%, 09/18/2026 | 85,684 |
AMSR Trust(b) | ||
Series 2020-SFR2 Class D | ||
540,000 | 3.28%, 07/17/2037 | 556,819 |
Series 2021-SFR2 Class C | ||
150,000 | 1.96%, 08/17/2026 | 150,000 |
274,315 | Amur Equipment Finance Receivables VI LLC(b) Series 2018-2A Class A2 3.89%, 07/20/2022 | 277,792 |
Aqua Finance Trust(b) | ||
Series 2019-A Class C | ||
970,000 | 4.01%, 07/16/2040 | 1,022,855 |
Series 2020-AA Class D | ||
620,000 | 7.15%, 07/17/2046 | 646,150 |
764,225 | Arbys Funding LLC(b) Series 2020-1A Class A2 3.24%, 07/30/2050 | 798,500 |
1,160,000 | Avid Automobile Receivables Trust(b) Series 2019-1 Class C 3.14%, 07/15/2026 | 1,193,022 |
Avis Budget Rental Car Funding AESOP LLC(b) | ||
Series 2019-2A Class A | ||
105,000 | 3.35%, 09/22/2025 | 112,610 |
Series 2019-2A Class D | ||
830,000 | 3.04%, 09/22/2025 | 826,199 |
Series 2020-1A Class B | ||
105,000 | 2.68%, 08/20/2026 | 109,086 |
Series 2020-2A Class A | ||
495,000 | 2.02%, 02/20/2027 | 509,711 |
Series 2020-2A Class B | ||
205,000 | 2.96%, 02/20/2027 | 217,049 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-2A Class C | ||
$ 145,000 | 4.25%, 02/20/2027 | $ 158,029 |
Bayview Opportunity Master Fund IV Trust(b) | ||
Series 2017-SPL4 Class B2 | ||
100,000 | 4.75%, 01/28/2055(d) | 106,970 |
Series 2017-SPL5 Class B1 | ||
375,000 | 4.00%, 06/28/2057(d) | 389,379 |
Series 2019-RN4 Class A1 | ||
19,728 | 3.28%, 10/28/2034(c) | 19,798 |
161,904 | Bayview Opportunity Master Fund V Trust(b)(c) Series 2020-RN3 Class A1 3.23%, 09/25/2035 | 163,655 |
BCC Funding Corp LLC(b) | ||
Series 2019-1A Class D | ||
1,170,000 | 3.94%, 07/20/2027 | 1,181,764 |
Series 2020-1 Class D | ||
770,000 | 4.89%, 09/22/2025 | 771,186 |
190,000 | Brex Commercial Charge Card Master Trust(b) Series 2021-1 Class A 2.09%, 07/15/2024 | 191,211 |
Business Jet Securities LLC(b) | ||
Series 2019-1 Class A | ||
637,666 | 4.21%, 07/15/2034 | 655,819 |
Series 2020-1A Class A | ||
124,068 | 2.98%, 11/15/2035 | 126,308 |
Series 2021-1A Class B | ||
96,560 | 2.92%, 04/15/2036 | 97,363 |
430,675 | CAL Funding IV Ltd(b) Series 2020-1A Class A 2.22%, 09/25/2045 | 434,555 |
CarMax Auto Owner Trust | ||
Series 2019-3 Class D | ||
320,000 | 2.85%, 01/15/2026 | 331,599 |
Series 2020-1 Class D | ||
240,000 | 2.64%, 07/15/2026 | 247,573 |
Series 2020-3 Class D | ||
200,000 | 2.53%, 01/15/2027 | 206,391 |
175,000 | CarMax Auto Owner Trust Series 2020-4 Class D 1.75%, 04/15/2027 | 177,011 |
577,399 | CF Hippolyta LLC(b) Series 2020-1 Class A1 1.69%, 07/15/2060 | 586,717 |
304,567 | CLI Funding LLC(b) Series 2021-1A Class A 1.64%, 02/18/2046 | 301,905 |
406,804 | CLI Funding VI LLC(b) Series 2020-3A Class A 2.07%, 10/18/2045 | 409,985 |
110,000 | College Ave Student Loans LLC(b) Series 2021-A Class C 2.92%, 07/25/2051 | 112,142 |
Commonbond Student Loan Trust(b) | ||
Series 2019-AGS Class B | ||
208,703 | 3.04%, 01/25/2047 | 213,736 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-1 Class A | ||
$ 262,402 | 1.69%, 10/25/2051 | $ 262,158 |
487,946 | Conn's Receivables Funding LLC(b) Series 2020-A Class B 4.27%, 06/16/2025 | 491,903 |
Corevest American Finance Trust(b) | ||
Series 2018-2 Class A | ||
362,024 | 4.03%, 11/15/2052 | 380,406 |
Series 2019-3 Class A | ||
276,053 | 2.71%, 10/15/2052 | 288,880 |
Series 2019-3 Class B | ||
145,000 | 3.16%, 10/15/2052 | 154,156 |
Series 2019-3 Class C | ||
235,000 | 3.27%, 10/15/2052 | 245,388 |
Series 2020-2 Class C | ||
100,000 | 4.84%, 05/15/2052(d) | 114,228 |
Series 2021-1 Class C | ||
105,000 | 2.80%, 04/15/2053 | 106,758 |
110,000 | CPS Auto Receivables Trust(b) Series 2020-C Class C 1.71%, 08/17/2026 | 111,766 |
Credit Acceptance Auto Loan Trust(b) | ||
Series 2019-3A Class C | ||
275,000 | 3.06%, 03/15/2029 | 284,157 |
Series 2020-1A Class C | ||
300,000 | 2.59%, 06/15/2029 | 308,447 |
Series 2020-2A Class C | ||
250,000 | 2.73%, 11/15/2029 | 259,335 |
Series 2020-3A Class C | ||
290,000 | 2.28%, 02/15/2030 | 296,084 |
Series 2021-2A Class C | ||
250,000 | 1.64%, 06/17/2030 | 250,474 |
Series 2021-3A Class C | ||
250,000 | 1.63%, 09/16/2030 | 249,916 |
DB Master Finance LLC(b) | ||
Series 2017-1A Class A2II | ||
159,637 | 4.03%, 11/20/2047 | 170,038 |
Series 2019-1A Class A23 | ||
196,500 | 4.35%, 05/20/2049 | 217,038 |
Dell Equipment Finance Trust(b) | ||
Series 2020-2 Class C | ||
100,000 | 1.37%, 01/22/2024 | 101,281 |
Series 2020-2 Class D | ||
105,000 | 1.92%, 03/23/2026 | 106,716 |
610,000 | Dext LLC(b) Series 2020-1 Class D 7.21%, 02/15/2028 | 613,961 |
611,772 | Diamond Resorts Owner Trust(b) Series 2021-1A Class B 2.05%, 11/21/2033 | 617,407 |
Domino's Pizza Master Issuer LLC(b) | ||
Series 2017-1A Class A23 | ||
333,787 | 4.12%, 07/25/2047 | 360,170 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2018-1A Class A2II | ||
$ 68,250 | 4.33%, 07/25/2048 | $ 74,235 |
Series 2019-1A Class A2 | ||
339,700 | 3.67%, 10/25/2049 | 367,433 |
Series 2021-1A Class A2I | ||
795,000 | 2.66%, 04/25/2051 | 822,579 |
Drive Auto Receivables Trust | ||
Series 2018-3 Class D | ||
135,371 | 4.30%, 09/16/2024 | 138,513 |
Series 2020-1 Class D | ||
230,000 | 2.70%, 05/17/2027 | 236,938 |
DT Auto Owner Trust(b) | ||
Series 2019-3A Class D | ||
175,000 | 2.96%, 04/15/2025 | 180,902 |
Series 2021-2A Class D | ||
155,000 | 1.50%, 02/16/2027 | 155,799 |
91,970 | Earnest Student Loan Program LLC(b) Series 2017-A Class A2 2.65%, 01/25/2041 | 92,378 |
278,108 | Education Funding Trust Trust(b) Series 2020-A Class A 2.79%, 07/25/2041 | 285,220 |
161,170 | EDvestinU Private Education Loan Issue No 3 LLC(b) Series 2021-A Class A 1.80%, 11/25/2045 | 161,512 |
246,660 | ELFI Graduate Loan Program LLC(b) Series 2019-A Class A 2.54%, 03/25/2044 | 251,279 |
Exeter Automobile Receivables Trust | ||
Series 2019-1A Class D | ||
955,000 | 4.13%, 12/16/2024(b) | 987,063 |
Series 2019-2A Class E | ||
950,000 | 4.68%, 05/15/2026(b) | 1,004,184 |
Series 2019-3A Class C | ||
980,000 | 2.79%, 05/15/2024(b) | 992,367 |
Series 2019-4A Class D | ||
960,000 | 2.58%, 09/15/2025(b) | 985,824 |
Series 2020-2A Class D | ||
305,000 | 4.73%, 04/15/2026(b) | 326,864 |
Series 2020-3A Class D | ||
115,000 | 1.73%, 07/15/2026 | 116,948 |
795,000 | Fair Square Issuance Trust(b) Series 2020-AA Class A 2.90%, 09/20/2024 | 803,667 |
820,000 | FAT Brands Royalty LLC(b) Series 2021-1A Class A2 4.75%, 04/25/2051 | 823,042 |
120,000 | First Investors Auto Owner Trust(b) Series 2019-2A Class D 2.80%, 12/15/2025 | 123,253 |
FirstKey Homes Trust(b) | ||
Series 2020-SFR1 Class B | ||
495,000 | 1.74%, 09/17/2025 | 495,825 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-SFR1 Class D | ||
$ 200,000 | 2.24%, 09/17/2025 | $ 201,767 |
Series 2020-SFR1 Class E | ||
100,000 | 2.79%, 08/17/2037 | 101,947 |
Series 2020-SFR2 Class B | ||
915,000 | 1.57%, 10/19/2037 | 909,302 |
Series 2020-SFR2 Class D | ||
775,000 | 1.97%, 10/19/2037 | 771,811 |
Series 2021-SFR1 Class D | ||
1,015,000 | 2.19%, 08/17/2028 | 1,015,000 |
Series 2021-SFR1 Class E1 | ||
335,000 | 2.39%, 08/17/2028 | 335,000 |
Series 2021-SFR1 Class E2 | ||
280,000 | 2.49%, 08/17/2028 | 280,000 |
Flagship Credit Auto Trust(b) | ||
Series 2019-3 Class D | ||
210,000 | 2.86%, 12/15/2025 | 217,946 |
Series 2019-4 Class D | ||
385,000 | 3.12%, 01/15/2026 | 403,180 |
Series 2020-1 Class D | ||
645,000 | 2.48%, 03/16/2026 | 663,514 |
Series 2020-4 Class D | ||
240,000 | 2.18%, 02/16/2027 | 244,918 |
Series 2021-2 Class D | ||
210,000 | 1.59%, 06/15/2027 | 210,688 |
815,000 | Ford Credit Auto Owner Trust Series 2020-C Class A3 0.41%, 07/15/2025 | 815,894 |
316,021 | Foundation Finance Trust(b) Series 2017-1A Class A 3.30%, 07/15/2033 | 320,616 |
100,000 | FREED Trust(b) Series 2021-2 Class C 1.94%, 06/19/2028 | 99,865 |
395,000 | Genesis Private Label Amortizing Trust(b) Series 2020-1 Class B 2.83%, 07/20/2030 | 396,082 |
GLS Auto Receivables Issuer Trust(b) | ||
Series 2019-4A Class D | ||
750,000 | 4.09%, 08/17/2026 | 781,702 |
Series 2020-1A Class C | ||
340,000 | 2.72%, 11/17/2025 | 349,509 |
Series 2020-2A Class B | ||
875,000 | 3.16%, 06/16/2025 | 907,322 |
Series 2020-3A Class E | ||
1,705,000 | 4.31%, 07/15/2027 | 1,788,447 |
Series 2021-1A Class D | ||
965,000 | 1.68%, 01/15/2027 | 967,095 |
Series 2021-2A Class D | ||
345,000 | 1.42%, 04/15/2027 | 343,269 |
540,000 | GM Financial Consumer Automobile Receivables Trust Series 2021-1 Class A3 0.35%, 10/16/2025 | 540,285 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 100,000 | GMF Floorplan Owner Revolving Trust(b) Series 2020-1 Class C 1.48%, 08/15/2025 | $ 101,511 |
766,150 | Hardee's Funding LLC(b) Series 2020-1A Class A2 3.98%, 12/20/2050 | 810,755 |
1,320,000 | Hertz Vehicle Financing III LP(b) Series 2021-2A Class A 1.68%, 12/27/2027 | 1,318,238 |
582,324 | HIN Timeshare Trust(b) Series 2020-A Class C 3.42%, 10/09/2039 | 605,031 |
Home Partners of America Trust(b) | ||
Series 2019-1 Class D | ||
182,253 | 3.41%, 09/17/2039 | 182,573 |
Series 2019-2 Class D | ||
129,497 | 3.12%, 10/19/2039 | 127,586 |
Series 2020-2 Class A | ||
290,594 | 1.53%, 01/17/2041 | 288,433 |
541,244 | Horizon Aircraft Finance III Ltd(b) Series 2019-2 Class A 3.43%, 11/15/2039 | 531,894 |
HPEFS Equipment Trust(b) | ||
Series 2019-1A Class C | ||
110,000 | 2.49%, 09/20/2029 | 111,773 |
Series 2020-1A Class D | ||
315,000 | 2.26%, 02/20/2030 | 321,689 |
Series 2020-2A Class C | ||
100,000 | 2.00%, 07/22/2030 | 100,742 |
Series 2021-1A Class D | ||
150,000 | 1.03%, 03/20/2031 | 149,558 |
Invitation Homes Trust(b)(e) | ||
Series 2018-SFR2 Class B | ||
110,000 | 1.15%, 06/17/2037 1-mo. LIBOR + 1.08% | 110,243 |
Series 2018-SFR3 Class B | ||
100,000 | 1.23%, 07/17/2037 1-mo. LIBOR + 1.15% | 100,295 |
990,000 | Jersey Mike's Funding(b) Series 2019-1A Class A2 4.43%, 02/15/2050 | 1,060,240 |
255,000 | JPMorgan Chase Bank NA(b) Series 2021-1 Class D 1.17%, 09/25/2028 | 255,057 |
475,000 | Laurel Road Prime Student Loan Trust(b) Series 2020-A Class A2FX 1.40%, 11/25/2050 | 473,990 |
365,295 | Legacy Mortgage Asset Trust(b)(c) Series 2019-GS4 Class A1 3.44%, 05/25/2059 | 366,016 |
Lendmark Funding Trust(b) | ||
Series 2018-2A Class A | ||
1,005,000 | 4.23%, 04/20/2027 | 1,015,772 |
Series 2019-1A Class A | ||
795,000 | 3.00%, 12/20/2027 | 812,671 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-1A Class A | ||
$ 825,000 | 1.90%, 11/20/2031 | $ 832,396 |
MAPS Ltd(b) | ||
Series 2018-1A Class A | ||
537,157 | 4.21%, 05/15/2043 | 537,953 |
Series 2021-1A Class A | ||
940,000 | 2.52%, 06/15/2046 | 942,288 |
Mariner Finance Issuance Trust(b) | ||
Series 2019-AA Class A | ||
995,000 | 2.96%, 07/20/2032 | 1,020,012 |
Series 2020-AA Class A | ||
770,000 | 2.19%, 08/21/2034 | 783,182 |
68,820 | Marlette Funding Trust(b) Series 2019-4A Class A 2.39%, 12/17/2029 | 69,168 |
1,150,000 | Mercury Financial Credit Card Master Trust(b) Series 2021-1A Class A 1.54%, 03/20/2026 | 1,153,473 |
122,739 | Merlin Aviation Holdings Designated Activity Co(b)(c) Series 2016-1 Class A 4.50%, 12/15/2032 | 117,903 |
900,000 | MetLife Securitization Trust(b)(d) Series 2017-1A Class M1 3.50%, 04/25/2055 | 944,519 |
270,000 | Mill City Mortgage Loan Trust(b)(d) Series 2017-1 Class M2 3.25%, 11/25/2058 | 284,170 |
MVW Owner Trust(b) | ||
Series 2016-1A Class A | ||
441,119 | 2.25%, 12/20/2033 | 445,272 |
Series 2019-1A Class C | ||
46,442 | 3.33%, 11/20/2036 | 47,531 |
Navient Private Education Refi Loan Trust(b) | ||
Series 2019-GA Class B | ||
100,000 | 3.08%, 10/15/2068 | 103,292 |
Series 2020-HA Class A | ||
93,094 | 1.31%, 01/15/2069 | 93,713 |
Series 2021-A Class A | ||
325,814 | 0.84%, 05/15/2069 | 325,218 |
352,885 | Oasis LLC(b) Series 2020-2A Class A 4.26%, 05/15/2032 | 355,873 |
404,427 | Oasis Securitization Funding LLC(b) Series 2021-1A Class A 2.58%, 02/15/2033 | 405,254 |
915,000 | Octane Receivables Trust(b) Series 2020-1A Class B 1.98%, 06/20/2025 | 927,079 |
OneMain Financial Issuance Trust(b) | ||
Series 2018-2A Class A | ||
120,000 | 3.57%, 03/14/2033 | 126,406 |
Series 2020-1A Class B | ||
290,000 | 4.83%, 05/14/2032 | 309,972 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-2A Class A | ||
$ 355,000 | 1.75%, 09/14/2035 | $ 360,954 |
Series 2021-1A Class D | ||
170,000 | 2.47%, 06/16/2036 | 171,153 |
280,725 | Planet Fitness Master Issuer LLC(b) Series 2019-1A Class A2 3.86%, 12/05/2049 | 283,807 |
Prestige Auto Receivables Trust(b) | ||
Series 2018-1A Class D | ||
1,215,000 | 4.14%, 10/15/2024 | 1,252,187 |
Series 2019-1A Class D | ||
980,000 | 3.01%, 08/15/2025 | 1,004,443 |
Series 2020-1A Class E | ||
235,000 | 3.67%, 02/15/2028 | 242,655 |
Preston Ridge Partners Mortgage LLC(b)(c) | ||
Series 2020-1A Class A1 | ||
1,452,043 | 2.98%, 02/25/2025 | 1,458,517 |
Series 2020-4 Class A1 | ||
297,263 | 2.95%, 10/25/2025 | 298,520 |
980,652 | Pretium Mortgage Credit Partners I LLC(b)(c) Series 2020-NPL3 Class A1 3.10%, 06/27/2060 | 990,216 |
Progress Residential Trust(b) | ||
Series 2018-SFR2 Class B | ||
1,531,000 | 3.84%, 08/17/2035 | 1,531,569 |
Series 2018-SFR2 Class E | ||
205,000 | 4.66%, 08/17/2035 | 206,142 |
Series 2018-SFR3 Class E | ||
135,000 | 4.87%, 10/17/2035 | 136,571 |
Series 2019-SFR1 Class E | ||
145,000 | 4.47%, 08/17/2035 | 147,793 |
Series 2019-SFR2 Class A | ||
679,729 | 3.15%, 05/17/2036 | 691,973 |
Series 2019-SFR2 Class D | ||
305,000 | 3.79%, 05/17/2036 | 309,719 |
Series 2019-SFR2 Class E | ||
240,000 | 4.14%, 05/17/2036 | 244,985 |
Series 2019-SFR4 Class D | ||
275,000 | 3.14%, 10/17/2036 | 279,087 |
Series 2020-SFR3 Class E | ||
145,000 | 2.30%, 10/17/2027 | 145,128 |
Series 2021-SFR2 Class D | ||
805,000 | 2.20%, 04/19/2038 | 803,573 |
Series 2021-SFR2 Class E1 | ||
345,000 | 2.55%, 04/19/2038 | 348,263 |
Series 2021-SFR3 Class E1 | ||
125,000 | 2.54%, 05/17/2026 | 126,072 |
Series 2021-SFR3 Class E2 | ||
105,000 | 2.69%, 05/17/2026 | 105,657 |
Series 2021-SFR4 Class E1 | ||
100,000 | 2.41%, 05/17/2038 | 99,812 |
Series 2021-SFR4 Class E2 | ||
100,000 | 2.56%, 05/17/2038 | 99,813 |
Series 2021-SFR5 Class E1 | ||
145,000 | 2.21%, 07/17/2038 | 143,947 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-SFR5 Class E2 | ||
$ 100,000 | 2.36%, 07/17/2038 | $ 99,277 |
Series 2021-SFR6 Class C | ||
505,000 | 1.86%, 07/17/2038 | 505,000 |
Series 2021-SFR6 Class E1 | ||
185,000 | 2.43%, 07/17/2038 | 185,000 |
Series 2021-SFR6 Class E2 | ||
100,000 | 2.53%, 07/17/2038 | 100,000 |
980,000 | Purchasing Power Funding LLC(b) Series 2021-A Class B 1.92%, 10/15/2025 | 979,568 |
610,000 | Republic Finance Issuance Trust(b) Series 2020-A Class A 2.47%, 11/20/2030 | 620,918 |
Santander Drive Auto Receivables Trust | ||
Series 2019-3 Class D | ||
385,000 | 2.68%, 10/15/2025 | 394,423 |
Series 2020-1 Class C | ||
110,000 | 4.11%, 12/15/2025 | 115,410 |
Series 2020-1 Class D | ||
200,000 | 5.35%, 03/15/2028 | 218,395 |
Series 2020-2 Class D | ||
95,000 | 2.22%, 09/15/2026 | 97,237 |
Series 2020-4 Class D | ||
80,000 | 1.48%, 01/15/2027 | 80,989 |
Series 2021-1 Class D | ||
405,000 | 1.13%, 11/16/2026 | 405,615 |
Series 2021-2 Class D | ||
485,000 | 1.35%, 07/15/2027 | 485,479 |
Sierra Timeshare Receivables Funding LLC(b) | ||
Series 2019-2A Class C | ||
144,448 | 3.12%, 05/20/2036 | 147,834 |
Series 2019-3A Class C | ||
101,697 | 3.00%, 08/20/2036 | 103,886 |
Series 2021-1A Class C | ||
94,686 | 1.79%, 11/20/2037 | 95,009 |
703,770 | S-Jets Ltd(b) Series 2017-1 Class A 3.97%, 08/15/2042 | 696,020 |
675,000 | Slam Ltd(b) Series 2021-1A Class A 2.43%, 06/15/2046 | 674,654 |
SMB Private Education Loan Trust(b) | ||
Series 2015-C Class B | ||
100,000 | 3.50%, 09/15/2043 | 104,201 |
Series 2018-C Class B | ||
100,000 | 4.00%, 11/17/2042 | 106,526 |
Series 2019-B Class A2A | ||
850,777 | 2.84%, 06/15/2037 | 887,232 |
Series 2020-A Class A2A | ||
100,000 | 2.23%, 09/15/2037 | 102,789 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-A Class A2A2 | ||
$ 185,000 | 0.83%, 01/15/2053(e) 1-mo. LIBOR + 0.73% | $ 186,350 |
SoFi Consumer Loan Program Trust(b) | ||
Series 2018-1 Class B | ||
108,511 | 3.65%, 02/25/2027 | 110,012 |
Series 2019-4 Class C | ||
335,000 | 2.84%, 08/25/2028 | 343,706 |
330,933 | Textainer Marine Containers VII Ltd(b) Series 2021-1A Class A 1.68%, 02/20/2046 | 327,331 |
358,052 | TIF Funding II LLC(b) Series 2021-1A Class A 1.65%, 02/20/2046 | 352,467 |
Towd Point Mortgage Trust(b) | ||
Series 2016-4 Class B1 | ||
615,000 | 3.86%, 07/25/2056(d) | 670,649 |
Series 2017-1 Class A2 | ||
950,000 | 3.50%, 10/25/2056(d) | 995,753 |
Series 2017-1 Class M1 | ||
635,000 | 3.75%, 10/25/2056(d) | 670,813 |
Series 2017-4 Class A2 | ||
230,000 | 3.00%, 06/25/2057(d) | 241,829 |
Series 2017-4 Class M2 | ||
225,000 | 3.25%, 06/25/2057(d) | 238,559 |
Series 2017-5 Class M2 | ||
340,000 | 1.60%, 02/25/2057(e) 1-mo. LIBOR + 1.50% | 344,853 |
Series 2018-4 Class A2 | ||
100,000 | 3.00%, 06/25/2058(d) | 105,699 |
Series 2018-5 Class M1 | ||
170,000 | 3.25%, 07/25/2058(d) | 177,362 |
Series 2018-6 Class A1B | ||
300,000 | 3.75%, 03/25/2058(d) | 319,906 |
Series 2018-6 Class A2 | ||
1,590,000 | 3.75%, 03/25/2058(d) | 1,687,689 |
Series 2019-2 Class A2 | ||
670,000 | 3.75%, 12/25/2058(d) | 716,446 |
Series 2019-2 Class M1 | ||
945,000 | 3.75%, 12/25/2058(d) | 999,941 |
Series 2019-4 Class A1 | ||
356,782 | 2.90%, 10/25/2059(d) | 368,964 |
Series 2019-4 Class A2 | ||
615,000 | 3.25%, 10/25/2059(d) | 657,167 |
Tricon American Homes Trust(b) | ||
Series 2019-SFR1 Class C | ||
1,740,000 | 3.15%, 03/17/2038 | 1,803,533 |
Series 2019-SFR1 Class D | ||
115,000 | 3.20%, 03/17/2038 | 118,930 |
Series 2020-SFR1 Class D | ||
230,000 | 2.55%, 07/17/2038 | 232,951 |
Series 2020-SFR2 Class D | ||
615,000 | 2.28%, 11/17/2039 | 610,849 |
Series 2020-SFR2 Class E1 | ||
225,000 | 2.73%, 11/17/2039 | 223,505 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 694,912 | Triton Container Finance VIII LLC(b) Series 2021-1A Class A 1.86%, 03/20/2046 | $ 690,065 |
825,000 | United Auto Credit Securitization Trust(b) Series 2019-1 Class E 4.29%, 08/12/2024 | 835,222 |
VCAT LLC(b)(c) | ||
Series 2020-NPL1 Class A1 | ||
279,694 | 3.67%, 08/25/2050 | 281,048 |
Series 2021-NPL1 Class A1 | ||
133,768 | 2.29%, 12/26/2050 | 134,119 |
Series 2021-NPL1 Class A2 | ||
480,000 | 4.83%, 12/26/2050 | 479,695 |
390,035 | VOLT LLC(b)(c) Series 2021-NPL9 Class A1 1.99%, 05/25/2051 | 390,205 |
451,004 | WAVE Trust(b) Series 2017-1A Class A 3.84%, 11/15/2042 | 442,042 |
Wendy's Funding LLC(b) | ||
Series 2018-1A Class A2II | ||
130,275 | 3.88%, 03/15/2048 | 138,541 |
Series 2021-1A Class A2I | ||
340,000 | 2.37%, 06/15/2051 | 342,955 |
Westlake Automobile Receivables Trust(b) | ||
Series 2021-1A Class D | ||
785,000 | 1.23%, 04/15/2026 | 785,970 |
Series 2021-2A Class D | ||
345,000 | 1.23%, 12/15/2026 | 344,971 |
TOTAL ASSET-BACKED SECURITIES — 14.40% (Cost $98,871,777) | $100,420,925 | |
BANK LOANS | ||
325,000 | 84 Lumber Company(e) 3.75%, 11/13/2026 1-mo. LIBOR + 3.65% | 324,594 |
659,110 | Accelerated Health Systems LLC(e) 3.59%, 10/31/2025 1-mo. LIBOR + 3.49% | 656,227 |
77,865 | Acuris Finance US Inc(e) 4.50%, 02/16/2028 3-mo. LIBOR + 4.35% | 78,059 |
502,611 | AHP Health Partners Inc(e) 4.60%, 06/30/2025 1-mo. LIBOR + 4.50% | 503,239 |
158,316 | AI Convoy SARL(e) 4.50%, 01/18/2027 3-mo. LIBOR + 4.35% | 158,069 |
240,000 | AIT Worldwide Logistics Inc(e) 5.50%, 03/31/2028 1-mo. LIBOR + 5.40% | 239,700 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 642,078 | Alliance Laundry Systems LLC(e) 4.25%, 10/08/2027 1-mo. LIBOR + 4.15% | $ 642,480 |
90,000 | Allied Universal Holdco(e) 8.91%, 05/05/2028 3-mo. LIBOR + 8.77% | 90,225 |
379,050 | Amentum Government Services Holdings LLC(e) 5.50%, 01/29/2027 2-mo. LIBOR + 5.38% | 376,997 |
100,000 | American Airlines Inc(e) 5.50%, 04/20/2028 1-mo. LIBOR + 5.40% | 104,203 |
225,000 | Anchor Glass Container Corp(e)(f) 7.91%, 12/07/2023 3-mo. LIBOR + 7.77% | 208,125 |
380,000 | Ani Pharmaceuticals Inc(e)(f) 6.10%, 05/24/2027 1-mo. LIBOR + 6.00% | 373,350 |
380,000 | Applied Systems Inc(e) 5.59%, 09/19/2025 1-mo. LIBOR + 5.49% | 384,370 |
140,000 | Arcline FM Holdings LLC(e) 9.00%, 06/15/2029 3-mo. LIBOR + 8.86% | 140,000 |
39,800 | Arterra Wines Canada Inc(e) 4.25%, 11/24/2027 3-mo. LIBOR + 4.10% | 39,800 |
339,150 | Aruba Investments Holdings LLC(e) 4.75%, 11/24/2027 2-mo. LIBOR + 4.63% | 339,998 |
223,875 | ASP Navigate Acquisition Corp(e) 5.50%, 10/06/2027 2-mo. LIBOR + 5.38% | 224,155 |
356,220 | Aston Finco SARL(e) 4.34%, 10/09/2026 1-mo. LIBOR + 4.24% | 353,103 |
Asurion LLC(e) | ||
274,313 | 3.35%,07/31/2027 1-mo. LIBOR + 3.25% | 271,112 |
285,000 | 5.35%,01/31/2028 1-mo. LIBOR + 5.25% | 287,066 |
174,563 | Athenahealth Inc(e) 4.41%, 02/11/2026 2-mo. LIBOR + 4.29% | 175,326 |
808,762 | Azalea TopCo Inc(e)(f) 4.50%, 07/24/2026 1-mo. LIBOR + 4.40% | 810,111 |
688,275 | Backyard Acquireco Inc(e) 4.50%, 11/02/2027 3-mo. LIBOR + 4.35% | 689,350 |
436,700 | Barracuda Networks Inc(e) 3.90%, 02/12/2025 3-mo. LIBOR + 3.75% | 437,610 |
325,000 | Berlin Packaging LLC(e)(f) 3.35%, 03/11/2028 1-mo. LIBOR + 3.25% | 323,578 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 656,432 | Boxer Parent Co Inc(e) 3.85%, 10/02/2025 1-mo. LIBOR + 3.75% | $ 652,192 |
582,969 | Brookfield WEC Holdings Inc(e) 3.25%, 08/01/2025 1-mo. LIBOR + 3.15% | 577,140 |
680,000 | Brown Group Holding LLC(e) 3.25%, 06/07/2028 3-mo. LIBOR + 3.10% | 676,600 |
314,070 | BWay Holding Co(e) 3.35%, 04/03/2024 1-mo. LIBOR + 3.25% | 306,330 |
670,000 | Caesars Resort Collection LLC(e) 7.91%, 12/23/2024 3-mo. LIBOR + 7.77% | 671,675 |
484,047 | Carlisle Foodservice Products Inc(e) 4.00%, 03/20/2025 3-mo. LIBOR + 3.85% | 473,559 |
118,800 | Carnival Corp(e) 8.50%, 06/30/2025 1-mo. LIBOR + 8.40% | 121,473 |
217,273 | CCM Merger Inc(e) 4.50%, 11/04/2025 3-mo. LIBOR + 4.35% | 217,069 |
543,700 | CHG Healthcare Services Inc(e) 4.00%, 06/07/2023 3-mo. LIBOR + 3.85% | 543,020 |
248,125 | Chobani LLC(e) 4.50%, 10/25/2027 1-mo. LIBOR + 4.40% | 248,683 |
540,000 | Circor International Inc(e) 4.25%, 12/11/2024 1-mo. LIBOR + 4.15% | 536,625 |
763,087 | Citadel Securities LP(e) 2.59%, 02/02/2028 3-mo. LIBOR + 2.45% | 754,694 |
321,247 | Citgo Petroleum Corp(e) 7.25%, 03/28/2024 1-mo. LIBOR + 7.15% | 323,054 |
313,292 | Clarios Global LP(e) 3.35%, 04/30/2026 1-mo. LIBOR + 3.25% | 310,159 |
365,000 | CNT Holdings I Corp(e) 4.50%, 11/08/2027 2-mo. LIBOR + 4.38% | 365,000 |
196,351 | Consolidated Communications Inc(e) 4.25%, 10/02/2027 1-mo. LIBOR + 4.15% | 196,505 |
868,630 | Cooper-Standard Automotive Inc(e) 2.75%, 11/02/2023 1-mo. LIBOR + 2.65% | 846,262 |
495,000 | CPC Acquisition Corp(e) 4.50%, 12/29/2027 3-mo. LIBOR + 4.35% | 494,072 |
34,824 | CPI Holdco LLC(e) 3.85%, 11/04/2026 1-mo. LIBOR + 3.75% | 34,838 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 450,773 | Deerfield Dakota Holding LLC(e) 4.75%, 04/09/2027 3-mo. LIBOR + 4.61% | $ 452,444 |
DG Investment Intermediate Holdings 2 Inc(e) | ||
20,130 | 4.50%,03/30/2028 1-mo. LIBOR + 4.40% | 20,185 |
256,320 | 4.50%,03/31/2028 1-mo. LIBOR + 4.40% | 257,025 |
763,843 | Diamond BC BV(e) 3.19%, 09/06/2024 1-mo. LIBOR + 3.09% | 758,950 |
185,264 | Diamond Sports Group LLC(e) 3.36%, 08/24/2026 1-mo. LIBOR + 3.26% | 112,945 |
308,335 | Dole Food Co Inc(e) 3.75%, 04/06/2024 1-mo. LIBOR + 3.65% | 308,046 |
180,000 | DT Midstream Inc(e)(f) 2.09%, 06/12/2028 1-mo. LIBOR + 1.99% | 180,141 |
662,700 | Dun & Bradstreet Corp(e) 3.35%, 02/06/2026 1-mo. LIBOR + 3.25% | 659,075 |
258,700 | DXP Enterprises Inc(e) 4.85%, 12/23/2027 1-mo. LIBOR + 4.75% | 258,862 |
95,000 | ECL Entertainment LLC(e) 8.25%, 03/31/2028 1-mo. LIBOR + 8.15% | 96,663 |
114,709 | Ensemble RCM LLC(e) 3.94%, 08/03/2026 1-mo. LIBOR + 3.84% | 114,733 |
284,451 | Envision Healthcare Corp(e) 3.85%, 10/10/2025 1-mo. LIBOR + 3.75% | 242,850 |
830,732 | Epicor Software Corp(e) 4.35%, 07/30/2027 1-mo. LIBOR + 4.25% | 829,222 |
74,811 | eResearchTechnology Inc(e) 5.50%, 02/04/2027 1-mo. LIBOR + 5.40% | 75,115 |
Everi Payments Inc(e) | ||
250,000 | 3.50%,05/09/2024 2-mo. LIBOR + 3.38% | 249,323 |
44,550 | 11.50%,05/09/2024 2-mo. LIBOR + 11.38% | 46,332 |
275,000 | Fairbanks Morse Defense(e) 5.50%, 06/16/2028 3-mo. LIBOR + 5.36% | 275,000 |
1,115,000 | Fieldwood Energy LLC(e) 5.35%, 04/11/2022 1-mo. LIBOR + 5.25% | 568,650 |
Filtration Group Corp(e) | ||
213,388 | 4.50%,03/29/2025 1-mo. LIBOR + 4.40% | 213,432 |
626,834 | 3.10%,03/31/2025 1-mo. LIBOR + 3.00% | 621,349 |
311,155 | Froneri US Inc(e) 2.35%, 01/29/2027 1-mo. LIBOR + 2.25% | 306,293 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 463,062 | Gainwell Acquisition Corp(e) 4.75%, 10/01/2027 3-mo. LIBOR + 4.61% | $ 463,930 |
641,775 | Gates Global LLC(e) 2.85%, 03/31/2027 1-mo. LIBOR + 2.75% | 640,097 |
506,526 | Gloves Buyer Inc(e)(f) 4.75%, 12/29/2027 1-mo. LIBOR + 4.65% | 506,526 |
673,312 | Grab Holdings Inc(e) 5.50%, 01/29/2026 1-mo. LIBOR + 5.40% | 684,535 |
483,788 | Great Outdoors Group LLC(e) 5.00%, 03/06/2028 3-mo. LIBOR + 4.86% | 486,206 |
349,125 | Greeneden US Holdings II LLC(e) 4.75%, 12/01/2027 1-mo. LIBOR + 4.65% | 349,749 |
400,950 | Hamilton Projects Acquiror LLC(e) 5.75%, 06/17/2027 3-mo. LIBOR + 5.61% | 397,943 |
673,308 | Harbor Freight Tools USA Inc(e) 3.75%, 10/19/2027 1-mo. LIBOR + 3.65% | 673,308 |
535,000 | Heartland Dental LLC(e) 4.07%, 04/30/2025 1-mo. LIBOR + 3.97% | 533,439 |
HERTZ Corp(e)(f) | ||
33,745 | 3.60%,06/13/2028 1-mo. LIBOR + 3.50% | 33,689 |
179,055 | 3.60%,06/14/2028 1-mo. LIBOR + 3.50% | 178,757 |
342,020 | H-Food Holdings LLC(e) 3.79%, 05/23/2025 1-mo. LIBOR + 3.69% | 339,562 |
455,668 | Hilton Grand Vacations Borrower LLC(e)(f) 3.25%, 05/22/2028 3-mo. LIBOR + 3.10% | 455,811 |
538,815 | Hoya Midco LLC(e) 4.50%, 06/30/2024 1-mo. LIBOR + 4.40% | 535,223 |
620,573 | Hyland Software Inc(e) 4.25%, 07/01/2024 1-mo. LIBOR + 4.15% | 621,460 |
500,000 | Ineos US Finance LLC(e)(f) 7.16%, 04/01/2024 3-mo. LIBOR + 7.02% | 495,312 |
Infinite Bidco LLC(e) | ||
485,000 | 4.25%,03/02/2028 1-mo. LIBOR + 4.15% | 483,787 |
185,000 | 7.50%,02/24/2029 1-mo. LIBOR + 7.40% | 190,550 |
395,000 | Innophos Holdings Inc(e) 3.60%, 02/05/2027 1-mo. LIBOR + 3.50% | 394,012 |
160,000 | Insulet Corp(e) 3.75%, 04/28/2028 1-mo. LIBOR + 3.65% | 160,100 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 317,000 | Intelsat Jackson Holdings SA(e) 8.63%, 01/02/2024 1-mo. LIBOR + 8.53% | $ 322,151 |
100,000 | ION Trading Finance Ltd(e) 4.95%, 04/01/2028 3-mo. LIBOR + 4.81% | 100,056 |
390,000 | J&J Ventures Gaming LLC(e) 4.75%, 04/26/2028 1-mo. LIBOR + 4.65% | 390,975 |
310,000 | Jazz Financing SARL(e) 4.00%, 04/22/2028 1-mo. LIBOR + 3.49% | 311,107 |
643,387 | Klockner Pentaplast of America Inc(e) 5.25%, 02/12/2026 2-mo. LIBOR + 5.13% | 643,387 |
40,000 | Landry's Finance Acquisition Co(e) 13.00%, 10/06/2023 3-mo. LIBOR + 12.86% | 44,000 |
606,707 | LifePoint Health Inc(e)(f) 3.85%, 11/17/2025 1-mo. LIBOR + 3.75% | 605,190 |
625,000 | Lonza Group AG(e)(f) 0.10%, 04/28/2028 1-mo. LIBOR + 0.00% | 624,844 |
730,672 | Masergy Holdings Inc(e) 4.25%, 12/15/2023 3-mo. LIBOR + 4.10% | 729,758 |
370,000 | Mavis Tire Express Services Topco Corp(e) 4.75%, 05/04/2028 2-mo. LIBOR + 4.63% | 371,156 |
498,708 | Medallion Midland Acquisition LLC(e) 4.25%, 10/30/2024 1-mo. LIBOR + 4.15% | 494,469 |
325,000 | Michaels Cos Inc(e) 4.35%, 04/15/2028 1-mo. LIBOR + 4.25% | 326,151 |
510,000 | Mileage Plus Holdings Inc(e) 6.25%, 06/21/2027 3-mo. LIBOR + 6.11% | 544,106 |
466,385 | NAB Holdings LLC(e) 4.00%, 07/01/2024 3-mo. LIBOR + 3.85% | 466,385 |
348,516 | National Mentor Holdings Inc(e) 3.75%, 03/02/2028 3-mo. LIBOR + 3.60% | 349,007 |
835,000 | One Call Corp(e) 6.25%, 04/22/2027 1-mo. LIBOR + 6.15% | 843,350 |
315,000 | Packaging Coordinators Midco Inc(e) 4.25%, 11/30/2027 2-mo. LIBOR + 4.13% | 314,606 |
129,675 | PAI Holdco Inc(e) 4.50%, 10/28/2027 1-mo. LIBOR + 4.40% | 129,945 |
665,000 | PAREXEL International Corp(e)(f) 3.09%, 09/27/2024 1-mo. LIBOR + 2.99% | 660,740 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 917,662 | Parfums Holding Co Inc(e) 4.10%, 06/30/2024 1-mo. LIBOR + 4.00% | $ 912,213 |
475,000 | Paysafe Holdings Corp(e)(f) 2.85%, 06/09/2028 1-mo. LIBOR + 2.75% | 472,031 |
533,662 | Peraton Corp(e) 4.50%, 02/01/2028 1-mo. LIBOR + 4.40% | 534,913 |
334,163 | Petco Health & Wellness Co Inc(e) 4.00%, 03/03/2028 3-mo. LIBOR + 3.85% | 333,446 |
355,000 | Petsmart Inc(e) 4.50%, 02/11/2028 1-mo. LIBOR + 4.40% | 355,111 |
PetVet Care Centers LLC(e) | ||
131,309 | 3.35%,02/14/2025 1-mo. LIBOR + 3.25% | 129,503 |
832,178 | 4.25%,02/14/2025 (f) 1-mo. LIBOR + 4.15% | 820,736 |
123,750 | PG&E Corp(e) 3.50%, 06/23/2025 3-mo. LIBOR + 3.35% | 123,131 |
Phoenix Guarantor Inc(e) | ||
517,312 | 3.34%,03/05/2026 1-mo. LIBOR + 3.24% | 515,533 |
573,876 | 3.57%,03/05/2026 (f) 1-mo. LIBOR + 3.47% | 569,163 |
823,289 | Pike Corp(e) 3.11%, 01/21/2028 1-mo. LIBOR + 3.01% | 823,632 |
1,021,870 | Playa Resorts Holding BV(e) 3.75%, 04/29/2024 1-mo. LIBOR + 3.65% | 981,314 |
380,000 | Pluto Acquisition I Inc(e)(f) 4.08%, 06/20/2026 1-mo. LIBOR + 3.98% | 380,000 |
723,187 | Pods LLC(e) 3.75%, 03/31/2028 1-mo. LIBOR + 3.65% | 721,681 |
527,302 | Precision Medicine Group LLC(e) 3.75%, 11/18/2027 3-mo. LIBOR + 3.60% | 525,324 |
488,775 | Project Ruby Ultimate Parent Corp(e) 4.00%, 03/10/2028 1-mo. LIBOR + 3.90% | 487,466 |
290,000 | Proofpoint Inc(e)(f) 3.35%, 06/09/2028 1-mo. LIBOR + 3.25% | 288,233 |
640,250 | Pug LLC(e) 3.60%, 02/12/2027 1-mo. LIBOR + 3.50% | 625,044 |
720,000 | Quikrete Holdings Inc(e)(f) 3.10%, 06/11/2028 1-mo. LIBOR + 3.00% | 713,880 |
86,983 | Radiate Holdco LLC(e) 4.25%, 09/25/2026 1-mo. LIBOR + 4.15% | 86,951 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 160,000 | Raptor Acquisition Corp(e)(f) 4.10%, 11/01/2026 1-mo. LIBOR + 4.00% | $ 160,150 |
385,000 | Realpage Inc(e) 3.75%, 04/24/2028 3-mo. LIBOR + 3.60% | 383,701 |
325,000 | Resideo Funding Inc(e) 2.75%, 02/11/2028 1-mo. LIBOR + 2.65% | 323,781 |
265,000 | Rising Tide Holdings Inc(e)(f) 4.85%, 06/01/2028 1-mo. LIBOR + 4.75% | 265,000 |
440,000 | Rocket Software Inc(e) 4.35%, 11/28/2025 1-mo. LIBOR + 4.25% | 431,200 |
363,722 | Scientific Games International Inc(e) 2.85%, 08/14/2024 1-mo. LIBOR + 2.75% | 360,994 |
173,622 | Securus Technologies Holdings Inc(e) 5.50%, 11/01/2024 3-mo. LIBOR + 5.36% | 162,626 |
701,776 | Sedgwick Claims Management Services Inc(e) 3.85%, 09/03/2026 1-mo. LIBOR + 3.75% | 700,412 |
496,637 | Shearers Foods(e) 4.25%, 09/23/2027 3-mo. LIBOR + 4.10% | 497,072 |
616,900 | Sophia LP(e) 3.90%, 10/07/2027 3-mo. LIBOR + 3.75% | 617,028 |
469,602 | Southern Veterinary Partners LLC(e) 5.00%, 10/05/2027 1-mo. LIBOR + 4.90% | 470,483 |
338,252 | Spectrum Holdings III Corp(e) 3.44%, 01/31/2025 3-mo. LIBOR + 3.29% | 324,158 |
230,000 | SRAM LLC(e) 3.25%, 05/18/2028 3-mo. LIBOR + 3.10% | 229,713 |
230,000 | SRS Distribution Inc(e) 4.25%, 06/04/2028 1-mo. LIBOR + 4.15% | 229,677 |
553,872 | St. George's University Scholastic Services LLC(e)(f) 3.34%, 06/29/2028 1-mo. LIBOR + 3.24% | 552,718 |
465,300 | Star US Bidco LLC(e) 5.25%, 03/17/2027 1-mo. LIBOR + 5.15% | 464,524 |
490,651 | Starfruit Finco BV(e) 2.84%, 10/01/2025 1-mo. LIBOR + 2.74% | 486,603 |
225,000 | Sterigenics-Nordion Holdings LLC(e) 3.25%, 12/11/2026 3-mo. LIBOR + 3.10% | 223,945 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 244,388 | Sunshine Luxembourg VII SARL(e) 4.50%, 10/01/2026 3-mo. LIBOR + 4.35% | $ 245,038 |
425,000 | Surgery Center Holdings Inc(e) 3.85%, 08/31/2026 1-mo. LIBOR + 3.75% | 426,594 |
310,000 | Technimark LLC(e)(f) 3.85%, 07/10/2028 1-mo. LIBOR + 3.75% | 308,450 |
Transdigm Inc(e) | ||
289,266 | 2.35%,05/30/2025 1-mo. LIBOR + 2.25% | 284,746 |
244,540 | 2.35%,12/09/2025 1-mo. LIBOR + 2.25% | 240,736 |
515,027 | Traverse Midstream Partners LLC(e) 6.50%, 09/27/2024 1-mo. LIBOR + 6.40% | 516,798 |
TricorBraun Inc(e) | ||
63,122 | 3.75%,03/02/2028 3-mo. LIBOR + 3.60% | 62,599 |
280,628 | 3.75%,03/03/2028 3-mo. LIBOR + 3.60% | 278,304 |
525,000 | Triton Water Holdings Inc(e) 3.59%, 03/31/2028 1-mo. LIBOR + 3.49% | 524,438 |
199,500 | Truck Hero Inc(e) 4.50%, 01/29/2028 1-mo. LIBOR + 4.40% | 199,389 |
165,000 | TTF Holdings LLC(e) 5.00%, 03/31/2028 2-mo. LIBOR + 4.88% | 164,588 |
473,813 | Turing Midco LLC(e) 3.75%, 03/24/2028 1-mo. LIBOR + 3.65% | 473,576 |
432,404 | UFC Holdings LLC(e) 3.75%, 04/29/2026 1-mo. LIBOR + 3.65% | 431,593 |
709,883 | UKG Inc(e) 7.50%, 05/04/2026 1-mo. LIBOR + 3.90% | 709,883 |
20,000 | Ultimate Software Group Inc(e) 7.50%, 05/03/2027 1-mo. LIBOR + 7.40% | 20,317 |
184,797 | Ultra Clean Holdings Inc(e) 3.84%, 08/27/2025 1-mo. LIBOR + 3.74% | 184,951 |
602,601 | United Airlines Inc(e) 4.50%, 04/21/2028 1-mo. LIBOR + 4.40% | 609,918 |
590,000 | UPC Financing Partnership(e) 3.07%, 01/31/2029 1-mo. LIBOR + 2.97% | 586,066 |
284,544 | US Farathane LLC(e) 4.35%, 12/23/2024 1-mo. LIBOR + 4.25% | 281,699 |
501,556 | Vertiv Group Corp(e) 2.84%, 03/02/2027 1-mo. LIBOR + 2.74% | 498,422 |
1,108,005 | Viant Medical Holdings Inc(e) 3.85%, 07/02/2025 1-mo. LIBOR + 3.75% | 1,074,765 |
Principal Amount(a) | Fair Value | |
Bank Loans — (continued) | ||
$ 64,838 | Virtusa Corp(e) 5.00%, 02/11/2028 1-mo. LIBOR + 4.90% | $ 65,048 |
425,172 | Waystar Technologies Inc(e) 4.10%, 10/22/2026 1-mo. LIBOR + 4.00% | 425,526 |
512,425 | Weld North Education LLC(e) 4.75%, 12/15/2027 1-mo. LIBOR + 4.65% | 512,745 |
488,686 | William Morris Endeavor Entertainment LLC(e) 2.86%, 05/18/2025 1-mo. LIBOR + 2.76% | 479,319 |
74,185 | Zebra Buyer LLC(e) 3.34%, 04/22/2028 1-mo. LIBOR + 3.24% | 74,371 |
740,242 | Zep Inc(e) 5.00%, 08/12/2024 3-mo. LIBOR + 4.86% | 728,367 |
TOTAL BANK LOANS — 9.72% (Cost $67,955,768) | $ 67,813,147 | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 2.90% | ||
500,000 | Allegheny Technologies Inc 5.88%, 12/01/2027 | 523,750 |
200,000 | Alpek SAB de CV(b) 3.25%, 02/25/2031 | 202,402 |
Anglo American Capital PLC(b) | ||
620,000 | 2.63%, 09/10/2030 | 622,345 |
400,000 | 2.88%, 03/17/2031 | 408,908 |
200,000 | Antofagasta PLC(b) 2.38%, 10/14/2030 | 192,700 |
590,000 | ArcelorMittal SA 7.00%, 03/01/2041 | 819,476 |
520,000 | Barrick Gold Corp 5.80%, 11/15/2034 | 653,623 |
Braskem Netherlands Finance BV(b) | ||
600,000 | 4.50%, 01/31/2030 | 625,152 |
400,000 | 5.88%, 01/31/2050 | 438,004 |
430,000 | Chemours Co(b) 5.75%, 11/15/2028 | 460,001 |
525,000 | Cleveland-Cliffs Inc(b) 6.75%, 03/15/2026 | 566,344 |
15,000 | CVR Partners LP / CVR Nitrogen Finance Corp(b) 6.13%, 06/15/2028 | 15,375 |
First Quantum Minerals Ltd(b) | ||
200,000 | 7.25%, 04/01/2023 | 203,876 |
800,000 | 7.50%, 04/01/2025 | 830,000 |
200,000 | 6.88%, 03/01/2026 | 209,222 |
285,000 | 6.88%, 10/15/2027 | 310,565 |
170,000 | FMC Corp 3.45%, 10/01/2029 | 184,815 |
550,000 | FMG Resources Ltd(b) 4.38%, 04/01/2031 | 588,407 |
Freeport-McMoRan Inc | ||
45,000 | 5.00%, 09/01/2027 | 47,531 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Basic Materials — (continued) | ||
$ 295,000 | 4.13%, 03/01/2028 | $ 307,906 |
155,000 | 4.38%, 08/01/2028 | 163,719 |
200,000 | 4.25%, 03/01/2030 | 214,250 |
110,000 | 4.63%, 08/01/2030(g) | 120,450 |
460,000 | 5.40%, 11/14/2034 | 555,590 |
620,000 | 5.45%, 03/15/2043 | 757,838 |
Glencore Funding LLC(b) | ||
1,945,000 | 4.88%, 03/12/2029(g) | 2,261,903 |
765,000 | 2.50%, 09/01/2030 | 763,131 |
210,000 | 2.85%, 04/27/2031 | 213,556 |
580,000 | Hecla Mining Co 7.25%, 02/15/2028 | 633,650 |
350,000 | INEOS Group Holdings SA(b) 5.63%, 08/01/2024 | 351,225 |
270,000 | INEOS Quattro Finance 2 PLC(b) 3.38%, 01/15/2026 | 273,572 |
625,000 | International Flavors & Fragrances Inc(b) 2.30%, 11/01/2030 | 621,473 |
740,000 | Inversiones CMPC SA(b) 3.85%, 01/13/2030 | 789,217 |
310,000 | Newcrest Finance Property Ltd(b) 3.25%, 05/13/2030 | 333,135 |
165,000 | Novelis Corp(b) 4.75%, 01/30/2030 | 173,250 |
645,000 | Orbia Advance Corp SAB de CV(b) 2.88%, 05/11/2031 | 649,031 |
100,000 | Reliance Steel & Aluminum Co 2.15%, 08/15/2030 | 98,520 |
590,000 | Steel Dynamics Inc 3.45%, 04/15/2030 | 641,830 |
555,000 | Suzano Austria GmbH 3.75%, 01/15/2031 | 582,056 |
625,000 | Taseko Mines Ltd(b)(g) 7.00%, 02/15/2026 | 651,563 |
545,000 | Teck Resources Ltd 6.13%, 10/01/2035 | 701,646 |
315,000 | United States Steel Corp 6.88%, 03/01/2029 | 337,050 |
105,000 | Volcan Cia Minera SAA(b) 4.38%, 02/11/2026 | 103,950 |
20,202,007 | ||
Communications — 6.24% | ||
420,000 | Altice France Holding SA(b)(g) 6.00%, 02/15/2028 | 418,236 |
Altice France SA(b) | ||
200,000 | 5.13%, 01/15/2029 | 201,000 |
200,000 | 5.13%, 07/15/2029 | 200,980 |
305,000 | AMC Networks Inc 4.25%, 02/15/2029 | 307,669 |
1,684,000 | AT&T Inc(b) 3.65%, 09/15/2059 | 1,707,742 |
385,000 | Baidu Inc 3.43%, 04/07/2030 | 416,530 |
355,000 | Bharti Airtel Ltd(b) 3.25%, 06/03/2031 | 352,169 |
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 200,000 | Block Communications Inc(b) 4.88%, 03/01/2028 | $ 204,000 |
850,000 | Booking Holdings Inc 4.63%, 04/13/2030 | 1,014,284 |
570,000 | Cable Onda SA(b) 4.50%, 01/30/2030 | 601,008 |
480,000 | Cars.com Inc(b) 6.38%, 11/01/2028 | 511,939 |
CCO Holdings LLC / CCO Holdings Capital Corp | ||
60,000 | 5.38%, 06/01/2029(b) | 65,586 |
705,000 | 4.75%, 03/01/2030(b) | 745,537 |
575,000 | 4.50%, 08/15/2030(b) | 598,698 |
970,000 | 4.25%, 02/01/2031(b) | 988,187 |
45,000 | 4.50%, 05/01/2032 | 46,631 |
Charter Communications Operating LLC / Charter Communications Operating Capital | ||
765,000 | 5.13%, 07/01/2049 | 911,039 |
2,435,000 | 4.80%, 03/01/2050 | 2,796,717 |
740,000 | 4.40%, 12/01/2061 | 795,119 |
10,000 | Clear Channel Outdoor Holdings Inc(b)(g) 7.75%, 04/15/2028 | 10,475 |
1,055,000 | Clear Channel Worldwide Holdings Inc(b) 5.13%, 08/15/2027 | 1,081,607 |
530,000 | CommScope Inc(b) 7.13%, 07/01/2028 | 574,388 |
215,000 | CommScope Technologies LLC(b) 5.00%, 03/15/2027 | 220,106 |
CSC Holdings LLC(b) | ||
680,000 | 5.38%, 02/01/2028 | 719,406 |
510,000 | 5.75%, 01/15/2030 | 529,763 |
610,000 | 4.13%, 12/01/2030 | 606,188 |
800,000 | 4.63%, 12/01/2030 | 784,888 |
Diamond Sports Group LLC / Diamond Sports Finance Co(b) | ||
315,000 | 5.38%, 08/15/2026 | 203,963 |
605,000 | 6.63%, 08/15/2027 | 297,137 |
DISH DBS Corp | ||
580,000 | 5.00%, 03/15/2023 | 607,045 |
495,000 | 5.13%, 06/01/2029(b) | 488,778 |
Expedia Group Inc | ||
75,000 | 4.63%, 08/01/2027 | 84,761 |
400,000 | 3.80%, 02/15/2028 | 435,036 |
1,575,000 | 3.25%, 02/15/2030 | 1,645,161 |
300,000 | 2.95%, 03/15/2031 | 303,994 |
700,000 | Frontier Communications Holdings LLC(b) 6.75%, 05/01/2029 | 744,289 |
600,000 | Go Daddy Operating Co LLC / Go Daddy Finance Co Inc(b) 3.50%, 03/01/2029 | 596,100 |
iHeartCommunications Inc | ||
130,000 | 6.38%, 05/01/2026 | 138,288 |
795,000 | 8.38%, 05/01/2027(g) | 851,644 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 400,000 | 5.25%, 08/15/2027(b) | $ 418,160 |
200,000 | 4.75%, 01/15/2028(b) | 205,750 |
Lamar Media Corp | ||
70,000 | 3.75%, 02/15/2028 | 71,225 |
70,000 | 4.00%, 02/15/2030 | 70,848 |
Level 3 Financing Inc(b) | ||
90,000 | 4.63%, 09/15/2027 | 93,413 |
390,000 | 4.25%, 07/01/2028 | 395,756 |
280,000 | 3.63%, 01/15/2029 | 270,200 |
Motorola Solutions Inc | ||
377,000 | 4.60%, 02/23/2028 | 439,327 |
175,000 | 4.60%, 05/23/2029 | 204,038 |
Netflix Inc | ||
210,000 | 4.88%, 04/15/2028 | 244,125 |
315,000 | 5.88%, 11/15/2028 | 386,640 |
55,000 | 6.38%, 05/15/2029 | 70,249 |
60,000 | 5.38%, 11/15/2029(b) | 72,876 |
980,000 | 4.88%, 06/15/2030(b) | 1,165,514 |
460,000 | Nexstar Broadcasting Inc(b)(g) 4.75%, 11/01/2028 | 472,650 |
Northwest Fiber LLC / Northwest Fiber Finance Sub Inc(b) | ||
65,000 | 6.00%, 02/15/2028(g) | 65,142 |
285,000 | 10.75%, 06/01/2028 | 320,625 |
500,000 | Plantronics Inc(b)(g) 4.75%, 03/01/2029 | 496,365 |
Radiate Holdco LLC / Radiate Finance Inc(b) | ||
110,000 | 4.50%, 09/15/2026 | 113,850 |
365,000 | 6.50%, 09/15/2028 | 383,487 |
25,000 | Sirius XM Radio Inc(b) 5.50%, 07/01/2029 | 27,243 |
70,000 | Sprint Capital Corp 6.88%, 11/15/2028 | 89,775 |
535,000 | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC(b) 5.15%, 03/20/2028 | 615,090 |
Telesat Canada / Telesat LLC(b) | ||
945,000 | 6.50%, 10/15/2027(g) | 900,112 |
40,000 | 5.63%, 12/06/2026 | 40,150 |
Time Warner Cable LLC | ||
35,000 | 5.88%, 11/15/2040 | 45,274 |
235,000 | 5.50%, 09/01/2041 | 291,278 |
245,000 | 4.50%, 09/15/2042 | 272,329 |
525,000 | Telefonica Emisiones SA 7.05%, 06/20/2036 | 755,877 |
T-Mobile USA Inc | ||
110,000 | 4.50%, 02/01/2026 | 112,103 |
1,590,000 | 3.38%, 04/15/2029 | 1,640,870 |
1,915,000 | 3.88%, 04/15/2030 | 2,140,625 |
1,220,000 | 3.50%, 04/15/2031 | 1,262,151 |
395,000 | TripAdvisor Inc(b) 7.00%, 07/15/2025 | 425,020 |
Uber Technologies Inc(b) | ||
795,000 | 7.50%, 05/15/2025 | 857,964 |
560,000 | 8.00%, 11/01/2026 | 603,400 |
335,000 | 7.50%, 09/15/2027 | 368,158 |
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 190,000 | 6.25%, 01/15/2028(g) | $ 204,480 |
610,000 | Univision Communications Inc(b) 5.13%, 02/15/2025 | 622,322 |
ViacomCBS Inc | ||
120,000 | 4.20%, 06/01/2029 | 138,421 |
1,005,000 | 4.95%, 01/15/2031 | 1,211,345 |
640,000 | ViaSat Inc(b) 5.63%, 09/15/2025 | 652,160 |
475,000 | Virgin Media Finance PLC(b) 5.00%, 07/15/2030 | 479,888 |
43,522,363 | ||
Consumer, Cyclical — 5.81% | ||
1011778 BC Unlimited Liability Co / New Red Finance Inc(b) | ||
120,000 | 3.88%, 01/15/2028 | 121,500 |
210,000 | 4.38%, 01/15/2028 | 212,888 |
150,000 | 4.00%, 10/15/2030 | 145,125 |
720,604 | Alaska Airlines Pass Through Trust(b) Series 2020-1 Class A 4.80%, 08/15/2027 | 797,623 |
445,000 | Allison Transmission Inc(b) 3.75%, 01/30/2031 | 437,377 |
Ambience Merger Sub Inc(b) | ||
115,000 | 4.88%, 07/15/2028 | 115,288 |
560,000 | 7.13%, 07/15/2029 | 565,600 |
365,000 | American Airlines Group Inc(b)(g) 5.00%, 06/01/2022 | 365,464 |
810,000 | American Airlines Inc(b) 11.75%, 07/15/2025 | 1,016,550 |
American Airlines Inc / AAdvantage Loyalty IP Ltd(b) | ||
235,000 | 5.50%, 04/20/2026 | 248,806 |
215,000 | 5.75%, 04/20/2029 | 232,469 |
American Airlines Pass Through Trust | ||
Series 2016-1 Class B | ||
729,309 | 5.25%, 01/15/2024 | 716,609 |
Series 2017-2 Class B | ||
358,791 | 3.70%, 10/15/2025 | 347,921 |
Series 2016-3 Class B | ||
987,641 | 3.75%, 10/15/2025 | 953,428 |
445,000 | Aston Martin Capital Holdings Ltd(b)(g) 10.50%, 11/30/2025 | 495,503 |
140,000 | AutoNation Inc 4.75%, 06/01/2030 | 165,578 |
790,000 | AutoZone Inc 4.00%, 04/15/2030 | 897,887 |
515,000 | BCPE Ulysses Intermediate Inc(b)(h) 7.75%, 04/01/2027 PIK rate, 8.50% | 527,875 |
282,129 | British Airways Pass Through Trust(b) Series 2019-1 Class A 3.35%, 06/15/2029 | 280,099 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
Caesars Entertainment Inc(b) | ||
$ 180,000 | 6.25%, 07/01/2025 | $ 190,800 |
170,000 | 8.13%, 07/01/2027 | 189,074 |
655,000 | Carnival Corp(b) 5.75%, 03/01/2027 | 686,112 |
Carvana Co(b) | ||
690,000 | 5.63%, 10/01/2025 | 716,737 |
695,000 | 5.88%, 10/01/2028(g) | 731,279 |
510,000 | Cinemark USA Inc(b) 5.88%, 03/15/2026 | 533,689 |
310,000 | Clarios Global LP / Clarios US Finance Co(b) 8.50%, 05/15/2027 | 337,962 |
425,000 | Cooper-Standard Automotive Inc(b) 13.00%, 06/01/2024 | 480,250 |
495,000 | Delta Air Lines Inc(g) 3.75%, 10/28/2029 | 494,203 |
1,070,000 | Dillard's Inc 7.75%, 07/15/2026 | 1,296,717 |
300,000 | Dollar General Corp 3.50%, 04/03/2030 | 329,572 |
590,000 | Downstream Development Authority of the Quapaw Tribe of Oklahoma(b) 10.50%, 02/15/2023 | 614,986 |
200,000 | Ferguson Finance PLC(b) 3.25%, 06/02/2030 | 215,851 |
Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp(b) | ||
160,000 | 5.38%, 04/01/2026 | 158,600 |
195,000 | 5.88%, 04/01/2029 | 192,563 |
Ford Motor Co | ||
556,000 | 9.00%, 04/22/2025 | 685,476 |
105,000 | 9.63%, 04/22/2030 | 150,675 |
370,000 | Ford Motor Credit Co LLC 4.13%, 08/17/2027 | 392,488 |
650,000 | Gateway Casinos & Entertainment Ltd(b) 8.25%, 03/01/2024 | 650,000 |
General Motors Co | ||
90,000 | 5.20%, 04/01/2045 | 111,237 |
950,000 | 5.40%, 04/01/2048 | 1,210,047 |
810,000 | 5.95%, 04/01/2049 | 1,102,640 |
General Motors Financial Co Inc(i) | ||
50,000 | 5.70%, Perpetual | 56,000 |
30,000 | 5.75%, Perpetual | 32,652 |
765,000 | Genm Capital Labuan Ltd(b) 3.88%, 04/19/2031 | 761,527 |
305,000 | Golden Nugget Inc(b)(g) 8.75%, 10/01/2025 | 321,812 |
Goodyear Tire & Rubber Co | ||
765,000 | 4.88%, 03/15/2027 | 810,648 |
105,000 | 5.00%, 07/15/2029(b) | 109,935 |
155,000 | 5.25%, 07/15/2031(b) | 161,975 |
Hilton Domestic Operating Co Inc(b) | ||
515,000 | 4.00%, 05/01/2031 | 519,568 |
140,000 | 3.63%, 02/15/2032 | 138,250 |
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b) | ||
$ 740,000 | 5.00%, 06/01/2029 | $ 756,650 |
105,000 | 4.88%, 07/01/2031 | 104,725 |
Hyatt Hotels Corp | ||
50,000 | 5.38%, 04/23/2025 | 56,452 |
85,000 | 5.75%, 04/23/2030 | 103,180 |
315,000 | LBM Acquisition LLC(b) 6.25%, 01/15/2029 | 317,426 |
30,000 | LCM Investments Holdings II LLC(b) 4.88%, 05/01/2029 | 30,750 |
905,000 | Live Nation Entertainment Inc(b)(g) 4.75%, 10/15/2027 | 937,806 |
580,000 | M/I Homes Inc 4.95%, 02/01/2028 | 605,085 |
175,000 | Magic Mergeco Inc(b) 7.88%, 05/01/2029 | 180,469 |
Marriott International Inc | ||
205,000 | 5.75%, 05/01/2025 | 236,631 |
190,000 | 4.63%, 06/15/2030 | 218,823 |
305,000 | 2.85%, 04/15/2031 | 309,725 |
255,000 | Marriott Ownership Resorts Inc(b) 4.50%, 06/15/2029 | 258,506 |
480,000 | Mohegan Gaming & Entertainment(b) 8.00%, 02/01/2026 | 501,552 |
140,000 | Murphy Oil USA Inc(b) 3.75%, 02/15/2031 | 138,384 |
690,000 | NCL Corp Ltd(b) 5.88%, 03/15/2026 | 722,775 |
325,000 | NCL Finance Ltd(b)(g) 6.13%, 03/15/2028 | 340,584 |
490,000 | NMG Holding Co Inc / Neiman Marcus Group LLC(b) 7.13%, 04/01/2026 | 523,075 |
85,000 | Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(b) 8.50%, 11/15/2027 | 91,290 |
205,000 | Penn National Gaming Inc(b) 4.13%, 07/01/2029 | 204,744 |
300,000 | PetSmart Inc / PetSmart Finance Corp(b) 7.75%, 02/15/2029 | 330,750 |
PulteGroup Inc | ||
415,000 | 7.88%, 06/15/2032 | 595,732 |
1,200,000 | 6.00%, 02/15/2035 | 1,574,916 |
50,000 | Raptor Acquisition Corp / Raptor Co-Issuer LLC(b) 4.88%, 11/01/2026 | 50,699 |
Royal Caribbean Cruises Ltd(b) | ||
350,000 | 9.13%, 06/15/2023 | 384,125 |
75,000 | 4.25%, 07/01/2026 | 74,906 |
780,000 | 5.50%, 04/01/2028 | 816,894 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
Scientific Games International Inc(b) | ||
$ 315,000 | 8.25%, 03/15/2026 | $ 337,831 |
930,000 | 7.00%, 05/15/2028 | 1,015,746 |
15,000 | 7.25%, 11/15/2029 | 16,920 |
465,000 | Station Casinos LLC(b)(g) 4.50%, 02/15/2028 | 472,926 |
580,000 | Tenneco Inc(b) 5.13%, 04/15/2029 | 596,002 |
Travel + Leisure Co | ||
180,000 | 6.63%, 07/31/2026(b) | 203,940 |
50,000 | 6.00%, 04/01/2027 | 54,929 |
395,000 | 4.63%, 03/01/2030(b) | 407,127 |
200,000 | Tupy Overseas SA(b) 4.50%, 02/16/2031 | 199,252 |
430,000 | Under Armour Inc 3.25%, 06/15/2026 | 445,514 |
United Airlines Inc(b) | ||
200,000 | 4.38%, 04/15/2026 | 207,036 |
265,000 | 4.63%, 04/15/2029 | 274,275 |
US Airways Pass Through Trust | ||
Series 2011-1 Class A | ||
144,964 | 7.13%, 10/22/2023 | 153,001 |
Series 2012-1 Class A | ||
343,019 | 5.90%, 10/01/2024 | 358,415 |
415,000 | Volkswagen Group of America Finance LLC(b) 3.35%, 05/13/2025 | 447,830 |
495,000 | Wynn Macau Ltd(b) 5.63%, 08/26/2028 | 516,038 |
Yum! Brands Inc | ||
450,000 | 4.75%, 01/15/2030(b) | 487,130 |
555,000 | 3.63%, 03/15/2031 | 552,225 |
255,000 | 4.63%, 01/31/2032 | 267,750 |
40,507,456 | ||
Consumer, Non-Cyclical — 5.50% | ||
525,000 | Adani Ports & Special Economic Zone Ltd(b) 4.20%, 08/04/2027 | 546,934 |
650,000 | Adtalem Global Education Inc(b) 5.50%, 03/01/2028 | 660,108 |
485,000 | Akumin Inc(b) 7.00%, 11/01/2025 | 503,522 |
190,000 | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC(b) 3.25%, 03/15/2026 | 192,708 |
Allied Universal Holdco LLC / Allied Universal Finance Corp(b) | ||
675,000 | 6.63%, 07/15/2026 | 715,655 |
200,000 | 6.00%, 06/01/2029 | 202,758 |
Ashtead Capital Inc(b) | ||
650,000 | 4.38%, 08/15/2027 | 680,875 |
415,000 | 4.25%, 11/01/2029 | 448,200 |
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 620,000 | BAT Capital Corp 4.91%, 04/02/2030 | $ 712,278 |
180,000 | Bausch Health Americas Inc(b) 9.25%, 04/01/2026 | 195,786 |
595,000 | Bausch Health Cos Inc(b) 7.00%, 01/15/2028 | 612,850 |
460,000 | Carriage Services Inc(b) 4.25%, 05/15/2029 | 459,301 |
185,000 | Catalent Pharma Solutions Inc(b) 3.13%, 02/15/2029 | 179,150 |
Centene Corp | ||
375,000 | 4.63%, 12/15/2029 | 412,414 |
260,000 | 3.00%, 10/15/2030 | 267,093 |
1,165,000 | 2.50%, 03/01/2031 | 1,148,981 |
Charles River Laboratories International Inc(b) | ||
115,000 | 3.75%, 03/15/2029 | 116,581 |
120,000 | 4.00%, 03/15/2031 | 124,840 |
775,000 | Cheplapharm Arzneimittel GmbH(b) 5.50%, 01/15/2028 | 794,375 |
535,000 | Chobani LLC / Chobani Finance Corp Inc(b) 7.50%, 04/15/2025 | 556,619 |
CHS / Community Health Systems Inc(b) | ||
365,000 | 6.63%, 02/15/2025 | 385,984 |
375,000 | 6.88%, 04/15/2029 | 392,426 |
65,000 | 6.13%, 04/01/2030 | 65,975 |
415,000 | 4.75%, 02/15/2031 | 416,556 |
767,000 | CoStar Group Inc(b) 2.80%, 07/15/2030 | 779,165 |
1,200,000 | CVS Health Corp 3.25%, 08/15/2029 | 1,302,049 |
465,000 | DaVita Inc(b) 4.63%, 06/01/2030 | 478,122 |
250,000 | Deluxe Corp(b) 8.00%, 06/01/2029 | 271,250 |
Encompass Health Corp | ||
465,000 | 4.50%, 02/01/2028 | 482,424 |
75,000 | 4.75%, 02/01/2030 | 79,688 |
275,000 | Endo Luxembourg Finance Co I SARL / Endo US Inc(b) 6.13%, 04/01/2029 | 269,500 |
360,000 | Gartner Inc(b) 3.75%, 10/01/2030 | 368,320 |
HCA Inc | ||
200,000 | 7.50%, 12/15/2023 | 229,000 |
310,000 | 7.05%, 12/01/2027 | 379,750 |
570,000 | 4.13%, 06/15/2029 | 641,863 |
2,560,000 | 5.25%, 06/15/2049 | 3,263,211 |
600,000 | Herbalife Nutrition Ltd / HLF Financing Inc(b) 7.88%, 09/01/2025 | 652,500 |
225,000 | HLF Financing SARL LLC / Herbalife International Inc(b) 4.88%, 06/01/2029 | 226,688 |
860,000 | Hologic Inc(b) 3.25%, 02/15/2029 | 852,475 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 395,000 | Illumina Inc 2.55%, 03/23/2031 | $ 400,964 |
285,000 | Jaguar Holding Co II / PPD Development LP(b) 5.00%, 06/15/2028 | 308,917 |
200,000 | Jazz Securities Designated Activity Co(b) 4.38%, 01/15/2029 | 207,360 |
260,000 | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc(b) 3.75%, 12/01/2031 | 266,045 |
260,000 | Kimberly-Clark de Mexico SAB de CV(b) 2.43%, 07/01/2031 | 257,423 |
Kraft Heinz Foods Co | ||
505,000 | 3.88%, 05/15/2027 | 554,881 |
140,000 | 5.00%, 06/04/2042 | 170,954 |
695,000 | 5.20%, 07/15/2045 | 862,802 |
970,000 | 4.38%, 06/01/2046 | 1,099,203 |
1,005,000 | 4.88%, 10/01/2049 | 1,220,021 |
190,000 | Lannett Co Inc(b)(g) 7.75%, 04/15/2026 | 189,130 |
Legacy LifePoint Health LLC(b) | ||
5,000 | 6.75%, 04/15/2025 | 5,328 |
280,000 | 4.38%, 02/15/2027 | 283,360 |
325,000 | Metis Merger Sub LLC(b) 6.50%, 05/15/2029 | 320,076 |
280,000 | Mylan Inc 5.20%, 04/15/2048 | 344,555 |
365,000 | Natura Cosmeticos SA(b) 4.13%, 05/03/2028 | 374,125 |
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics SA(b) | ||
186,000 | 7.38%, 06/01/2025 | 199,718 |
81,000 | 7.25%, 02/01/2028 | 88,472 |
325,000 | Par Pharmaceutical Inc(b) 7.50%, 04/01/2027 | 332,257 |
500,000 | Post Holdings Inc(b) 4.50%, 09/15/2031 | 499,175 |
75,000 | Prime Healthcare Services Inc(b) 7.25%, 11/01/2025 | 81,194 |
60,000 | Sabre Global Inc(b) 9.25%, 04/15/2025 | 71,330 |
100,000 | Smithfield Foods Inc(b) 3.00%, 10/15/2030 | 100,823 |
350,000 | Square Inc(b) 3.50%, 06/01/2031 | 353,063 |
720,000 | Surgery Center Holdings Inc(b)(g) 6.75%, 07/01/2025 | 734,400 |
515,000 | Team Health Holdings Inc(b)(g) 6.38%, 02/01/2025 | 489,796 |
Tenet Healthcare Corp(b) | ||
40,000 | 7.50%, 04/01/2025 | 43,205 |
140,000 | 4.88%, 01/01/2026 | 145,208 |
105,000 | 6.25%, 02/01/2027 | 109,594 |
160,000 | 6.13%, 10/01/2028 | 170,502 |
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 1,140,000 | Terminix Co LLC 7.45%, 08/15/2027 | $ 1,333,800 |
Teva Pharmaceutical Finance Netherlands III BV | ||
200,000 | 7.13%, 01/31/2025 | 220,500 |
1,385,000 | 3.15%, 10/01/2026 | 1,317,481 |
2,550,000 | 4.10%, 10/01/2046 | 2,234,437 |
545,000 | TriNet Group Inc(b) 3.50%, 03/01/2029 | 537,370 |
175,000 | Triton Water Holdings Inc(b) 6.25%, 04/01/2029 | 175,438 |
485,000 | Turning Point Brands Inc(b) 5.63%, 02/15/2026 | 500,762 |
155,000 | United Rentals North America Inc 4.00%, 07/15/2030 | 159,650 |
50,000 | Utah Acquisition Sub Inc 5.25%, 06/15/2046 | 60,894 |
480,000 | Vector Group Ltd(b) 5.75%, 02/01/2029 | 488,981 |
38,381,168 | ||
Energy — 5.89% | ||
Aker BP ASA(b) | ||
200,000 | 3.00%, 01/15/2025 | 209,925 |
605,000 | 2.88%, 01/15/2026 | 637,235 |
615,000 | 3.75%, 01/15/2030 | 663,637 |
730,000 | 4.00%, 01/15/2031 | 801,821 |
640,000 | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp(b) 7.50%, 05/01/2025 | 624,800 |
589,990 | Alta Wind Holdings LLC(b) 7.00%, 06/30/2035 | 668,731 |
Antero Midstream Partners LP / Antero Midstream Finance Corp(b) | ||
215,000 | 7.88%, 05/15/2026 | 240,286 |
600,000 | 5.75%, 01/15/2028 | 631,362 |
Antero Resources Corp(b) | ||
255,000 | 8.38%, 07/15/2026 | 290,062 |
170,000 | 7.63%, 02/01/2029 | 188,700 |
205,000 | 5.38%, 03/01/2030 | 209,229 |
565,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp(b) 8.25%, 12/31/2028 | 621,500 |
585,000 | BP Capital Markets PLC(i) 4.88%, Perpetual | 642,330 |
Callon Petroleum Co | ||
368,493 | 6.13%, 10/01/2024(g) | 363,257 |
25,000 | 8.00%, 08/01/2028(b) | 25,281 |
Cheniere Corpus Christi Holdings LLC | ||
635,000 | 5.13%, 06/30/2027 | 738,370 |
1,035,000 | 3.70%, 11/15/2029 | 1,130,512 |
290,000 | Cheniere Energy Inc(b) 4.63%, 10/15/2028 | 305,950 |
Chesapeake Energy Corp(b) | ||
485,000 | 5.50%, 02/01/2026 | 511,675 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 95,000 | 5.88%, 02/01/2029 | $ 102,833 |
725,000 | Cimarex Energy Co 4.38%, 03/15/2029 | 823,823 |
215,000 | Citgo Holding Inc(b) 9.25%, 08/01/2024 | 219,300 |
435,000 | Citgo Petroleum Corp(b) 7.00%, 06/15/2025 | 453,300 |
85,000 | Colgate Energy Partners III LLC(b) 5.88%, 07/01/2029 | 88,188 |
Continental Resources Inc | ||
95,000 | 3.80%, 06/01/2024 | 100,463 |
300,000 | 4.38%, 01/15/2028 | 331,875 |
335,000 | 5.75%, 01/15/2031(b) | 401,162 |
495,000 | Coronado Finance Proprietary Ltd(b) 10.75%, 05/15/2026 | 527,175 |
CrownRock LP / CrownRock Finance Inc(b) | ||
500,000 | 5.63%, 10/15/2025 | 517,500 |
280,000 | 5.00%, 05/01/2029 | 294,070 |
710,000 | CSI Compressco LP / CSI Compressco Finance Inc(b) 7.50%, 04/01/2025 | 720,650 |
395,000 | DCP Midstream Operating LP(b) 6.45%, 11/03/2036 | 462,150 |
250,000 | Diamondback Energy Inc 3.13%, 03/24/2031 | 259,089 |
340,000 | Enbridge Energy Partners LP 7.38%, 10/15/2045 | 533,469 |
Energean Israel Finance Ltd(b) | ||
360,000 | 5.38%, 03/30/2028 | 369,486 |
470,000 | 5.88%, 03/30/2031 | 482,690 |
Energy Transfer LP | ||
650,000 | 6.50%, Perpetual(i) | 662,675 |
110,000 | 3.75%, 05/15/2030 | 119,492 |
315,000 | EnLink Midstream Partners LP 4.15%, 06/01/2025 | 329,912 |
EQM Midstream Partners LP(b) | ||
160,000 | 6.00%, 07/01/2025 | 174,000 |
180,000 | 6.50%, 07/01/2027 | 200,700 |
130,000 | 4.50%, 01/15/2029 | 132,259 |
145,000 | 4.75%, 01/15/2031 | 149,414 |
EQT Corp | ||
50,000 | 3.13%, 05/15/2026(b) | 51,236 |
35,000 | 5.00%, 01/15/2029(g) | 39,024 |
105,000 | 3.63%, 05/15/2031(b) | 109,463 |
75,000 | Gray Oak Pipeline LLC(b) 3.45%, 10/15/2027 | 78,827 |
360,000 | Hess Corp 5.60%, 02/15/2041 | 449,379 |
Hilcorp Energy I LP / Hilcorp Finance Co(b) | ||
355,000 | 5.75%, 02/01/2029 | 370,087 |
355,000 | 6.00%, 02/01/2031 | 376,300 |
825,000 | HollyFrontier Corp 5.88%, 04/01/2026 | 954,343 |
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 480,000 | Indigo Natural Resources LLC(b) 5.38%, 02/01/2029 | $ 501,600 |
1,315,000 | KazMunayGas National Co JSC(b)(g) 4.75%, 04/19/2027 | 1,499,718 |
590,000 | Kinder Morgan Inc 7.75%, 01/15/2032 | 846,399 |
650,000 | Kosmos Energy Ltd(b) 7.50%, 03/01/2028 | 641,875 |
255,000 | Leviathan Bond Ltd(b) 6.13%, 06/30/2025 | 280,181 |
Lundin Energy Finance BV(b) | ||
530,000 | 2.00%, 07/15/2026 | 530,848 |
380,000 | 3.10%, 07/15/2031 | 383,852 |
460,000 | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp(b) 6.00%, 08/01/2026 | 474,375 |
145,000 | MPLX LP 4.88%, 06/01/2025 | 163,681 |
440,000 | Northriver Midstream Finance LP(b) 5.63%, 02/15/2026 | 456,500 |
40,000 | Oasis Petroleum Inc(b) 6.38%, 06/01/2026 | 41,709 |
Occidental Petroleum Corp | ||
145,000 | 2.90%, 08/15/2024 | 148,263 |
60,000 | 3.50%, 06/15/2025 | 61,350 |
15,000 | 5.50%, 12/01/2025 | 16,575 |
10,000 | 5.55%, 03/15/2026 | 11,050 |
285,000 | 3.50%, 08/15/2029 | 286,026 |
490,000 | 6.63%, 09/01/2030 | 588,000 |
300,000 | 6.13%, 01/01/2031(g) | 352,959 |
410,000 | 4.50%, 07/15/2044 | 394,625 |
ONEOK Partners LP | ||
225,000 | 4.90%, 03/15/2025 | 251,740 |
70,000 | 6.20%, 09/15/2043 | 91,838 |
Ovintiv Inc | ||
90,000 | 8.13%, 09/15/2030 | 122,651 |
20,000 | 7.20%, 11/01/2031 | 26,317 |
20,000 | 7.38%, 11/01/2031 | 26,554 |
75,000 | 6.50%, 08/15/2034 | 99,009 |
160,000 | 6.63%, 08/15/2037 | 213,485 |
30,000 | 6.50%, 02/01/2038 | 39,941 |
430,000 | Parsley Energy LLC / Parsley Finance Corp(b) 4.13%, 02/15/2028 | 452,575 |
620,000 | Patterson-UTI Energy Inc(g) 5.15%, 11/15/2029 | 648,310 |
840,000 | Pertamina Persero PT(b) 6.45%, 05/30/2044 | 1,094,379 |
395,000 | Petrobras Global Finance BV 7.38%, 01/17/2027 | 486,837 |
1,800,000 | Petroleos de Venezuela SA(b)(j) 6.00%, 05/16/2024 | 76,500 |
Petroleos Mexicanos | ||
1,985,000 | 6.50%, 03/13/2027 | 2,095,167 |
1,105,000 | 5.95%, 01/28/2031 | 1,073,507 |
595,000 | 6.38%, 01/23/2045 | 511,700 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 510,000 | Petronas Capital Ltd(b) 3.50%, 04/21/2030 | $ 558,638 |
Plains All American Pipeline LP / PAA Finance Corp | ||
825,000 | 3.80%, 09/15/2030 | 882,798 |
390,000 | 4.30%, 01/31/2043 | 393,979 |
415,000 | 4.70%, 06/15/2044 | 439,652 |
35,000 | 4.90%, 02/15/2045 | 38,037 |
Sabine Pass Liquefaction LLC | ||
420,000 | 4.20%, 03/15/2028 | 474,319 |
1,000,000 | 4.50%, 05/15/2030 | 1,154,052 |
770,000 | Saudi Arabian Oil Co(b) 2.25%, 11/24/2030 | 755,655 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp | ||
305,000 | 5.88%, 04/15/2026 | 320,345 |
160,000 | 4.88%, 02/01/2031(b) | 173,200 |
195,000 | 4.00%, 01/15/2032(b) | 200,587 |
275,000 | USA Compression Partners LP / USA Compression Finance Corp 6.88%, 04/01/2026 | 288,063 |
41,058,418 | ||
Financial — 14.60% | ||
540,000 | Acrisure LLC / Acrisure Finance Inc(b) 7.00%, 11/15/2025 | 550,800 |
330,000 | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust(g) 3.65%, 07/21/2027 | 352,533 |
100,000 | AGFC Capital Trust I(b)(e) 1.93%, 01/15/2067 3-mo. LIBOR + 1.75% | 64,578 |
Air Lease Corp | ||
640,000 | 4.65%, Perpetual(g)(i) | 663,200 |
595,000 | 3.38%, 07/01/2025 | 639,108 |
10,000 | 4.63%, 10/01/2028 | 11,266 |
95,000 | 3.25%, 10/01/2029 | 99,009 |
380,000 | 3.00%, 02/01/2030(g) | 385,444 |
1,275,000 | 3.13%, 12/01/2030 | 1,295,279 |
Aircastle Ltd | ||
215,000 | 5.25%, Perpetual(b)(i) | 217,150 |
1,210,000 | 4.25%, 06/15/2026 | 1,313,972 |
665,000 | Allstate Corp 5.75%, 08/15/2053 | 724,019 |
Ally Financial Inc | ||
2,498,000 | 4.70%, Perpetual(i) | 2,571,721 |
265,000 | 4.63%, 03/30/2025 | 296,709 |
2,795,000 | 5.80%, 05/01/2025 | 3,248,018 |
945,000 | American Assets Trust LP REIT 3.38%, 02/01/2031 | 972,617 |
120,000 | American Homes 4 Rent 2.38%, 07/15/2031 | 118,216 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 635,000 | American Tower Corp REIT 2.10%, 06/15/2030 | $ 624,454 |
1,125,000 | Antares Holdings LP(b) 6.00%, 08/15/2023 | 1,218,553 |
1,245,000 | Ares Capital Corp 2.88%, 06/15/2028 | 1,263,700 |
755,000 | Ascot Group Ltd(b) 4.25%, 12/15/2030 | 794,637 |
Athene Global Funding(b) | ||
620,000 | 1.61%, 06/29/2026 | 620,069 |
930,000 | 2.45%, 08/20/2027 | 959,611 |
1,150,000 | 2.55%, 11/19/2030 | 1,156,350 |
385,000 | Athene Holding Ltd 3.50%, 01/15/2031 | 410,467 |
535,000 | Australia & New Zealand Banking Group Ltd(b) 4.40%, 05/19/2026 | 602,918 |
Aviation Capital Group LLC(b) | ||
910,000 | 5.50%, 12/15/2024 | 1,028,600 |
205,000 | 1.95%, 01/30/2026 | 205,055 |
438,000 | Avolon Holdings Funding Ltd(b) 4.38%, 05/01/2026 | 476,101 |
400,000 | Banco de Bogota SA(b) 6.25%, 05/12/2026 | 438,004 |
760,000 | Banco Internacional del Peru SAA Interbank(b) 4.00%, 07/08/2030 | 754,300 |
545,000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander(b) 5.38%, 04/17/2025 | 618,379 |
2,600,000 | Banco Santander SA 5.18%, 11/19/2025 | 2,971,390 |
Bank of America Corp | ||
75,000 | 4.45%, 03/03/2026 | 85,185 |
715,000 | 4.18%, 11/25/2027 | 801,084 |
555,000 | 3.42%, 12/20/2028 | 604,456 |
665,000 | Bank of New York Mellon Corp(i) 4.70%, Perpetual | 725,681 |
Barclays PLC | ||
200,000 | 5.09%, 06/20/2030 | 233,098 |
985,000 | 3.56%, 09/23/2035 | 1,026,212 |
BBVA Bancomer SA(b) | ||
200,000 | 1.88%, 09/18/2025 | 202,270 |
570,000 | 5.13%, 01/18/2033 | 594,681 |
980,000 | Blue Owl Finance LLC(b) 3.13%, 06/10/2031 | 972,606 |
Brighthouse Financial Inc | ||
112,000 | 3.70%, 06/22/2027 | 121,780 |
433,000 | 5.63%, 05/15/2030 | 526,847 |
Brixmor Operating Partnership LP REIT | ||
1,335,000 | 4.13%, 05/15/2029 | 1,495,642 |
75,000 | 4.05%, 07/01/2030 | 83,914 |
490,000 | BroadStreet Partners Inc(b) 5.88%, 04/15/2029 | 499,800 |
425,000 | Capital Farm Credit ACA(b)(i) 5.00%, Perpetual | 440,937 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 590,000 | Citadel LP(b) 4.88%, 01/15/2027 | $ 637,402 |
350,000 | Citigroup Inc(i) 6.25%, Perpetual | 408,965 |
480,000 | CNO Financial Group Inc 5.25%, 05/30/2029 | 570,470 |
832,000 | Corporate Office Properties LP REIT 2.75%, 04/15/2031 | 838,278 |
Crown Castle International Corp REIT | ||
460,000 | 3.30%, 07/01/2030 | 492,795 |
1,130,000 | 2.25%, 01/15/2031 | 1,115,342 |
25,000 | 2.50%, 07/15/2031 | 25,178 |
295,000 | Danske Bank A/S(b) 3.24%, 12/20/2025 | 313,967 |
Deutsche Bank AG | ||
490,000 | 2.22%, 09/18/2024 | 503,240 |
290,000 | 3.55%, 09/18/2031 | 308,696 |
325,000 | 3.04%, 05/28/2032 | 330,476 |
300,000 | Discover Financial Services(i) 6.13%, Perpetual | 336,660 |
118,063 | Doric Nimrod Air Alpha Pass Through Trust(b) Series 2013-1 Class A 5.25%, 05/30/2023 | 118,580 |
970,000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance(b) 3.88%, 02/15/2026 | 1,003,426 |
700,000 | EPR Properties REIT 4.75%, 12/15/2026 | 758,647 |
Equinix Inc REIT | ||
880,000 | 3.20%, 11/18/2029 | 943,892 |
615,000 | 2.15%, 07/15/2030 | 611,074 |
665,000 | Fairfax Financial Holdings Ltd 4.85%, 04/17/2028 | 764,967 |
585,000 | Fidelity & Guaranty Life Holdings Inc(b) 5.50%, 05/01/2025 | 673,569 |
525,000 | Fidelity National Financial Inc 3.40%, 06/15/2030 | 565,148 |
425,000 | FS KKR Capital Corp 3.40%, 01/15/2026 | 439,458 |
1,360,000 | GE Capital Funding LLC 4.40%, 05/15/2030 | 1,584,852 |
510,000 | Global Atlantic Finance Co(b) 4.40%, 10/15/2029 | 562,807 |
GLP Capital LP / GLP Financing II Inc REIT | ||
440,000 | 5.25%, 06/01/2025 | 495,286 |
108,000 | 5.75%, 06/01/2028 | 128,505 |
280,000 | 5.30%, 01/15/2029 | 326,200 |
575,000 | Goldman Sachs Group Inc 6.75%, 10/01/2037 | 837,299 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||
575,000 | 6.25%, 05/15/2026 | 610,075 |
95,000 | 5.25%, 05/15/2027(b) | 98,088 |
535,000 | 5.25%, 05/15/2027 | 552,385 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 65,000 | 4.38%, 02/01/2029(b) | $ 64,675 |
725,000 | Intercorp Peru Ltd(b) 3.88%, 08/15/2029 | 701,800 |
Iron Mountain Inc REIT(b) | ||
375,000 | 5.00%, 07/15/2028 | 389,231 |
530,000 | 5.25%, 07/15/2030 | 561,047 |
570,000 | iStar Inc REIT 4.25%, 08/01/2025 | 586,387 |
660,000 | Itau Unibanco Holding SA(b) 3.88%, 04/15/2031 | 655,057 |
Jefferies Group LLC | ||
705,000 | 6.45%, 06/08/2027 | 877,949 |
1,140,000 | 6.25%, 01/15/2036 | 1,523,559 |
JPMorgan Chase & Co | ||
343,000 | 4.60%, Perpetual(i) | 355,451 |
630,000 | 1.58%, 04/22/2027 | 633,264 |
1,625,000 | 1.95%, 02/04/2032 | 1,578,198 |
875,000 | KeyCorp (i) 5.00%, Perpetual | 974,225 |
1,000,000 | KeyCorp Capital III 7.75%, 07/15/2029 | 1,291,441 |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp REIT(b) | ||
125,000 | 5.25%, 10/01/2025 | 127,188 |
795,000 | 4.25%, 02/01/2027 | 793,875 |
715,000 | Lincoln National Corp(e) 2.23%, 04/20/2067 3-mo. LIBOR + 2.04% | 608,644 |
600,000 | MBIA Insurance Corp(b)(e)(j) 11.44%, 01/15/2033 3-mo. LIBOR + 11.26% | 176,250 |
MetLife Inc | ||
565,000 | 3.85%, Perpetual(i) | 593,956 |
340,000 | 5.88%, Perpetual(g)(i) | 391,949 |
245,000 | 9.25%, 04/08/2038(b) | 371,534 |
915,000 | 10.75%, 08/01/2039 | 1,582,086 |
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc REIT | ||
85,000 | 4.63%, 06/15/2025(b) | 90,811 |
195,000 | 5.75%, 02/01/2027 | 216,961 |
660,000 | 3.88%, 02/15/2029(b) | 670,276 |
665,000 | Midcap Financial Issuer Trust(b) 6.50%, 05/01/2028 | 695,949 |
Morgan Stanley | ||
1,950,000 | 4.35%, 09/08/2026 | 2,207,919 |
285,000 | 3.95%, 04/23/2027 | 318,450 |
195,000 | MPT Operating Partnership LP / MPT Finance Corp REIT 4.63%, 08/01/2029 | 208,740 |
1,410,000 | Mutual of Omaha Insurance Co(b) 6.80%, 06/15/2036 | 1,913,216 |
Navient Corp | ||
265,000 | 6.13%, 03/25/2024 | 286,004 |
10,000 | 5.88%, 10/25/2024 | 10,788 |
295,000 | 6.75%, 06/15/2026 | 329,294 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 790,000 | 5.00%, 03/15/2027 | $ 817,452 |
415,000 | Oaktree Specialty Lending Corp 2.70%, 01/15/2027 | 415,171 |
433,000 | Office Properties Income Trust REIT 2.65%, 06/15/2026 | 439,329 |
OneMain Finance Corp | ||
405,000 | 6.88%, 03/15/2025 | 457,083 |
535,000 | 7.13%, 03/15/2026 | 623,120 |
Owl Rock Capital Corp | ||
630,000 | 2.63%, 01/15/2027 | 631,622 |
645,000 | 2.88%, 06/11/2028 | 640,160 |
295,000 | Owl Rock Technology Finance Corp 2.50%, 01/15/2027 | 291,242 |
535,000 | Penn Mutual Life Insurance Co(b) 6.65%, 06/15/2034 | 712,082 |
785,000 | Prospect Capital Corp 3.71%, 01/22/2026 | 806,444 |
Prudential Financial Inc | ||
470,000 | 5.88%, 09/15/2042 | 496,844 |
390,000 | 5.63%, 06/15/2043 | 418,530 |
1,045,000 | Quicken Loans LLC(b) 5.25%, 01/15/2028 | 1,097,250 |
Quicken Loans LLC / Quicken Loans Co-Issuer Inc(b) | ||
820,000 | 3.63%, 03/01/2029 | 809,750 |
1,300,000 | 3.88%, 03/01/2031 | 1,309,737 |
585,000 | Regency Centers LP REIT 2.95%, 09/15/2029 | 616,043 |
815,000 | Retail Properties of America Inc REIT 4.75%, 09/15/2030 | 902,845 |
380,000 | Santander Holdings USA Inc 4.40%, 07/13/2027 | 427,047 |
905,000 | SBA Communications Corp REIT(b) 3.13%, 02/01/2029 | 872,480 |
755,000 | Service Properties Trust REIT(g) 4.95%, 02/15/2027 | 751,225 |
370,000 | Simon Property Group LP REIT(g) 2.65%, 07/15/2030 | 383,226 |
150,000 | Sirius International Group Ltd(b) 4.60%, 11/01/2026 | 153,899 |
Societe Generale SA(b) | ||
1,740,000 | 4.75%, 11/24/2025 | 1,940,190 |
2,475,000 | 4.25%, 08/19/2026 | 2,707,821 |
850,000 | Spirit Realty LP REIT 3.40%, 01/15/2030 | 905,972 |
Standard Chartered PLC(b) | ||
1,145,000 | 4.64%, 04/01/2031 | 1,339,026 |
895,000 | 3.27%, 02/18/2036 | 897,732 |
290,000 | Synovus Financial Corp 5.90%, 02/07/2029 | 314,611 |
980,000 | Texas Capital Bancshares Inc 4.00%, 05/06/2031 | 1,018,171 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 730,000 | Truist Financial Corp(i) 5.10%, Perpetual | $ 820,337 |
1,215,000 | Wells Fargo & Co(i) 3.90%, Perpetual | 1,257,889 |
815,000 | Weyerhaeuser Co REIT(g) 4.00%, 04/15/2030 | 927,381 |
765,000 | Zions Bancorp NA 3.25%, 10/29/2029 | 801,749 |
101,825,781 | ||
Industrial — 4.19% | ||
940,000 | ARD Finance SA(b)(h) 6.50%, 06/30/2027 PIK rate, 7.25% | 987,000 |
Boeing Co | ||
1,545,000 | 2.20%, 02/04/2026 | 1,559,767 |
30,000 | 3.10%, 05/01/2026 | 31,715 |
170,000 | 2.25%, 06/15/2026 | 173,553 |
150,000 | 3.20%, 03/01/2029 | 157,425 |
220,000 | 2.95%, 02/01/2030 | 225,258 |
935,000 | 5.15%, 05/01/2030 | 1,107,185 |
555,000 | 3.63%, 02/01/2031 | 596,918 |
115,000 | 3.50%, 03/01/2039 | 115,244 |
40,000 | 5.71%, 05/01/2040 | 51,515 |
490,000 | 3.38%, 06/15/2046 | 471,601 |
105,000 | 3.65%, 03/01/2047 | 102,991 |
285,000 | 3.63%, 03/01/2048 | 284,762 |
160,000 | 3.85%, 11/01/2048 | 164,191 |
290,000 | 3.90%, 05/01/2049 | 305,384 |
1,025,000 | 3.75%, 02/01/2050 | 1,057,236 |
1,260,000 | 5.81%, 05/01/2050 | 1,696,755 |
95,000 | 3.83%, 03/01/2059 | 96,937 |
240,000 | 3.95%, 08/01/2059 | 251,096 |
180,000 | 5.93%, 05/01/2060 | 248,555 |
640,000 | Carrier Global Corp 2.72%, 02/15/2030 | 663,498 |
Cemex SAB de CV(b) | ||
375,000 | 5.13%, Perpetual(i) | 387,075 |
400,000 | 5.45%, 11/19/2029 | 439,800 |
885,000 | 5.20%, 09/17/2030 | 973,146 |
1,400,000 | 3.88%, 07/11/2031 | 1,423,100 |
500,000 | Cleaver-Brooks Inc(b)(g) 7.88%, 03/01/2023 | 495,040 |
510,000 | CP Atlas Buyer Inc(b) 7.00%, 12/01/2028 | 528,487 |
Embraer Netherlands Finance BV | ||
185,000 | 5.05%, 06/15/2025 | 195,388 |
950,000 | 5.40%, 02/01/2027 | 1,012,358 |
General Electric Co | ||
840,000 | 3.45%, Perpetual(e)(i) 3-mo. LIBOR + 3.33% | 823,200 |
355,000 | 3.63%, 05/01/2030 | 395,853 |
Huntington Ingalls Industries Inc | ||
380,000 | 3.84%, 05/01/2025 | 414,094 |
235,000 | 4.20%, 05/01/2030 | 268,396 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
$ 620,000 | Indian Railway Finance Corp Ltd(b) 2.80%, 02/10/2031 | $ 599,224 |
Jabil Inc | ||
310,000 | 1.70%, 04/15/2026 | 312,296 |
540,000 | 3.00%, 01/15/2031 | 555,847 |
205,000 | Keysight Technologies Inc 3.00%, 10/30/2029 | 216,739 |
436,000 | Leonardo US Holding Inc(b) 6.25%, 01/15/2040 | 505,760 |
815,000 | Louisiana-Pacific Corp(b) 3.63%, 03/15/2029 | 820,094 |
530,000 | Mauser Packaging Solutions Holding Co(b) 7.25%, 04/15/2025 | 519,400 |
502,000 | Owens Corning 7.00%, 12/01/2036 | 728,534 |
300,000 | Sensata Technologies BV(b) 4.00%, 04/15/2029 | 304,525 |
Spirit AeroSystems Inc | ||
455,000 | 5.50%, 01/15/2025(b) | 483,438 |
680,000 | 7.50%, 04/15/2025(b) | 725,900 |
60,000 | 4.60%, 06/15/2028(g) | 58,800 |
702,500 | Stanley Black & Decker Inc 4.00%, 03/15/2060 | 747,460 |
1,320,000 | Textron Inc 3.00%, 06/01/2030 | 1,388,428 |
470,000 | Titan Acquisition Ltd / Titan Co-Borrower LLC(b) 7.75%, 04/15/2026 | 487,037 |
TransDigm Inc | ||
435,000 | 5.50%, 11/15/2027 | 453,488 |
335,000 | 4.63%, 01/15/2029(b) | 335,117 |
Trident TPI Holdings Inc(b) | ||
400,000 | 9.25%, 08/01/2024 | 418,000 |
435,000 | 6.63%, 11/01/2025(g) | 445,875 |
683,000 | Vontier Corp(b) 2.95%, 04/01/2031 | 685,049 |
210,000 | Vulcan Materials Co 3.50%, 06/01/2030 | 231,483 |
450,000 | Weekley Homes LLC / Weekley Finance Corp(b) 4.88%, 09/15/2028 | 465,750 |
29,192,767 | ||
Technology — 2.19% | ||
350,000 | Banff Merger Sub Inc(b) 9.75%, 09/01/2026 | 368,375 |
Broadcom Inc | ||
1,115,000 | 4.15%, 11/15/2030 | 1,250,378 |
563,000 | 2.45%, 02/15/2031(b) | 553,257 |
1,000,000 | 4.30%, 11/15/2032 | 1,138,726 |
840,000 | Citrix Systems Inc 3.30%, 03/01/2030 | 883,745 |
290,000 | Dell International LLC / EMC Corp 8.10%, 07/15/2036 | 441,996 |
75,000 | Elastic NV 4.13%, 07/15/2029 | 75,000 |
Principal Amount(a) | Fair Value | |
Technology — (continued) | ||
$ 625,000 | Hewlett Packard Enterprise Co 6.35%, 10/15/2045 | $ 839,596 |
780,000 | HP Inc 3.40%, 06/17/2030 | 835,406 |
470,000 | J2 Global Inc(b) 4.63%, 10/15/2030 | 486,591 |
Marvell Technology Inc(b) | ||
390,000 | 2.45%, 04/15/2028 | 397,492 |
330,000 | 2.95%, 04/15/2031 | 342,002 |
595,000 | Microchip Technology Inc(b) 0.98%, 09/01/2024 | 592,115 |
Micron Technology Inc | ||
170,000 | 5.33%, 02/06/2029 | 205,338 |
1,755,000 | 4.66%, 02/15/2030 | 2,039,925 |
265,000 | MicroStrategy Inc(b)(g) 6.13%, 06/15/2028 | 265,000 |
535,000 | NCR Corp(b) 5.13%, 04/15/2029 | 551,719 |
115,000 | Open Text Corp(b) 3.88%, 02/15/2028 | 116,587 |
110,000 | Open Text Holdings Inc(b) 4.13%, 02/15/2030 | 112,178 |
380,000 | Qorvo Inc(b) 3.38%, 04/01/2031 | 396,044 |
485,000 | Rocket Software Inc(b) 6.50%, 02/15/2029 | 481,256 |
750,000 | Science Applications International Corp(b) 4.88%, 04/01/2028 | 786,562 |
970,000 | SK Hynix Inc(b) 2.38%, 01/19/2031 | 944,519 |
590,000 | Veritas US Inc / Veritas Bermuda Ltd(b) 7.50%, 09/01/2025 | 614,337 |
515,000 | Xerox Holdings Corp(b) 5.50%, 08/15/2028 | 535,080 |
15,253,224 | ||
Utilities — 1.53% | ||
AES Corp(b) | ||
260,000 | 3.95%, 07/15/2030 | 284,310 |
370,000 | 2.45%, 01/15/2031 | 366,082 |
Calpine Corp(b) | ||
235,000 | 4.50%, 02/15/2028 | 239,700 |
355,000 | 5.13%, 03/15/2028 | 361,213 |
955,000 | 3.75%, 03/01/2031 | 909,494 |
720,000 | CMS Energy Corp 4.75%, 06/01/2050 | 802,350 |
70,000 | Edison International 4.95%, 04/15/2025 | 77,499 |
995,000 | Eskom Holdings SOC Ltd(b) 7.13%, 02/11/2025 | 1,049,725 |
200,000 | IPALCO Enterprises Inc 4.25%, 05/01/2030 | 224,612 |
380,000 | National Fuel Gas Co 2.95%, 03/01/2031 | 382,204 |
NRG Energy Inc(b) | ||
390,000 | 4.45%, 06/15/2029 | 430,474 |
215,000 | 5.25%, 06/15/2029 | 228,706 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Utilities — (continued) | ||
Pacific Gas & Electric Co | ||
$ 320,000 | 3.25%, 06/01/2031 | $ 314,664 |
335,000 | 4.30%, 03/15/2045 | 321,467 |
40,000 | 4.95%, 07/01/2050 | 41,143 |
740,000 | 3.50%, 08/01/2050 | 659,533 |
925,000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(b) 4.13%, 05/15/2027 | 1,003,162 |
340,000 | PG&E Corp 5.25%, 07/01/2030 | 343,230 |
742,000 | Southern Co 3.75%, 09/15/2051 | 746,749 |
Talen Energy Supply LLC(b) | ||
180,000 | 7.25%, 05/15/2027 | 167,951 |
545,000 | 6.63%, 01/15/2028 | 499,138 |
1,130,000 | Vistra Operations Co LLC(b) 3.70%, 01/30/2027 | 1,207,305 |
10,660,711 | ||
TOTAL CORPORATE BONDS AND NOTES — 48.85% (Cost $315,170,833) | $340,603,895 | |
CONVERTIBLE BONDS | ||
Communications — 1.17% | ||
4,825,000 | DISH Network Corp 2.38%, 03/15/2024 | 4,677,235 |
300,000 | Expedia Group Inc(b)(g)(k) (1.60%), 02/15/2026 | 324,000 |
290,000 | Liberty Media Corp(b) 0.50%, 12/01/2050 | 333,645 |
1,435,000 | Palo Alto Networks Inc 0.38%, 06/01/2025 | 1,951,600 |
475,000 | Twitter Inc(b)(k) 1.03%, 03/15/2026 | 453,031 |
410,000 | Uber Technologies Inc(b)(k) (0.31%), 12/15/2025 | 415,740 |
8,155,251 | ||
Consumer, Cyclical — 0.19% | ||
210,000 | JetBlue Airways Corp(b) 0.50%, 04/01/2026 | 209,265 |
335,000 | Peloton Interactive Inc(b)(k) 0.74%, 02/15/2026 | 323,903 |
530,000 | Southwest Airlines Co 1.25%, 05/01/2025 | 802,619 |
1,335,787 | ||
Consumer, Non-Cyclical — 0.62% | ||
BioMarin Pharmaceutical Inc | ||
480,000 | 0.60%, 08/01/2024 | 497,424 |
1,675,000 | 1.25%, 05/15/2027 | 1,678,228 |
215,000 | Guardant Health Inc(b)(k) (1.90%), 11/15/2027 | 244,697 |
295,000 | Ionis Pharmaceuticals Inc(b)(k) 0.44%, 04/01/2026 | 289,011 |
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 155,000 | Livongo Health Inc 0.88%, 06/01/2025 | $ 244,609 |
180,000 | Neurocrine Biosciences Inc 2.25%, 05/15/2024 | 240,642 |
990,000 | Teladoc Health Inc 1.25%, 06/01/2027 | 1,108,206 |
4,302,817 | ||
Technology — 0.01% | ||
115,000 | Splunk Inc 1.13%, 06/15/2027 | 112,053 |
TOTAL CONVERTIBLE BONDS — 1.99% (Cost $13,448,945) | $ 13,905,908 | |
FOREIGN GOVERNMENT BONDS AND NOTES | ||
360,000 | Angolan Government International Bond(b) 8.25%, 05/09/2028 | 375,415 |
Argentine Republic Government International Bond(c) | ||
1,070,000 | 0.13%, 07/09/2035 | 338,666 |
1,105,000 | 0.13%, 07/09/2041 | 393,933 |
4,194 (l) | Brazil Notas do Tesouro Nacional Series F BRL, 10.00%, 01/01/2025 | 889,859 |
590,000 | Brazilian Government International Bond(g) 3.88%, 06/12/2030 | 594,956 |
Colombia Government International Bond | ||
1,110,000 | 3.13%, 04/15/2031 | 1,086,179 |
200,000 | 4.13%, 05/15/2051(g) | 189,468 |
Dominican Republic International Bond(b) | ||
325,000 | 6.88%, 01/29/2026 | 376,545 |
365,000 | 5.95%, 01/25/2027 | 410,443 |
550,000 | 4.50%, 01/30/2030 | 562,380 |
205,000 | 5.88%, 01/30/2060 | 204,283 |
400,000 | Ecuador Government International Bond(b)(c) 0.50%, 07/31/2035 | 274,000 |
Egypt Government International Bond(b) | ||
590,000 | 7.60%, 03/01/2029 | 647,643 |
560,000 | 8.50%, 01/31/2047 | 583,100 |
1,095,000 | Emirate of Dubai Government International Bonds 5.25%, 01/30/2043 | 1,233,123 |
25,200,000 | Export-Import Bank of Korea INR, 6.75%, 08/09/2022 | 344,590 |
425,000 | Ghana Government International Bond(b) 8.13%, 03/26/2032 | 430,573 |
Indonesia Government International Bond | ||
765,000 | 4.35%, 01/08/2027(b) | 865,721 |
1,620,000 | 2.85%, 02/14/2030 | 1,679,611 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
$ 29,070,000 | International Finance Corp INR, 5.85%, 11/25/2022 | $ 396,178 |
645,000 | Israel Government International Bond 2.75%, 07/03/2030 | 688,479 |
205,000 | Kenya Government International Bond(b) 8.00%, 05/22/2032 | 230,615 |
317,717(m) | Mexican Bonos(g) MXN, 6.75%, 03/09/2023 | 1,622,343 |
Mexico Government International Bond | ||
430,000 | 2.66%, 05/24/2031 | 420,063 |
830,000 | 4.50%, 01/31/2050 | 882,124 |
1,595,000 | 3.77%, 05/24/2061 | 1,482,552 |
200,000 | Mongolia Government International Bond(b) 4.45%, 07/07/2031 | 195,250 |
355,000 | Morocco Government International Bond(b) 5.50%, 12/11/2042 | 402,968 |
Nigeria Government International Bond(b) | ||
200,000 | 6.50%, 11/28/2027(g) | 212,000 |
215,000 | 7.88%, 02/16/2032 | 231,448 |
1,105,000 | Oman Government International Bond(b) 7.38%, 10/28/2032 | 1,261,081 |
Pakistan Government International Bond(b) | ||
365,000 | 8.25%, 09/30/2025 | 403,723 |
200,000 | 6.88%, 12/05/2027 | 207,568 |
Panama Government International Bond | ||
200,000 | 4.30%, 04/29/2053 | 221,546 |
315,000 | 3.87%, 07/23/2060 | 321,253 |
505,000 | Philippine Government International Bond 3.70%, 03/01/2041 | 546,289 |
Qatar Government International Bond(b) | ||
415,000 | 3.75%, 04/16/2030 | 469,552 |
470,000 | 4.40%, 04/16/2050 | 572,060 |
355,000 | Republic of South Africa Government International Bond(g) 5.88%, 06/22/2030 | 404,991 |
Saudi Government International Bond(b) | ||
625,000 | 3.63%, 03/04/2028 | 690,562 |
910,000 | 4.50%, 10/26/2046 | 1,065,837 |
Turkey Government International Bond | ||
360,000 | 4.88%, 10/09/2026 | 352,107 |
320,000 | 6.13%, 10/24/2028 | 325,120 |
850,000 | 7.63%, 04/26/2029 | 930,495 |
285,000 | 5.25%, 03/13/2030 | 270,194 |
1,060,000 | Ukraine Government International Bond(b) 7.25%, 03/15/2033 | 1,103,674 |
Principal Amount(a) | Fair Value | |
Foreign Government Bonds and Notes — (continued) | ||
$ 1,700,000 | Venezuela Government International Bond(j) 7.65%, 04/21/2025 | $ 172,125 |
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.95% (Cost $28,060,486) | $ 27,562,685 | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 5.15% | ||
726,860 | Ajax Mortgage Loan Trust(b)(d) Series 2021-A Class A1 1.07%, 09/25/2065 | 726,080 |
533,985 | Angel Oak SB Commercial Mortgage Trust(b)(d) Series 2020-SBC1 Class A1 2.07%, 05/25/2050 | 534,860 |
Arroyo Mortgage Trust(b)(d) | ||
Series 2019-1 Class A1 | ||
361,132 | 3.81%, 01/25/2049 | 367,632 |
Series 2019-2 Class A1 | ||
492,004 | 3.35%, 04/25/2049 | 500,374 |
44,416 | BB-UBS Trust(b) Series 2012-TFT Class A 2.89%, 06/05/2030 | 44,434 |
452,101 | Bravo Residential Funding Trust(b)(c) Series 2021-A Class A1 1.99%, 10/25/2059 | 452,190 |
985,000 | BX Trust(b)(d) Series 2019-OC11 Class D 4.08%, 12/09/2041 | 1,053,871 |
Citigroup Mortgage Loan Trust(b)(d) | ||
Series 2018-A Class A1 | ||
89,782 | 4.00%, 01/25/2068 | 89,864 |
Series 2019-IMC1 Class A1 | ||
308,177 | 2.72%, 07/25/2049 | 311,381 |
Series 2019-RP1 Class M2 | ||
185,000 | 4.00%, 01/25/2066 | 203,129 |
157,917 | COLT Mortgage Loan Trust(b)(d) Series 2020-1 Class A1 2.49%, 02/25/2050 | 158,902 |
COMM Mortgage Trust | ||
Series 2012-CR3 Class AM | ||
185,000 | 3.42%, 10/15/2045(b) | 186,463 |
Series 2012-LC4 Class B | ||
160,000 | 4.93%, 12/10/2044(d) | 160,593 |
100,000 | Commercial Mortgage Pass Through Certificates(b) Series 2012-LTRT Class A2 3.40%, 10/05/2030 | 99,765 |
Credit Suisse Mortgage Trust(b)(d) | ||
Series 2019-RP10 Class A1 | ||
231,257 | 3.02%, 12/26/2059 | 232,564 |
Series 2020-RPL3 Class A1 | ||
239,336 | 2.69%, 03/25/2060 | 242,419 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-RPL4 Class A1 | ||
$ 605,242 | 2.00%, 01/25/2060 | $ 620,466 |
Series 2021-RPL1 Class A1 | ||
373,366 | 1.67%, 09/27/2060 | 374,508 |
235,000 | DBUBS Mortgage Trust(b)(d) Series 2017-BRBK Class D 3.65%, 10/10/2034 | 245,061 |
Ellington Financial Mortgage Trust(b)(d) | ||
Series 2019-2 Class A3 | ||
171,713 | 3.05%, 11/25/2059 | 174,420 |
Series 2021-2 Class A3 | ||
929,429 | 1.29%, 06/25/2066 | 930,065 |
130,000 | Extended Stay America Trust(b)(e) Series 2021-ESH Class D 2.33%, 07/15/2038 1-mo. LIBOR + 2.25% | 130,934 |
Galton Funding Mortgage Trust(b)(d) | ||
Series 2018-2 Class A41 | ||
69,607 | 4.50%, 10/25/2058 | 69,856 |
Series 2019-H1 Class A1 | ||
83,394 | 2.66%, 10/25/2059 | 84,846 |
Series 2020-H1 Class A1 | ||
319,231 | 2.31%, 01/25/2060 | 324,973 |
315,699 | GCAT Trust(b)(d) Series 2019-RPL1 Class A1 2.65%, 10/25/2068 | 325,210 |
Goldman Sachs Mortgage Securities Corp Trust(d) | ||
Series 2013-PEMB Class A | ||
130,000 | 3.67%, 03/05/2033(b) | 135,651 |
Series 2013-PEMB Class D | ||
430,000 | 3.67%, 03/05/2033(b) | 365,679 |
Series 2014-GC18 Class B | ||
275,000 | 4.89%, 01/10/2047 | 269,537 |
Series 2020-NQM1 Class A3 | ||
405,155 | 2.35%, 09/27/2060(b) | 410,863 |
430,000 | JPMorgan Chase Commercial Mortgage Securities Trust(b)(d) Series 2012-LC9 Class C 4.57%, 12/15/2047 | 438,736 |
JPMorgan Mortgage Trust(d) | ||
Series 2005-A5 Class 1A2 | ||
127,699 | 3.22%, 08/25/2035 | 132,349 |
Series 2014-2 Class 2A2 | ||
381,056 | 3.50%, 06/25/2029(b) | 389,181 |
Legacy Mortgage Asset Trust(b) | ||
Series 2019-GS7 Class A1 | ||
383,385 | 3.25%, 11/25/2059(c) | 385,611 |
Series 2020-GS1 Class A1 | ||
410,089 | 2.88%, 10/25/2059(c) | 413,039 |
Series 2020-GS5 Class A1 | ||
106,194 | 3.25%, 06/25/2060 | 108,195 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-RPL1 Class A2 | ||
$ 200,000 | 3.25%, 09/25/2059(d) | $ 213,935 |
LHOME Mortgage Trust(b) | ||
Series 2019-RTL1 Class A1 | ||
196,851 | 4.58%, 10/25/2023(c) | 197,094 |
Series 2021-RTL1 Class A1 | ||
515,000 | 2.09%, 09/25/2026(d) | 514,200 |
Mello Warehouse Securitization Trust(b)(e) | ||
Series 2021-1 Class C | ||
420,000 | 1.20%, 02/25/2055 1-mo. LIBOR + 1.10% | 420,695 |
Series 2021-2 Class C | ||
330,000 | 1.20%, 04/25/2055 1-mo. LIBOR + 1.10% | 330,398 |
527,832 | MetLife Securitization Trust(b)(d) Series 2019-1A Class A1A 3.75%, 04/25/2058 | 544,066 |
Mill City Mortgage Loan Trust(b)(d) | ||
Series 2019-1 Class M2 | ||
603,888 | 3.50%, 10/25/2069 | 650,748 |
Series 2019-GS1 Class A1 | ||
398,951 | 2.75%, 07/25/2059 | 410,545 |
100,000 | Morgan Stanley Bank of America Commerical Mortgage Securities Trust(b) Series 2012-CKSV Class A2 3.28%, 10/15/2030 | 99,438 |
75,000 | Morgan Stanley Bank of America Merrill Lynch Trust(d) Series 2013-C12 Class C 4.92%, 10/15/2046 | 75,387 |
New Residential Mortgage Loan Trust(b)(d) | ||
Series 2016-4A Class B1A | ||
768,187 | 4.50%, 11/25/2056 | 844,633 |
Series 2017-2A Class A3 | ||
1,389,595 | 4.00%, 03/25/2057 | 1,483,473 |
Series 2021-NQ2R Class A1 | ||
456,224 | 0.94%, 09/25/2058 | 456,199 |
Onslow Bay Mortgage Loan Trust(b)(d) | ||
Series 2018-EXP2 Class 1A1 | ||
207,139 | 4.00%, 07/25/2058 | 208,337 |
Series 2019-INV1 Class A3 | ||
172,756 | 4.50%, 11/25/2048 | 178,399 |
238,098 | OSAT Trust(b)(c) Series 2020-RPL1 Class A1 3.07%, 12/26/2059 | 239,910 |
Preston Ridge Partners Mortgage LLC(b) | ||
Series 2020-2 Class A1 | ||
1,016,688 | 3.67%, 08/25/2025(c) | 1,023,573 |
Series 2020-3 Class A1 | ||
1,295,636 | 2.86%, 09/25/2025(c) | 1,302,515 |
Series 2020-5 Class A1 | ||
634,929 | 3.10%, 11/25/2025(c) | 639,139 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-6 Class A1 | ||
$ 770,434 | 2.36%, 11/25/2025(c) | $ 772,273 |
Series 2021-1 Class A1 | ||
610,197 | 2.12%, 01/25/2026(d) | 611,299 |
Series 2021-2 Class A1 | ||
831,258 | 2.12%, 03/25/2026(d) | 832,737 |
Series 2021-3 Class A1 | ||
631,508 | 1.87%, 04/25/2026(c) | 634,607 |
539,429 | Provident Funding Mortgage Trust(b)(d) Series 2019-1 Class A2 3.00%, 12/25/2049 | 545,491 |
263,521 | RCO V Mortgage LLC(b)(c) Series 2020-1 Class A1 3.10%, 09/25/2025 | 265,632 |
680,495 | Residential Mortgage Loan Trust(b)(d) Series 2019-2 Class A1 2.91%, 05/25/2059 | 690,981 |
274,894 | Rocket Mortgage Trust(b)(d) Series 2020-1 Class A1 3.00%, 02/25/2050 | 279,020 |
70,584 | Sequoia Mortgage Trust(b)(d) Series 2019-CH2 Class A1 4.50%, 08/25/2049 | 71,158 |
707,546 | SG Residential Mortgage Trust 2019-3(b)(d) Series 2019-3 Class A1 2.70%, 09/25/2059 | 710,646 |
335,000 | Starwood Mortgage Residential Trust(b)(d) Series 2021-3 Class A3 1.52%, 06/25/2056 | 335,000 |
500,000 | Toorak Mortgage Corp Ltd(b)(c) Series 2021-1 Class A1 2.24%, 06/25/2024 | 499,950 |
840,000 | TVC Mortgage Trust(b)(c) Series 2020-RTL1 Class M 5.19%, 09/25/2024 | 839,743 |
780,000 | UBS Commercial Mortgage Trust(b)(d) Series 2012-C1 Class D 5.75%, 05/10/2045 | 747,286 |
85,000 | UBS-Barclays Commercial Mortgage Trust(b)(d) Series 2012-C2 Class BEC 4.97%, 05/10/2063 | 79,910 |
519,370 | VCAT Asset Securitization LLC(b)(c) Series 2021-NPL3 Class A1 1.74%, 05/25/2051 | 519,370 |
Verus Securitization Trust(b)(d) | ||
Series 2019-4 Class M1 | ||
310,000 | 3.21%, 11/25/2059 | 315,864 |
Series 2021-R3 Class A1 | ||
309,565 | 1.02%, 04/25/2064 | 309,243 |
412,979 | Visio Trust(b) Series 2020-1R Class A2 1.57%, 11/25/2055 | 414,194 |
868,011 | VOLT XCII LLC(b)(c) Series 2021-NPL1 Class A1 1.89%, 02/27/2051 | 868,062 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 456,444 | VOLT XCIII LLC(b)(c) Series 2021-NPL2 Class A1 1.89%, 02/27/2051 | $ 455,922 |
606,289 | VOLT XCIV LLC(b)(c) Series 2021-NPL3 Class A1 2.24%, 02/27/2051 | 606,885 |
284,875 | VOLT XCVI LLC(b)(c) Series 2021-NPL5 Class A1 2.12%, 03/27/2051 | 285,026 |
641,510 | VOLT XCVII LLC(b)(c) Series 2021-NPL6 Class A1 2.24%, 04/25/2051 | 641,631 |
Wells Fargo Commercial Mortgage Trust(d) | ||
Series 2013-LC12 Class B | ||
140,000 | 4.43%, 07/15/2046 | 140,559 |
Series 2016-C36 Class B | ||
135,000 | 3.67%, 11/15/2059 | 133,852 |
278,900 | Wells Fargo Mortgage Backed Securities Trust(b)(d) Series 2020-4 Class A1 3.00%, 07/25/2050 | 284,315 |
Wells Fargo RBS Commercial Mortgage Trust | ||
Series 2012-C6 Class AS | ||
135,000 | 3.84%, 04/15/2045 | 136,766 |
Series 2012-C7 Class AS | ||
250,000 | 4.09%, 06/15/2045(d) | 253,120 |
Series 2012-C7 Class C | ||
210,000 | 4.96%, 06/15/2045(d) | 161,886 |
Series 2013-C15 Class B | ||
180,000 | 4.65%, 08/15/2046(d) | 179,744 |
Series 2014-C20 Class B | ||
190,000 | 4.38%, 05/15/2047 | 199,412 |
Series 2014-C24 Class AS | ||
390,000 | 3.93%, 11/15/2047 | 411,768 |
Series 2014-C24 Class B | ||
70,000 | 4.20%, 11/15/2047(d) | 71,017 |
Series 2014-C24 Class C | ||
90,000 | 4.29%, 11/15/2047(d) | 83,700 |
35,914,454 | ||
U.S. Government Agency — 0.09% | ||
Federal National Mortgage Association | ||
340,114 | 4.00%, 09/01/2047 | 364,373 |
231,386 | 4.00%, 05/01/2048 | 247,045 |
611,418 | ||
TOTAL MORTGAGE-BACKED SECURITIES — 5.24% (Cost $36,263,064) | $ 36,525,872 | |
MUNICIPAL BONDS AND NOTES | ||
130,000 | Sales Tax Securitization Corp 3.41%, 01/01/2043 | 140,477 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Municipal Bonds and Notes — (continued) | ||
$ 2,380,000 | Tobacco Settlement Financing Corp Series A-1 6.71%, 06/01/2046 | $ 2,500,144 |
TOTAL MUNICIPAL BONDS AND NOTES — 0.38% (Cost $2,500,500) | $ 2,640,621 | |
U.S. TREASURY BONDS AND NOTES | ||
United States Treasury Note/Bond | ||
6,450,000 | 0.13%, 09/30/2022 | 6,448,992 |
13,715,000 | 0.13%, 12/31/2022 | 13,703,214 |
6,455,000 | 0.13%, 02/28/2023 | 6,446,931 |
13,105,000 | 0.13%, 04/30/2023 | 13,080,428 |
10,130,000 | 0.13%, 05/31/2023 | 10,108,237 |
825,000 | 0.88%, 06/30/2026 | 824,613 |
TOTAL U.S. TREASURY BONDS AND NOTES — 7.26% (Cost $50,643,592) | $ 50,612,415 | |
Shares | ||
COMMON STOCK | ||
Basic Materials — 0.13% | ||
43,327 | Hexion Holdings Corp Class B(n) | 779,886 |
1,763 | Newmont Corp | 111,739 |
891,625 | ||
Communications — 0.29% | ||
2,120 | Cisco Systems Inc | 112,360 |
1,786 | Comcast Corp Class A | 101,838 |
12,361 | T-Mobile US Inc(n) | 1,790,243 |
2,004,441 | ||
Consumer, Cyclical — 0.06% | ||
372 | Home Depot Inc | 118,627 |
650 | NMG Parent LLC(n) | 79,300 |
907 | Starbucks Corp | 101,412 |
740 | Walmart Inc | 104,355 |
403,694 | ||
Consumer, Non-Cyclical — 0.12% | ||
795 | Abbott Laboratories | 92,164 |
311 | Anthem Inc | 118,740 |
550 | Automatic Data Processing Inc | 109,241 |
1,944 | Coca-Cola Co | 105,190 |
607 | Johnson & Johnson | 99,997 |
1,338 | Merck & Co Inc | 104,056 |
133 | Organon & Co(n) | 4,025 |
782 | Procter & Gamble Co | 105,515 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
290 | UnitedHealth Group Inc | $ 116,128 |
855,056 | ||
Energy — 0.03% | ||
942 | Chevron Corp | 98,665 |
4,107 | Williams Cos Inc | 109,041 |
207,706 | ||
Financial — 0.06% | ||
458 | American Tower Corp REIT | 123,724 |
135 | BlackRock Inc | 118,121 |
1,221 | Morgan Stanley | 111,954 |
1,107 | Progressive Corp | 108,718 |
462,517 | ||
Industrial — 0.06% | ||
271 | Deere & Co | 95,584 |
289 | Lockheed Martin Corp | 109,343 |
462 | Union Pacific Corp | 101,608 |
600 | United Parcel Service Inc Class B | 124,782 |
431,317 | ||
Technology — 0.05% | ||
376 | Accenture PLC Class A | 110,841 |
763 | Apple Inc | 104,500 |
410 | Microsoft Corp | 111,069 |
326,410 | ||
Utilities — 0.03% | ||
1,108 | Duke Energy Corp | 109,382 |
1,275 | NextEra Energy Inc | 93,432 |
202,814 | ||
TOTAL COMMON STOCK — 0.83% (Cost $7,924,587) | $ 5,785,580 | |
CONVERTIBLE PREFERRED STOCK | ||
Communications — 0.10% | ||
577 | 2020 Cash Mandatory Exchangeable Trust 5.25%(b) | 727,066 |
Consumer, Non-Cyclical — 0.24% | ||
4,274 | Boston Scientific Corp 5.50% | 493,219 |
10,098 | Bunge Ltd 4.88% | 1,171,974 |
1,665,193 | ||
Energy — 0.09% | ||
12,538 | El Paso Energy Capital Trust I 4.75% | 630,035 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
Shares | Fair Value | |
Financial — 0.57% | ||
1,169 | Bank of America Corp 7.25% | $ 1,657,607 |
785,000 | Charles Schwab Corp 4.00% | 803,055 |
987 | Wells Fargo & Co 7.50% | 1,504,447 |
3,965,109 | ||
Technology — 0.11% | ||
7,075 | Clarivate PLC 5.25% | 737,215 |
TOTAL CONVERTIBLE PREFERRED STOCK — 1.11% (Cost $7,137,497) | $ 7,724,618 | |
EXCHANGE TRADED FUNDS | ||
110,095 | Invesco Senior Loan ETF | 2,438,604 |
3,692 | iShares JPMorgan USD Emerging Markets Bond ETF | 415,202 |
52,500 | VanEck Vectors High Yield Muni ETF(g) | 3,339,525 |
TOTAL EXCHANGE TRADED FUNDS — 0.89% (Cost $6,151,711) | $ 6,193,331 | |
GOVERNMENT MONEY MARKET MUTUAL FUNDS | ||
1,506,000 | BlackRock FedFund Institutional Class(o), 0.03%(p) | 1,506,000 |
1,446,000 | Federated Hermes Government Obligations Fund Premier Shares(o), 0.01%(p) | 1,446,000 |
1,446,000 | Goldman Sachs Financial Square Government Fund Institutional Class(o), 0.02%(p) | 1,446,000 |
1,588,000 | Invesco Government & Agency Portfolio Institutional Class(o), 0.03%(p) | 1,588,000 |
1,446,000 | JPMorgan U.S. Government Money Market Fund Capital Shares(o), 0.03%(p) | 1,446,000 |
1,460,000 | Morgan Stanley Institutional Liquidity Government Portfolio Institutional Class(o), 0.03%(p) | 1,460,000 |
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.27% (Cost $8,892,000) | $ 8,892,000 |
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 1.03% | ||
$ 3,358,281 | Undivided interest of 4.11% in a repurchase agreement (principal amount/value $81,757,663 with a maturity value of $81,757,799) with Citigroup Global Markets Inc, 0.06%, dated 6/30/21 to be repurchased at $3,358,281 on 7/1/21 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.50%, 7/1/21 - 1/15/59, with a value of $83,392,816.(o) | $ 3,358,281 |
3,815,632 | Undivided interest of 4.57% in a repurchase agreement (principal amount/value $83,554,867 with a maturity value of $83,554,983) with RBC Capital Markets Corp, 0.05%, dated 6/30/21 to be repurchased at $3,815,632 on 7/1/21 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 8.00%, 8/1/21 - 4/15/62, with a value of $85,225,967.(o) | 3,815,632 |
TOTAL SHORT TERM INVESTMENTS — 1.03% (Cost $7,173,913) | $ 7,173,913 | |
TOTAL INVESTMENTS — 96.92% (Cost $650,194,673) | $675,854,910 | |
OTHER ASSETS & LIABILITIES, NET — 3.08% | $ 21,443,580 | |
TOTAL NET ASSETS — 100.00% | $697,298,490 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Schedule of Investments
As of June 30, 2021 (Unaudited)
(a) | Amount is stated in U.S. dollars unless otherwise noted. |
(b) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(c) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at June 30, 2021. Maturity date disclosed represents final maturity date. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(e) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at June 30, 2021. |
(f) | All or a portion of this position has not settled as of June 30, 2021. The interest rate shown represents the stated spread over the LIBOR floor; the Fund will not accrue interest until the settlement date, at which point the LIBOR will be established. |
(g) | All or a portion of the security is on loan at June 30, 2021. |
(h) | Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer. |
(i) | Security has no contractual maturity date and pays an indefinite stream of interest. |
(j) | Security in default. |
(k) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(l) | Principal amount is stated in 1,000 Brazilian Real Units. |
(m) | Principal amount is stated in 100 Mexican Peso Units. |
(n) | Non-income producing security. |
(o) | Collateral received for securities on loan. |
(p) | Rate shown is the 7-day yield as of June 30, 2021. |
ETF | Exchange Traded Fund |
LIBOR | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Currency Abbreviations | ||
BRL | Brazilian Real | |
INR | Indian Rupee | |
MXN | Mexican Peso |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
Statement of Assets and Liabilities
As of June 30, 2021 (Unaudited)
Great-West Multi-Sector Bond Fund | |
ASSETS: | |
Investments in securities, fair value (including $13,847,307 of securities on loan)(a) | $668,680,997 |
Repurchase agreements, fair value(b) | 7,173,913 |
Cash | 49,592,879 |
Dividends and interest receivable | 4,927,492 |
Subscriptions receivable | 513,970 |
Receivable for investments sold | 2,008,492 |
Total Assets | 732,897,743 |
LIABILITIES: | |
Payable for director fees | 2,943 |
Payable for investments purchased | 18,083,659 |
Payable for other accrued fees | 104,991 |
Payable for shareholder services fees | 52,731 |
Payable to investment adviser | 296,060 |
Payable upon return of securities loaned | 16,065,913 |
Redemptions payable | 992,956 |
Total Liabilities | 35,599,253 |
NET ASSETS | $697,298,490 |
NET ASSETS REPRESENTED BY: | |
Capital stock, $0.10 par value | $6,507,248 |
Paid-in capital in excess of par | 650,005,588 |
Undistributed/accumulated earnings | 40,785,654 |
NET ASSETS | $697,298,490 |
NET ASSETS BY CLASS | |
Investor Class | $166,964,751 |
Institutional Class | $530,333,739 |
CAPITAL STOCK: | |
Authorized | |
Investor Class | 50,000,000 |
Institutional Class | 120,000,000 |
Issued and Outstanding | |
Investor Class | 11,479,365 |
Institutional Class | 53,593,117 |
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE: | |
Investor Class | $14.54 |
Institutional Class | $9.90 |
(a) Cost of investments | $643,020,760 |
(b) Cost of repurchase agreements | $7,173,913 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
Statement of Operations
For the period ended June 30, 2021 (Unaudited)
Great-West Multi-Sector Bond Fund | |
INVESTMENT INCOME: | |
Interest | $12,814,566 |
Income from securities lending | 32,389 |
Dividends | 290,584 |
Total Income | 13,137,539 |
EXPENSES: | |
Management fees | 1,679,648 |
Shareholder services fees – Investor Class | 296,245 |
Audit and tax fees | 25,506 |
Custodian fees | 21,152 |
Director's fees | 7,112 |
Legal fees | 8,020 |
Pricing fees | 66,417 |
Registration fees | 28,294 |
Shareholder report fees | 5,127 |
Transfer agent fees | 4,723 |
Other fees | 2,382 |
Total Expenses | 2,144,626 |
Less amount waived by investment adviser | 72,522 |
Net Expenses | 2,072,104 |
NET INVESTMENT INCOME | 11,065,435 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain on investments and foreign currency transactions | 11,328,165 |
Net Realized Gain | 11,328,165 |
Net change in unrealized depreciation on investments and foreign currency translations | (16,348,431) |
Net Change in Unrealized Depreciation | (16,348,431) |
Net Realized and Unrealized Loss | (5,020,266) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $6,045,169 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2021 and fiscal year ended December 31, 2020
Great-West Multi-Sector Bond Fund | 2021 (Unaudited) | 2020 | |
OPERATIONS: | |||
Net investment income | $11,065,435 | $23,949,978 | |
Net realized gain | 11,328,165 | 10,593,119 | |
Net change in unrealized appreciation (depreciation) | (16,348,431) | 17,507,652 | |
Net Increase in Net Assets Resulting from Operations | 6,045,169 | 52,050,749 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (1,554,917) | (6,309,245) | |
Class L(a) | - | (65,120) | |
Institutional Class | (8,777,616) | (27,306,908) | |
From Net Investment Income and Net Realized Gains | (10,332,533) | (33,681,273) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 21,173,108 | 47,757,316 | |
Class L(a) | - | 1,763,587 | |
Institutional Class | 90,952,998 | 87,242,070 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 1,554,917 | 6,309,245 | |
Class L(a) | - | 65,120 | |
Institutional Class | 8,777,616 | 27,306,908 | |
Shares redeemed | |||
Investor Class | (31,863,553) | (70,867,637) | |
Class L(a) | - | (3,898,502) | |
Institutional Class | (30,245,287) | (130,612,329) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 60,349,799 | (34,934,222) | |
Total Increase (Decrease) in Net Assets | 56,062,435 | (16,564,746) | |
NET ASSETS: | |||
Beginning of Period | 641,236,055 | 657,800,801 | |
End of Period | $697,298,490 | $641,236,055 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 1,461,765 | 3,409,002 | |
Class L(a) | - | 174,265 | |
Institutional Class | 9,165,130 | 8,910,901 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 107,236 | 442,385 | |
Class L(a) | - | 6,385 | |
Institutional Class | 890,224 | 2,776,576 | |
Shares redeemed | |||
Investor Class | (2,201,447) | (5,115,668) | |
Class L(a) | - | (389,879) | |
Institutional Class | (3,043,450) | (13,687,778) | |
Net Increase (Decrease) | 6,379,458 | (3,473,811) |
(a) | Class L ceased operations on October 2, 2020. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return(b)(c) | |
Investor Class | |||||||||
6/30/2021(Unaudited) | $14.57 | 0.23 | (0.12) | 0.11 | (0.14) | — | (0.14) | $14.54 | 0.73% (d) |
12/31/2020 | $13.85 | 0.52 | 0.72 | 1.24 | (0.45) | (0.07) | (0.52) | $14.57 | 9.10% |
12/31/2019 | $12.62 | 0.56 | 0.91 | 1.47 | (0.22) | (0.02) | (0.24) | $13.85 | 11.74% |
12/31/2018 | $13.42 | 0.52 | (0.93) | (0.41) | (0.32) | (0.07) | (0.39) | $12.62 | (3.10%) |
12/31/2017 | $12.85 | 0.47 | 0.33 | 0.80 | (0.23) | — | (0.23) | $13.42 | 6.27% |
12/31/2016 | $11.88 | 0.52 | 0.82 | 1.34 | (0.30) | (0.07) | (0.37) | $12.85 | 11.38% |
Institutional Class | |||||||||
6/30/2021(Unaudited) | $ 9.98 | 0.17 | (0.08) | 0.09 | (0.17) | — | (0.17) | $ 9.90 | 0.95% (d) |
12/31/2020 | $ 9.69 | 0.39 | 0.51 | 0.90 | (0.54) | (0.07) | (0.61) | $ 9.98 | 9.49% |
12/31/2019 | $ 8.91 | 0.43 | 0.64 | 1.07 | (0.27) | (0.02) | (0.29) | $ 9.69 | 12.16% |
12/31/2018 | $ 9.68 | 0.41 | (0.67) | (0.26) | (0.44) | (0.07) | (0.51) | $ 8.91 | (2.80%) |
12/31/2017 | $ 9.40 | 0.38 | 0.24 | 0.62 | (0.34) | — | (0.34) | $ 9.68 | 6.68% |
12/31/2016 | $ 8.84 | 0.42 | 0.61 | 1.03 | (0.40) | (0.07) | (0.47) | $ 9.40 | 11.79% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable) | Portfolio turnover rate(e) | ||
Investor Class | ||||||
06/30/2021(Unaudited) | $166,965 | 0.94% (f) | 0.90% (f) | 3.17% (f) | 41% (d) | |
12/31/2020 | $176,480 | 0.93% | 0.90% | 3.69% | 102% | |
12/31/2019 | $185,209 | 0.92% | 0.90% | 4.18% | 81% | |
12/31/2018 | $195,275 | 0.91% | 0.90% | 3.93% | 61% | |
12/31/2017 | $285,372 | 0.90% | 0.90% | 3.57% | 19% | |
12/31/2016 | $312,781 | 0.90% | 0.90% | 4.16% | 20% | |
Institutional Class | ||||||
06/30/2021(Unaudited) | $530,334 | 0.57% (f) | 0.55% (f) | 3.52% (f) | 41% (d) | |
12/31/2020 | $464,756 | 0.57% | 0.55% | 4.04% | 102% | |
12/31/2019 | $471,986 | 0.56% | 0.55% | 4.52% | 81% | |
12/31/2018 | $421,840 | 0.55% | 0.55% | 4.31% | 61% | |
12/31/2017 | $491,759 | 0.55% | 0.55% | 3.91% | 19% | |
12/31/2016 | $409,663 | 0.55% | 0.55% | 4.51% | 20% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Portfolio turnover is calculated at the Fund level. |
(f) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST MULTI-SECTOR BOND FUND
Notes to Financial Statements (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Great-West Funds, Inc. (Great-West Funds), a Maryland corporation, was organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Great-West Funds presently consists of fifty-five funds. Interests in the Great-West Multi-Sector Bond Fund (the Fund) are included herein. The investment objective of the Fund is to seek high total investment return through a combination of current income and capital appreciation. The Fund is diversified as defined in the 1940 Act. The Fund is available as an investment option to insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, to college savings programs, and to asset allocation funds that are a series of Great-West Funds.
The Fund offers two share classes, referred to as Investor Class and Institutional Class shares. Class L shares were previously offered but ceased operations on October 2, 2020. All shares of the Fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class. Expenses incurred by Great-West Funds, which are not Fund specific, are allocated based on relative net assets or other appropriate allocation methods.
The outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Fund in future periods.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Great-West Funds are also investment companies and accordingly follow the investment company accounting and reporting guidance of U.S. GAAP. The following is a summary of the significant accounting policies of the Fund.
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Great-West Capital Management, LLC, to complete valuation determinations under those policies and procedures.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
Semi-Annual Report - June 30, 2021
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources.
Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
Asset-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information. |
Bank Loans | Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news. |
Corporate Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer. |
Convertible Bonds, Convertible Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices. |
Foreign Government Bonds and Notes | Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications. |
Mortgage-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market |
Semi-Annual Report - June 30, 2021
research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis. | |
Municipal Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include reported trades, benchmark yields, new issue data, and material event notices. |
U.S. Treasury Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. |
Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data. |
Exchange Traded Funds | Exchange traded close price. |
Government Money Market Mutual Funds | Net asset value of underlying mutual fund. |
Short Term Investments | Maturity date, credit quality and interest rates. |
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of June 30, 2021, all of the Fund’s investments are valued using Level 2 inputs, except for Common Stock, Exchange Traded Funds, and Government Money Market Mutual Funds, which are valued using Level 1 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
Foreign Currency Translations and Transactions
The accounting records of the Fund are maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.
The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.
Semi-Annual Report - June 30, 2021
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.
Security Transactions
Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection. Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes and Distributions to Shareholders
The Fund intends to comply with provisions under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. State tax returns may remain open for an additional fiscal year.
Distributions to shareholders from net investment income of the Fund, if any, are declared and paid semi-annually. Capital gain distributions of the Fund, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of the Fund at net asset value and are declared separately for each class. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
Net investment income (loss) and net realized gain (loss) for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book-tax basis differences. Book-tax differences may include but are not limited to the following: wash sales, distribution adjustments, market discount adjustments, real estate investment trust securities and foreign currency reclassifications.
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of June 30, 2021 were as follows:
Federal tax cost of investments | $650,248,789 |
Gross unrealized appreciation on investments | 32,988,321 |
Gross unrealized depreciation on investments | (7,382,200) |
Net unrealized appreciation on investments | $25,606,121 |
Application of Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)” (ASU No. 2020-04). ASU No. 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates scheduled to begin at the end of 2021. The temporary relief provided is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. The Fund is evaluating the impact, if any, of ASU No. 2020-04 on the financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Great-West Funds entered into an investment advisory agreement with Great-West Capital Management, LLC (GWCM) (the Adviser), a wholly-owned subsidiary of Great-West Life & Annuity Insurance Company (GWL&A). As compensation for its services to Great-West Funds, the Adviser receives monthly compensation at the annual rate of 0.52% of the Fund’s average daily net assets up to $1 billion dollars, 0.47% of the Fund’s average daily net assets over $1 billion dollars and 0.42% of the Fund’s average daily net assets over $2 billion dollars. Certain administration and accounting services fees for the Fund are included in the investment advisory agreement.
Semi-Annual Report - June 30, 2021
The Adviser contractually agreed to waive fees or reimburse expenses that exceed an annual rate of 0.55% of the Fund’s average daily net assets attributable to each Class, including management fees and expenses paid directly by the Fund, excluding shareholder service fees and certain extraordinary expenses (the “Expense Limit”). The agreement’s current term ends on April 30, 2022 and automatically renews for one-year unless terminated upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement. The amount waived or reimbursed, if any, is reflected in the Statement of Operations.
The Adviser is permitted upon approval by the Board of Directors to recoup amounts waived or reimbursed by the Fund in future periods, not exceeding three years following the particular waiver/reimbursement, provided the total annual operating expenses of each Class of the Fund plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. At June 30, 2021, the amounts subject to recoupment were as follows:
Expires December 31, 2021 | Expires December 31, 2022 | Expires December 31, 2023 | Expires June 30, 2024 | Recoupment of Past Reimbursed Fees by the Adviser | ||||
$29,722 | $85,481 | $152,623 | $72,522 | $0 |
The Adviser and Great-West Funds have entered into a sub-advisory agreement with Loomis, Sayles & Company, L.P. and Newfleet Asset Management, LLC. The Adviser is responsible for compensating the Sub-Advisers for their services.
Great-West Funds entered into a shareholder services agreement with Empower Retirement, LLC (Empower), an affiliate of GWCM and subsidiary of GWL&A. Pursuant to the shareholder services agreement, Empower provides various recordkeeping, administrative and shareholder services to shareholders and receives from the Investor Class shares of the Fund a fee equal to 0.35% of the average daily net asset value of the applicable share class.
GWFS Equities, Inc. (the Distributor), is a wholly-owned subsidiary of GWL&A and the principal underwriter to distribute and market the Fund.
Certain officers of Great-West Funds are also directors and/or officers of GWL&A or its subsidiaries. No officer or interested director of Great-West Funds receives any compensation directly from Great-West Funds. The total compensation paid to the independent directors with respect to all fifty-five funds for which they serve as directors was $595,500 for the fiscal period ended June 30, 2021.
3. PURCHASES AND SALES OF INVESTMENTS
For the period ended June 30, 2021, the aggregate cost of purchases and proceeds from sales of investments (excluding all U.S. Government securities and short-term securities) were $258,453,643 and $239,773,523, respectively. For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were $39,726,307 and $22,734,072, respectively.
4. SECURITIES LOANED
The Fund has entered into a securities lending agreement with its custodian as securities lending agent. Under the terms of the agreement the Fund receives income after deductions of other amounts payable to the securities lending agent or to the borrower from lending transactions. In exchange for such fees, the securities lending agent is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The fair value of the loaned securities is determined daily at the close of business of the Fund and necessary collateral adjustments are made between the Fund and its counterparties on the next business day through the delivery or receipt of additional collateral. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of June 30, 2021, the Fund had securities on loan valued at $13,847,307 and received collateral as reported on the Statement of Assets and Liabilities of $16,065,913 for such loan which was invested in Repurchase Agreements collateralized by U.S. Government or U.S. Government Agency securities and Government Money Market Mutual Funds.The Repurchase Agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral.
Semi-Annual Report - June 30, 2021
Under the securities lending agreement, the collateral pledged is, by definition, the securities loaned against the cash borrowed. The following table summarizes the cash collateral liability under the securities lending agreement by class of securities loaned as of June 30, 2021. Additional information regarding the Fund's securities on loan is included in the Schedule of Investments.
Security lending transactions | Total (a) |
Corporate Bonds and Notes | $12,620,961 |
Convertible Bonds | 336,000 |
Foreign Government Bonds and Notes | 3,083,052 |
Exchange Traded Funds | 25,900 |
Total secured borrowings | $16,065,913 |
(a) | The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. |
5. INDEMNIFICATIONS
The Fund’s organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
6. SUBSEQUENT EVENTS
Management has reviewed all events subsequent to June 30, 2021, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued. No subsequent events requiring adjustments or disclosures have occurred.
Semi-Annual Report - June 30, 2021
Availability of Quarterly Portfolio Schedule
Great-West Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form NPORT-EX. Great-West Funds’ Forms NPORT-EX are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that Great-West Funds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-831-7129, and on the SEC website at http://www.sec.gov.
Availability of Proxy Voting Record
Information regarding how Great-West Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-831-7129, and on the SEC website at http://www.sec.gov.
Funds' Liquidity Risk Management Program
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the Investment Company Act. The program is designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its cash holdings and access to other funding sources. The Funds’ Board of Directors approved the designation of the Great-West Capital Management, LLC (the “Adviser”) Liquidity Risk Management Committee as the administrator of the liquidity risk management program. The Liquidity Risk Management Committee includes representatives from the Adviser’s Risk, Trading, Investment Valuation, and Regulatory Compliance departments and is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding, among other things, the program’s operation, adequacy and effectiveness. The Liquidity Risk Management Committee reassessed each Fund’s liquidity risk profile, considering additional data gathered through May 2021 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception in December 2018 (the “covered period”) in order to prepare a written report to the Board of Directors for review at its meeting held on June 10, 2021. The report stated that:
(i) the program performed well during the covered period and meets the needs and profile of the Funds,
(ii) the Funds benefit from the stability of their shareholder base,
(iii) the selection of two vendors to supply liquidity measurement products has proven to be extremely helpful,
(iv) no changes were proposed to the program as of the date of the report, and
(v) no Fund approached the internal triggers set by the Liquidity Risk Management Committee or the regulatory percentage limitation (15%) on holdings in illiquid investments.
The report also stated that it continues to be appropriate to not set a “highly liquid investment minimum” for any Funds because the Funds primarily hold “highly liquid investments” and reviewed the changes to the program since inception.
Investment Advisory Contract Approval
The Board of Directors (the “Board”) of Great-West Funds, Inc. (the “Company”), including the Directors who are not interested persons of the Company (the “Independent Directors”), at a meeting held on April 20, 2021 (the “April Meeting”), unanimously approved the continuation of (i) the investment advisory agreement (the “Advisory Agreement”) between Great-West Capital Management, LLC (“GWCM”) and the Company, on behalf of Great-West Multi-Sector Bond Fund (the “Fund”), a series of the Company, and (ii) the investment sub-advisory agreements (the “Sub-Advisory Agreements”) by and among the Company, GWCM and each of Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and Newfleet Asset Management LLC (“Newfleet” and together with Loomis Sayles, the “Sub-Advisers” or each, a “Sub-Adviser”), with respect to the Fund. (The Fund and the Company’s other series are referred to collectively as the “Great-West Funds.”)
Pursuant to the Advisory Agreement, GWCM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. GWCM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund’s operation. In addition, GWCM is responsible for allocating the Fund’s assets among one or more sub-advisers—including, in this case, each of Loomis Sayles and Newfleet. In this connection, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits GWCM to enter into and materially amend the Sub-Advisory Agreements with Board approval but without shareholder approval. Under this structure, GWCM is also responsible for monitoring and evaluating the performance of each Sub-Adviser for its sleeve of the Fund and for recommending the hiring, termination and replacement of each Sub-Adviser to the Board.
Pursuant to its respective Sub-Advisory Agreement, each Sub-Adviser, subject to general supervision and oversight by GWCM and the Board, is responsible for the day-to-day management of the investment and reinvestment of its allocated portion of the Fund’s portfolio, which includes making decisions to buy, sell or hold any particular security.
On March 30, 2021 (the “March Meeting”), the Independent Directors met separately with independent legal counsel in advance of the April Meeting to evaluate information encompassing a wide variety of topics and furnished by GWCM and each Sub-Adviser in connection with the proposed continuation of the Advisory Agreement and Sub-Advisory Agreements (collectively, the “Agreements” or each, an “Agreement”), and met separately with representatives of Broadridge Financial Solutions, Inc. ( “Broadridge”), an independent provider of investment company data, and with GWCM to review comparative information on the Fund’s investment performance, fees and expenses. In addition, at the March Meeting the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the “Independent Fee Consultant”) to review comparative information regarding the Fund’s investment performance, fees and expenses, and further discussed such information with GWCM. The Independent Directors also considered additional information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel at the April Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and the other Great-West Funds. Although the Board considered the approval of the Agreements for the Fund as part of its multi-faceted annual review process of agreements across the Great-West Funds, the Board’s approvals were made on a fund-by-fund basis.
In approving the continuation of each of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for the Great-West Funds, including the services and support provided to each of the Great-West Funds, including the Fund and its shareholders.
In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board’s approvals were based on each Director’s business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.
Based upon its review of the Agreements and the information provided to it, the Board concluded that each Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors’ determinations to approve the continuation of the Agreements are discussed below.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by GWCM and each Sub-Adviser (each, an “adviser”). Among other things, the Board considered, as applicable, each adviser’s organizational history, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. The Board also reviewed, as applicable, the qualifications, education, experience, tenure and responsibilities of the senior personnel serving the Fund and the portfolio management team responsible for the day-to-day management of the Fund, as well as each adviser’s efforts to attract, retain and motivate capable personnel to serve the Fund. In addition, the Board
considered, as applicable, each adviser’s reputation for management of its investment strategies, its investment decision-making process, its disaster recovery procedures, including cybersecurity risk mitigation, its overall financial condition and ability to carry out its obligations to the Fund, its technical resources, operational capabilities and safeguards, and compliance policies and procedures, including for liquidity risk management oversight, as well as each Sub-Adviser’s practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions. With respect to GWCM, the Board noted recent and anticipated system and process enhancements, such as the implementation of a new trade order management system and compliance tool, use of an industry leading portfolio and risk analytics program, enhancements to investment applications, and GWCM’s efforts generally to ensure that third-party programs used to service the Fund are monitored effectively and upgraded as needed.
Consideration also was given to the fact that the Board meets with representatives of each Sub-Adviser every year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser’s communications with the Board, as well as the adviser’s responsiveness to the Board, were taken into account. Also considered was each adviser’s response to market volatility and economic developments and changing circumstances in the mutual fund industry. In this regard, the Board received and considered information furnished by each adviser on the impacts of the coronavirus (COVID-19) outbreak on each adviser generally and the Fund in particular, including, among other information, the current and anticipated impacts on the management, operations and performance of the Fund.
The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by GWCM and the Sub-Advisers.
Investment Performance
The Board received and considered information regarding the investment performance of the Fund. The Board reviewed performance information for the Fund’s Investor Class and Institutional Class as compared to its benchmark index and a “performance universe” of peer funds compiled by Broadridge, based on Lipper fund classifications. This performance data included, among other things, annualized returns for the one-, three-, five- and ten-year periods ended December 31, 2020 with respect to the Fund’s Investor Class, and for the Fund’s Institutional Class, annualized returns for the one-, three- and five-year periods ended December 31, 2020. In evaluating the performance of the Fund, the Board noted how the Fund performed relative to the returns of the benchmark index and performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing the Fund’s performance to that of the benchmark index and to a peer group of funds.
The Board observed that the annualized returns of the Fund’s Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2020 were in the first, second, first and first quintiles, respectively, of its performance universe (the first quintile being the best performers and the fifth quintile being the worst performers), outperforming its performance universe median for each period. As to the Fund’s Institutional Class, the Board observed that the annualized returns were in the first quintile of its performance universe for the one-, three- and five-year periods ended December 31, 2020. In addition, the Board observed that each class of the Fund outperformed its benchmark for all periods reviewed.
The Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus, and in light of the overall recent market conditions. In addition, the Board considered each Sub-Adviser’s investment decision-making process, the organization, composition and experience of its investment personnel and its portfolio risk controls, among other things, as well as its performance attribution commentary. Also relevant to the Board’s analysis were GWCM’s processes for overseeing and analyzing each Sub-Adviser’s performance, including GWCM’s systematic approach to performance monitoring.
The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding the Fund’s investment performance.
Costs and Profitability
The Board considered the costs of services provided by GWCM and the Sub-Advisers from their relationships with the Fund. The Board also reviewed an analysis prepared by Broadridge regarding the actual net advisory fee, sub-advisory fee, and advisory fee retained by GWCM for the Fund’s Investor Class and Institutional Class, as compared to share classes of other sub-advised funds within the same Lipper investment classification and publicly disclosed sub-advisory fees.
With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that, effective May 1, 2017, the structure of the investment management fee payable by the Fund changed to a new structure in which GWCM is no longer responsible for paying the Fund’s operating expenses as part of the investment management fee. The Board noted that commensurate with this new fee structure, GWCM’s investment management fee decreased as much as, or more than, the cost of the Fund’s operating expenses as of December 31, 2015, and that the operating expenses of the Fund are paid directly by the Fund effective May 1, 2017, which should allow Fund shareholders to participate in potential economies of scale over time as the Fund’s assets grow and its expense ratio declines due to fixed operating expenses. The Board further noted that the new investment management fee would include breakpoints. In addition, the Board noted that GWCM has contractually agreed for a one-year renewable term, through April 30, 2022, to limit the fees and expenses of the Fund to the total expense ratio of the Fund as of December 31, 2015, and that in the future GWCM may increase the expense limit only with the approval of the Board.
The Board noted that GWCM, not the Fund, pays the sub-advisory fees to the Sub-Advisers and that such fees were negotiated at arm’s length between GWCM and each of the Sub-Advisers. In evaluating the management fee and total expense ratio of the Fund’s Investor and Institutional Classes, the Board considered the fees payable by and the total expense ratios of peer groups of funds managed by other investment advisers, as determined by Broadridge, based on Lipper fund classifications. Specifically, the Board considered for each class (i) the Fund’s management fee as provided in the Advisory Agreement (the “Contractual Management Fee”) in comparison to the contractual management fees of the peer group of funds and (ii) the Fund’s total expense ratio in comparison to the peer group funds’ total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund’s total expense ratio in comparison to the median expense ratios for all funds in the peer group. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Fee Consultant assessing expenses in the context of performance.
The Board observed that the Fund’s Contractual Management Fee for each class was lower than the median contractual management fees of its respective peer group of funds. The Board also noted that the Fund’s total annual operating expense ratio for each class was below the median of its respective peer group, in the second quintile of its peer group for the Investor Class and in the first quintile of its peer group as to the Institutional Class (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses).
The Board received information regarding the fees charged by GWCM to separate accounts and other products managed by GWCM and noted that GWCM does not manage other client accounts in the same investment style as the Fund. The Board also received information from Loomis Sayles regarding its standard institutional multi-sector bond strategy fee schedule, as disclosed in its Form ADV, as well as the fees charged by the Sub-Adviser for its own retail mutual fund and two other bond funds managed in the same investment style as the Fund. As to Newfleet, the Board received information regarding its average fee for registered funds and other institutional accounts managed with a similar investment strategy. The Board noted that any fees charged by the Sub-Advisers to these other similar accounts and products appeared to be competitive with the fee charged to GWCM for the Fund.
The Board further considered the overall financial soundness of GWCM and the Sub-Advisers and the profits estimated to have been realized by GWCM and its affiliates and by the Sub-Advisers. The Board reviewed the financial statements and profitability information from GWCM and each Sub-Adviser.
With respect to GWCM’s profitability information, the Board considered the review undertaken by management in 2020 of the organization’s expense allocation methodology following an internal corporate restructuring and, following such review, GWCM’s determination to adjust the methodology used in determining profitability. In this connection, the Board took into account its discussions with management regarding the methodology as well as the analysis performed by an independent auditor, including the auditor’s conclusion that the methodology was reasonable. The Board also considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as GWCM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from Broadridge comparing pre-tax investment management profitability margins for the latest fiscal year for certain publicly-traded advisers to fund complexes as compared to GWCM’s estimated complex-level profits. The Board considered that, while GWCM’s overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser’s organization, capital structure and cost of capital, the types of funds it manages, its mix of business and the adviser’s assumptions regarding allocations of revenue and expenses.
Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by GWCM and its affiliates and each Sub-Adviser were not unreasonable in relation to the nature, extent and quality of the services provided.
Economies of Scale
The Board received and considered information about the potential for GWCM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Fund and GWCM, respectively, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of GWCM, and the current level of Fund assets. The Board noted that GWCM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset, and investments in the business intended to enhance services available to shareholders. In its evaluation, the Board noted that the management fee schedule contained breakpoints that would reduce the management fee rate on assets above specified levels as the Fund’s assets increased. The Board also reviewed data provided by Broadridge regarding the percentage of the management fee retained by GWCM. Noting that the percentage of the management fee retained by GWCM exceeded the median of the Fund’s Lipper investment classification as to each class of the Fund, the Board considered its observation regarding the Fund’s Contractual Management Fee being lower than the peer group median.
Based on the information provided, the Board concluded that GWCM’s arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by GWCM or each Sub-Adviser from their relationships with the Fund as part of the total mix of information evaluated by the Board. In this regard, the Board noted the statement by Loomis Sayles that it may from time to time use the performance of various funds in marketing its separate account investment advisory services, an ancillary benefit that the Sub-Adviser does not believe is material. With respect to Newfleet, the Board noted that the Sub-Adviser does not expect to receive any indirect “fall-out” benefits from managing its allocated portion of the Fund’s portfolio.
The Board also noted where services were provided to the Fund by affiliates of GWCM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower Retirement, LLC (“Empower”) pursuant to a shareholder services agreement, effective April 29, 2020. (Great-West Life & Annuity Insurance Company (“GWL&A”), the parent company of Empower and GWCM, previously provided shareholder services pursuant to an agreement dated May 1, 2015.) In addition to the foregoing arrangements, the Board took into account the fact that the Fund is used as a funding vehicle under variable life and annuity contracts offered by insurance companies affiliated with GWCM and as a funding vehicle under retirement plans for which affiliates of GWCM may provide various retirement plan services. Additionally, the Board considered the extent to which GWL&A and/or its affiliated insurance companies may receive benefits under the federal income tax laws with respect to tax deductions and credits.
The Board concluded that the Fund’s management and sub-advisory fees were reasonable, taking into account any ancillary benefits derived by GWCM or the Sub-Advisers.
Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of each Agreement continue to be reasonable and that the continuation of the Agreements is in the best interests of the Fund.
ITEM 2. | CODE OF ETHICS. |
Not required in filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not required in filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not required in filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | INVESTMENTS. |
(a) The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within
the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. | DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
(3) Not applicable.
(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GREAT-WEST FUNDS, INC.
By: | /s/ Jonathan D. Kreider |
Jonathan D. Kreider
President & Chief Executive Officer
President & Chief Executive Officer
Date:August 18, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan D. Kreider |
Jonathan D. Kreider
President & Chief Executive Officer
President & Chief Executive Officer
Date:August 18, 2021
By: | /s/ Kelly B. New |
Kelly B. New
Treasurer
Treasurer
Date:August 18, 2021