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: April 30
Date of reporting period: October 29, 2021
Item 1. REPORTS TO STOCKHOLDERS
GREAT-WEST FUNDS, INC.
Great-West Core Strategies: Flexible Bond Fund
(Institutional Class and Investor Class)
(Institutional Class and Investor Class)
Semi-Annual Report
October 29, 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 October 29, 2021 (unaudited)
Rating | Percentage of Fund Investments |
Aaa | 46.37% |
Aa1 | 0.11 |
Aa2 | 1.01 |
Aa3 | 0.37 |
A1 | 1.50 |
A2 | 3.45 |
A3 | 0.95 |
Baa1 | 2.28 |
Baa2 | 3.85 |
Baa3 | 6.28 |
Ba1 | 3.10 |
Ba2 | 2.07 |
Ba3 | 1.34 |
B1 | 1.06 |
B2 | 0.70 |
B3 | 1.04 |
CCC, CC, C | 0.45 |
Equities | 1.07 |
Not Rated | 7.51 |
Short Term Investments | 15.49 |
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 (May 1, 2021 to October 29, 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* | |||
(05/01/21) | (10/29/21) | (05/01/21 – 10/29/21) | |||
Institutional Class | |||||
Actual | $1,000.00 | $1,005.40 | $2.25 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.70 | $2.27 | ||
Investor Class | |||||
Actual | $1,000.00 | $1,004.10 | $3.85 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.10 | $3.88 |
* Expenses are equal to the Fund's annualized expense ratio of 0.45% for the Institutional Class shares and 0.77% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 182/365 days to reflect the one-half year period. Performance does not include any fees or expenses of IRAs or your financial professional brokerage commissions, if applicable. If such fees or expenses were included, returns would be lower. |
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 9.68% | ||
$ 105,000 | Affirm Asset Securitization Trust(b) Series 2021-B Class C 1.40%, 08/17/2026 | $ 104,785 |
Ally Auto Receivables Trust | ||
Series 2019-1 Class A3 | ||
149,007 | 2.91%, 09/15/2023 | 150,159 |
Series 2019-2 Class A3 | ||
14,005 | 2.23%, 01/16/2024 | 14,109 |
Series 2019-4 Class A3 | ||
32,138 | 1.84%, 06/17/2024 | 32,365 |
American Credit Acceptance Receivables Trust(b) | ||
Series 2019-3 Class D | ||
10,000 | 2.89%, 09/12/2025 | 10,183 |
Series 2020-1 Class D | ||
850,000 | 2.39%, 03/13/2026 | 865,101 |
Series 2020-4 Class D | ||
85,000 | 1.77%, 12/14/2026 | 85,641 |
Series 2021-1 Class D | ||
2,000,000 | 1.14%, 03/15/2027 | 1,987,018 |
Series 2021-2 Class D | ||
1,750,000 | 1.34%, 07/13/2027 | 1,737,249 |
Series 2021-3 Class D | ||
3,730,000 | 1.34%, 11/15/2027 | 3,697,146 |
Series 2021-4 Class D | ||
3,440,000 | 1.82%, 02/14/2028 | 3,433,141 |
AmeriCredit Automobile Receivables Trust | ||
Series 2018-3 Class D | ||
5,000 | 4.04%, 11/18/2024 | 5,183 |
Series 2019-2 Class D | ||
10,000 | 2.99%, 06/18/2025 | 10,338 |
Series 2019-3 Class D | ||
5,000 | 2.58%, 09/18/2025 | 5,106 |
Series 2020-1 Class D | ||
20,000 | 1.80%, 12/18/2025 | 20,263 |
Series 2020-2 Class D | ||
350,000 | 2.13%, 03/18/2026 | 356,203 |
Series 2020-3 Class D | ||
120,000 | 1.49%, 09/18/2026 | 120,631 |
Series 2021-1 Class D | ||
385,000 | 1.21%, 12/18/2026 | 380,082 |
3,400,000 | Apidos XXXVII Ltd(b)(c) Series 2021-37A Class B 1.73%, 10/22/2034 3-mo. LIBOR + 1.60% | 3,401,044 |
210,000 | Aqua Finance Trust(b) Series 2021-A Class B 2.40%, 07/17/2046 | 211,325 |
2,500,000 | Ares Ltd(b)(c) Series 2021-60A Class C 2.07%, 07/18/2034 3-mo. LIBOR + 1.95% | 2,503,825 |
Avis Budget Rental Car Funding AESOP LLC(b) | ||
Series 2018-1A Class B | ||
535,000 | 4.00%, 09/20/2024 | 558,913 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2018-1A Class C | ||
$ 100,000 | 4.73%, 09/20/2024 | $ 104,972 |
Series 2019-1A Class C | ||
258,333 | 4.53%, 03/20/2023 | 260,264 |
Series 2019-2A Class A | ||
130,000 | 3.35%, 09/22/2025 | 137,395 |
Series 2020-2A Class A | ||
925,000 | 2.02%, 02/20/2027 | 939,822 |
Series 2020-2A Class B | ||
210,000 | 2.96%, 02/20/2027 | 219,011 |
Series 2020-2A Class C | ||
110,000 | 4.25%, 02/20/2027 | 117,942 |
Series 2021-1A Class C | ||
105,000 | 2.13%, 08/20/2027 | 103,791 |
575,000 | Bain Capital Credit Ltd(b)(c) Series 2020-4A Class C 2.83%, 10/20/2033 3-mo. LIBOR + 2.70% | 576,676 |
1,500,000 | Barings Ltd(b)(c) Series 2020-4A Class C 2.28%, 01/20/2032 3-mo. LIBOR + 2.15% | 1,500,891 |
2,900,000 | BlueMountain Ltd(b)(c) Series 2021-33A Class B 1.83%, 11/20/2034 3-mo. LIBOR + 1.70% | 2,900,890 |
355,000 | Brex Commercial Charge Card Master Trust(b) Series 2021-1 Class A 2.09%, 07/15/2024 | 357,591 |
93,982 | Business Jet Securities LLC(b) Series 2021-1A Class B 2.92%, 04/15/2036 | 94,361 |
549,290 | CAL Funding IV Ltd(b) Series 2020-1A Class A 2.22%, 09/25/2045 | 549,205 |
Carlyle Global Market Strategies Ltd(b)(c) | ||
Series 2013-2A Class CR | ||
25,000 | 1.77%, 01/18/2029 3-mo. LIBOR + 1.65% | 24,844 |
Series 2021-1A Class B | ||
2,000,000 | 1.92%, 04/15/2034 3-mo. LIBOR + 1.80% | 1,992,254 |
Series 2021-3SA Class A2 | ||
2,000,000 | 1.62%, 04/15/2034 3-mo. LIBOR + 1.50% | 1,993,486 |
CarMax Auto Owner Trust | ||
Series 2019-3 Class D | ||
5,000 | 2.85%, 01/15/2026 | 5,140 |
Series 2020-1 Class D | ||
5,000 | 2.64%, 07/15/2026 | 5,112 |
Series 2020-2 Class C | ||
15,000 | 4.23%, 11/17/2025 | 15,851 |
Series 2020-3 Class D | ||
5,000 | 2.53%, 01/15/2027 | 5,118 |
Series 2020-4 Class D | ||
1,830,000 | 1.75%, 04/15/2027 | 1,833,760 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-1 Class D | ||
$ 500,000 | 1.28%, 07/15/2027 | $ 493,999 |
Carvana Auto Receivables Trust | ||
Series 2021-N3 Class C | ||
550,000 | 1.02%, 06/12/2028 | 546,571 |
Series 2021-P3 Class C | ||
550,000 | 1.93%, 10/12/2027 | 543,105 |
211,566 | Castlelake Aircraft Structured Trust(b) Series 2017-1R Class A 2.74%, 08/15/2041 | 210,528 |
798,183 | CLI Funding LLC(b) Series 2021-1A Class A 1.64%, 02/18/2046 | 782,087 |
585,000 | College Ave Student Loans LLC(b) Series 2021-A Class C 2.92%, 07/25/2051 | 587,599 |
Commonbond Student Loan Trust(b) | ||
Series 2019-AGS Class B | ||
246,991 | 3.04%, 01/25/2047 | 251,799 |
Series 2020-1 Class A | ||
63,754 | 1.69%, 10/25/2051 | 62,764 |
CoreVest American Finance Trust(b) | ||
Series 2020-2 Class C | ||
590,000 | 4.71%, 05/15/2052(d) | 664,264 |
Series 2021-1 Class C | ||
155,000 | 2.80%, 04/15/2053 | 155,178 |
Series 2021-2 Class C | ||
320,000 | 2.48%, 07/15/2054 | 312,601 |
Series 2021-3 Class D | ||
220,000 | 3.47%, 10/15/2054 | 220,000 |
Credit Acceptance Auto Loan Trust(b) | ||
Series 2020-2A Class C | ||
295,000 | 2.73%, 11/15/2029 | 301,745 |
Series 2020-3A Class A | ||
250,000 | 1.24%, 10/15/2029 | 251,120 |
Series 2020-3A Class C | ||
500,000 | 2.28%, 02/15/2030 | 506,041 |
Series 2021-2A Class C | ||
400,000 | 1.64%, 06/17/2030 | 397,175 |
Series 2021-3A Class C | ||
250,000 | 1.63%, 09/16/2030 | 248,280 |
Series 2021-4 Class C | ||
2,453,000 | 1.94%, 02/18/2031 | 2,453,591 |
DB Master Finance LLC(b) | ||
Series 2019-1A Class A23 | ||
419,440 | 4.35%, 05/20/2049 | 453,054 |
Series 2021-1A Class A2II | ||
1,040,000 | 2.49%, 11/20/2051 | 1,041,622 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 230,000 | Dell Equipment Finance Trust(b) Series 2020-2 Class D 1.92%, 03/23/2026 | $ 233,239 |
Domino's Pizza Master Issuer LLC(b) | ||
Series 2017-1A Class A23 | ||
190,575 | 4.12%, 07/25/2047 | 202,169 |
Series 2018-1A Class A2II | ||
388,000 | 4.33%, 07/25/2048 | 413,081 |
Series 2021-1A Class A2I | ||
1,114,400 | 2.66%, 04/25/2051 | 1,139,901 |
Drive Auto Receivables Trust | ||
Series 2018-3 Class D | ||
2,859 | 4.30%, 09/16/2024 | 2,903 |
Series 2019-3 Class D | ||
750,000 | 3.18%, 10/15/2026 | 769,445 |
Series 2019-4 Class D | ||
5,000 | 2.70%, 02/16/2027 | 5,107 |
Series 2020-1 Class D | ||
1,505,000 | 2.70%, 05/17/2027 | 1,541,333 |
Series 2020-2 Class D | ||
1,000,000 | 3.05%, 05/15/2028 | 1,028,350 |
Series 2021-1 Class D | ||
500,000 | 1.45%, 01/16/2029 | 499,296 |
Series 2021-2 Class D | ||
3,360,000 | 1.39%, 03/15/2029 | 3,322,395 |
955,000 | Dryden Senior Loan(b)(c) Series 2017-50A Class C 2.37%, 07/15/2030 3-mo. LIBOR + 2.25% | 957,376 |
DT Auto Owner Trust(b) | ||
Series 2019-4A Class D | ||
10,000 | 2.85%, 07/15/2025 | 10,260 |
Series 2020-3A Class C | ||
345,000 | 1.47%, 06/15/2026 | 347,045 |
Series 2021-1A Class D | ||
3,170,000 | 1.16%, 11/16/2026 | 3,137,467 |
Series 2021-2A Class D | ||
2,970,000 | 1.50%, 02/16/2027 | 2,950,832 |
Series 2021-3A Class D | ||
2,765,000 | 1.31%, 05/17/2027 | 2,717,008 |
197,656 | EDvestinU Private Education Loan Issue No 3 LLC(b) Series 2021-A Class A 1.80%, 11/25/2045 | 195,694 |
105,000 | Elara HGV Timeshare Issuer LLC(b) Series 2021-A Class C 2.09%, 08/27/2035 | 104,418 |
100,000 | ELFI Graduate Loan Program LLC(b) Series 2021-A Class B 2.09%, 12/26/2046 | 99,324 |
Exeter Automobile Receivables Trust | ||
Series 2019-4A Class D | ||
20,000 | 2.58%, 09/15/2025(b) | 20,415 |
Series 2021-1A Class D | ||
2,460,000 | 1.08%, 11/16/2026 | 2,438,606 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-3A Class D | ||
$ 1,115,000 | 1.55%, 06/15/2027 | $ 1,102,016 |
First Investors Auto Owner Trust(b) | ||
Series 2019-1A Class D | ||
350,000 | 3.55%, 04/15/2025 | 359,230 |
Series 2021-1A Class D | ||
415,000 | 1.62%, 03/15/2027 | 413,093 |
FirstKey Homes Trust(b) | ||
Series 2020-SFR2 Class F1 | ||
1,015,000 | 3.02%, 10/19/2037 | 1,022,473 |
Series 2021-SFR1 Class E1 | ||
535,000 | 2.39%, 08/17/2038 | 526,869 |
Series 2021-SFR1 Class E2 | ||
440,000 | 2.49%, 08/17/2038 | 433,331 |
Series 2021-SFR2 Class E1 | ||
460,000 | 2.26%, 09/17/2038 | 449,987 |
Series 2021-SFR2 Class E2 | ||
225,000 | 2.36%, 09/17/2038 | 219,615 |
Flagship Credit Auto Trust(b) | ||
Series 2019-3 Class D | ||
85,000 | 2.86%, 12/15/2025 | 87,338 |
Series 2019-4 Class D | ||
10,000 | 3.12%, 01/15/2026 | 10,356 |
Series 2020-1 Class D | ||
15,000 | 2.48%, 03/16/2026 | 15,281 |
Series 2020-4 Class D | ||
190,000 | 2.18%, 02/16/2027 | 191,849 |
Series 2021-1 Class D | ||
255,000 | 1.27%, 03/15/2027 | 249,945 |
Series 2021-2 Class D | ||
310,000 | 1.59%, 06/15/2027 | 307,205 |
Series 2021-3 Class D | ||
475,000 | 1.65%, 09/15/2027 | 468,806 |
Ford Credit Auto Owner Trust | ||
Series 2018-A Class A4 | ||
1,095,811 | 3.16%, 10/15/2023 | 1,102,618 |
Series 2019-C Class A3 | ||
6,963 | 1.87%, 03/15/2024 | 7,020 |
Series 2020-B Class A3 | ||
35,000 | 0.56%, 10/15/2024 | 35,059 |
Series 2020-C Class A3 | ||
440,000 | 0.41%, 07/15/2025 | 439,056 |
Series 2021-A Class A3 | ||
1,855,000 | 0.30%, 08/15/2025 | 1,846,711 |
Foursight Capital Automobile Receivables Trust(b) | ||
Series 2021-1 Class D | ||
530,000 | 1.32%, 03/15/2027 | 520,691 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2021-2 Class D | ||
$ 360,000 | 1.92%, 09/15/2027 | $ 357,282 |
Freedom Financial Trust(b) | ||
Series 2021-2 Class C | ||
100,000 | 1.94%, 06/19/2028 | 99,702 |
Series 2021-3FP Class D | ||
495,000 | 2.37%, 11/20/2028 | 490,875 |
FRTKL Trust(b) | ||
Series 2021-SFR1 Class E1 | ||
165,000 | 2.37%, 09/17/2038 | 162,260 |
Series 2021-SFR1 Class E2 | ||
140,000 | 2.52%, 09/17/2038 | 137,684 |
GLS Auto Receivables Issuer Trust(b) | ||
Series 2020-1A Class C | ||
10,000 | 2.72%, 11/17/2025 | 10,214 |
Series 2021-1A Class D | ||
1,285,000 | 1.68%, 01/15/2027 | 1,282,099 |
Series 2021-2A Class D | ||
545,000 | 1.42%, 04/15/2027 | 538,730 |
Series 2021-3A Class D | ||
785,000 | 1.48%, 07/15/2027 | 775,702 |
GM Financial Consumer Automobile Receivables Trust | ||
Series 2019-4 Class A3 | ||
12,623 | 1.75%, 07/16/2024 | 12,712 |
Series 2020-1 Class A3 | ||
7,497 | 1.84%, 09/16/2024 | 7,565 |
Series 2020-4 Class A3 | ||
10,000 | 0.38%, 08/18/2025 | 9,984 |
Series 2021-1 Class A3 | ||
620,000 | 0.35%, 10/16/2025 | 617,894 |
Series 2021-2 Class A3 | ||
1,550,000 | 0.51%, 04/16/2026 | 1,544,143 |
299,250 | Hardee's Funding LLC(b) Series 2021-1A Class A2 2.87%, 06/20/2051 | 298,864 |
Home Partners of America Trust(b) | ||
Series 2021-1 Class E | ||
98,980 | 2.58%, 09/17/2041 | 97,544 |
Series 2021-2 Class E1 | ||
1,320,000 | 2.85%, 12/17/2026 | 1,320,000 |
Series 2021-2 Class E2 | ||
635,000 | 2.95%, 12/17/2026 | 635,000 |
Honda Auto Receivables Owner Trust | ||
Series 2019-4 Class A3 | ||
155,888 | 1.83%, 01/18/2024 | 157,324 |
Series 2020-1 Class A4 | ||
30,000 | 1.63%, 10/21/2026 | 30,462 |
Series 2020-3 Class A3 | ||
5,000 | 0.37%, 10/18/2024 | 4,997 |
Series 2021-1 Class A3 | ||
1,075,000 | 0.27%, 04/21/2025 | 1,070,121 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 190,000 | HPEFS Equipment Trust(b) Series 2021-1A Class D 1.03%, 03/20/2031 | $ 188,443 |
Invitation Homes Trust(b)(c) | ||
Series 2018-SFR2 Class B | ||
164,974 | 1.17%, 06/17/2037 1-mo. LIBOR + 1.08% | 165,197 |
Series 2018-SFR3 Class B | ||
99,991 | 1.24%, 07/17/2037 1-mo. LIBOR + 1.15% | 100,155 |
JPMorgan Chase Bank NA(b) | ||
Series 2021-1 Class D | ||
208,010 | 1.17%, 09/25/2028 | 207,745 |
Series 2021-3 Class D | ||
264,627 | 1.01%, 02/26/2029 | 263,216 |
2,250,000 | KKR Ltd(b)(c) Series 31A Class B 1.63%, 04/20/2034 3-mo. LIBOR + 1.50% | 2,250,988 |
547,200 | Laurel Road Prime Student Loan Trust(b) Series 2020-A Class A2FX 1.40%, 11/25/2050 | 543,084 |
1,250,000 | LCM XVI LP(b)(c) Series 16A Class CR2 2.27%, 10/15/2031 3-mo. LIBOR + 2.15% | 1,243,386 |
Legacy Mortgage Asset Trust(b)(e) | ||
Series 2019-GS3 Class A1 | ||
69,408 | 3.75%, 04/25/2059 | 69,789 |
Series 2019-GS4 Class A1 | ||
412,209 | 3.44%, 05/25/2059 | 412,509 |
2,000,000 | Madison Park Funding XLVIII Ltd(b)(c) Series 2021-48A Class C 2.12%, 04/19/2033 3-mo. LIBOR + 2.00% | 2,000,088 |
2,500,000 | Magnetite XXII Ltd(b)(c) Series 2019-22A Class CR 2.07%, 04/15/2031 3-mo. LIBOR + 1.95% | 2,501,148 |
1,427,496 | MAPS Trust(b) Series 2021-1A Class A 2.52%, 06/15/2046 | 1,419,266 |
Marathon Ltd(b)(c) | ||
Series 2020-15A Class A2A | ||
250,000 | 2.42%, 11/15/2031 3-mo. LIBOR + 2.30% | 250,021 |
Series 2021-16A Class A2 | ||
2,250,000 | 1.82%, 04/15/2034 3-mo. LIBOR + 1.70% | 2,242,067 |
Marlette Funding Trust(b) | ||
Series 2021-2A Class C | ||
120,000 | 1.50%, 09/15/2031 | 118,879 |
Series 2021-3A Class C | ||
310,000 | 1.81%, 12/15/2031 | 307,040 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 455,000 | Mercury Financial Credit Card Master Trust(b) Series 2021-1A Class A 1.54%, 03/20/2026 | $ 455,804 |
135,010 | Merlin Aviation Holdings Designated Activity Co(b)(e) Series 2016-1 Class A 4.50%, 12/15/2032 | 123,921 |
100,000 | Mission Lane Credit Card Master Trust(b) Series 2021-A Class B 2.24%, 09/15/2026 | 99,805 |
1,021,446 | MVW LLC(b) Series 2021-1WA Class C 1.94%, 01/22/2041 | 1,012,717 |
40,244 | MVW Owner Trust(b) Series 2019-1A Class C 3.33%, 11/20/2036 | 40,761 |
Navient Private Education Refi Loan Trust(b) | ||
Series 2020-HA Class A | ||
91,554 | 1.31%, 01/15/2069 | 91,807 |
Series 2021-A Class A | ||
534,406 | 0.84%, 05/15/2069 | 530,697 |
Series 2021-A Class B | ||
720,000 | 2.24%, 05/15/2069 | 716,233 |
Series 2021-EA Class B | ||
235,000 | 2.03%, 12/16/2069 | 229,568 |
Series 2021-FA Class B | ||
505,000 | 2.12%, 02/18/2070 | 500,415 |
Nelnet Student Loan Trust(b) | ||
Series 2021-DA Class C | ||
195,000 | 3.50%, 04/20/2062 | 195,296 |
Series 2021-DA Class D | ||
100,000 | 4.38%, 04/20/2062 | 100,589 |
Nissan Auto Receivables Owner Trust | ||
Series 2019-A Class A3 | ||
273,692 | 2.90%, 10/16/2023 | 276,250 |
Series 2019-C Class A3 | ||
3,838 | 1.93%, 07/15/2024 | 3,872 |
Series 2020-A Class A3 | ||
30,000 | 1.38%, 12/16/2024 | 30,259 |
Series 2020-B Class A3 | ||
2,025,000 | 0.55%, 07/15/2024 | 2,027,642 |
2,250,000 | OneMain Direct Auto Receivables Trust(b) Series 2021-1A Class D 1.62%, 11/14/2030 | 2,232,770 |
OneMain Financial Issuance Trust(b) | ||
Series 2016-3A Class A | ||
62,527 | 3.83%, 06/18/2031 | 62,872 |
Series 2018-2A Class A | ||
260,000 | 3.57%, 03/14/2033 | 270,414 |
Series 2018-2A Class B | ||
200,000 | 3.89%, 03/14/2033 | 206,920 |
Series 2021-1A Class D | ||
350,000 | 2.47%, 06/16/2036 | 346,174 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 330,000 | Prestige Auto Receivables Trust(b) Series 2020-1A Class E 3.67%, 02/15/2028 | $ 337,184 |
Progress Residential Trust(b) | ||
Series 2019-SFR1 Class E | ||
195,000 | 4.47%, 08/17/2035 | 195,914 |
Series 2021-SFR2 Class E1 | ||
465,000 | 2.55%, 04/19/2038 | 460,203 |
Series 2021-SFR3 Class E1 | ||
165,000 | 2.54%, 05/17/2026 | 164,467 |
Series 2021-SFR3 Class E2 | ||
140,000 | 2.69%, 05/17/2026 | 139,431 |
Series 2021-SFR4 Class E1 | ||
100,000 | 2.41%, 05/17/2038 | 99,384 |
Series 2021-SFR4 Class E2 | ||
100,000 | 2.56%, 05/17/2038 | 98,755 |
Series 2021-SFR5 Class E1 | ||
230,000 | 2.21%, 07/17/2038 | 226,134 |
Series 2021-SFR5 Class E2 | ||
100,000 | 2.36%, 07/17/2038 | 97,979 |
Series 2021-SFR6 Class E1 | ||
300,000 | 2.43%, 07/17/2038 | 297,279 |
Series 2021-SFR6 Class E2 | ||
155,000 | 2.53%, 07/17/2038 | 153,598 |
Series 2021-SFR7 Class E1 | ||
480,000 | 2.59%, 08/17/2040 | 469,285 |
Series 2021-SFR7 Class E2 | ||
100,000 | 2.64%, 08/17/2040 | 97,767 |
Series 2021-SFR9 Class E1 | ||
165,000 | 2.81%, 11/17/2040 | 165,000 |
Series 2021-SFR9 Class E2 | ||
115,000 | 3.01%, 11/17/2040 | 115,000 |
Santander Drive Auto Receivables Trust | ||
Series 2019-3 Class D | ||
10,000 | 2.68%, 10/15/2025 | 10,178 |
Series 2020-1 Class C | ||
220,000 | 4.11%, 12/15/2025 | 228,146 |
Series 2020-1 Class D | ||
390,000 | 5.35%, 03/15/2028 | 418,456 |
Series 2020-2 Class D | ||
210,000 | 2.22%, 09/15/2026 | 213,664 |
Series 2020-3 Class D | ||
5,000 | 1.64%, 11/16/2026 | 5,050 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2020-4 Class D | ||
$ 40,000 | 1.48%, 01/15/2027 | $ 40,319 |
Series 2021-1 Class D | ||
2,500,000 | 1.13%, 11/16/2026 | 2,493,075 |
Series 2021-2 Class D | ||
1,825,000 | 1.35%, 07/15/2027 | 1,823,906 |
Series 2021-3 Class D | ||
1,030,000 | 1.33%, 09/15/2027 | 1,021,823 |
Series 2021-4 Class D | ||
2,655,000 | 1.67%, 10/15/2027 | 2,647,709 |
100,000 | SCF Equipment Leasing LLC(b) Series 2021-1A Class D 1.93%, 09/20/2030 | 98,675 |
Sierra Timeshare Receivables Funding LLC(b) | ||
Series 2019-2A Class C | ||
176,284 | 3.12%, 05/20/2036 | 178,884 |
Series 2019-3A Class C | ||
119,037 | 3.00%, 08/20/2036 | 119,887 |
Series 2021-1A Class C | ||
98,411 | 1.79%, 11/20/2037 | 97,716 |
965,477 | S-Jets Ltd(b) Series 2017-1 Class A 3.97%, 08/15/2042 | 958,665 |
SMB Private Education Loan Trust(b) | ||
Series 2020-A Class A2A | ||
958,724 | 2.23%, 09/15/2037 | 976,411 |
Series 2021-A Class A2A2 | ||
595,000 | 0.81%, 01/15/2053(c) 1-mo. LIBOR + 0.73% | 597,417 |
Series 2021-B Class B | ||
345,000 | 2.65%, 07/17/2051 | 347,490 |
Series 2021-D Class B | ||
330,000 | 2.31%, 03/17/2053 | 324,633 |
130,000 | SoFi Consumer Loan Program Trust(b) Series 2021-1 Class D 2.04%, 09/25/2030 | 128,943 |
100,000 | SoFi Professional Loan Program LLC(b)(d) Series 2017-A Class C 4.43%, 03/26/2040 | 103,904 |
995,000 | Taco Bell Funding LLC(b) Series 2021-1A Class A2II 2.29%, 08/25/2051 | 993,032 |
388,133 | Textainer Marine Containers VII Ltd(b) Series 2021-1A Class A 1.68%, 02/20/2046 | 380,071 |
414,425 | TIF Funding II LLC(b) Series 2021-1A Class A 1.65%, 02/20/2046 | 402,275 |
Towd Point Mortgage Trust(b)(d) | ||
Series 2016-3 Class M2 | ||
280,000 | 4.00%, 04/25/2056 | 294,074 |
Series 2017-1 Class M1 | ||
260,000 | 3.75%, 10/25/2056 | 273,491 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2017-3 Class A2 | ||
$ 100,000 | 3.00%, 07/25/2057 | $ 102,974 |
Series 2018-5 Class M1 | ||
685,000 | 3.25%, 07/25/2058 | 708,263 |
Series 2019-4 Class A1 | ||
657,202 | 2.90%, 10/25/2059 | 675,845 |
Series 2020-1 Class A2B | ||
100,000 | 3.25%, 01/25/2060 | 104,626 |
Series 2020-2 Class A2B | ||
125,000 | 3.00%, 04/25/2060 | 130,106 |
Toyota Auto Receivables Owner Trust | ||
Series 2019-A Class A3 | ||
364,125 | 2.91%, 07/17/2023 | 367,487 |
Series 2019-D Class A3 | ||
20,168 | 1.92%, 01/16/2024 | 20,343 |
Series 2020-A Class A3 | ||
1,303,359 | 1.66%, 05/15/2024 | 1,313,876 |
Series 2020-C Class A3 | ||
10,000 | 0.44%, 10/15/2024 | 10,004 |
Series 2020-D Class A3 | ||
10,000 | 0.35%, 01/15/2025 | 9,986 |
Series 2021-A Class A2 | ||
397,867 | 0.16%, 07/17/2023 | 397,793 |
Tricon American Homes Trust(b) | ||
Series 2019-SFR1 Class D | ||
5,000 | 3.20%, 03/17/2038 | 5,105 |
Series 2020-SFR2 Class E1 | ||
100,000 | 2.73%, 11/17/2039 | 98,529 |
869,631 | Triton Container Finance VIII LLC(b) Series 2021-1A Class A 1.86%, 03/20/2046 | 852,028 |
VCAT LLC(b)(e) | ||
Series 2021-NPL1 Class A1 | ||
396,438 | 2.29%, 12/26/2050 | 396,825 |
Series 2021-NPL5 Class A1 | ||
951,962 | 1.87%, 08/25/2051 | 949,457 |
Series 2021-NPL6 Class A1 | ||
1,606,256 | 1.92%, 09/25/2051 | 1,602,489 |
Venture Ltd(b)(c) | ||
Series 2017-28AA Class C1 | ||
1,000,000 | 2.53%, 10/20/2029 3-mo. LIBOR + 2.40% | 1,000,645 |
Series 2018-32A Class C | ||
25,000 | 2.07%, 07/18/2031 3-mo. LIBOR + 1.95% | 24,780 |
Series 2021-42A Class B | ||
2,250,000 | 1.67%, 04/15/2034 3-mo. LIBOR + 1.55% | 2,250,981 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 189,548 | VOLT XCII LLC(b)(e) Series 2021-NPL1 Class A1 1.89%, 02/27/2051 | $ 189,268 |
531,104 | VOLT XCIII LLC(b)(e) Series 2021-NPL2 Class A1 1.89%, 02/27/2051 | 529,799 |
461,792 | VOLT XCIV LLC(b)(e) Series 2021-NPL3 Class A1 2.24%, 02/27/2051 | 460,999 |
350,456 | VOLT XCVI LLC(b)(e) Series 2021-NPL5 Class A1 2.12%, 03/27/2051 | 349,634 |
888,796 | VOLT XCVII LLC(b)(e) Series 2021-NPL6 Class A1 2.24%, 04/25/2051 | 886,228 |
1,000,000 | Voya Ltd(b)(c) Series 2019-3A Class C 2.72%, 10/17/2032 3-mo. LIBOR + 2.60% | 1,000,487 |
535,045 | WAVE Trust(b) Series 2017-1A Class A 3.84%, 11/15/2042 | 523,312 |
Wendy's Funding LLC(b) | ||
Series 2018-1A Class A2II | ||
168,437 | 3.88%, 03/15/2048 | 177,927 |
Series 2021-1A Class A2I | ||
528,675 | 2.37%, 06/15/2051 | 529,788 |
Series 2021-1A Class A2II | ||
99,750 | 2.78%, 06/15/2051 | 101,654 |
Westlake Automobile Receivables Trust(b) | ||
Series 2019-3A Class D | ||
10,000 | 2.72%, 11/15/2024 | 10,216 |
Series 2020-2A Class C | ||
500,000 | 2.01%, 07/15/2025 | 507,015 |
Series 2020-2A Class D | ||
600,000 | 2.76%, 01/15/2026 | 615,982 |
Series 2021-1A Class D | ||
1,030,000 | 1.23%, 04/15/2026 | 1,024,112 |
Series 2021-2A Class D | ||
535,000 | 1.23%, 12/15/2026 | 530,548 |
888,891 | Willis Engine Structured Trust VI(b) Series 2021-A Class A 3.10%, 05/15/2046 | 885,920 |
199,000 | Wingstop Funding LLC(b) Series 2020-1A Class A2 2.84%, 12/05/2050 | 204,918 |
1,000,000 | World Omni Select Auto Trust Series 2021-A Class D 1.44%, 11/15/2027 | 988,364 |
TOTAL ASSET-BACKED SECURITIES — 9.68% (Cost $148,872,528) | $ 148,188,074 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 1.38% | ||
$ 1,005,000 | Allegheny Technologies Inc(f) 5.88%, 12/01/2027 | $ 1,055,250 |
400,000 | Alpek SAB de CV(b) 3.25%, 02/25/2031 | 396,004 |
Anglo American Capital PLC(b) | ||
400,000 | 4.50%, 03/15/2028 | 448,178 |
2,415,000 | 2.63%, 09/10/2030 | 2,379,877 |
425,000 | 2.88%, 03/17/2031 | 423,863 |
855,000 | Ashland LLC(b) 3.38%, 09/01/2031 | 844,312 |
Braskem Netherlands Finance BV(b) | ||
410,000 | 4.50%, 01/31/2030 | 416,052 |
415,000 | 5.88%, 01/31/2050 | 441,664 |
1,790,000 | First Quantum Minerals Ltd(b) 6.88%, 10/15/2027 | 1,910,825 |
1,070,000 | FMG Resources Ltd(b) 4.38%, 04/01/2031 | 1,083,375 |
Freeport-McMoRan Inc | ||
5,000 | 4.38%, 08/01/2028 | 5,206 |
410,000 | 4.25%, 03/01/2030 | 432,550 |
5,000 | 4.63%, 08/01/2030(f) | 5,406 |
1,180,000 | 5.40%, 11/14/2034 | 1,441,488 |
95,000 | 5.45%, 03/15/2043 | 119,510 |
Glencore Funding LLC(b) | ||
5,000 | 4.00%, 03/27/2027 | 5,404 |
10,000 | 3.88%, 10/27/2027 | 10,776 |
35,000 | 4.88%, 03/12/2029 | 40,035 |
3,090,000 | 2.50%, 09/01/2030 | 3,022,468 |
2,325,000 | 2.85%, 04/27/2031(f) | 2,328,019 |
300,000 | 2.63%, 09/23/2031 | 292,397 |
635,000 | Novelis Corp 4.75%, 01/30/2030 | 660,400 |
958,000 | Orbia Advance Corp SAB de CV(b) 2.88%, 05/11/2031 | 942,442 |
SPCM SA(b) | ||
265,000 | 3.13%, 03/15/2027 | 262,019 |
245,000 | 3.38%, 03/15/2030 | 239,487 |
455,000 | Steel Dynamics Inc 3.45%, 04/15/2030 | 488,824 |
1,280,000 | Suzano Austria GmbH 3.75%, 01/15/2031 | 1,281,600 |
130,000 | Volcan Cia Minera SAA(b) 4.38%, 02/11/2026 | 126,750 |
21,104,181 | ||
Communications — 4.73% | ||
4,895,000 | Amazon.com Inc 0.45%, 05/12/2024 | 4,858,252 |
675,000 | AMC Networks Inc 4.25%, 02/15/2029 | 664,875 |
1,320,000 | Bharti Airtel Ltd(b) 3.25%, 06/03/2031 | 1,329,717 |
235,000 | Block Communications Inc(b) 4.88%, 03/01/2028 | 239,700 |
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
CCO Holdings LLC / CCO Holdings Capital Corp | ||
$ 3,000 | 5.50%, 05/01/2026(b) | $ 3,099 |
50,000 | 5.13%, 05/01/2027(b) | 51,813 |
505,000 | 4.50%, 08/15/2030(b) | 514,029 |
1,690,000 | 4.25%, 02/01/2031(b) | 1,682,395 |
290,000 | 4.50%, 05/01/2032 | 291,372 |
2,890,000 | 4.25%, 01/15/2034(b) | 2,802,751 |
Charter Communications Operating LLC / Charter Communications Operating Capital | ||
10,000 | 5.13%, 07/01/2049 | 11,835 |
4,530,000 | 4.80%, 03/01/2050 | 5,148,820 |
1,405,000 | 4.40%, 12/01/2061 | 1,491,938 |
2,260,000 | 3.95%, 06/30/2062 | 2,212,758 |
640,000 | Clear Channel Outdoor Holdings Inc(b) 7.50%, 06/01/2029 | 654,640 |
880,000 | Clear Channel Worldwide Holdings Inc(b) 5.13%, 08/15/2027 | 902,660 |
CommScope Inc(b) | ||
85,000 | 7.13%, 07/01/2028 | 83,831 |
1,090,000 | 4.75%, 09/01/2029 | 1,069,508 |
2,045,000 | CommScope Technologies LLC(b) 5.00%, 03/15/2027 | 1,897,432 |
CSC Holdings LLC(b) | ||
200,000 | 4.13%, 12/01/2030 | 191,500 |
3,410,000 | 4.63%, 12/01/2030 | 3,124,412 |
735,000 | DISH DBS Corp 5.13%, 06/01/2029 | 707,437 |
Expedia Group Inc | ||
4,920,000 | 3.25%, 02/15/2030 | 5,058,257 |
85,000 | 2.95%, 03/15/2031 | 85,746 |
1,220,000 | Go Daddy Operating Co LLC / Go Daddy Finance Co Inc(b) 3.50%, 03/01/2029 | 1,180,350 |
iHeartCommunications Inc | ||
60,000 | 6.38%, 05/01/2026 | 62,400 |
930,000 | 8.38%, 05/01/2027 | 990,450 |
420,000 | 5.25%, 08/15/2027(b) | 428,971 |
650,000 | 4.75%, 01/15/2028(b) | 654,063 |
Lamar Media Corp | ||
170,000 | 3.75%, 02/15/2028 | 171,836 |
650,000 | 4.00%, 02/15/2030 | 659,906 |
1,291,500 | Millicom International Cellular SA(b) 5.13%, 01/15/2028 | 1,347,680 |
Netflix Inc | ||
165,000 | 4.88%, 04/15/2028 | 189,027 |
35,000 | 5.88%, 11/15/2028 | 42,602 |
45,000 | 6.38%, 05/15/2029 | 56,756 |
55,000 | 5.38%, 11/15/2029(b) | 66,340 |
2,840,000 | 4.88%, 06/15/2030(b) | 3,337,000 |
435,000 | Nokia OYJ 4.38%, 06/12/2027 | 467,625 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Communications — (continued) | ||
$ 485,000 | Sirius XM Radio Inc(b) 5.00%, 08/01/2027 | $ 506,219 |
SoftBank Group Corp | ||
800,000 | 4.63%, 07/06/2028 | 786,684 |
340,000 | 5.25%, 07/06/2031 | 340,163 |
235,000 | Sprint Capital Corp 6.88%, 11/15/2028 | 297,143 |
Time Warner Cable LLC | ||
1,355,000 | 5.50%, 09/01/2041 | 1,657,543 |
4,475,000 | 4.50%, 09/15/2042 | 4,891,660 |
T-Mobile USA Inc | ||
2,155,000 | 3.38%, 04/15/2029 | 2,214,262 |
2,245,000 | 3.88%, 04/15/2030 | 2,454,691 |
2,640,000 | 3.50%, 04/15/2031 | 2,732,136 |
Uber Technologies Inc(b) | ||
10,000 | 7.50%, 05/15/2025 | 10,660 |
15,000 | 8.00%, 11/01/2026 | 15,966 |
395,000 | 7.50%, 09/15/2027 | 432,071 |
2,115,000 | 6.25%, 01/15/2028(f) | 2,271,087 |
7,830,000 | 4.50%, 08/15/2029 | 7,880,308 |
1,105,000 | Virgin Media Finance PLC(b) 5.00%, 07/15/2030 | 1,098,743 |
72,323,119 | ||
Consumer, Cyclical — 3.06% | ||
1011778 BC Unlimited Liability Co / New Red Finance Inc(b) | ||
5,000 | 5.75%, 04/15/2025 | 5,194 |
325,000 | 3.88%, 01/15/2028 | 324,214 |
1,675,000 | 4.00%, 10/15/2030 | 1,622,623 |
1,365,000 | 7-Eleven Inc(b) 0.80%, 02/10/2024 | 1,355,613 |
880,000 | Allison Transmission Inc(b) 3.75%, 01/30/2031 | 845,900 |
American Airlines Inc / AAdvantage Loyalty IP Ltd(b) | ||
205,000 | 5.50%, 04/20/2026 | 215,045 |
235,000 | 5.75%, 04/20/2029 | 252,919 |
American Airlines Pass Through Trust | ||
Series 2016-1 Class B | ||
5,257 | 5.25%, 01/15/2024 | 5,180 |
Series 2017-2 Class B | ||
3,231 | 3.70%, 10/15/2025 | 3,139 |
Series 2016-3 Class B | ||
19,394 | 3.75%, 10/15/2025 | 18,650 |
Series 2019-1 Class B | ||
21,461 | 3.85%, 02/15/2028 | 20,449 |
Series 2016-3 Class A | ||
146,616 | 3.25%, 10/15/2028 | 142,772 |
Series 2017-2 Class A | ||
4,053 | 3.60%, 10/15/2029 | 3,960 |
American Honda Finance Corp | ||
45,000 | 1.95%, 05/20/2022 | 45,397 |
1,530,000 | 0.55%, 07/12/2024 | 1,513,053 |
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
$ 40,000 | AutoNation Inc 4.75%, 06/01/2030 | $ 46,466 |
10,000 | AutoZone Inc 3.63%, 04/15/2025 | 10,742 |
4,338 | British Airways Pass Through Trust(b) Series 2019-1 Class A 3.35%, 06/15/2029 | 4,318 |
Carnival Corp(b) | ||
1,330,000 | 5.75%, 03/01/2027 | 1,353,275 |
625,000 | 6.00%, 05/01/2029 | 624,609 |
Carvana Co(b) | ||
430,000 | 5.63%, 10/01/2025 | 439,137 |
955,000 | 5.88%, 10/01/2028(f) | 971,712 |
Ford Motor Co | ||
10,000 | 8.50%, 04/21/2023 | 10,965 |
870,000 | 9.00%, 04/22/2025 | 1,046,175 |
930,000 | 9.63%, 04/22/2030 | 1,339,786 |
General Motors Co | ||
295,000 | 5.20%, 04/01/2045 | 368,528 |
1,345,000 | 5.40%, 04/01/2048 | 1,710,560 |
2,200,000 | 5.95%, 04/01/2049 | 2,991,238 |
General Motors Financial Co Inc | ||
60,000 | 5.70%, Perpetual(g) | 69,150 |
35,000 | 5.75%, Perpetual(g) | 37,888 |
585,000 | 1.05%, 03/08/2024 | 583,744 |
1,010,000 | Genm Capital Labuan Ltd(b) 3.88%, 04/19/2031 | 988,007 |
100,000 | Goodyear Tire & Rubber Co(f) 4.88%, 03/15/2027 | 106,350 |
Hilton Domestic Operating Co Inc(b) | ||
1,305,000 | 4.00%, 05/01/2031 | 1,311,244 |
110,000 | 3.63%, 02/15/2032 | 107,317 |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b) | ||
500,000 | 5.00%, 06/01/2029 | 509,875 |
535,000 | 4.88%, 07/01/2031 | 532,261 |
5,000 | Hyatt Hotels Corp 5.75%, 04/23/2030 | 6,021 |
1,533,141 | JetBlue Pass Through Trust Series 2020-1 Class A 4.00%, 11/15/2032 | 1,682,026 |
5,000 | Lennar Corp(f) 4.75%, 11/29/2027 | 5,683 |
365,000 | Lithia Motors Inc(b) 3.88%, 06/01/2029 | 378,231 |
Marriott International Inc | ||
5,000 | 5.75%, 05/01/2025 | 5,667 |
175,000 | 4.63%, 06/15/2030 | 199,282 |
1,310,000 | 2.85%, 04/15/2031 | 1,319,303 |
400,000 | Marriott Ownership Resorts Inc(b) 4.50%, 06/15/2029 | 400,000 |
165,000 | Murphy Oil USA Inc(b) 3.75%, 02/15/2031 | 162,319 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Cyclical — (continued) | ||
$ 485,000 | NCL Corp Ltd(b) 5.88%, 03/15/2026 | $ 486,212 |
515,000 | NCL Finance Ltd(b) 6.13%, 03/15/2028 | 519,506 |
325,000 | Penn National Gaming Inc(b) 4.13%, 07/01/2029 | 316,875 |
230,000 | PulteGroup Inc 6.00%, 02/15/2035 | 297,398 |
Royal Caribbean Cruises Ltd(b) | ||
220,000 | 4.25%, 07/01/2026 | 213,400 |
1,375,000 | 5.50%, 04/01/2028 | 1,399,062 |
Scientific Games International Inc(b) | ||
920,000 | 7.00%, 05/15/2028 | 994,014 |
35,000 | 7.25%, 11/15/2029(f) | 39,553 |
3,240,000 | Target Corp 2.25%, 04/15/2025 | 3,361,007 |
Toyota Motor Credit Corp | ||
3,745,000 | 0.50%, 08/14/2023 | 3,742,386 |
1,470,000 | 0.50%, 06/18/2024 | 1,453,897 |
Travel + Leisure Co | ||
120,000 | 6.63%, 07/31/2026(b) | 134,002 |
65,000 | 6.00%, 04/01/2027 | 70,688 |
510,000 | 4.63%, 03/01/2030(b) | 529,186 |
645,000 | 4.63%, 03/01/2030 | 669,265 |
United Airlines Inc(b) | ||
190,000 | 4.38%, 04/15/2026 | 196,549 |
640,000 | 4.63%, 04/15/2029 | 659,827 |
184,090 | United Airlines Pass Through Trust Series 2020-1 Class B 4.88%, 01/15/2026 | 193,665 |
3,460,000 | Volkswagen Group of America Finance LLC(b) 0.88%, 11/22/2023 | 3,457,264 |
Yum! Brands Inc | ||
1,035,000 | 4.75%, 01/15/2030(b) | 1,104,862 |
650,000 | 3.63%, 03/15/2031 | 642,427 |
680,000 | 4.63%, 01/31/2032 | 707,200 |
46,884,232 | ||
Consumer, Non-Cyclical — 3.27% | ||
1,275,000 | Adani Ports & Special Economic Zone Ltd(b) 4.20%, 08/04/2027 | 1,319,957 |
470,000 | Ashtead Capital Inc(b) 4.25%, 11/01/2029 | 509,263 |
1,400,000 | Avantor Funding Inc(b) 3.88%, 11/01/2029 | 1,399,552 |
Bausch Health Cos Inc(b) | ||
145,000 | 5.25%, 01/30/2030 | 130,866 |
625,000 | 5.25%, 02/15/2031 | 561,738 |
230,000 | Catalent Pharma Solutions Inc(b) 3.13%, 02/15/2029 | 223,388 |
Centene Corp | ||
380,000 | 3.00%, 10/15/2030 | 386,224 |
1,590,000 | 2.50%, 03/01/2031 | 1,550,250 |
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
$ 1,030,000 | 2.63%, 08/01/2031 | $ 1,013,232 |
Charles River Laboratories International Inc(b) | ||
155,000 | 3.75%, 03/15/2029 | 156,550 |
160,000 | 4.00%, 03/15/2031 | 165,400 |
1,725,000 | Cigna Corp 4.38%, 10/15/2028 | 1,977,459 |
287,974 | CVS Pass Through Trust(b)(f) Series 2014 4.16%, 08/11/2036 | 315,482 |
215,000 | Element Fleet Management Corp(b) 1.60%, 04/06/2024 | 216,461 |
40,000 | Encompass Health Corp 4.75%, 02/01/2030 | 41,000 |
235,000 | Gartner Inc(b) 3.75%, 10/01/2030 | 238,231 |
3,750,000 | GlaxoSmithKline Capital PLC 0.53%, 10/01/2023 | 3,744,394 |
HCA Inc | ||
1,210,000 | 4.13%, 06/15/2029 | 1,340,174 |
1,675,000 | 3.50%, 09/01/2030 | 1,761,514 |
1,070,000 | Hologic Inc(b) 3.25%, 02/15/2029 | 1,061,306 |
1,000,000 | IHS Markit Ltd 4.25%, 05/01/2029 | 1,138,713 |
200,000 | Jazz Securities Designated Activity Co(b) 4.38%, 01/15/2029 | 205,500 |
395,000 | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc(b) 3.75%, 12/01/2031 | 404,381 |
Kraft Heinz Foods Co | ||
5,000 | 5.00%, 06/04/2042 | 6,180 |
1,245,000 | 5.20%, 07/15/2045 | 1,583,445 |
4,520,000 | 4.38%, 06/01/2046 | 5,276,194 |
25,000 | 4.88%, 10/01/2049 | 30,958 |
40,000 | Lamb Weston Holdings Inc(b) 4.88%, 05/15/2028 | 42,924 |
1,310,000 | Natura Cosmeticos SA(b) 4.13%, 05/03/2028 | 1,296,638 |
1,250,000 | NBM US Holdings Inc(b) 7.00%, 05/14/2026 | 1,323,125 |
2,550,000 | PayPal Holdings Inc 1.35%, 06/01/2023 | 2,582,257 |
1,590,000 | PepsiCo Inc 0.40%, 10/07/2023 | 1,584,696 |
Pilgrim's Pride Corp(b) | ||
265,000 | 5.88%, 09/30/2027 | 279,408 |
885,000 | 3.50%, 03/01/2032 | 887,213 |
Post Holdings Inc | ||
5,000 | 5.75%, 03/01/2027(b) | 5,188 |
40,000 | 5.75%, 03/01/2027 | 41,500 |
635,000 | 4.63%, 04/15/2030(b) | 638,175 |
55,000 | Sabre Global Inc(b) 9.25%, 04/15/2025 | 63,561 |
1,020,000 | Smithfield Foods Inc(b) 3.00%, 10/15/2030 | 1,020,273 |
530,000 | Square Inc(b)(f) 3.50%, 06/01/2031 | 543,250 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
Tenet Healthcare Corp(b) | ||
$ 5,000 | 4.88%, 01/01/2026 | $ 5,125 |
335,000 | 6.25%, 02/01/2027 | 347,981 |
295,000 | 4.63%, 06/15/2028 | 305,694 |
315,000 | 6.13%, 10/01/2028 | 330,734 |
125,000 | Teva Pharmaceutical Finance Co LLC(f) 6.15%, 02/01/2036 | 133,795 |
Teva Pharmaceutical Finance Netherlands III BV | ||
10,000 | 2.80%, 07/21/2023 | 10,073 |
5,335,000 | 3.15%, 10/01/2026 | 5,028,237 |
1,850,000 | 4.10%, 10/01/2046 | 1,526,250 |
1,015,000 | TriNet Group Inc(b) 3.50%, 03/01/2029 | 1,017,659 |
Unilever Capital Corp | ||
2,070,000 | 3.00%, 03/07/2022 | 2,089,148 |
1,300,000 | 2.60%, 05/05/2024 | 1,354,287 |
United Rentals North America Inc | ||
5,000 | 5.25%, 01/15/2030 | 5,413 |
860,000 | 4.00%, 07/15/2030 | 877,449 |
50,097,865 | ||
Diversified — 0.06% | ||
825,583 | CVS Pass Through Trust(b) Series 2013 4.70%, 01/10/2036 | 935,984 |
Energy — 1.58% | ||
3,075,000 | Aker BP ASA(b) 4.00%, 01/15/2031 | 3,341,028 |
Cheniere Corpus Christi Holdings LLC | ||
15,000 | 5.13%, 06/30/2027 | 17,143 |
1,075,000 | 3.70%, 11/15/2029 | 1,153,396 |
Continental Resources Inc | ||
140,000 | 3.80%, 06/01/2024 | 147,000 |
870,000 | 5.75%, 01/15/2031(b) | 1,041,825 |
340,000 | Diamondback Energy Inc 3.13%, 03/24/2031 | 351,099 |
855,000 | Ecopetrol SA 4.63%, 11/02/2031 | 848,588 |
Energean Israel Finance Ltd(b) | ||
480,000 | 5.38%, 03/30/2028 | 486,000 |
625,000 | 5.88%, 03/30/2031 | 632,813 |
1,085,000 | Energy Transfer LP 3.75%, 05/15/2030 | 1,156,427 |
EnLink Midstream Partners LP | ||
25,000 | 4.15%, 06/01/2025 | 26,097 |
445,000 | 5.45%, 06/01/2047 | 445,000 |
1,230,000 | EQM Midstream Partners LP 5.50%, 07/15/2028 | 1,354,758 |
EQT Corp | ||
70,000 | 3.13%, 05/15/2026(b) | 70,525 |
340,000 | 5.00%, 01/15/2029 | 377,721 |
Principal Amount(a) | Fair Value | |
Energy — (continued) | ||
$ 155,000 | 3.63%, 05/15/2031(b) | $ 158,294 |
725,000 | Exxon Mobil Corp 1.90%, 08/16/2022 | 734,263 |
1,625,000 | Hess Corp 5.60%, 02/15/2041 | 2,047,770 |
265,000 | Hess Midstream Operations LP(b) 4.25%, 02/15/2030 | 265,000 |
925,000 | Leviathan Bond Ltd(b) 6.13%, 06/30/2025 | 996,688 |
Lundin Energy Finance BV(b) | ||
835,000 | 2.00%, 07/15/2026 | 832,003 |
605,000 | 3.10%, 07/15/2031(f) | 609,701 |
165,000 | NGPL PipeCo LLC(b) 4.88%, 08/15/2027 | 185,138 |
Occidental Petroleum Corp | ||
135,000 | 5.55%, 03/15/2026 | 149,006 |
490,000 | 8.88%, 07/15/2030 | 663,950 |
Ovintiv Inc | ||
125,000 | 8.13%, 09/15/2030 | 171,484 |
30,000 | 7.20%, 11/01/2031 | 40,186 |
30,000 | 7.38%, 11/01/2031 | 40,623 |
100,000 | 6.50%, 08/15/2034 | 134,944 |
470,000 | 6.63%, 08/15/2037 | 638,616 |
45,000 | 6.50%, 02/01/2038 | 61,019 |
75,000 | Petroleos Mexicanos(f) 5.95%, 01/28/2031 | 73,785 |
Plains All American Pipeline LP / PAA Finance Corp | ||
650,000 | 3.55%, 12/15/2029 | 678,198 |
585,000 | 4.30%, 01/31/2043 | 603,208 |
735,000 | 4.70%, 06/15/2044 | 796,604 |
815,000 | Sabine Pass Liquefaction LLC 4.50%, 05/15/2030 | 928,669 |
225,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp(b) 4.00%, 01/15/2032 | 232,193 |
1,475,000 | Valero Energy Partners LP 4.50%, 03/15/2028 | 1,657,225 |
65,000 | Western Midstream Operating LP 6.50%, 02/01/2050 | 77,804 |
24,225,791 | ||
Financial — 9.81% | ||
AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust | ||
1,900,000 | 3.88%, 01/23/2028 | 2,035,370 |
930,000 | 3.00%, 10/29/2028 | 942,956 |
1,165,000 | 3.30%, 01/30/2032 | 1,185,689 |
1,320,000 | AIG Global Funding(b) 0.65%, 06/17/2024 | 1,306,539 |
Air Lease Corp | ||
825,000 | 4.65%, Perpetual(f)(g) | 852,844 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 10,000 | 3.38%, 07/01/2025 | $ 10,539 |
825,000 | 3.00%, 02/01/2030 | 834,409 |
3,935,000 | 3.13%, 12/01/2030 | 4,019,071 |
Aircastle Ltd | ||
345,000 | 5.25%, Perpetual(b)(g) | 353,625 |
20,000 | 4.25%, 06/15/2026 | 21,691 |
Ally Financial Inc | ||
2,260,000 | 4.70%, Perpetual(g) | 2,321,207 |
5,000 | 3.88%, 05/21/2024 | 5,331 |
225,000 | 4.63%, 03/30/2025 | 247,666 |
1,360,000 | 5.80%, 05/01/2025 | 1,549,693 |
270,000 | 5.75%, 11/20/2025 | 306,506 |
615,000 | 2.20%, 11/02/2028 | 607,124 |
2,970,000 | 8.00%, 11/01/2031 | 4,252,516 |
185,000 | American Homes 4 Rent REIT 2.38%, 07/15/2031 | 182,155 |
320,000 | American International Group Inc 4.20%, 04/01/2028 | 361,859 |
Antares Holdings LP(b) | ||
260,000 | 3.95%, 07/15/2026 | 271,010 |
1,385,000 | 2.75%, 01/15/2027 | 1,370,821 |
Ares Capital Corp | ||
1,845,000 | 2.88%, 06/15/2028 | 1,852,857 |
2,030,000 | 3.20%, 11/15/2031 | 2,022,993 |
Athene Global Funding(b) | ||
980,000 | 1.61%, 06/29/2026 | 969,287 |
230,000 | 2.55%, 11/19/2030 | 228,853 |
2,915,000 | Athene Holding Ltd 3.50%, 01/15/2031 | 3,112,669 |
Aviation Capital Group LLC(b) | ||
450,000 | 5.50%, 12/15/2024 | 499,528 |
240,000 | 1.95%, 01/30/2026 | 236,895 |
225,000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(b) 5.38%, 04/17/2025 | 248,625 |
Banco Santander SA | ||
2,200,000 | 0.70%, 06/30/2024 | 2,193,274 |
1,200,000 | 2.75%, 12/03/2030 | 1,177,467 |
Bank of America Corp | ||
75,000 | 3.00%, 12/20/2023 | 76,963 |
2,590,000 | 0.52%, 06/14/2024 | 2,577,438 |
295,000 | 0.81%, 10/24/2024 | 294,623 |
3,975,000 | 4.18%, 11/25/2027 | 4,379,341 |
Barclays PLC | ||
1,240,000 | 4.38%, Perpetual(g) | 1,219,912 |
2,555,000 | 3.56%, 09/23/2035 | 2,635,268 |
2,745,000 | Blackstone Secured Lending Fund(b) 2.13%, 02/15/2027 | 2,684,371 |
2,370,000 | BNP Paribas SA(b) 1.68%, 06/30/2027 | 2,336,931 |
Brixmor Operating Partnership LP REIT | ||
60,000 | 2.25%, 04/01/2028 | 59,959 |
25,000 | 4.13%, 05/15/2029 | 27,930 |
1,795,000 | 4.05%, 07/01/2030 | 1,983,985 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 400,000 | CIFI Holdings Group Co Ltd 6.00%, 07/16/2025 | $ 387,125 |
2,030,000 | Citigroup Inc 3.50%, 05/15/2023 | 2,112,679 |
155,000 | CNO Financial Group Inc 5.25%, 05/30/2029 | 180,753 |
145,000 | Corporate Office Properties LP REIT 2.75%, 04/15/2031 | 145,559 |
600,000 | Country Garden Holdings Co Ltd 3.30%, 01/12/2031 | 540,145 |
3,110,000 | Credit Agricole SA 4.00%, 01/10/2033 | 3,337,194 |
990,000 | Credit Suisse AG 0.50%, 02/02/2024 | 981,909 |
3,010,000 | Crown Castle International Corp REIT 2.50%, 07/15/2031 | 2,984,116 |
355,000 | Danske Bank A/S(b) 5.38%, 01/12/2024 | 386,554 |
Deutsche Bank AG | ||
1,900,000 | 1.45%, 04/01/2025 | 1,900,315 |
745,000 | 3.55%, 09/18/2031 | 788,300 |
1,200,000 | 3.73%, 01/14/2032 | 1,230,050 |
450,000 | 3.04%, 05/28/2032 | 454,764 |
395,000 | EPR Properties REIT 3.60%, 11/15/2031 | 395,965 |
2,400,000 | Equinix Inc REIT 1.45%, 05/15/2026 | 2,371,461 |
20,000 | Fidelity & Guaranty Life Holdings Inc(b) 5.50%, 05/01/2025 | 22,527 |
4,590,000 | Fidelity National Financial Inc 3.40%, 06/15/2030 | 4,888,158 |
FS KKR Capital Corp | ||
585,000 | 3.40%, 01/15/2026 | 601,412 |
1,220,000 | 3.13%, 10/12/2028 | 1,202,107 |
1,865,000 | GE Capital Funding LLC 4.40%, 05/15/2030 | 2,179,766 |
1,935,000 | GE Capital International Funding Co Unlimited Co 4.42%, 11/15/2035 | 2,354,110 |
960,000 | Global Atlantic Finance Co(b) 4.40%, 10/15/2029 | 1,046,825 |
Goldman Sachs Group Inc | ||
1,510,000 | 0.48%, 01/27/2023 | 1,505,885 |
2,895,000 | 0.63%, 11/17/2023 | 2,891,669 |
2,580,000 | 0.66%, 09/10/2024 | 2,566,501 |
13,000 | Healthpeak Properties Inc REIT 3.40%, 02/01/2025 | 13,760 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||
10,000 | 4.75%, 09/15/2024 | 10,364 |
10,000 | 6.25%, 05/15/2026 | 10,475 |
1,315,000 | 5.25%, 05/15/2027 | 1,367,600 |
1,685,000 | 4.38%, 02/01/2029 | 1,692,448 |
215,000 | Intesa Sanpaolo SpA(b) 4.20%, 06/01/2032 | 216,743 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
Iron Mountain Inc REIT(b) | ||
$ 5,000 | 5.00%, 07/15/2028 | $ 5,150 |
1,580,000 | 5.25%, 07/15/2030 | 1,649,852 |
1,340,000 | JPMorgan Chase & Co 1.58%, 04/22/2027 | 1,326,999 |
2,585,000 | KeyBank NA 0.43%, 06/14/2024 | 2,573,184 |
30,000 | Kreditanstalt fuer Wiederaufbau 0.25%, 10/19/2023 | 29,832 |
310,000 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp REIT(b) 5.25%, 10/01/2025 | 312,325 |
Logan Group Co Ltd | ||
200,000 | 4.25%, 07/12/2025 | 175,000 |
205,000 | 4.85%, 12/14/2026 | 178,312 |
890,000 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc REIT(b) 3.88%, 02/15/2029 | 942,528 |
Morgan Stanley | ||
1,910,000 | 0.53%, 01/25/2024 | 1,905,981 |
2,755,000 | 0.79%, 01/22/2025 | 2,739,055 |
2,470,000 | 4.35%, 09/08/2026 | 2,744,864 |
360,000 | Nasdaq Inc 0.45%, 12/21/2022 | 359,542 |
1,140,000 | National Securities Clearing Corp(b) 0.40%, 12/07/2023 | 1,133,951 |
1,580,000 | Nationwide Building Society(b) 0.55%, 01/22/2024 | 1,564,779 |
1,280,000 | Natwest Group PLC 1.64%, 06/14/2027 | 1,264,541 |
Navient Corp | ||
95,000 | 7.25%, 09/25/2023 | 103,431 |
1,015,000 | 5.00%, 03/15/2027 | 1,035,026 |
825,000 | 5.63%, 08/01/2033 | 782,669 |
1,840,000 | New York Life Global Funding(b) 0.85%, 01/15/2026 | 1,800,822 |
620,000 | Oaktree Specialty Lending Corp 2.70%, 01/15/2027 | 617,338 |
OneMain Finance Corp | ||
25,000 | 8.88%, 06/01/2025 | 27,031 |
910,000 | 5.38%, 11/15/2029 | 971,425 |
Owl Rock Capital Corp | ||
915,000 | 2.63%, 01/15/2027 | 905,394 |
1,670,000 | 2.88%, 06/11/2028 | 1,647,065 |
1,345,000 | Owl Rock Technology Finance Corp 2.50%, 01/15/2027 | 1,331,407 |
10,000 | Regency Centers LP REIT 2.95%, 09/15/2029 | 10,432 |
Principal Amount(a) | Fair Value | |
Financial — (continued) | ||
$ 110,000 | Retail Opportunity Investments Partnership LP REIT 4.00%, 12/15/2024 | $ 116,734 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc(b) | ||
2,460,000 | 2.88%, 10/15/2026 | 2,443,088 |
220,000 | 3.63%, 03/01/2029 | 218,350 |
4,815,000 | 3.88%, 03/01/2031 | 4,756,262 |
1,640,000 | 4.00%, 10/15/2033 | 1,615,252 |
350,000 | Royal Bank of Canada 0.50%, 10/26/2023 | 348,544 |
Santander Holdings USA Inc | ||
15,000 | 3.50%, 06/07/2024 | 15,838 |
1,255,000 | 3.24%, 10/05/2026 | 1,321,766 |
1,720,000 | SBA Communications Corp REIT(b) 3.13%, 02/01/2029 | 1,651,200 |
Shimao Group Holdings Ltd | ||
1,300,000 | 5.60%, 07/15/2026 | 1,202,465 |
200,000 | 3.45%, 01/11/2031 | 167,900 |
600,000 | Sino-Ocean Land Treasure IV Ltd 4.75%, 01/14/2030 | 551,363 |
5,000 | Sirius International Group Ltd(b) 4.60%, 11/01/2026 | 5,178 |
400,000 | SITE Centers Corp REIT 4.70%, 06/01/2027 | 446,460 |
Societe Generale SA(b) | ||
670,000 | 4.75%, 11/24/2025 | 733,945 |
2,385,000 | 3.65%, 07/08/2035 | 2,454,823 |
15,000 | Spirit Realty LP REIT 3.40%, 01/15/2030 | 15,771 |
Standard Chartered PLC(b) | ||
810,000 | 4.64%, 04/01/2031 | 923,692 |
3,375,000 | 3.27%, 02/18/2036 | 3,335,755 |
295,000 | Sumitomo Mitsui Financial Group Inc 0.51%, 01/12/2024 | 292,540 |
2,590,000 | Svenska Handelsbanken AB(b) 0.55%, 06/11/2024 | 2,566,697 |
Synchrony Financial | ||
20,000 | 2.85%, 07/25/2022 | 20,305 |
205,000 | 4.38%, 03/19/2024 | 219,204 |
1,790,000 | Toronto-Dominion Bank 0.25%, 01/06/2023 | 1,785,907 |
195,000 | Welltower Inc REIT 4.25%, 04/01/2026 | 215,598 |
150,187,601 | ||
Industrial — 2.66% | ||
1,795,000 | Avnet Inc 4.63%, 04/15/2026 | 1,982,409 |
Boeing Co | ||
1,900,000 | 2.20%, 02/04/2026 | 1,903,165 |
5,000 | 2.25%, 06/15/2026 | 5,049 |
4,285,000 | 2.95%, 02/01/2030 | 4,333,815 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Industrial — (continued) | ||
$ 10,000 | 5.15%, 05/01/2030 | $ 11,666 |
235,000 | 3.63%, 02/01/2031(f) | 250,253 |
5,000 | 3.38%, 06/15/2046 | 4,922 |
5,000 | 3.63%, 03/01/2048 | 4,983 |
10,000 | 3.85%, 11/01/2048 | 10,561 |
3,580,000 | 3.75%, 02/01/2050(f) | 3,766,779 |
35,000 | 5.81%, 05/01/2050 | 47,989 |
598,000 | Builders FirstSource Inc(b) 6.75%, 06/01/2027 | 630,143 |
Caterpillar Financial Services Corp | ||
3,750,000 | 0.45%, 09/14/2023 | 3,743,963 |
1,130,000 | 0.45%, 05/17/2024 | 1,120,939 |
Cemex SAB de CV(b) | ||
1,295,000 | 5.13%, Perpetual(g) | 1,337,909 |
905,000 | 5.20%, 09/17/2030 | 979,843 |
2,895,000 | 3.88%, 07/11/2031 | 2,905,711 |
Embraer Netherlands Finance BV | ||
5,000 | 5.05%, 06/15/2025 | 5,194 |
1,260,000 | 5.40%, 02/01/2027 | 1,317,960 |
600,000 | General Electric Co 3.63%, 05/01/2030 | 672,156 |
200,000 | GMR Hyderabad International Airport Ltd(b) 4.25%, 10/27/2027 | 192,100 |
5,000 | Huntington Ingalls Industries Inc 3.84%, 05/01/2025 | 5,377 |
1,380,000 | Indian Railway Finance Corp Ltd(b) 2.80%, 02/10/2031 | 1,328,878 |
Jabil Inc | ||
660,000 | 1.70%, 04/15/2026 | 654,368 |
2,625,000 | 3.00%, 01/15/2031 | 2,686,885 |
100,000 | JELD-WEN Inc(b) 4.63%, 12/15/2025 | 100,875 |
John Deere Capital Corp | ||
3,615,000 | 2.95%, 04/01/2022 | 3,653,839 |
1,255,000 | 0.45%, 06/07/2024 | 1,243,431 |
405,000 | Sensata Technologies BV(b) 4.00%, 04/15/2029 | 411,342 |
790,000 | Sensata Technologies Inc(b) 3.75%, 02/15/2031 | 779,137 |
Spirit AeroSystems Inc | ||
670,000 | 7.50%, 04/15/2025(b) | 707,352 |
675,000 | 4.60%, 06/15/2028(f) | 666,394 |
1,215,000 | SYNNEX Corp(b) 1.75%, 08/09/2026 | 1,189,679 |
540,000 | TopBuild Corp(b) 4.13%, 02/15/2032 | 544,725 |
TransDigm Inc | ||
505,000 | 6.25%, 03/15/2026(b) | 527,094 |
1,015,000 | 4.63%, 01/15/2029 | 1,008,656 |
40,735,541 | ||
Technology — 1.16% | ||
Broadcom Inc | ||
815,000 | 4.30%, 11/15/2032 | 907,479 |
Principal Amount(a) | Fair Value | |
Technology — (continued) | ||
$ 820,000 | 2.60%, 02/15/2033(b) | $ 790,106 |
1,435,000 | 3.19%, 11/15/2036(b) | 1,410,667 |
5,000 | Dell International LLC / EMC Corp(b) 7.13%, 06/15/2024 | 5,081 |
715,000 | International Business Machines Corp 2.85%, 05/13/2022 | 724,861 |
Marvell Technology Inc | ||
545,000 | 2.45%, 04/15/2028 | 547,120 |
465,000 | 2.95%, 04/15/2031 | 474,478 |
Microchip Technology Inc | ||
310,000 | 4.33%, 06/01/2023 | 325,670 |
840,000 | 0.98%, 09/01/2024(b) | 831,357 |
Micron Technology Inc | ||
5,000 | 5.33%, 02/06/2029 | 5,898 |
3,760,000 | 4.66%, 02/15/2030 | 4,291,664 |
325,000 | MSCI INC(b) 3.25%, 08/15/2033 | 326,258 |
2,345,000 | NVIDIA Corp 0.58%, 06/14/2024 | 2,334,220 |
15,000 | NXP BV / NXP Funding LLC / NXP USA Inc(b) 3.15%, 05/01/2027 | 15,839 |
510,000 | Open Text Holdings Inc(b) 4.13%, 02/15/2030 | 518,466 |
950,000 | Qorvo Inc(b) 3.38%, 04/01/2031 | 982,100 |
2,710,000 | salesforce.com Inc 0.63%, 07/15/2024 | 2,704,888 |
140,000 | Skyworks Solutions Inc 1.80%, 06/01/2026 | 140,149 |
335,000 | SS&C Technologies Inc(b) 5.50%, 09/30/2027 | 352,588 |
17,688,889 | ||
Utilities — 0.40% | ||
AES Corp | ||
605,000 | 3.95%, 07/15/2030(b) | 661,567 |
255,000 | 2.45%, 01/15/2031 | 249,599 |
Calpine Corp(b) | ||
455,000 | 5.13%, 03/15/2028 | 452,725 |
740,000 | 3.75%, 03/01/2031 | 710,407 |
285,000 | Edison International 4.95%, 04/15/2025 | 312,632 |
5,000 | IPALCO Enterprises Inc 4.25%, 05/01/2030 | 5,553 |
NRG Energy Inc(b) | ||
395,000 | 4.45%, 06/15/2029 | 432,968 |
490,000 | 5.25%, 06/15/2029 | 521,850 |
670,000 | 3.63%, 02/15/2031 | 652,078 |
Pacific Gas & Electric Co | ||
100,000 | 3.25%, 06/01/2031 | 100,300 |
1,130,000 | 4.30%, 03/15/2045 | 1,143,673 |
210,000 | 4.25%, 03/15/2046 | 213,546 |
685,000 | 3.50%, 08/01/2050 | 651,076 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Utilities — (continued) | ||
$ 10,000 | Vistra Operations Co LLC(b) 3.70%, 01/30/2027 | $ 10,398 |
6,118,372 | ||
TOTAL CORPORATE BONDS AND NOTES — 28.11% (Cost $432,211,956) | $ 430,301,575 | |
CONVERTIBLE BONDS | ||
Communications — 0.69% | ||
DISH Network Corp | ||
550,000 | (3.11%), 12/15/2025(b)(h) | 631,142 |
4,875,000 | 3.38%, 08/15/2026 | 4,966,827 |
650,000 | Expedia Group Inc(b)(f)(h) (1.72%), 02/15/2026 | 701,732 |
1,495,000 | Palo Alto Networks Inc 0.38%, 06/01/2025 | 2,613,410 |
945,000 | Twitter Inc(b)(h) 2.08%, 03/15/2026 | 866,052 |
795,000 | Uber Technologies Inc(b)(h) 0.96%, 12/15/2025 | 764,811 |
10,543,974 | ||
Consumer, Cyclical — 0.26% | ||
415,000 | JetBlue Airways Corp(b)(f) 0.50%, 04/01/2026 | 398,490 |
665,000 | Peloton Interactive Inc(b)(h) 2.89%, 02/15/2026 | 591,594 |
195,000 | Penn National Gaming Inc 2.75%, 05/15/2026 | 614,430 |
1,735,000 | Southwest Airlines Co 1.25%, 05/01/2025 | 2,435,506 |
4,040,020 | ||
Consumer, Non-Cyclical — 0.46% | ||
BioMarin Pharmaceutical Inc | ||
870,000 | 0.60%, 08/01/2024(f) | 895,578 |
3,080,000 | 1.25%, 05/15/2027 | 3,099,178 |
120,000 | Guardant Health Inc(b)(h) (1.52%), 11/15/2027 | 132,155 |
570,000 | Ionis Pharmaceuticals Inc(b)(h) 2.35%, 04/01/2026 | 516,306 |
535,000 | Livongo Health Inc 0.88%, 06/01/2025 | 777,395 |
1,620,000 | Teladoc Health Inc 1.25%, 06/01/2027 | 1,657,422 |
7,078,034 | ||
Technology — 0.05% | ||
675,000 | Splunk Inc 1.13%, 06/15/2027 | 704,953 |
TOTAL CONVERTIBLE BONDS — 1.46% (Cost $21,786,792) | $ 22,366,981 |
Principal Amount(a) | Fair Value | |
FOREIGN GOVERNMENT BONDS AND NOTES | ||
$ 3,475,000 | European Investment Bank 0.25%, 09/15/2023 | $ 3,458,301 |
Export-Import Bank of Korea | ||
30,700,000 | INR, 6.75%, 08/09/2022 | 413,846 |
252,800,000 | INR, 4.89%, 08/09/2023(b) | 3,342,151 |
3,455,000 | Inter-American Development Bank 0.50%, 05/24/2023 | 3,457,514 |
87,580,000 | International Finance Corp INR, 5.85%, 11/25/2022 | 1,175,784 |
664,969(i) | Mexican Bonos MXN, 6.75%, 03/09/2023 | 3,239,091 |
65,000 | Province of Quebec Canada(f) 0.60%, 07/23/2025 | 63,851 |
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.99% (Cost $15,383,215) | $ 15,150,538 | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 1.81% | ||
995,199 | 510 Asset Backed Trust(b)(e) Series 2021-NPL1 Class A1 2.24%, 06/25/2061 | 993,196 |
775,000 | BANK Series 2021-BN35 Class AS 2.46%, 06/15/2064 | 776,937 |
1,645,000 | BBSG Mortgage Trust(b) Series 2016-MRP Class A 3.28%, 06/05/2036 | 1,680,208 |
169,274 | BB-UBS Trust(b) Series 2012-TFT Class A 2.89%, 06/05/2030 | 169,415 |
21,340 | BX Commercial Mortgage Trust(b)(c) Series 2020-BXLP Class C 1.21%, 12/15/2036 1-mo. LIBOR + 1.12% | 21,293 |
945,115 | CIM Trust(b)(e) Series 2021-NR2 Class A1 2.57%, 07/25/2059 | 942,312 |
20,000 | Citigroup Commercial Mortgage Trust(b) Series 2019-PRM Class A 3.34%, 05/10/2036 | 20,961 |
1,040,000 | Colony American Finance Ltd Issuer LLC(b)(e) Series 2021-RTL1 Class A1 2.24%, 03/26/2029 | 1,035,702 |
405,000 | COMM Mortgage Trust(b) Series 2012-CR3 Class AM 3.42%, 10/15/2045 | 405,655 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 105,000 | Commercial Mortgage Pass Through Certificates(b) Series 2012-LTRT Class A2 3.40%, 10/05/2030 | $ 104,414 |
40,000 | Credit Suisse Commercial Mortgage Securities Corp(b)(c) Series 2019-SKLZ Class D 3.69%, 01/15/2034 1-mo. LIBOR + 3.60% | 39,538 |
Credit Suisse Mortgage Trust(b) | ||
Series 2014-USA Class B | ||
200,000 | 4.18%, 09/15/2037 | 200,101 |
Series 2014-USA Class C | ||
100,000 | 4.34%, 09/15/2037 | 97,126 |
Series 2014-USA Class D | ||
200,000 | 4.37%, 09/15/2037 | 187,874 |
Series 2021-RPL1 Class A1 | ||
410,757 | 1.67%, 09/27/2060(d) | 409,849 |
Series 2021-RPL4 Class A1 | ||
1,133,487 | 1.80%, 12/27/2060(d) | 1,138,878 |
Extended Stay America Trust(b)(c) | ||
Series 2021-ESH Class C | ||
407,878 | 1.79%, 07/15/2038 1-mo. LIBOR + 1.70% | 408,261 |
Series 2021-ESH Class D | ||
203,939 | 2.34%, 07/15/2038 1-mo. LIBOR + 2.25% | 204,450 |
570,191 | GCAT Trust(b)(d) Series 2019-RPL1 Class A1 2.65%, 10/25/2068 | 581,476 |
Goldman Sachs Mortgage Securities Trust | ||
Series 2013-PEMB Class A | ||
300,000 | 3.55%, 03/05/2033(b)(d) | 308,900 |
Series 2013-PEMB Class B | ||
250,000 | 3.55%, 03/05/2033(b)(d) | 248,211 |
Series 2014-GC18 Class AS | ||
370,000 | 4.38%, 01/10/2047 | 384,532 |
Series 2014-GC18 Class B | ||
990,000 | 4.89%, 01/10/2047(d) | 981,357 |
Series 2020-GC47 Class A4 | ||
1,500,000 | 2.12%, 05/12/2053 | 1,499,871 |
JPMorgan Chase Commercial Mortgage Securities Trust(b)(d) | ||
Series 2012-C8 Class C | ||
120,000 | 4.62%, 10/15/2045 | 121,141 |
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
Series 2012-LC9 Class C | ||
$ 725,000 | 4.36%, 12/15/2047 | $ 734,228 |
Legacy Mortgage Asset Trust(b) | ||
Series 2020-GS5 Class A1 | ||
122,363 | 3.25%, 06/25/2060 | 124,130 |
Series 2020-RPL1 Class A2 | ||
875,000 | 3.25%, 09/25/2059(d) | 922,963 |
Series 2021-GS2 Class A1 | ||
528,109 | 1.75%, 04/25/2061(e) | 525,697 |
Series 2021-GS4 Class A1 | ||
230,854 | 1.65%, 11/25/2060(e) | 229,134 |
600,000 | Med Trust(b)(c) Series 2021-MDLN Class C 1.90%, 11/15/2026 1-mo. LIBOR + 1.80% | 600,000 |
Mill City Mortgage Loan Trust(b)(d) | ||
Series 2019-1 Class M1 | ||
479,117 | 3.50%, 10/25/2069 | 504,087 |
Series 2019-GS1 Class M2 | ||
125,000 | 3.25%, 07/25/2059 | 130,752 |
Series 2021-NMR1 Class M2 | ||
750,000 | 2.50%, 11/25/2060 | 754,401 |
Morgan Stanley BAML Trust | ||
Series 2012-CKSV Class A2 | ||
100,000 | 3.28%, 10/15/2030(b) | 99,465 |
Series 2013-C12 Class C | ||
65,000 | 4.76%, 10/15/2046(d) | 64,912 |
Series 2016-C30 Class C | ||
785,000 | 4.11%, 09/15/2049(d) | 783,478 |
Preston Ridge Partners Mortgage LLC(b) | ||
Series 2020-5 Class A1 | ||
191,640 | 3.10%, 11/25/2025(e) | 191,729 |
Series 2021-1 Class A1 | ||
707,164 | 2.12%, 01/25/2026(d) | 705,706 |
Series 2021-2 Class A1 | ||
319,117 | 2.12%, 03/25/2026(d) | 318,428 |
Series 2021-3 Class A1 | ||
894,512 | 1.87%, 04/25/2026(e) | 895,408 |
Series 2021-4 Class A1 | ||
181,439 | 1.87%, 04/25/2026(e) | 180,256 |
Series 2021-5 Class A1 | ||
787,293 | 1.79%, 06/25/2026(e) | 783,322 |
Series 2021-8 Class A1 | ||
818,463 | 1.74%, 09/25/2026(d) | 812,066 |
Series 2021-9 Class A1 | ||
1,015,000 | 2.36%, 10/25/2026(d) | 1,015,000 |
840,000 | RBS Commercial Funding Inc Trust(b)(d) Series 2013-GSP Class A 3.83%, 01/15/2032 | 876,960 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
Non-Agency — (continued) | ||
$ 760,000 | Toorak Mortgage Corp Ltd(b)(e) Series 2021-1 Class A1 2.24%, 06/25/2024 | $ 758,016 |
100,000 | UBS Commercial Mortgage Trust(d) Series 2018-C14 Class C 5.27%, 12/15/2051 | 104,617 |
110,000 | UBS-Barclays Commercial Mortgage Trust(b)(d) Series 2012-C2 Class BEC 4.81%, 05/10/2063 | 103,981 |
Wells Fargo Commercial Mortgage Trust(d) | ||
Series 2013-LC12 Class B | ||
210,000 | 4.31%, 07/15/2046 | 209,395 |
Series 2016-C36 Class B | ||
160,000 | 3.67%, 11/15/2059 | 157,526 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C6 Class AS | ||
185,000 | 3.84%, 04/15/2045 | 185,825 |
Series 2012-C7 Class AS | ||
360,000 | 4.09%, 06/15/2045(d) | 361,473 |
Series 2012-C7 Class C | ||
240,000 | 4.80%, 06/15/2045(d) | 183,024 |
Series 2013-C15 Class B | ||
770,000 | 4.50%, 08/15/2046(d) | 765,067 |
Series 2014-C20 Class B | ||
245,000 | 4.38%, 05/15/2047 | 251,126 |
Series 2014-C24 Class B | ||
60,000 | 4.20%, 11/15/2047(d) | 60,179 |
Series 2014-C24 Class C | ||
340,000 | 4.29%, 11/15/2047(d) | 314,982 |
27,668,991 | ||
U.S. Government Agency — 21.19% | ||
Federal Home Loan Mortgage Corp | ||
9,016 | 2.50%, 01/01/2029 | 9,388 |
88,051 | 3.00%, 11/01/2034 | 92,672 |
23,705 | 2.50%, 06/01/2035 | 24,668 |
197,618 | 2.00%, 09/01/2035 | 202,946 |
150,999 | 2.00%, 10/01/2035 | 155,071 |
371,944 | 2.00%, 12/01/2035 | 381,973 |
53,195 | 3.00%, 09/01/2036 | 56,236 |
57,004 | 3.00%, 12/01/2046 | 60,059 |
42,851 | 4.00%, 05/01/2047 | 46,300 |
33,864 | 4.50%, 10/01/2047 | 36,877 |
42,981 | 4.00%, 02/01/2048 | 46,349 |
5,171 | 4.50%, 06/01/2048 | 5,602 |
9,622 | 4.00%, 10/01/2048 | 10,306 |
13,744 | 3.50%, 09/01/2049 | 14,502 |
713,791 | 3.50%, 10/01/2049 | 752,935 |
16,232 | 3.00%, 11/01/2049 | 16,974 |
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 809,142 | 2.00%, 05/01/2051 | $ 809,601 |
Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates | ||
Series K027 Class A2 | ||
40,000 | 2.64%, 01/25/2023 | 40,872 |
Series K045 Class A2 | ||
2,810,000 | 3.02%, 11/25/2025 | 2,975,771 |
Series K050 Class A2 | ||
2,300,000 | 3.33%, 08/25/2025(d) | 2,473,649 |
Series K058 Class A2 | ||
2,000,000 | 2.65%, 08/25/2026 | 2,121,547 |
Series K059 Class A2 | ||
650,000 | 3.12%, 09/25/2026(d) | 702,964 |
Series K061 Class AM | ||
2,068,605 | 3.44%, 11/25/2026(d) | 2,269,578 |
Series K062 Class AM | ||
2,500,000 | 3.51%, 12/25/2026 | 2,749,762 |
Series K063 Class A2 | ||
882,076 | 3.43%, 01/25/2027(d) | 969,609 |
Series K064 Class A1 | ||
1,729,957 | 2.89%, 10/25/2026 | 1,797,194 |
Series K064 Class A2 | ||
505,000 | 3.22%, 03/25/2027 | 550,421 |
Series K066 Class AM | ||
2,507,000 | 3.20%, 06/25/2027 | 2,735,296 |
Series K067 Class A2 | ||
75,000 | 3.19%, 07/25/2027 | 82,002 |
Series K069 Class A2 | ||
2,305,000 | 3.19%, 09/25/2027(d) | 2,529,236 |
Series K069 Class AM | ||
2,500,000 | 3.25%, 09/25/2027(d) | 2,740,422 |
Series K070 Class A2 | ||
2,750,000 | 3.30%, 11/25/2027(d) | 3,032,806 |
Series K071 Class A2 | ||
2,630,000 | 3.29%, 11/25/2027 | 2,900,152 |
Series K073 Class A2 | ||
2,300,000 | 3.35%, 01/25/2028 | 2,547,905 |
Series K073 Class AM | ||
100,000 | 3.45%, 01/25/2028(d) | 110,833 |
Series K074 Class A2 | ||
2,750,000 | 3.60%, 01/25/2028 | 3,087,297 |
Series K075 Class A2 | ||
2,344,000 | 3.65%, 02/25/2028(d) | 2,637,961 |
Series K076 Class A2 | ||
2,000,000 | 3.90%, 04/25/2028 | 2,285,151 |
Series K077 Class A2 | ||
2,500,000 | 3.85%, 05/25/2028(d) | 2,850,866 |
Series K078 Class A2 | ||
2,250,000 | 3.85%, 06/25/2028 | 2,569,021 |
Series K078 Class AM | ||
2,500,000 | 3.92%, 06/25/2028 | 2,863,186 |
Series K084 Class A2 | ||
2,250,000 | 3.78%, 10/25/2028(d) | 2,553,458 |
Series K095 Class A1 | ||
28,933 | 2.63%, 11/25/2028 | 30,604 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
Series K730 Class A1 | ||
$ 16,997 | 3.45%, 09/25/2024 | $ 17,426 |
Series K737 Class A2 | ||
2,250,000 | 2.53%, 10/25/2026 | 2,370,255 |
Series K740 Class A2 | ||
750,000 | 1.47%, 09/25/2027 | 752,198 |
19,905 | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit Series 4902 Class BA 3.00%, 01/25/2049 | 20,852 |
Federal National Mortgage Association | ||
9,832 | 2.50%, 06/01/2030 | 10,293 |
350,958 | 3.00%, 10/01/2033 | 369,285 |
27,025 | 3.00%, 06/01/2034 | 28,786 |
29,621 | 3.00%, 07/01/2034 | 31,645 |
10,956 | 3.00%, 10/01/2034 | 11,541 |
23,688 | 3.00%, 11/01/2034 | 24,945 |
39,818 | 2.00%, 09/01/2035 | 40,892 |
371,758 | 2.00%, 10/01/2035 | 381,782 |
363,254 | 2.00%, 11/01/2035 | 373,048 |
370,513 | 2.00%, 12/01/2035 | 380,503 |
382,887 | 2.00%, 01/01/2036 | 394,006 |
13,010,786 | 2.00%, 10/01/2036 | 13,361,579 |
36,718 | 4.00%, 09/01/2047 | 39,629 |
18,896 | 3.50%, 01/01/2048 | 20,050 |
11,339 | 3.50%, 03/01/2048 | 12,043 |
7,607 | 4.00%, 06/01/2048 | 8,149 |
8,675 | 3.00%, 12/01/2049 | 9,067 |
53,005 | 3.00%, 01/01/2050 | 55,450 |
35,792 | 2.50%, 05/01/2050 | 36,786 |
343,142 | 2.50%, 06/01/2050 | 352,668 |
184,252 | 2.50%, 07/01/2050 | 189,368 |
23,483 | 2.50%, 08/01/2050 | 24,136 |
814,691 | 2.00%, 05/01/2051 | 815,403 |
11,315,074 | 2.00%, 10/01/2051 | 11,321,496 |
22,494,192 | 2.50%, 10/01/2051 | 23,118,667 |
Federal National Mortgage Association Alternative Credit Enhancement Security | ||
Series 2016-M5 Class A2 | ||
2,500,000 | 2.47%, 04/25/2026 | 2,600,312 |
Series 2017-M1 Class A2 | ||
2,140,748 | 2.41%, 10/25/2026(d) | 2,241,628 |
Series 2018-M2 Class A2 | ||
2,255,000 | 2.90%, 01/25/2028(d) | 2,426,819 |
Government National Mortgage Association | ||
29,649 | 3.50%, 04/20/2047 | 31,038 |
19,275 | 4.00%, 04/20/2047 | 20,642 |
29,258 | 3.00%, 02/20/2048 | 30,497 |
39,675 | 3.50%, 02/20/2048 | 41,791 |
Uniform Mortgage-Backed Security(j) | ||
69,645,000 | 2.00%, TBA | 70,296,327 |
63,850,000 | 2.50%, TBA | 65,666,967 |
Principal Amount(a) | Fair Value | |
U.S. Government Agency — (continued) | ||
$ 68,700,000 | 3.00%, TBA | $ 71,588,245 |
324,446,236 | ||
TOTAL MORTGAGE-BACKED SECURITIES — 23.00% (Cost $353,171,089) | $ 352,115,227 | |
U.S. TREASURY BONDS AND NOTES | ||
United States Treasury Note/Bond | ||
4,000,000 | 1.50%, 08/15/2022 | 4,043,594 |
5,220,000 | 0.13%, 09/30/2022 | 5,219,184 |
17,390,000 | 0.13%, 10/31/2022 | 17,384,566 |
27,830,000 | 0.13%, 11/30/2022 | 27,815,868 |
9,305,000 | 1.63%, 12/15/2022 | 9,451,845 |
13,925,000 | 0.13%, 12/31/2022 | 13,907,050 |
13,380,000 | 0.13%, 01/31/2023 | 13,356,480 |
12,745,000 | 0.13%, 02/28/2023 | 12,716,125 |
7,070,000 | 0.13%, 03/31/2023 | 7,049,839 |
12,650,000 | 0.13%, 04/30/2023 | 12,604,539 |
13,040,000 | 2.75%, 04/30/2023 | 13,506,078 |
5,095,000 | 1.75%, 05/15/2023 | 5,202,871 |
11,880,000 | 0.13%, 07/31/2023 | 11,817,816 |
9,800,000 | 2.75%, 07/31/2023 | 10,196,211 |
40,205,000 | 0.25%, 09/30/2023(f) | 40,041,667 |
7,870,000 | 2.75%, 11/15/2023 | 8,225,687 |
16,000,000 | 0.13%, 12/15/2023 | 15,856,250 |
8,000,000 | 2.50%, 01/31/2024 | 8,341,562 |
17,350,000 | 2.75%, 02/15/2024 | 18,201,912 |
20,000,000 | 0.38%, 08/15/2024(f) | 19,812,500 |
20,100,000 | 0.38%, 09/15/2024(f) | 19,895,859 |
15,650,000 | 2.75%, 02/28/2025 | 16,619,566 |
3,620,000 | 2.75%, 06/30/2025 | 3,853,462 |
14,550,000 | 2.88%, 07/31/2025 | 15,568,500 |
33,000,000 | 0.75%, 08/31/2026 | 32,337,422 |
4,100,000 | 2.38%, 05/15/2027 | 4,339,594 |
14,250,000 | 0.38%, 09/30/2027 | 13,468,477 |
8,000,000 | 1.25%, 09/30/2028 | 7,888,750 |
10,875,000 | 2.38%, 05/15/2029 | 11,570,405 |
565,000 | 1.50%, 02/15/2030(f) | 565,574 |
9,000,000 | 0.88%, 11/15/2030(f) | 8,503,242 |
7,000,000 | 1.63%, 05/15/2031 | 7,049,219 |
9,500,000 | 1.25%, 08/15/2031(f) | 9,231,328 |
18,150,000 | 1.13%, 08/15/2040 | 15,679,898 |
10,000,000 | 1.75%, 08/15/2041 | 9,626,562 |
5,000,000 | 2.50%, 02/15/2045 | 5,475,391 |
3,525,000 | 2.00%, 02/15/2050 | 3,565,207 |
5,500,000 | 1.25%, 05/15/2050 | 4,649,648 |
3,750,000 | 1.63%, 11/15/2050 | 3,478,125 |
9,800,000 | 2.00%, 08/15/2051 | 9,939,344 |
TOTAL U.S. TREASURY BONDS AND NOTES — 31.23% (Cost $482,261,996) | $ 478,057,217 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 0.01% | ||
2,117 | Newmont Corp | $ 114,318 |
Communications — 0.37% | ||
2,541 | Cisco Systems Inc | 142,220 |
2,141 | Comcast Corp Class A | 110,111 |
46,559 | T-Mobile US Inc(k) | 5,355,682 |
5,608,013 | ||
Consumer, Cyclical — 0.02% | ||
285 | Cummins Inc | 68,354 |
226 | Home Depot Inc | 84,013 |
1,087 | Starbucks Corp | 115,298 |
887 | Walmart Inc | 132,536 |
400,201 | ||
Consumer, Non-Cyclical — 0.07% | ||
954 | Abbott Laboratories | 122,961 |
373 | Anthem Inc | 162,303 |
324 | Automatic Data Processing Inc | 72,735 |
2,332 | Coca-Cola Co | 131,455 |
728 | Johnson & Johnson | 118,577 |
1,605 | Merck & Co Inc | 141,320 |
937 | Procter & Gamble Co | 133,982 |
347 | UnitedHealth Group Inc | 159,783 |
1,043,116 | ||
Energy — 0.02% | ||
1,129 | Chevron Corp | 129,259 |
4,928 | Williams Cos Inc | 138,428 |
267,687 | ||
Financial — 0.03% | ||
548 | American Tower Corp REIT | 154,520 |
162 | BlackRock Inc | 152,840 |
1,467 | Morgan Stanley | 150,778 |
458,138 | ||
Industrial — 0.03% | ||
332 | Deere & Co | 113,647 |
347 | Lockheed Martin Corp | 115,315 |
554 | Union Pacific Corp | 133,736 |
719 | United Parcel Service Inc Class B | 153,485 |
516,183 | ||
Technology — 0.03% | ||
451 | Accenture PLC Class A | 161,814 |
915 | Apple Inc | 137,067 |
515 | Clarivate PLC(k) | 12,077 |
492 | Microsoft Corp | 163,157 |
Shares | Fair Value | |
Technology — (continued) | ||
357 | Texas Instruments Inc | $ 66,930 |
541,045 | ||
Utilities — 0.02% | ||
1,327 | Duke Energy Corp | 135,368 |
1,528 | NextEra Energy Inc | 130,384 |
265,752 | ||
TOTAL COMMON STOCK — 0.60% (Cost $9,339,673) | $ 9,214,453 | |
CONVERTIBLE PREFERRED STOCK | ||
Communications — 0.12% | ||
1,787 | 2020 Cash Mandatory Exchangeable Trust 5.25%(b) | 1,870,108 |
Consumer, Non-Cyclical — 0.17% | ||
20,242 | Bunge Ltd 4.88% | 2,575,924 |
Energy — 0.00%(l) | ||
396 | El Paso Energy Capital Trust I 4.75% | 19,985 |
Financial — 0.30% | ||
1,596 | Bank of America Corp 7.25% | 2,290,292 |
1,539 | Wells Fargo & Co 7.50% | 2,338,073 |
4,628,365 | ||
Technology — 0.07% | ||
11,140 | Clarivate PLC 5.25% | 1,019,199 |
TOTAL CONVERTIBLE PREFERRED STOCK — 0.66% (Cost $10,021,783) | $ 10,113,581 | |
GOVERNMENT MONEY MARKET MUTUAL FUNDS | ||
7,930,000 | BlackRock FedFund Institutional Class(m), 0.03%(n) | 7,930,000 |
9,370,000 | Federated Hermes Government Obligations Fund Premier Shares(m), 0.03%(n) | 9,370,000 |
7,470,000 | Fidelity® Investments Money Market Government Portfolio Institutional Class(m), 0.01%(n) | 7,470,000 |
9,035,000 | Goldman Sachs Financial Square Government Fund Institutional Class(m), 0.03%(n) | 9,035,000 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 2021 (Unaudited)
Shares | Fair Value | |
Government Money Market Mutual Funds — (continued) | ||
9,260,000 | Invesco Government & Agency Portfolio Institutional Class(m), 0.03%(n) | $ 9,260,000 |
7,470,000 | JPMorgan U.S. Government Money Market Fund Capital Shares(m), 0.03%(n) | 7,470,000 |
8,310,000 | Morgan Stanley Institutional Liquidity Government Portfolio Institutional Class(m), 0.03%(n) | 8,310,000 |
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.84% (Cost $58,845,000) | $ 58,845,000 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
U.S. Government Agency Bonds and Notes — 1.55% | ||
$ 23,700,000 | Federal Farm Credit Bank Funding Corp(h) 0.00%, 11/01/2021 | 23,700,000 |
U.S. Treasury Bonds and Notes — 13.58% | ||
U.S. Treasury Bills(h) | ||
164,000,000 | 0.01%, 11/09/2021 | 163,999,678 |
44,000,000 | 0.04%, 11/16/2021 | 43,999,262 |
207,998,940 | ||
Repurchase Agreements — 3.11% | ||
22,341,314 | Repurchase agreement (principal amount/value $22,342,168 with a maturity value of $22,342,261) with Bank of America Securities Inc, 0.05%, dated 10/31/21 to be repurchased at $22,341,314 on 11/1/21 collateralized by U.S Government Agency securities, 1.50% - 5.00%, 9/1/28 - 1/1/59, with a value of $22,789,011.(m) | 22,341,314 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$ 25,286,872 | Repurchase agreement (principal amount/value $25,287,839 with a maturity value of $25,287,944) with RBC Capital Markets Corp, 0.05%, dated 10/31/21 to be repurchased at $25,286,872 on 11/1/21 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.00%, 10/31/21 - 7/20/51, with a value of $25,793,596.(m) | $ 25,286,872 |
47,628,186 | ||
TOTAL SHORT TERM INVESTMENTS — 18.24% (Cost $279,327,126) | $ 279,327,126 | |
TOTAL INVESTMENTS — 117.81% (Cost $1,811,221,158) | $1,803,679,772 | |
OTHER ASSETS & LIABILITIES, NET — (17.81)% | $ (272,706,592) | |
TOTAL NET ASSETS — 100.00% | $1,530,973,180 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE BOND FUND
Schedule of Investments
As of October 29, 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) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at October 29, 2021. |
(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) | 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 October 29, 2021. Maturity date disclosed represents final maturity date. |
(f) | All or a portion of the security is on loan at October 29, 2021. |
(g) | Security has no contractual maturity date and pays an indefinite stream of interest. |
(h) | Zero coupon bond; the interest rate shown is the effective yield on date of purchase. |
(i) | Principal amount is stated in 100 Mexican Peso Units. |
(j) | Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae. |
(k) | Non-income producing security. |
(l) | Represents less than 0.005% of net assets. |
(m) | Collateral received for securities on loan. |
(n) | Rate shown is the 7-day yield as of October 29, 2021. |
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 |
TBA | To Be Announced |
Currency Abbreviations: | ||
INR | Indian Rupee | |
MXN | Mexican Peso |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
Statement of Assets and Liabilities
As of October 29, 2021 (Unaudited)
Great-West Core Strategies: Flexible Bond Fund | |
ASSETS: | |
Investments in securities, fair value (including $104,247,123 of securities on loan)(a) | $1,756,051,586 |
Repurchase agreements, fair value(b) | 47,628,186 |
Cash | 45,755,917 |
Dividends and interest receivable | 5,749,075 |
Subscriptions receivable | 3,158,441 |
Receivable for investments sold | 65,443 |
Total Assets | 1,858,408,648 |
LIABILITIES: | |
Payable for TBA investments purchased | 208,105,293 |
Payable for director fees | 6,379 |
Payable for investments purchased | 10,906,407 |
Payable for other accrued fees | 51,276 |
Payable for shareholder services fees | 408,704 |
Payable to investment adviser | 443,684 |
Payable upon return of securities loaned | 106,473,186 |
Redemptions payable | 1,040,539 |
Total Liabilities | 327,435,468 |
NET ASSETS | $1,530,973,180 |
NET ASSETS REPRESENTED BY: | |
Capital stock, $0.10 par value | $15,470,697 |
Paid-in capital in excess of par | 1,523,783,647 |
Undistributed/accumulated deficit | (8,281,164) |
NET ASSETS | $1,530,973,180 |
NET ASSETS BY CLASS | |
Investor Class | $1,522,445,235 |
Institutional Class | $8,527,945 |
CAPITAL STOCK: | |
Authorized | |
Investor Class | 580,000,000 |
Institutional Class | 15,000,000 |
Issued and Outstanding | |
Investor Class | 153,945,701 |
Institutional Class | 761,271 |
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE: | |
Investor Class | $9.89 |
Institutional Class | $11.20 |
(a) Cost of investments | $1,763,592,972 |
(b) Cost of repurchase agreements | $47,628,186 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
Statement of Operations
For the period ended October 29, 2021 (Unaudited)
Great-West Core Strategies: Flexible Bond Fund | |
INVESTMENT INCOME: | |
Interest | $7,094,972 |
Income from securities lending | 8,289 |
Dividends | 167,217 |
Total Income | 7,270,478 |
EXPENSES: | |
Management fees | 2,210,598 |
Shareholder services fees – Investor Class | 2,025,203 |
Audit and tax fees | 18,988 |
Custodian fees | 12,321 |
Director's fees | 10,406 |
Legal fees | 4,460 |
Pricing fees | 22,298 |
Registration fees | 156,063 |
Shareholder report fees | 11,577 |
Transfer agent fees | 3,640 |
Other fees | 992 |
Total Expenses | 4,476,546 |
Less amount waived by investment adviser | 19,230 |
Net Expenses | 4,457,316 |
NET INVESTMENT INCOME | 2,813,162 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized loss on investments | (583,459) |
Net Realized Loss | (583,459) |
Net change in unrealized depreciation on investments and foreign currency translations | (1,450,481) |
Net Change in Unrealized Depreciation | (1,450,481) |
Net Realized and Unrealized Loss | (2,033,940) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $779,222 |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended October 29, 2021 and fiscal year ended April 30, 2021
Great-West Core Strategies: Flexible Bond Fund | 2021 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $2,813,162 | $1,664,647 | |
Net realized loss | (583,459) | (3,840,019) | |
Net change in unrealized depreciation | (1,450,481) | (6,617,333) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 779,222 | (8,792,705) | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class(a) | - | (1,087,147) | |
Institutional Class | - | (1,851) | |
From Net Investment Income and Net Realized Gains | 0 | (1,088,998) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class(a) | 654,507,110 | 1,018,991,876 | |
Class L(b) | - | 551,676 | |
Institutional Class | 4,850,739 | 3,292,341 | |
Shares issued in reinvestment of distributions | |||
Investor Class(a) | - | 1,087,147 | |
Institutional Class | - | 1,851 | |
Shares redeemed | |||
Investor Class(a) | (84,638,359) | (58,149,158) | |
Class L(b) | - | (1,190,455) | |
Institutional Class | (630,162) | (9,673,847) | |
Net Increase in Net Assets Resulting from Capital Share Transactions | 574,089,328 | 954,911,431 | |
Total Increase in Net Assets | 574,868,550 | 945,029,728 | |
NET ASSETS: | |||
Beginning of Period | 956,104,630 | 11,074,902 | |
End of Period | $1,530,973,180 | $956,104,630 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class(a) | 65,855,053 | 102,376,061 | |
Class L(b) | - | 51,107 | |
Institutional Class | 431,390 | 294,044 | |
Shares issued in reinvestment of distributions | |||
Investor Class(a) | - | 108,550 | |
Institutional Class | - | 164 | |
Shares redeemed | |||
Investor Class(a) | (8,525,934) | (5,868,029) | |
Class L(b) | - | (109,341) | |
Institutional Class | (55,889) | (871,674) | |
Net Increase | 57,704,620 | 95,980,882 |
(a) | Investor Class inception date was September 3, 2020. |
(b) | Class L ceased operations on October 2, 2020. |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE 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) | |
Investor Class | |||||||||
10/29/2021(Unaudited) | $ 9.85 | 0.02 | 0.02 | 0.04 | — | — | — | $ 9.89 | 0.41% (c) |
4/30/2021 (d) | $10.00 | 0.03 | (0.17) | (0.14) | (0.01) | — | (0.01) | $ 9.85 | (1.35%) (c) |
Institutional Class | |||||||||
10/29/2021(Unaudited) | $11.14 | 0.04 | 0.02 | 0.06 | — | — | — | $11.20 | 0.54% (c) |
4/30/2021 | $10.86 | 0.17 | 0.11 | 0.28 | (0.00) (e) | — | (0.00) (e) | $11.14 | 2.60% |
4/30/2020 | $10.13 | 0.28 | 0.65 | 0.93 | (0.20) | — | (0.20) | $10.86 | 9.32% |
4/30/2019 (f) | $10.00 | 0.27 | 0.12 | 0.39 | (0.26) | (0.00) (e) | (0.26) | $10.13 | 3.93% (c) |
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(g)(h) | ||
Investor Class | ||||||
10/29/2021(Unaudited) | $1,522,445 | 0.77% (i) | 0.77% (i) | 0.48% (i) | 128% (c) | |
04/30/2021 (d) | $ 951,807 | 0.79% (i) | 0.79% (i) | 0.42% (i) | 180% | |
Institutional Class | ||||||
10/29/2021(Unaudited) | $ 8,528 | 1.08% (i) | 0.45% (i) | 0.80% (i) | 128% (c) | |
04/30/2021 | $ 4,298 | 1.13% | 0.45% | 1.50% | 180% | |
04/30/2020 | $ 10,459 | 1.37% | 0.45% | 2.64% | 60% | |
04/30/2019 (f) | $ 8,949 | 1.67% (i) | 0.45% (i) | 3.21% (i) | 17% (c) |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | 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. |
(c) | Not annualized for periods less than one full year. |
(d) | Investor Class inception date was September 3, 2020. |
(e) | Amount was less than $0.01 per share. |
(f) | Institutional Class inception date was June 25, 2018. |
(g) | Portfolio turnover is calculated at the Fund level. |
(h) | Portfolio turnover includes purchases and sales from mortgage dollar roll transactions which occurred during the period, if any. Excluding these transactions, the portfolio turnover would have been 20% for the period ended October 29, 2021 and 51% for the year ended April 30, 2021. |
(i) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - October 29, 2021
GREAT-WEST FUNDS, INC.
GREAT-WEST CORE STRATEGIES: FLEXIBLE 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 forty-six funds. Interests in the Great-West Core Strategies: Flexible Bond Fund (the Fund) are included herein. The investment objective of the Fund is to seek to provide total return, consistent with two components: (1) changes in the market value of its portfolio holdings (both realized and unrealized appreciation); and (2) income received from its portfolio holdings. The Fund is diversified as defined in the 1940 Act. The Fund shares are available through certain broker-dealers, custodians or trustees of individual retirement accounts, or other financial intermediaries who have entered into agreements with the Fund’s distributor to make the shares available.
The Fund offers two share classes, referred to as Investor Class and Institutional Class shares. 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 affected the worldwide economy, the financial health of individual companies and the market in general. 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.
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.
Semi-Annual Report - October 29, 2021
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 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 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. |
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 research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis. |
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. |
Government Money Market Mutual Funds | Net asset value of underlying mutual fund. |
Short Term Investments | Maturity date, credit quality and interest rates. |
Semi-Annual Report - October 29, 2021
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 October 29, 2021, the inputs used to value the Fund’s investments are detailed in the following table. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Asset-Backed Securities | $ — | $ 148,188,074 | $ — | $ 148,188,074 | |||
Corporate Bonds and Notes | — | 430,301,575 | — | 430,301,575 | |||
Convertible Bonds | — | 22,366,981 | — | 22,366,981 | |||
Foreign Government Bonds and Notes | — | 15,150,538 | — | 15,150,538 | |||
Mortgage-Backed Securities | — | 352,115,227 | — | 352,115,227 | |||
U.S. Treasury Bonds and Notes | — | 478,057,217 | — | 478,057,217 | |||
Common Stock | 9,214,453 | — | — | 9,214,453 | |||
Convertible Preferred Stock | 2,290,292 | 7,823,289 | — | 10,113,581 | |||
Government Money Market Mutual Funds | 58,845,000 | — | — | 58,845,000 | |||
Short Term Investments | — | 279,327,126 | — | 279,327,126 | |||
Total Assets | $ 70,349,745 | $ 1,733,330,027 | $ 0 | $ 1,803,679,772 |
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.
To Be Announced Transactions
The Fund may invest in securities known as To Be Announced (TBA) securities. TBA’s are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date. The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date. TBA’s are included in Investments in securities, fair value on the Statement of Assets and Liabilities.
Semi-Annual Report - October 29, 2021
Dollar Rolls
The Fund may enter into dollar roll transactions, pursuant to which it sells a mortgage-backed TBA and simultaneously agrees to purchase a similar, but not identical, TBA with the same issuer, rate, and terms on a later date at a set price from the same counterparty. The Fund may execute a “roll” to obtain better underlying mortgage securities or to enhance returns. The Fund generally enters into dollar roll transactions with the intention of taking possession of the underlying mortgage securities but may close a contract prior to settlement or “roll” settlement to a later date if deemed to be in the best interest of the Fund. Actual mortgages received by the Fund may be less favorable than those anticipated. The Fund accounts for dollar roll transactions as purchases and sales, which has the effect of increasing its portfolio turnover rate.
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.
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 twice 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 and market discount adjustments.
Semi-Annual Report - October 29, 2021
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of October 29, 2021 were as follows:
Federal tax cost of investments | $1,812,224,453 |
Gross unrealized appreciation on investments | 6,896,848 |
Gross unrealized depreciation on investments | (15,441,529) |
Net unrealized depreciation on investments | $(8,544,681) |
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 has entered into an investment advisory agreement with Great-West Capital Management, LLC (GWCM or 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 0.38% of the Fund’s average daily net assets. Certain administration and accounting services fees for the Fund are included in the investment advisory agreement.
The Adviser has contractually agreed to waive fees or reimburse expenses that exceed an annual rate of 0.45% 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 August 28, 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 October 29, 2021, the amounts available for recoupment were as follows:
Expires April 30, 2022 | Expires April 30, 2023 | Expires April 30, 2024 | Expires October 29, 2024 | Recoupment of Past Reimbursed Fees by the Adviser | ||||
$108,952 | $120,062 | $79,227 | $19,230 | $0 |
The Adviser and Great-West Funds have entered into a sub-advisory agreement with Loomis, Sayles & Company, L.P. (the Sub-Adviser). The Adviser is responsible for compensating the Sub-Adviser for its 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.
Semi-Annual Report - October 29, 2021
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 forty-six funds for which they serve as directors was $833,250 for the period January 1 through October 29, 2021.
3. PURCHASES AND SALES OF INVESTMENTS
For the period ended October 29, 2021, the aggregate cost of purchases and proceeds from sales of investments (including mortgage dollar rolls and TBA transactions, excluding all U.S. Government securities and short-term securities) were $335,769,143 and $71,887,614, respectively. For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were $1,660,952,062 and $1,386,769,371, 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 October 29, 2021, the Fund had securities on loan valued at $104,247,123 and received collateral as reported on the Statement of Assets and Liabilities of $106,473,186 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.
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 October 29, 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 | $11,571,932 |
U.S. Treasury Bonds and Notes | 94,901,254 |
Total secured borrowings | $106,473,186 |
(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 EVENT
Management has reviewed all events subsequent to October 29, 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 - October 29, 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 GWCM 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 March 31, 2021 and the adequacy and effectiveness of the liquidity risk management program’s operations since March 31, 2020 (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.
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. |
(a) (1) Not required in filing.
(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:December 16, 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:December 16, 2021
By: | /s/ Kelly B. New |
Kelly B. New
Treasurer
Treasurer
Date:December 16, 2021