UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03364
GREAT-WEST FUNDS, INC.
(Exact name of registrant as specified in charter)
8515 E. Orchard Road, Greenwood Village, Colorado 80111
(Address of principal executive offices)
(Address of principal executive offices)
Jonathan D. Kreider
President and Chief Executive Officer
Great-West Funds, Inc.
8515 E. Orchard Road
Great-West Funds, Inc.
8515 E. Orchard Road
Greenwood Village, Colorado 80111
(Name and address of agent for service)
Registrant's telephone number, including area code: (866) 831-7129
Date of fiscal year end: December 31
Date of reporting period: June 30, 2022
ITEM 1. REPORTS TO STOCKHOLDERS
GREAT-WEST FUNDS, INC.
Great-West Profile Funds
(Institutional Class, Investor Class and Class L)
Semi-Annual Report
June 30, 2022
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.
Great-West Conservative Profile Fund
Summary of Investments by Asset Class as of June 30, 2022 (unaudited)
Asset Class | Percentage of Fund Investments |
Bond | 47.53% |
Fixed Interest Contract | 22.54 |
Large Cap Equity | 8.74 |
International Equity | 8.28 |
Real Estate Equity | 5.01 |
Mid Cap Equity | 4.74 |
Small Cap Equity | 3.16 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/22) | (06/30/22) | (01/01/22 – 06/30/22) | |||
Institutional Class | |||||
Actual | $1,000.00 | $ 897.30 | $2.02 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.70 | $2.16 | ||
Investor Class | |||||
Actual | $1,000.00 | $ 895.80 | $3.67 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.90 | $3.91 | ||
Class L | |||||
Actual | $1,000.00 | $ 894.80 | $4.84 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $5.16 |
* Expenses are equal to the Fund's annualized expense ratio of 0.43% for the Institutional Class, 0.78% for the Investor Class and 1.03% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.41%). Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
Great-West Moderately Conservative Profile Fund
Summary of Investments by Asset Class as of June 30, 2022 (unaudited)
Asset Class | Percentage of Fund Investments |
Bond | 33.08% |
Fixed Interest Contract | 21.96 |
Large Cap Equity | 14.17 |
International Equity | 13.42 |
Mid Cap Equity | 7.68 |
Small Cap Equity | 5.14 |
Real Estate Equity | 4.55 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/22) | (06/30/22) | (01/01/22 – 06/30/22) | |||
Institutional Class | |||||
Actual | $1,000.00 | $ 881.70 | $2.24 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.40 | $2.41 | ||
Investor Class | |||||
Actual | $1,000.00 | $ 879.80 | $3.87 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.70 | $4.16 | ||
Class L | |||||
Actual | $1,000.00 | $ 879.10 | $5.03 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.40 | $5.41 |
* Expenses are equal to the Fund's annualized expense ratio of 0.48% for the Institutional Class, 0.83% for the Investor Class and 1.08% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.46%). Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
Great-West Moderate Profile Fund
Summary of Investments by Asset Class as of June 30, 2022 (unaudited)
Asset Class | Percentage of Fund Investments |
Bond | 24.04% |
Large Cap Equity | 19.60 |
International Equity | 18.58 |
Fixed Interest Contract | 16.03 |
Mid Cap Equity | 10.64 |
Small Cap Equity | 7.09 |
Real Estate Equity | 4.02 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/22) | (06/30/22) | (01/01/22 – 06/30/22) | |||
Institutional Class | |||||
Actual | $1,000.00 | $ 863.60 | $2.63 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | $2.86 | ||
Investor Class | |||||
Actual | $1,000.00 | $ 861.90 | $4.25 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.20 | $4.61 | ||
Class L | |||||
Actual | $1,000.00 | $ 860.90 | $5.40 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $5.86 |
* Expenses are equal to the Fund's annualized expense ratio of 0.57% for the Institutional Class, 0.92% for the Investor Class and 1.17% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.53%). Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
Great-West Moderately Aggressive Profile Fund
Summary of Investments by Asset Class as of June 30, 2022 (unaudited)
Asset Class | Percentage of Fund Investments |
Large Cap Equity | 24.34% |
International Equity | 23.06 |
Bond | 18.04 |
Mid Cap Equity | 13.22 |
Fixed Interest Contract | 8.98 |
Small Cap Equity | 8.81 |
Real Estate Equity | 3.55 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/22) | (06/30/22) | (01/01/22 – 06/30/22) | |||
Institutional Class | |||||
Actual | $1,000.00 | $ 846.70 | $3.02 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.50 | $3.31 | ||
Investor Class | |||||
Actual | $1,000.00 | $ 845.20 | $4.62 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.06 |
* Expenses are equal to the Fund's annualized expense ratio of 0.66% for the Institutional Class shares and 1.01% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.59%). Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
Great-West Aggressive Profile Fund
Summary of Investments by Asset Class as of June 30, 2022 (unaudited)
Asset Class | Percentage of Fund Investments |
Large Cap Equity | 33.97% |
International Equity | 32.26 |
Mid Cap Equity | 18.44 |
Small Cap Equity | 12.31 |
Real Estate Equity | 3.02 |
Total | 100.00% |
Shareholder Expense Example (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).
Actual Expenses
The first row of the table below provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second row of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |||
(01/01/22) | (06/30/22) | (01/01/22 – 06/30/22) | |||
Institutional Class | |||||
Actual | $1,000.00 | $ 816.10 | $3.65 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.80 | $4.06 | ||
Investor Class | |||||
Actual | $1,000.00 | $ 814.60 | $5.22 | ||
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.07 | $5.81 |
* Expenses are equal to the Fund's annualized expense ratio of 0.80% for the Institutional Class shares and 1.15% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period. The Fund’s annualized expense ratio includes expenses borne directly by the class plus the Fund’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.70%). Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower. |
GREAT-WEST FUNDS, INC.
GREAT-WEST CONSERVATIVE PROFILE FUND
Schedule of Investments
As of June 30, 2022 (Unaudited)
Shares | Fair Value | |
BOND MUTUAL FUNDS | ||
3,160,398 | Great-West Core Bond Fund Institutional Class(a) | $ 61,041,645 |
4,959,375 | Great-West Global Bond Fund Institutional Class(a) | 81,129,298 |
1,832,351 | Great-West High Yield Bond Fund Institutional Class(a) | 35,840,402 |
1,903,429 | Great-West Inflation-Protected Securities Fund Institutional Class(a) | 40,370,969 |
4,368,297 | Great-West Multi-Sector Bond Fund Institutional Class(a) | 79,453,213 |
1,459,420 | Great-West Short Duration Bond Fund Institutional Class(a) | 80,994,855 |
3,173,639 | Great-West U.S. Government Mortgage Securities Fund Institutional Class(a) | 61,096,650 |
TOTAL BOND MUTUAL FUNDS — 47.55% (Cost $495,736,264) | $439,927,032 | |
EQUITY MUTUAL FUNDS | ||
1,911,746 | Great-West Emerging Markets Equity Fund Institutional Class(a) | 16,885,173 |
2,043,130 | Great-West International Growth Fund Institutional Class(a) | 17,093,818 |
5,352,215 | Great-West International Value Fund Institutional Class(a) | 42,636,800 |
2,617,026 | Great-West Large Cap Growth Fund Institutional Class(a) | 23,026,027 |
7,527,956 | Great-West Large Cap Value Fund Institutional Class(a) | 57,847,048 |
Shares | Fair Value | |
Equity Mutual Funds — (continued) | ||
3,981,658 | Great-West Mid Cap Value Fund Institutional Class(a) | $ 31,284,270 |
2,803,451 | Great-West Real Estate Index Fund Institutional Class(a) | 46,416,531 |
851,381 | Great-West Small Cap Growth Fund Institutional Class(a) | 8,433,378 |
2,813,052 | Great-West Small Cap Value Fund Institutional Class(a) | 20,789,633 |
1,817,710 | Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class(a) | 12,556,143 |
TOTAL EQUITY MUTUAL FUNDS — 29.93% (Cost $295,231,676) | $276,968,821 | |
Account Balance | ||
FIXED INTEREST CONTRACT | ||
208,660,110 (b) | Great-West Life & Annuity Contract(a) 1.30%(c) | 208,660,110 |
TOTAL FIXED INTEREST CONTRACT — 22.55% (Cost $208,660,110) | $208,660,110 | |
TOTAL INVESTMENTS — 100.03% (Cost $999,628,050) | $925,555,963 | |
OTHER ASSETS & LIABILITIES, NET — (0.03)% | $ (279,613) | |
TOTAL NET ASSETS — 100.00% | $925,276,350 |
(a) | Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2). |
(b) | Account Balance and Cost represent net deposits. |
(c) | Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at June 30, 2022. See Notes to the Financial Statements (Note 2). |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATELY CONSERVATIVE PROFILE FUND
Schedule of Investments
As of June 30, 2022 (Unaudited)
Shares | Fair Value | |
BOND MUTUAL FUNDS | ||
3,160,398 | Great-West Core Bond Fund Institutional Class(a) | $ 27,716,689 |
4,959,375 | Great-West Global Bond Fund Institutional Class(a) | 36,897,751 |
1,832,351 | Great-West High Yield Bond Fund Institutional Class(a) | 16,252,957 |
1,903,429 | Great-West Inflation-Protected Securities Fund Institutional Class(a) | 18,349,056 |
4,368,297 | Great-West Multi-Sector Bond Fund Institutional Class(a) | 35,994,768 |
1,459,420 | Great-West Short Duration Bond Fund Institutional Class(a) | 13,660,167 |
3,173,639 | Great-West U.S. Government Mortgage Securities Fund Institutional Class(a) | 27,769,339 |
TOTAL BOND MUTUAL FUNDS — 33.09% (Cost $200,566,956) | $176,640,727 | |
EQUITY MUTUAL FUNDS | ||
1,911,746 | Great-West Emerging Markets Equity Fund Institutional Class(a) | 15,867,496 |
2,043,130 | Great-West International Growth Fund Institutional Class(a) | 15,956,844 |
5,352,215 | Great-West International Value Fund Institutional Class(a) | 39,820,483 |
2,617,026 | Great-West Large Cap Growth Fund Institutional Class(a) | 21,433,446 |
7,527,956 | Great-West Large Cap Value Fund Institutional Class(a) | 54,276,565 |
Shares | Fair Value | |
Equity Mutual Funds — (continued) | ||
3,981,658 | Great-West Mid Cap Value Fund Institutional Class(a) | $ 29,305,000 |
2,803,451 | Great-West Real Estate Index Fund Institutional Class(a) | 24,305,918 |
851,381 | Great-West Small Cap Growth Fund Institutional Class(a) | 7,909,328 |
2,813,052 | Great-West Small Cap Value Fund Institutional Class(a) | 19,522,584 |
1,817,710 | Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class(a) | 11,706,051 |
TOTAL EQUITY MUTUAL FUNDS — 44.97% (Cost $258,079,756) | $240,103,715 | |
Account Balance | ||
FIXED INTEREST CONTRACT | ||
117,269,540 (b) | Great-West Life & Annuity Contract(a) 1.30%(c) | 117,269,540 |
TOTAL FIXED INTEREST CONTRACT — 21.97% (Cost $117,269,540) | $117,269,540 | |
TOTAL INVESTMENTS — 100.03% (Cost $575,916,252) | $534,013,982 | |
OTHER ASSETS & LIABILITIES, NET — (0.03)% | $ (163,419) | |
TOTAL NET ASSETS — 100.00% | $533,850,563 |
(a) | Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2). |
(b) | Account Balance and Cost represent net deposits. |
(c) | Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at June 30, 2022. See Notes to the Financial Statements (Note 2). |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATE PROFILE FUND
Schedule of Investments
As of June 30, 2022 (Unaudited)
Shares | Fair Value | |
BOND MUTUAL FUNDS | ||
6,538,017 | Great-West Core Bond Fund Institutional Class(a) | $ 57,338,407 |
10,246,005 | Great-West Global Bond Fund Institutional Class(a) | 76,230,279 |
3,787,073 | Great-West High Yield Bond Fund Institutional Class(a) | 33,591,338 |
3,937,712 | Great-West Inflation-Protected Securities Fund Institutional Class(a) | 37,959,539 |
9,058,325 | Great-West Multi-Sector Bond Fund Institutional Class(a) | 74,640,594 |
3,026,507 | Great-West Short Duration Bond Fund Institutional Class(a) | 28,328,110 |
6,559,229 | Great-West U.S. Government Mortgage Securities Fund Institutional Class(a) | 57,393,259 |
TOTAL BOND MUTUAL FUNDS — 24.05% (Cost $417,547,318) | $ 365,481,526 | |
EQUITY MUTUAL FUNDS | ||
7,464,195 | Great-West Emerging Markets Equity Fund Institutional Class(a) | 61,952,817 |
8,085,532 | Great-West International Growth Fund Institutional Class(a) | 63,148,005 |
21,149,494 | Great-West International Value Fund Institutional Class(a) | 157,352,237 |
10,366,846 | Great-West Large Cap Growth Fund Institutional Class(a) | 84,904,468 |
29,558,730 | Great-West Large Cap Value Fund Institutional Class(a) | 213,118,440 |
Shares | Fair Value | |
Equity Mutual Funds — (continued) | ||
15,696,497 | Great-West Mid Cap Value Fund Institutional Class(a) | $ 115,526,217 |
7,045,658 | Great-West Real Estate Index Fund Institutional Class(a) | 61,085,856 |
3,331,681 | Great-West Small Cap Growth Fund Institutional Class(a) | 30,951,315 |
11,060,511 | Great-West Small Cap Value Fund Institutional Class(a) | 76,759,950 |
7,179,368 | Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class(a) | 46,235,132 |
TOTAL EQUITY MUTUAL FUNDS — 59.95% (Cost $995,041,138) | $ 911,034,437 | |
Account Balance | ||
FIXED INTEREST CONTRACT | ||
243,572,346 (b) | Great-West Life & Annuity Contract(a) 1.30%(c) | 243,572,346 |
TOTAL FIXED INTEREST CONTRACT — 16.03% (Cost $243,572,346) | $ 243,572,346 | |
TOTAL INVESTMENTS — 100.03% (Cost $1,656,160,802) | $1,520,088,309 | |
OTHER ASSETS & LIABILITIES, NET — (0.03)% | $ (508,336) | |
TOTAL NET ASSETS — 100.00% | $1,519,579,973 |
(a) | Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2). |
(b) | Account Balance and Cost represent net deposits. |
(c) | Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at June 30, 2022. See Notes to the Financial Statements (Note 2). |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATELY AGGRESSIVE PROFILE FUND
Schedule of Investments
As of June 30, 2022 (Unaudited)
Shares | Fair Value | |
BOND MUTUAL FUNDS | ||
2,088,991 | Great-West Core Bond Fund Institutional Class(a) | $ 18,320,452 |
3,272,332 | Great-West Global Bond Fund Institutional Class(a) | 24,346,150 |
1,210,732 | Great-West High Yield Bond Fund Institutional Class(a) | 10,739,197 |
1,256,899 | Great-West Inflation-Protected Securities Fund Institutional Class(a) | 12,116,503 |
2,892,021 | Great-West Multi-Sector Bond Fund Institutional Class(a) | 23,830,253 |
2,360,955 | Great-West Short Duration Bond Fund Institutional Class(a) | 22,098,540 |
2,096,190 | Great-West U.S. Government Mortgage Securities Fund Institutional Class(a) | 18,341,658 |
TOTAL BOND MUTUAL FUNDS — 18.04% (Cost $147,429,183) | $129,792,753 | |
EQUITY MUTUAL FUNDS | ||
4,403,262 | Great-West Emerging Markets Equity Fund Institutional Class(a) | 36,547,077 |
4,752,758 | Great-West International Growth Fund Institutional Class(a) | 37,119,041 |
12,402,149 | Great-West International Value Fund Institutional Class(a) | 92,271,989 |
6,078,180 | Great-West Large Cap Growth Fund Institutional Class(a) | 49,780,298 |
17,386,660 | Great-West Large Cap Value Fund Institutional Class(a) | 125,357,817 |
Shares | Fair Value | |
Equity Mutual Funds — (continued) | ||
9,231,067 | Great-West Mid Cap Value Fund Institutional Class(a) | $ 67,940,652 |
2,941,895 | Great-West Real Estate Index Fund Institutional Class(a) | 25,506,232 |
1,970,733 | Great-West Small Cap Growth Fund Institutional Class(a) | 18,308,112 |
6,505,777 | Great-West Small Cap Value Fund Institutional Class(a) | 45,150,089 |
4,219,311 | Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class(a) | 27,172,360 |
TOTAL EQUITY MUTUAL FUNDS — 73.00% (Cost $642,721,536) | $525,153,667 | |
Account Balance | ||
FIXED INTEREST CONTRACT | ||
64,650,421 (b) | Great-West Life & Annuity Contract(a) 1.30%(c) | 64,650,421 |
TOTAL FIXED INTEREST CONTRACT — 8.99% (Cost $64,650,421) | $ 64,650,421 | |
TOTAL INVESTMENTS — 100.03% (Cost $854,801,140) | $719,596,841 | |
OTHER ASSETS & LIABILITIES, NET — (0.03)% | $ (239,734) | |
TOTAL NET ASSETS — 100.00% | $719,357,107 |
(a) | Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2). |
(b) | Account Balance and Cost represent net deposits. |
(c) | Variable rate contract which is not based on a published reference rate and spread, but determined by the issuer and is based on current market conditions. Interest rate shown reflects the rate in effect at June 30, 2022. See Notes to the Financial Statements (Note 2). |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST AGGRESSIVE PROFILE FUND
Schedule of Investments
As of June 30, 2022 (Unaudited)
Shares | Fair Value | |
EQUITY MUTUAL FUNDS | ||
4,838,712 | Great-West Emerging Markets Equity Fund Institutional Class(a) | $ 40,161,310 |
5,202,129 | Great-West International Growth Fund Institutional Class(a) | 40,628,626 |
13,617,653 | Great-West International Value Fund Institutional Class(a) | 101,315,337 |
6,667,794 | Great-West Large Cap Growth Fund Institutional Class(a) | 54,609,232 |
19,021,420 | Great-West Large Cap Value Fund Institutional Class(a) | 137,144,435 |
10,102,780 | Great-West Mid Cap Value Fund Institutional Class(a) | 74,356,462 |
1,964,087 | Great-West Real Estate Index Fund Institutional Class(a) | 17,028,638 |
2,142,896 | Great-West Small Cap Growth Fund Institutional Class(a) | 19,907,508 |
Shares | Fair Value | |
Equity Mutual Funds — (continued) | ||
7,144,228 | Great-West Small Cap Value Fund Institutional Class(a) | $ 49,580,940 |
4,623,412 | Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class(a) | 29,774,774 |
TOTAL EQUITY MUTUAL FUNDS — 100.03% (Cost $646,345,954) | $564,507,262 | |
TOTAL INVESTMENTS — 100.03% (Cost $646,345,954) | $564,507,262 | |
OTHER ASSETS & LIABILITIES, NET — (0.03)% | $ (188,700) | |
TOTAL NET ASSETS — 100.00% | $564,318,562 |
(a) | Issuer is considered an affiliate of the Fund. See Notes to the Financial Statements (Note 2). |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Assets and Liabilities
As of June 30, 2022 (Unaudited)
Great-West Conservative Profile Fund | Great-West Moderately Conservative Profile Fund | Great-West Moderate Profile Fund | |||
ASSETS: | |||||
Investments at fair value, affiliated(a) | $925,555,963 | $534,013,982 | $1,520,088,309 | ||
Subscriptions receivable | 924,380 | 1,276,885 | 354,955 | ||
Receivable for investments sold | 1,505,795 | 195,473 | 2,786,651 | ||
Total Assets | 927,986,138 | 535,486,340 | 1,523,229,915 | ||
LIABILITIES: | |||||
Payable for distribution fees | 1,786 | 4,597 | 30,234 | ||
Payable for investments purchased | 9,351 | 5,941 | - | ||
Payable for shareholder services fees | 262,145 | 148,960 | 423,172 | ||
Payable to investment adviser | 15,682 | 9,862 | 54,930 | ||
Redemptions payable | 2,420,824 | 1,466,417 | 3,141,606 | ||
Total Liabilities | 2,709,788 | 1,635,777 | 3,649,942 | ||
NET ASSETS | $925,276,350 | $533,850,563 | $1,519,579,973 | ||
NET ASSETS REPRESENTED BY: | |||||
Capital stock, $0.10 par value | $12,289,874 | $6,596,687 | $22,708,205 | ||
Paid-in capital in excess of par | 1,020,709,084 | 584,076,611 | 1,803,285,435 | ||
Undistributed/accumulated deficit | (107,722,608) | (56,822,735) | (306,413,667) | ||
NET ASSETS | $925,276,350 | $533,850,563 | $1,519,579,973 | ||
NET ASSETS BY CLASS | |||||
Investor Class | $881,115,318 | $486,117,679 | $1,276,718,037 | ||
Class L | $8,842,736 | $22,634,450 | $148,264,177 | ||
Institutional Class | $35,318,296 | $25,098,434 | $94,597,759 | ||
CAPITAL STOCK: | |||||
Authorized | |||||
Investor Class | 600,000,000 | 380,000,000 | 900,000,000 | ||
Class L | 120,000,000 | 70,000,000 | 130,000,000 | ||
Institutional Class | 30,000,000 | 60,000,000 | 85,000,000 | ||
Issued and Outstanding | |||||
Investor Class | 118,180,238 | 60,829,289 | 203,048,199 | ||
Class L | 987,213 | 2,476,293 | 14,305,977 | ||
Institutional Class | 3,731,286 | 2,661,288 | 9,727,875 | ||
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE: | |||||
Investor Class | $7.46 | $7.99 | $6.29 | ||
Class L | $8.96 | $9.14 | $10.36 | ||
Institutional Class | $9.47 | $9.43 | $9.72 | ||
(a) Cost of investments, affiliated | $999,628,050 | $575,916,252 | $1,656,160,802 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Assets and Liabilities
As of June 30, 2022 (Unaudited)
Great-West Moderately Aggressive Profile Fund | Great-West Aggressive Profile Fund | ||
ASSETS: | |||
Investments at fair value, affiliated(a) | $719,596,841 | $564,507,262 | |
Subscriptions receivable | 449,514 | 129,065 | |
Receivable for investments sold | 2,719,081 | 1,424,528 | |
Total Assets | 722,765,436 | 566,060,855 | |
LIABILITIES: | |||
Payable for shareholder services fees | 198,369 | 140,467 | |
Payable to investment adviser | 41,365 | 48,233 | |
Redemptions payable | 3,168,595 | 1,553,593 | |
Total Liabilities | 3,408,329 | 1,742,293 | |
NET ASSETS | $719,357,107 | $564,318,562 | |
NET ASSETS REPRESENTED BY: | |||
Capital stock, $0.10 par value | $10,557,537 | $9,673,181 | |
Paid-in capital in excess of par | 897,107,111 | 751,438,502 | |
Undistributed/accumulated deficit | (188,307,541) | (196,793,121) | |
NET ASSETS | $719,357,107 | $564,318,562 | |
NET ASSETS BY CLASS | |||
Investor Class | $670,148,370 | $468,499,144 | |
Institutional Class | $49,208,737 | $95,819,418 | |
CAPITAL STOCK: | |||
Authorized | |||
Investor Class | 370,000,000 | 380,000,000 | |
Institutional Class | 25,000,000 | 35,000,000 | |
Issued and Outstanding | |||
Investor Class | 100,145,865 | 86,645,949 | |
Institutional Class | 5,429,509 | 10,085,858 | |
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE: | |||
Investor Class | $6.69 | $5.41 | |
Institutional Class | $9.06 | $9.50 | |
(a) Cost of investments, affiliated | $854,801,140 | $646,345,954 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Operations
For the period ended June 30, 2022 (Unaudited)
Great-West Conservative Profile Fund | Great-West Moderately Conservative Profile Fund | Great-West Moderate Profile Fund | |||
INVESTMENT INCOME: | |||||
Interest, affiliated | $1,445,693 | $818,771 | $1,747,371 | ||
Dividends, affiliated | 7,222,634 | 3,637,194 | 9,642,447 | ||
Total Income | 8,668,327 | 4,455,965 | 11,389,818 | ||
EXPENSES: | |||||
Management fees | 501,774 | 290,615 | 846,356 | ||
Shareholder services fees – Investor Class | 1,674,798 | 928,476 | 2,497,492 | ||
Shareholder services fees – Class L | 16,347 | 42,983 | 286,141 | ||
Distribution fees – Class L | 11,612 | 30,521 | 203,168 | ||
Total Expenses | 2,204,531 | 1,292,595 | 3,833,157 | ||
Less management fees waived | 399,215 | 225,842 | 482,307 | ||
Net Expenses | 1,805,316 | 1,066,753 | 3,350,850 | ||
NET INVESTMENT INCOME | 6,863,011 | 3,389,212 | 8,038,968 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||
Net realized gain on investments, affiliated | 2,605,891 | 675,715 | 1,593,236 | ||
Net Realized Gain | 2,605,891 | 675,715 | 1,593,236 | ||
Net change in unrealized depreciation on investments, affiliated | (120,781,053) | (78,335,415) | (260,993,155) | ||
Net Change in Unrealized Depreciation | (120,781,053) | (78,335,415) | (260,993,155) | ||
Net Realized and Unrealized Loss | (118,175,162) | (77,659,700) | (259,399,919) | ||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(111,312,151) | $(74,270,488) | $(251,360,951) |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Operations
For the period ended June 30, 2022 (Unaudited)
Great-West Moderately Aggressive Profile Fund | Great-West Aggressive Profile Fund | ||
INVESTMENT INCOME: | |||
Interest, affiliated | $466,422 | $- | |
Dividends, affiliated | 4,329,559 | 2,793,773 | |
Total Income | 4,795,981 | 2,793,773 | |
EXPENSES: | |||
Management fees | 403,218 | 320,966 | |
Shareholder services fees – Investor Class | 1,320,294 | 942,743 | |
Total Expenses | 1,723,512 | 1,263,709 | |
Less management fees waived | 128,783 | - | |
Net Expenses | 1,594,729 | 1,263,709 | |
NET INVESTMENT INCOME | 3,201,252 | 1,530,064 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||
Net realized gain on investments, affiliated | 3,672,765 | 1,743,166 | |
Net Realized Gain | 3,672,765 | 1,743,166 | |
Net change in unrealized depreciation on investments, affiliated | (141,452,764) | (134,360,756) | |
Net Change in Unrealized Depreciation | (141,452,764) | (134,360,756) | |
Net Realized and Unrealized Loss | (137,779,999) | (132,617,590) | |
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(134,578,747) | $(131,087,526) |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2022 and fiscal year ended December 31, 2021
Great-West Conservative Profile Fund | 2022 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $6,863,011 | $25,748,090 | |
Net realized gain | 2,605,891 | 48,972,754 | |
Net change in unrealized depreciation | (120,781,053) | (13,349,866) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (111,312,151) | 61,370,978 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (6,574,041) | (51,289,235) | |
Class L | (41,426) | (379,352) | |
Institutional Class | (255,220) | (1,783,653) | |
From Net Investment Income and Net Realized Gains | (6,870,687) | (53,452,240) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 153,302,256 | 394,940,522 | |
Class L | 1,245,387 | 2,904,972 | |
Institutional Class | 7,466,679 | 20,232,702 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 6,574,041 | 51,289,235 | |
Class L | 41,426 | 379,352 | |
Institutional Class | 255,220 | 1,783,653 | |
Shares redeemed | |||
Investor Class | (196,944,664) | (317,983,935) | |
Class L | (924,812) | (3,993,174) | |
Institutional Class | (7,499,593) | (16,672,500) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (36,484,060) | 132,880,827 | |
Total Increase (Decrease) in Net Assets | (154,666,898) | 140,799,565 | |
NET ASSETS: | |||
Beginning of Period | 1,079,943,248 | 939,143,683 | |
End of Period | $925,276,350 | $1,079,943,248 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 19,218,564 | 46,052,392 | |
Class L | 129,135 | 288,141 | |
Institutional Class | 734,427 | 1,896,699 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 875,372 | 6,068,631 | |
Class L | 4,592 | 37,441 | |
Institutional Class | 26,781 | 166,669 | |
Shares redeemed | |||
Investor Class | (24,826,203) | (37,121,213) | |
Class L | (96,351) | (393,365) | |
Institutional Class | (739,066) | (1,538,902) | |
Net Increase (Decrease) | (4,672,749) | 15,456,493 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2022 and fiscal year ended December 31, 2021
Great-West Moderately Conservative Profile Fund | 2022 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $3,389,212 | $18,882,652 | |
Net realized gain | 675,715 | 36,609,999 | |
Net change in unrealized depreciation | (78,335,415) | (3,809,632) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (74,270,488) | 51,683,019 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (3,125,366) | (37,113,835) | |
Class L | (93,902) | (1,431,711) | |
Institutional Class | (175,247) | (1,636,259) | |
From Net Investment Income and Net Realized Gains | (3,394,515) | (40,181,805) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 102,352,039 | 226,431,356 | |
Class L | 209,456 | 918,969 | |
Institutional Class | 3,630,658 | 11,668,723 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 3,125,366 | 37,113,835 | |
Class L | 93,902 | 1,431,711 | |
Institutional Class | 175,247 | 1,636,259 | |
Shares redeemed | |||
Investor Class | (122,687,841) | (220,799,040) | |
Class L | (832,499) | (3,012,229) | |
Institutional Class | (2,729,743) | (7,825,923) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (16,663,415) | 47,563,661 | |
Total Increase (Decrease) in Net Assets | (94,328,418) | 59,064,875 | |
NET ASSETS: | |||
Beginning of Period | 628,178,981 | 569,114,106 | |
End of Period | $533,850,563 | $628,178,981 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 11,894,166 | 24,101,696 | |
Class L | 20,741 | 87,360 | |
Institutional Class | 356,560 | 1,058,010 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 386,803 | 4,019,216 | |
Class L | 10,162 | 135,852 | |
Institutional Class | 18,389 | 150,470 | |
Shares redeemed | |||
Investor Class | (14,292,621) | (23,531,618) | |
Class L | (85,302) | (283,941) | |
Institutional Class | (267,172) | (709,793) | |
Net Increase (Decrease) | (1,958,274) | 5,027,252 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2022 and fiscal year ended December 31, 2021
Great-West Moderate Profile Fund | 2022 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $8,038,968 | $68,273,776 | |
Net realized gain | 1,593,236 | 129,529,978 | |
Net change in unrealized appreciation (depreciation) | (260,993,155) | 706,744 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (251,360,951) | 198,510,498 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (7,413,552) | (117,789,576) | |
Class L | (209,433) | (8,041,329) | |
Institutional Class | (465,238) | (6,301,412) | |
From Net Investment Income and Net Realized Gains | (8,088,223) | (132,132,317) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 183,311,642 | 531,617,199 | |
Class L | 369,625 | 1,958,537 | |
Institutional Class | 14,121,884 | 35,805,836 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 7,413,552 | 117,789,576 | |
Class L | 209,433 | 8,041,329 | |
Institutional Class | 465,238 | 6,301,412 | |
Shares redeemed | |||
Investor Class | (275,613,018) | (514,685,009) | |
Class L | (6,991,773) | (15,296,454) | |
Institutional Class | (11,180,452) | (52,036,535) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (87,893,869) | 119,495,891 | |
Total Increase (Decrease) in Net Assets | (347,343,043) | 185,874,072 | |
NET ASSETS: | |||
Beginning of Period | 1,866,923,016 | 1,681,048,944 | |
End of Period | $1,519,579,973 | $1,866,923,016 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 26,595,638 | 70,038,942 | |
Class L | 31,936 | 162,432 | |
Institutional Class | 1,317,072 | 3,197,850 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 1,161,999 | 15,891,292 | |
Class L | 19,927 | 662,899 | |
Institutional Class | 47,184 | 551,874 | |
Shares redeemed | |||
Investor Class | (40,225,583) | (68,150,438) | |
Class L | (623,607) | (1,267,724) | |
Institutional Class | (1,070,487) | (4,524,150) | |
Net Increase (Decrease) | (12,745,921) | 16,562,977 |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2022 and fiscal year ended December 31, 2021
Great-West Moderately Aggressive Profile Fund | 2022 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $3,201,252 | $37,611,569 | |
Net realized gain | 3,672,765 | 74,750,126 | |
Net change in unrealized depreciation | (141,452,764) | (8,362,996) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (134,578,747) | 103,998,699 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (3,000,659) | (76,783,291) | |
Class L(a) | - | (141) | |
Institutional Class | (237,740) | (4,154,032) | |
From Net Investment Income and Net Realized Gains | (3,238,399) | (80,937,464) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 97,085,688 | 384,185,793 | |
Class L(a) | - | 4,593 | |
Institutional Class | 10,212,933 | 9,727,043 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 3,000,659 | 76,783,291 | |
Class L(a) | - | 141 | |
Institutional Class | 237,740 | 4,154,032 | |
Shares redeemed | |||
Investor Class | (150,674,587) | (295,392,608) | |
Class L(a) | - | (16,712) | |
Institutional Class | (7,597,335) | (22,910,988) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (47,734,902) | 156,534,585 | |
Total Increase (Decrease) in Net Assets | (185,552,048) | 179,595,820 | |
NET ASSETS: | |||
Beginning of Period | 904,909,155 | 725,313,335 | |
End of Period | $719,357,107 | $904,909,155 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 13,129,018 | 46,080,175 | |
Class L(a) | - | 448 | |
Institutional Class | 1,046,391 | 892,262 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 440,626 | 9,528,023 | |
Class L(a) | - | 13 | |
Institutional Class | 25,785 | 382,079 | |
Shares redeemed | |||
Investor Class | (20,349,011) | (35,743,950) | |
Class L(a) | - | (1,678) | |
Institutional Class | (782,551) | (2,083,741) | |
Net Increase (Decrease) | (6,489,742) | 19,053,631 |
(a) | Class L ceased operations on October 8, 2021. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
Statement of Changes in Net Assets
For the period ended June 30, 2022 and fiscal year ended December 31, 2021
Great-West Aggressive Profile Fund | 2022 (Unaudited) | 2021 | |
OPERATIONS: | |||
Net investment income | $1,530,064 | $38,215,970 | |
Net realized gain | 1,743,166 | 78,705,670 | |
Net change in unrealized appreciation (depreciation) | (134,360,756) | 8,785,529 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (131,087,526) | 125,707,169 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
From net investment income and net realized gains | |||
Investor Class | (1,331,529) | (76,595,764) | |
Class L(a) | - | (164) | |
Institutional Class | (241,567) | (9,149,117) | |
From Net Investment Income and Net Realized Gains | (1,573,096) | (85,745,045) | |
CAPITAL SHARE TRANSACTIONS: | |||
Shares sold | |||
Investor Class | 63,478,492 | 194,715,843 | |
Class L(a) | - | 4,617 | |
Institutional Class | 17,213,074 | 34,479,549 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 1,331,529 | 76,595,764 | |
Class L(a) | - | 164 | |
Institutional Class | 241,567 | 9,149,117 | |
Shares redeemed | |||
Investor Class | (96,444,926) | (235,396,345) | |
Class L(a) | - | (13,424) | |
Institutional Class | (11,202,854) | (52,734,787) | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (25,383,118) | 26,800,498 | |
Total Increase (Decrease) in Net Assets | (158,043,740) | 66,762,622 | |
NET ASSETS: | |||
Beginning of Period | 722,362,302 | 655,599,680 | |
End of Period | $564,318,562 | $722,362,302 | |
CAPITAL SHARE TRANSACTIONS - SHARES: | |||
Shares sold | |||
Investor Class | 10,381,762 | 27,384,044 | |
Class L(a) | - | 302 | |
Institutional Class | 1,601,585 | 2,981,538 | |
Shares issued in reinvestment of distributions | |||
Investor Class | 240,348 | 11,324,850 | |
Class L(a) | - | 10 | |
Institutional Class | 24,827 | 775,128 | |
Shares redeemed | |||
Investor Class | (15,854,894) | (33,225,752) | |
Class L(a) | - | (880) | |
Institutional Class | (1,030,312) | (4,375,086) | |
Net Increase (Decrease) | (4,636,684) | 4,864,154 |
(a) | Class L ceased operations on October 8, 2021. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST CONSERVATIVE PROFILE FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return (b)(c) | |
Investor Class | |||||||||
06/30/2022 (Unaudited) | $ 8.39 | 0.05 | (0.92) | (0.87) | (0.06) | - | (0.06) | $ 7.46 | (10.42%) (d) |
12/31/2021 | $ 8.30 | 0.21 | 0.32 | 0.53 | (0.21) | (0.23) | (0.44) | $ 8.39 | 6.35% |
12/31/2020 | $ 7.87 | 0.22 | 0.42 | 0.64 | (0.16) | (0.05) | (0.21) | $ 8.30 | 8.21% |
12/31/2019 | $ 7.49 | 0.15 | 0.71 | 0.86 | (0.18) | (0.30) | (0.48) | $ 7.87 | 11.54% |
12/31/2018 | $ 8.19 | 0.21 | (0.46) | (0.25) | (0.24) | (0.21) | (0.45) | $ 7.49 | (3.15%) |
12/31/2017 | $ 7.95 | 0.19 | 0.39 | 0.58 | (0.20) | (0.14) | (0.34) | $ 8.19 | 7.39% |
Class L | |||||||||
06/30/2022 (Unaudited) | $10.06 | 0.05 | (1.11) | (1.06) | (0.04) | - | (0.04) | $ 8.96 | (10.52%) (d) |
12/31/2021 | $ 9.85 | 0.41 | 0.19 | 0.60 | (0.16) | (0.23) | (0.39) | $10.06 | 6.08% |
12/31/2020 | $ 9.27 | 0.10 | 0.63 | 0.73 | (0.10) | (0.05) | (0.15) | $ 9.85 | 7.93% |
12/31/2019 | $ 8.74 | 0.17 | 0.80 | 0.97 | (0.14) | (0.30) | (0.44) | $ 9.27 | 11.22% |
12/31/2018 | $ 9.46 | 0.24 | (0.55) | (0.31) | (0.20) | (0.21) | (0.41) | $ 8.74 | (3.32%) |
12/31/2017 | $ 9.13 | 0.21 | 0.43 | 0.64 | (0.17) | (0.14) | (0.31) | $ 9.46 | 7.05% |
Institutional Class | |||||||||
06/30/2022 (Unaudited) | $10.63 | 0.09 | (1.18) | (1.09) | (0.07) | - | (0.07) | $ 9.47 | (10.27%) (d) |
12/31/2021 | $10.42 | 0.34 | 0.36 | 0.70 | (0.26) | (0.23) | (0.49) | $10.63 | 6.64% |
12/31/2020 | $ 9.83 | 0.24 | 0.59 | 0.83 | (0.19) | (0.05) | (0.24) | $10.42 | 8.63% |
12/31/2019 | $ 9.26 | 0.23 | 0.86 | 1.09 | (0.22) | (0.30) | (0.52) | $ 9.83 | 11.87% |
12/31/2018 | $10.02 | 0.33 | (0.61) | (0.28) | (0.27) | (0.21) | (0.48) | $ 9.26 | (2.79%) |
12/31/2017 | $ 9.67 | 0.28 | 0.46 | 0.74 | (0.25) | (0.14) | (0.39) | $10.02 | 7.73% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)(e) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)(e) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)(e) | Portfolio turnover rate(f) | ||
Supplemental Data and Ratios | ||||||
Investor Class | ||||||
06/30/2022 (Unaudited) | $ 881,115 | 0.45% (g) | 0.37% (g) | 1.36% (g) | 8% (d) | |
12/31/2021 | $1,030,963 | 0.45% | 0.37% | 2.46% | 16% | |
12/31/2020 | $ 895,918 | 0.45% | 0.37% | 2.73% | 30% | |
12/31/2019 | $ 213,762 | 0.45% | 0.37% | 1.95% | 20% | |
12/31/2018 | $ 219,486 | 0.45% | 0.37% | 2.60% | 25% | |
12/31/2017 | $ 271,766 | 0.45% | 0.37% | 2.33% | 13% | |
Class L | ||||||
06/30/2022 (Unaudited) | $ 8,843 | 0.70% (g) | 0.62% (g) | 1.15% (g) | 8% (d) | |
12/31/2021 | $ 9,557 | 0.70% | 0.62% | 3.99% | 16% | |
12/31/2020 | $ 10,027 | 0.70% | 0.62% | 1.11% | 30% | |
12/31/2019 | $ 605,779 | 0.70% | 0.62% | 1.83% | 20% | |
12/31/2018 | $ 457,740 | 0.70% | 0.62% | 2.53% | 25% | |
12/31/2017 | $ 427,340 | 0.70% | 0.62% | 2.27% | 13% | |
Institutional Class | ||||||
06/30/2022 (Unaudited) | $ 35,318 | 0.10% (g) | 0.02% (g) | 1.73% (g) | 8% (d) | |
12/31/2021 | $ 39,423 | 0.10% | 0.02% | 3.20% | 16% | |
12/31/2020 | $ 33,198 | 0.10% | 0.02% | 2.48% | 30% | |
12/31/2019 | $ 40,399 | 0.10% | 0.02% | 2.36% | 20% | |
12/31/2018 | $ 42,329 | 0.10% | 0.02% | 3.33% | 25% | |
12/31/2017 | $ 29,679 | 0.10% | 0.02% | 2.78% | 13% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATELY CONSERVATIVE PROFILE FUND
GREAT-WEST MODERATELY CONSERVATIVE PROFILE FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return (b)(c) | |
Investor Class | |||||||||
06/30/2022 (Unaudited) | $ 9.14 | 0.05 | (1.15) | (1.10) | (0.05) | - | (0.05) | $ 7.99 | (12.02%) (d) |
12/31/2021 | $ 8.95 | 0.29 | 0.53 | 0.82 | (0.29) | (0.34) | (0.63) | $ 9.14 | 9.13% |
12/31/2020 | $ 8.38 | 0.23 | 0.55 | 0.78 | (0.10) | (0.11) | (0.21) | $ 8.95 | 9.57% |
12/31/2019 | $ 7.88 | 0.15 | 0.97 | 1.12 | (0.16) | (0.46) | (0.62) | $ 8.38 | 14.45% |
12/31/2018 | $ 8.90 | 0.21 | (0.62) | (0.41) | (0.24) | (0.37) | (0.61) | $ 7.88 | (4.73%) |
12/31/2017 | $ 8.47 | 0.23 | 0.61 | 0.84 | (0.22) | (0.19) | (0.41) | $ 8.90 | 10.07% |
Class L | |||||||||
06/30/2022 (Unaudited) | $10.44 | 0.05 | (1.31) | (1.26) | (0.04) | - | (0.04) | $ 9.14 | (12.09%) (d) |
12/31/2021 | $10.13 | 0.32 | 0.58 | 0.90 | (0.25) | (0.34) | (0.59) | $10.44 | 8.88% |
12/31/2020 | $ 9.45 | 0.09 | 0.76 | 0.85 | (0.06) | (0.11) | (0.17) | $10.13 | 9.16% |
12/31/2019 | $ 8.81 | 0.16 | 1.07 | 1.23 | (0.13) | (0.46) | (0.59) | $ 9.45 | 14.14% |
12/31/2018 | $ 9.86 | 0.25 | (0.72) | (0.47) | (0.21) | (0.37) | (0.58) | $ 8.81 | (4.88%) |
12/31/2017 | $ 9.34 | 0.24 | 0.66 | 0.90 | (0.19) | (0.19) | (0.38) | $ 9.86 | 9.75% |
Institutional Class | |||||||||
06/30/2022 (Unaudited) | $10.77 | 0.08 | (1.35) | (1.27) | (0.07) | - | (0.07) | $ 9.43 | (11.83%) (d) |
12/31/2021 | $10.45 | 0.44 | 0.55 | 0.99 | (0.33) | (0.34) | (0.67) | $10.77 | 9.48% |
12/31/2020 | $ 9.73 | 0.24 | 0.71 | 0.95 | (0.12) | (0.11) | (0.23) | $10.45 | 10.01% |
12/31/2019 | $ 9.07 | 0.21 | 1.11 | 1.32 | (0.20) | (0.46) | (0.66) | $ 9.73 | 14.80% |
12/31/2018 | $10.16 | 0.30 | (0.73) | (0.43) | (0.29) | (0.37) | (0.66) | $ 9.07 | (4.35%) |
12/31/2017 | $ 9.62 | 0.30 | 0.70 | 1.00 | (0.27) | (0.19) | (0.46) | $10.16 | 10.48% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)(e) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)(e) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)(e) | Portfolio turnover rate(f) | ||
Supplemental Data and Ratios | ||||||
Investor Class | ||||||
06/30/2022 (Unaudited) | $486,118 | 0.45% (g) | 0.37% (g) | 1.16% (g) | 9% (d) | |
12/31/2021 | $574,251 | 0.45% | 0.37% | 3.10% | 20% | |
12/31/2020 | $521,377 | 0.45% | 0.37% | 2.69% | 34% | |
12/31/2019 | $124,650 | 0.45% | 0.37% | 1.81% | 22% | |
12/31/2018 | $113,771 | 0.45% | 0.37% | 2.42% | 31% | |
12/31/2017 | $159,718 | 0.45% | 0.37% | 2.56% | 20% | |
Class L | ||||||
06/30/2022 (Unaudited) | $ 22,634 | 0.70% (g) | 0.62% (g) | 0.92% (g) | 9% (d) | |
12/31/2021 | $ 26,423 | 0.70% | 0.62% | 2.97% | 20% | |
12/31/2020 | $ 26,264 | 0.70% | 0.62% | 0.94% | 34% | |
12/31/2019 | $350,464 | 0.70% | 0.62% | 1.65% | 22% | |
12/31/2018 | $252,301 | 0.70% | 0.62% | 2.53% | 31% | |
12/31/2017 | $210,781 | 0.70% | 0.62% | 2.46% | 20% | |
Institutional Class | ||||||
06/30/2022 (Unaudited) | $ 25,098 | 0.10% (g) | 0.02% (g) | 1.56% (g) | 9% (d) | |
12/31/2021 | $ 27,505 | 0.10% | 0.02% | 3.98% | 20% | |
12/31/2020 | $ 21,473 | 0.10% | 0.02% | 2.50% | 34% | |
12/31/2019 | $ 20,093 | 0.10% | 0.02% | 2.17% | 22% | |
12/31/2018 | $ 19,655 | 0.10% | 0.02% | 3.00% | 31% | |
12/31/2017 | $ 19,477 | 0.10% | 0.02% | 2.93% | 20% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATE PROFILE FUND
GREAT-WEST MODERATE PROFILE FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return (b)(c) | |
Investor Class | |||||||||
06/30/2022 (Unaudited) | $ 7.34 | 0.03 | (1.04) | (1.01) | (0.04) | - | (0.04) | $ 6.29 | (13.81%) (d) |
12/31/2021 | $ 7.07 | 0.28 | 0.57 | 0.85 | (0.26) | (0.32) | (0.58) | $ 7.34 | 11.98% |
12/31/2020 | $ 6.57 | 0.14 | 0.58 | 0.72 | (0.10) | (0.12) | (0.22) | $ 7.07 | 11.25% |
12/31/2019 | $ 6.21 | 0.11 | 0.94 | 1.05 | (0.13) | (0.56) | (0.69) | $ 6.57 | 17.52% |
12/31/2018 | $ 7.32 | 0.17 | (0.60) | (0.43) | (0.21) | (0.47) | (0.68) | $ 6.21 | (6.30%) |
12/31/2017 | $ 6.94 | 0.19 | 0.70 | 0.89 | (0.20) | (0.31) | (0.51) | $ 7.32 | 12.94% |
Class L | |||||||||
06/30/2022 (Unaudited) | $12.05 | 0.04 | (1.72) | (1.68) | (0.01) | - | (0.01) | $10.36 | (13.91%) (d) |
12/31/2021 | $11.30 | 0.45 | 0.86 | 1.31 | (0.24) | (0.32) | (0.56) | $12.05 | 11.56% |
12/31/2020 | $10.39 | 0.09 | 1.03 | 1.12 | (0.09) | (0.12) | (0.21) | $11.30 | 11.03% |
12/31/2019 | $ 9.45 | 0.16 | 1.44 | 1.60 | (0.10) | (0.56) | (0.66) | $10.39 | 17.23% |
12/31/2018 | $10.75 | 0.27 | (0.93) | (0.66) | (0.17) | (0.47) | (0.64) | $ 9.45 | (6.45%) |
12/31/2017 | $ 9.98 | 0.29 | 0.96 | 1.25 | (0.17) | (0.31) | (0.48) | $10.75 | 12.56% |
Institutional Class | |||||||||
06/30/2022 (Unaudited) | $11.31 | 0.07 | (1.61) | (1.54) | (0.05) | - | (0.05) | $ 9.72 | (13.64%) (d) |
12/31/2021 | $10.68 | 0.47 | 0.83 | 1.30 | (0.35) | (0.32) | (0.67) | $11.31 | 12.15% |
12/31/2020 | $ 9.81 | 0.21 | 0.90 | 1.11 | (0.12) | (0.12) | (0.24) | $10.68 | 11.64% |
12/31/2019 | $ 8.97 | 0.19 | 1.39 | 1.58 | (0.18) | (0.56) | (0.74) | $ 9.81 | 18.00% |
12/31/2018 | $10.26 | 0.33 | (0.91) | (0.58) | (0.24) | (0.47) | (0.71) | $ 8.97 | (5.91%) |
12/31/2017 | $ 9.56 | 0.31 | 0.95 | 1.26 | (0.25) | (0.31) | (0.56) | $10.26 | 13.29% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)(e) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)(e) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)(e) | Portfolio turnover rate(f) | ||
Supplemental Data and Ratios | ||||||
Investor Class | ||||||
06/30/2022 (Unaudited) | $1,276,718 | 0.45% (g) | 0.39% (g) | 0.95% (g) | 6% (d) | |
12/31/2021 | $1,580,857 | 0.45% | 0.39% | 3.72% | 18% | |
12/31/2020 | $1,398,893 | 0.45% | 0.40% | 2.12% | 34% | |
12/31/2019 | $ 740,432 | 0.45% | 0.39% | 1.63% | 27% | |
12/31/2018 | $ 749,829 | 0.45% | 0.39% | 2.36% | 31% | |
12/31/2017 | $1,034,643 | 0.45% | 0.39% | 2.64% | 18% | |
Class L | ||||||
06/30/2022 (Unaudited) | $ 148,264 | 0.70% (g) | 0.64% (g) | 0.72% (g) | 6% (d) | |
12/31/2021 | $ 179,322 | 0.70% | 0.64% | 3.69% | 18% | |
12/31/2020 | $ 173,155 | 0.70% | 0.65% | 0.87% | 34% | |
12/31/2019 | $ 797,338 | 0.70% | 0.64% | 1.53% | 27% | |
12/31/2018 | $ 575,529 | 0.70% | 0.64% | 2.59% | 31% | |
12/31/2017 | $ 451,168 | 0.70% | 0.65% | 2.73% | 18% | |
Institutional Class | ||||||
06/30/2022 (Unaudited) | $ 94,598 | 0.10% (g) | 0.04% (g) | 1.34% (g) | 6% (d) | |
12/31/2021 | $ 106,744 | 0.10% | 0.04% | 4.13% | 18% | |
12/31/2020 | $ 109,001 | 0.10% | 0.05% | 2.15% | 34% | |
12/31/2019 | $ 132,857 | 0.10% | 0.04% | 1.99% | 27% | |
12/31/2018 | $ 134,337 | 0.10% | 0.04% | 3.26% | 31% | |
12/31/2017 | $ 96,479 | 0.10% | 0.04% | 3.09% | 18% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST MODERATELY AGGRESSIVE PROFILE FUND
GREAT-WEST MODERATELY AGGRESSIVE PROFILE FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return(b)(c) | |
Investor Class | |||||||||
6/30/2022(Unaudited) | $ 7.95 | 0.03 | (1.26) | (1.23) | (0.03) | — | (0.03) | $ 6.69 | (15.48%) (d) |
12/31/2021 | $ 7.64 | 0.38 | 0.71 | 1.09 | (0.38) | (0.40) | (0.78) | $ 7.95 | 14.25% |
12/31/2020 | $ 7.45 | 0.16 | 0.67 | 0.83 | (0.14) | (0.50) | (0.64) | $ 7.64 | 11.75% |
12/31/2019 | $ 6.94 | 0.12 | 1.25 | 1.37 | (0.13) | (0.73) | (0.86) | $ 7.45 | 20.35% |
12/31/2018 | $ 8.40 | 0.19 | (0.79) | (0.60) | (0.22) | (0.64) | (0.86) | $ 6.94 | (7.62%) |
12/31/2017 | $ 7.75 | 0.25 | 0.93 | 1.18 | (0.23) | (0.30) | (0.53) | $ 8.40 | 15.42% |
Institutional Class | |||||||||
6/30/2022(Unaudited) | $10.75 | 0.06 | (1.71) | (1.65) | (0.04) | — | (0.04) | $ 9.06 | (15.33%) (d) |
12/31/2021 | $10.11 | 0.48 | 1.00 | 1.48 | (0.44) | (0.40) | (0.84) | $10.75 | 14.64% |
12/31/2020 | $ 9.65 | 0.20 | 0.93 | 1.13 | (0.17) | (0.50) | (0.67) | $10.11 | 12.16% |
12/31/2019 | $ 8.77 | 0.18 | 1.60 | 1.78 | (0.17) | (0.73) | (0.90) | $ 9.65 | 20.64% |
12/31/2018 | $10.40 | 0.31 | (1.04) | (0.73) | (0.26) | (0.64) | (0.90) | $ 8.77 | (7.30%) |
12/31/2017 | $ 9.49 | 0.33 | 1.16 | 1.49 | (0.28) | (0.30) | (0.58) | $10.40 | 15.88% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)(e) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)(e) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)(e) | Portfolio turnover rate(f) | ||
Investor Class | ||||||
06/30/2022(Unaudited) | $670,148 | 0.45% (g) | 0.42% (g) | 0.77% (g) | 7% (d) | |
12/31/2021 | $849,677 | 0.45% | 0.42% | 4.56% | 23% | |
12/31/2020 | $665,158 | 0.45% | 0.42% | 2.19% | 63% | |
12/31/2019 | $336,156 | 0.45% | 0.42% | 1.53% | 34% | |
12/31/2018 | $330,334 | 0.45% | 0.42% | 2.27% | 38% | |
12/31/2017 | $491,402 | 0.45% | 0.42% | 3.00% | 18% | |
Institutional Class | ||||||
06/30/2022(Unaudited) | $ 49,209 | 0.10% (g) | 0.07% (g) | 1.23% (g) | 7% (d) | |
12/31/2021 | $ 55,232 | 0.10% | 0.07% | 4.36% | 23% | |
12/31/2020 | $ 60,144 | 0.10% | 0.07% | 2.12% | 63% | |
12/31/2019 | $ 61,262 | 0.10% | 0.07% | 1.88% | 34% | |
12/31/2018 | $ 60,717 | 0.10% | 0.07% | 3.02% | 38% | |
12/31/2017 | $ 53,737 | 0.10% | 0.07% | 3.24% | 18% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
GREAT-WEST AGGRESSIVE PROFILE FUND
GREAT-WEST AGGRESSIVE PROFILE FUND
Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.
Income (Loss) from Investment Operations: | Less Distributions: | ||||||||
Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | Total Distributions | Net asset value, end of period | Total Return(b)(c) | |
Investor Class | |||||||||
6/30/2022(Unaudited) | $ 6.66 | 0.01 | (1.24) | (1.23) | (0.02) | — | (0.02) | $ 5.41 | (18.54%) (d) |
12/31/2021 | $ 6.35 | 0.38 | 0.85 | 1.23 | (0.40) | (0.52) | (0.92) | $ 6.66 | 19.49% |
12/31/2020 | $ 5.96 | 0.09 | 0.57 | 0.66 | (0.09) | (0.18) | (0.27) | $ 6.35 | 11.99% |
12/31/2019 | $ 5.54 | 0.08 | 1.31 | 1.39 | (0.13) | (0.84) | (0.97) | $ 5.96 | 26.10% |
12/31/2018 | $ 7.21 | 0.15 | (0.84) | (0.69) | (0.18) | (0.80) | (0.98) | $ 5.54 | (10.41%) |
12/31/2017 | $ 6.49 | 0.22 | 1.11 | 1.33 | (0.17) | (0.44) | (0.61) | $ 7.21 | 20.62% |
Institutional Class | |||||||||
6/30/2022(Unaudited) | $11.67 | 0.04 | (2.19) | (2.15) | (0.02) | — | (0.02) | $ 9.50 | (18.39%) (d) |
12/31/2021 | $10.58 | 0.63 | 1.46 | 2.09 | (0.48) | (0.52) | (1.00) | $11.67 | 19.82% |
12/31/2020 | $ 9.73 | 0.18 | 0.98 | 1.16 | (0.13) | (0.18) | (0.31) | $10.58 | 12.53% |
12/31/2019 | $ 8.55 | 0.16 | 2.03 | 2.19 | (0.17) | (0.84) | (1.01) | $ 9.73 | 26.52% |
12/31/2018 | $10.57 | 0.34 | (1.35) | (1.01) | (0.21) | (0.80) | (1.01) | $ 8.55 | (10.23%) |
12/31/2017 | $ 9.27 | 0.37 | 1.59 | 1.96 | (0.22) | (0.44) | (0.66) | $10.57 | 21.23% |
Net assets, end of period (000) | Ratio of expenses to average net assets (before reimbursement and/or waiver, if applicable)(e) | Ratio of expenses to average net assets (after reimbursement and/or waiver, if applicable)(e) | Ratio of net investment income to average net assets (after reimbursement and/or waiver, if applicable)(e) | Portfolio turnover rate(f) | ||
Investor Class | ||||||
06/30/2022(Unaudited) | $468,499 | 0.45% (g) | 0.45% (g) | 0.41% (g) | 7% (d) | |
12/31/2021 | $611,597 | 0.45% | 0.45% | 5.31% | 26% | |
12/31/2020 | $548,648 | 0.45% | 0.45% | 1.71% | 35% | |
12/31/2019 | $427,424 | 0.45% | 0.45% | 1.26% | 33% | |
12/31/2018 | $414,608 | 0.45% | 0.45% | 2.06% | 40% | |
12/31/2017 | $625,485 | 0.45% | 0.45% | 3.06% | 21% | |
Institutional Class | ||||||
06/30/2022(Unaudited) | $ 95,819 | 0.10% (g) | 0.10% (g) | 0.82% (g) | 7% (d) | |
12/31/2021 | $110,765 | 0.10% | 0.10% | 5.31% | 26% | |
12/31/2020 | $106,944 | 0.10% | 0.10% | 1.96% | 35% | |
12/31/2019 | $115,496 | 0.10% | 0.10% | 1.67% | 33% | |
12/31/2018 | $ 99,964 | 0.10% | 0.10% | 3.27% | 40% | |
12/31/2017 | $ 72,696 | 0.10% | 0.10% | 3.60% | 21% |
(a) | Per share amounts are based upon average shares outstanding. |
(b) | Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower. |
(c) | Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower. |
(d) | Not annualized for periods less than one full year. |
(e) | Expense ratio and income ratio do not include expenses of the underlying investments in which the Fund invests. |
(f) | Portfolio turnover is calculated at the Fund level. |
(g) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report - June 30, 2022
GREAT-WEST FUNDS, INC.
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-five funds. Interests in the Great-West Conservative Profile Fund, Great-West Moderately Conservative Profile Fund, Great-West Moderate Profile Fund, Great-West Moderately Aggressive Profile Fund and Great-West Aggressive Profile Fund (each a Fund, collectively the Funds) are included herein. The investment objective of each Fund is to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize fixed income investments for the Great-West Conservative Profile Fund; to seek capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize fixed income investments, and to a lesser degree, in those that emphasize equity investments for the Great-West Moderately Conservative Profile Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds with a relatively equal emphasis on equity and fixed income investments for the Great-West Moderate Profile Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments, and to a lesser degree, in those that emphasize fixed income investments for the Great-West Moderately Aggressive Profile Fund and to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments for the Great-West Aggressive Profile Fund. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option to insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.
The Great-West Conservative Profile Fund, Great-West Moderately Conservative Profile Fund, Great-West Moderate Profile Fund each offer three share classes, referred to as Investor Class, Class L and Institutional Class shares. The Great-West Moderately Aggressive Profile Fund and Great-West Aggressive Profile Fund each offer two share classes, referred to as Investor Class shares and Institutional Class shares. The Great-West Moderately Aggressive Profile Fund Class L shares and Great-West Aggressive Profile Fund Class L shares each ceased operations on October 8, 2021. All shares of each 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.
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 Fund is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Fund.
Semi-Annual Report - June 30, 2022
Security Valuation
The Board of Directors of the Funds has adopted policies and procedures for the valuation of each 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.
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. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. The net asset value 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.
Investments in fixed interest contracts issued by Great-West Life & Annuity Insurance Company (GWL&A Contract) are valued at the amount of net deposits plus accrued interest, determined on a daily basis. The GWL&A Contract is backed by the general account of Great-West Life & Annuity Insurance Company (GWL&A).
The Funds classify valuations into three levels based upon the observability of inputs to the valuation of each 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. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of June 30, 2022, each Fund’s investments in the underlying mutual funds are valued using Level 1 inputs. Each Fund’s investment in the GWL&A Contract is valued using Level 2 inputs. More information regarding each Fund’s sector classifications are included in the Schedule of Investments.
Fund-of-Funds Structure Risk
Since each Fund invests directly in underlying funds, all risks associated with the eligible underlying funds apply to each Fund. To the extent each Fund invests more of its assets in one underlying fund than another, each Fund will have greater exposure to the risks of that underlying fund.
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 and realized gain distributions from underlying funds are accrued as of the ex-dividend date. Interest on the GWL&A Contract is accrued daily.
Federal Income Taxes and Distributions to Shareholders
Each 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. Each Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on each Fund 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 Funds, if any, are declared and paid semi-annually. Capital gain distributions of the Funds, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of the Funds 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.
Semi-Annual Report - June 30, 2022
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: disallowed losses and distribution adjustments.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of June 30, 2022 were as follows:
Federal Tax Cost of Investments | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Depreciation on Investments | ||||
Great-West Conservative Profile Fund | $1,023,386,145 | $25,532,158 | $(123,362,340) | $(97,830,182) | |||
Great-West Moderately Conservative Profile Fund | 594,243,917 | 16,501,629 | (76,731,564) | (60,229,935) | |||
Great-West Moderate Profile Fund | 1,714,131,473 | 51,177,540 | (245,220,704) | (194,043,164) | |||
Great-West Moderately Aggressive Profile Fund | 880,405,196 | 8,070,149 | (168,878,504) | (160,808,355) | |||
Great-West Aggressive Profile Fund | 692,842,551 | 10,619,267 | (138,954,556) | (128,335,289) |
2. INVESTMENT ADVISORY AGREEMENT & OTHER TRANSACTIONS WITH AFFILIATES
Great-West Funds entered into an investment advisory agreement with Great-West Capital Management, LLC (GWCM) (the Adviser), a wholly-owned subsidiary of GWL&A. As compensation for its services to Great-West Funds, the Adviser receives monthly compensation at the annual rate of 0.10% of the average daily net assets of each Fund. The management fee encompasses fund operation expenses except for shareholder services fees and distribution fees. Each Fund will also bear the indirect expense of the underlying investments. Because the underlying funds have varied expense and fee levels and the Funds may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. The Adviser has contractually agreed to reduce its management fee by 0.35% of the amount each Fund has allocated to the GWL&A Contract. The amount waived, if any, is reflected in the Statement of Operations.
Great-West Funds has 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 and Class L shares of the Fund a fee equal to 0.35% of the average daily net asset value of the applicable share class. Class L shares of the Great-West Moderately Aggressive Profile Fund and of the Great-West Aggressive Profile Fund ceased operations on October 8, 2021.
GWFS Equities, Inc. (the Distributor), is a wholly-owned subsidiary of GWL&A and the principal underwriter to distribute and market the Funds. The Funds have entered into a plan of distribution which provides for compensation for distribution of Class L shares and for providing or arranging for the provision of services to Class L shareholders. The distribution plan provides for a maximum 12b-1 fee equal to an annual rate of 0.25% of the average daily net assets of the Class L shares. Class L shares of the Great-West Moderately Aggressive Profile Fund and of the Great-West Aggressive Profile Fund ceased operations on October 8, 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-five funds for which they serve as directors was $690,500 for the period ended June 30, 2022.
Each Fund may invest in the GWL&A Contract pursuant to exemptive relief issued by the U.S. Securities and Exchange Commission. The GWL&A Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation of the Funds. GWL&A calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of GWL&A being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If GWL&A were to become insolvent, the GWL&A Contract would be settled commensurate with other policy holder obligations.
The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.00%. The investment in the GWL&A Contract may be terminated by GWL&A or the Funds upon 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by GWL&A.
Semi-Annual Report - June 30, 2022
The following tables are a summary of the transactions for each underlying investment during the period ended June 30, 2022, in which the issuer was an affiliate of a Fund, as defined in the 1940 Act.
Great-West Conservative Profile Fund | |||||||||||||
Affiliate | Shares Held/ Account Balance 06/30/2022 | Value 12/31/2021 | Purchase Cost | Sales Cost | Net Realized Gain (Loss) | Net Change Unrealized Appreciation (Depreciation) | Dividends and Interest Received | Value 06/30/2022 | Value as a Percentage of Net Assets | ||||
BOND MUTUAL FUNDS | |||||||||||||
Great-West Core Bond Fund Institutional Class | 3,160,398 | $ 70,102,381 | $ 4,686,896 | $ 5,273,609 | $ (389,671) | $ (8,474,023) | $ 594,256 | $ 61,041,645 | 6.60% | ||||
Great-West Global Bond Fund Institutional Class | 4,959,375 | 93,514,632 | 5,651,387 | 4,485,835 | (677,789) | (13,550,886) | 661,085 | 81,129,298 | 8.77 | ||||
Great-West High Yield Bond Fund Institutional Class | 1,832,351 | 42,201,163 | 1,679,775 | 1,597,836 | 5,859 | (6,442,700) | 400,793 | 35,840,402 | 3.87 | ||||
Great-West Inflation-Protected Securities Fund Institutional Class | 1,903,429 | 47,021,585 | 2,403,967 | 5,132,223 | 120,373 | (3,922,360) | 1,100,398 | 40,370,969 | 4.36 | ||||
Great-West Multi-Sector Bond Fund Institutional Class | 4,368,297 | 92,132,101 | 4,659,132 | 6,191,210 | (525,077) | (11,146,810) | 1,638,594 | 79,453,213 | 8.59 | ||||
Great-West Short Duration Bond Fund Institutional Class | 1,459,420 | 93,542,090 | 2,994,257 | 11,168,006 | (442,624) | (4,373,486) | 638,234 | 80,994,855 | 8.76 | ||||
Great-West U.S. Government Mortgage Securities Fund Institutional Class | 3,173,639 | 70,032,613 | 3,567,200 | 7,085,855 | (561,788) | (5,417,308) | 420,306 | 61,096,650 | 6.60 | ||||
(2,470,717) | (53,327,573) | 5,453,666 | 439,927,032 | 47.55 | |||||||||
EQUITY MUTUAL FUNDS | |||||||||||||
Great-West Emerging Markets Equity Fund Institutional Class | 1,911,746 | 20,206,468 | 2,452,759 | 1,688,202 | 248,048 | (4,085,852) | - | 16,885,173 | 1.82 | ||||
Great-West International Growth Fund Institutional Class | 2,043,130 | 20,359,305 | 5,151,198 | 965,058 | 343,970 | (7,451,627) | - | 17,093,818 | 1.85 | ||||
Great-West International Value Fund Institutional Class | 5,352,215 | 50,506,561 | 5,434,710 | 3,010,214 | 719,262 | (10,294,257) | - | 42,636,800 | 4.61 | ||||
Great-West Large Cap Growth Fund Institutional Class | 2,617,026 | 27,430,431 | 5,030,222 | 2,279,766 | (96,418) | (7,154,860) | 26,013 | 23,026,027 | 2.49 | ||||
Great-West Large Cap Value Fund Institutional Class | 7,527,956 | 68,708,869 | 6,120,833 | 8,398,783 | 2,164,222 | (8,583,871) | 769,849 | 57,847,048 | 6.25 | ||||
Great-West Mid Cap Value Fund Institutional Class | 3,981,658 | 37,721,088 | 4,403,767 | 5,582,425 | (40,762) | (5,258,160) | 167,734 | 31,284,270 | 3.38 | ||||
Great-West Real Estate Index Fund Institutional Class | 2,803,451 | 55,470,725 | 11,004,827 | 6,582,921 | 1,420,272 | (13,476,100) | 690,919 | 46,416,531 | 5.01 | ||||
Great-West Small Cap Growth Fund Institutional Class | 851,381 | 10,081,970 | 2,127,119 | 805,669 | 186,078 | (2,970,042) | - | 8,433,378 | 0.91 | ||||
Great-West Small Cap Value Fund Institutional Class | 2,813,052 | 25,063,081 | 3,252,038 | 3,162,920 | 268,635 | (4,362,566) | 114,453 | 20,789,633 | 2.25 | ||||
Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class | 1,817,710 | 14,995,135 | 2,700,550 | 1,323,397 | (136,699) | (3,816,145) | - | 12,556,143 | 1.36 | ||||
5,076,608 | (67,453,480) | 1,768,968 | 276,968,821 | 29.93 | |||||||||
FIXED INTEREST CONTRACT | |||||||||||||
Great-West Life & Annuity Contract | 208,660,110 | 241,181,665 | 3,872,969 | 37,840,217 | - | - | 1,445,693 | 208,660,110 | 22.55 | ||||
0 | 0 | 1,445,693 | 208,660,110 | 22.55 | |||||||||
Total | $ 2,605,891 | $(120,781,053) | $8,668,327 | $925,555,963 | 100.03% |
Semi-Annual Report - June 30, 2022
Great-West Moderately Conservative Profile Fund | |||||||||||||
Affiliate | Shares Held/ Account Balance 06/30/2022 | Value 12/31/2021 | Purchase Cost | Sales Cost | Net Realized Gain (Loss) | Net Change Unrealized Appreciation (Depreciation) | Dividends and Interest Received | Value 06/30/2022 | Value as a Percentage of Net Assets | ||||
BOND MUTUAL FUNDS | |||||||||||||
Great-West Core Bond Fund Institutional Class | 3,160,398 | $ 32,005,734 | $2,417,739 | $ 2,863,599 | $ (204,598) | $ (3,843,185) | $ 269,146 | $ 27,716,689 | 5.19% | ||||
Great-West Global Bond Fund Institutional Class | 4,959,375 | 42,708,267 | 3,137,267 | 2,864,313 | (411,263) | (6,083,470) | 298,931 | 36,897,751 | 6.91 | ||||
Great-West High Yield Bond Fund Institutional Class | 1,832,351 | 19,217,840 | 989,578 | 1,057,917 | (30,247) | (2,896,544) | 180,642 | 16,252,957 | 3.05 | ||||
Great-West Inflation-Protected Securities Fund Institutional Class | 1,903,429 | 21,477,480 | 1,573,257 | 2,890,924 | 81,694 | (1,810,757) | 495,464 | 18,349,056 | 3.44 | ||||
Great-West Multi-Sector Bond Fund Institutional Class | 4,368,297 | 42,007,621 | 2,682,797 | 3,787,260 | (403,378) | (4,908,390) | 736,849 | 35,994,768 | 6.74 | ||||
Great-West Short Duration Bond Fund Institutional Class | 1,459,420 | 15,903,997 | 767,208 | 2,299,155 | (106,191) | (711,883) | 107,779 | 13,660,167 | 2.56 | ||||
Great-West U.S. Government Mortgage Securities Fund Institutional Class | 3,173,639 | 31,974,834 | 2,038,483 | 3,679,082 | (166,106) | (2,564,896) | 190,189 | 27,769,339 | 5.20 | ||||
(1,240,089) | (22,819,125) | 2,279,000 | 176,640,727 | 33.09 | |||||||||
EQUITY MUTUAL FUNDS | |||||||||||||
Great-West Emerging Markets Equity Fund Institutional Class | 1,911,746 | 18,928,170 | 2,278,182 | 1,540,949 | 168,673 | (3,797,907) | - | 15,867,496 | 2.97 | ||||
Great-West International Growth Fund Institutional Class | 2,043,130 | 19,073,455 | 4,170,855 | 546,325 | 43,223 | (6,741,141) | - | 15,956,844 | 2.99 | ||||
Great-West International Value Fund Institutional Class | 5,352,215 | 47,395,069 | 4,361,449 | 2,353,949 | 524,977 | (9,582,086) | - | 39,820,483 | 7.46 | ||||
Great-West Large Cap Growth Fund Institutional Class | 2,617,026 | 25,655,444 | 4,440,186 | 2,038,414 | (181,692) | (6,623,770) | 24,166 | 21,433,446 | 4.01 | ||||
Great-West Large Cap Value Fund Institutional Class | 7,527,956 | 64,338,865 | 5,156,128 | 8,414,851 | 752,302 | (6,803,577) | 715,844 | 54,276,565 | 10.17 | ||||
Great-West Mid Cap Value Fund Institutional Class | 3,981,658 | 35,365,296 | 3,975,812 | 5,082,065 | (18,838) | (4,954,043) | 155,988 | 29,305,000 | 5.49 | ||||
Great-West Real Estate Index Fund Institutional Class | 2,803,451 | 28,838,438 | 5,497,735 | 3,425,859 | 349,437 | (6,604,396) | 355,672 | 24,305,918 | 4.55 | ||||
Great-West Small Cap Growth Fund Institutional Class | 851,381 | 9,378,278 | 1,831,206 | 741,421 | (28,316) | (2,558,735) | - | 7,909,328 | 1.48 | ||||
Great-West Small Cap Value Fund Institutional Class | 2,813,052 | 23,436,436 | 3,026,750 | 2,858,353 | 225,593 | (4,082,249) | 106,524 | 19,522,584 | 3.66 | ||||
Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class | 1,817,710 | 14,011,228 | 2,311,167 | 847,958 | 80,445 | (3,768,386) | - | 11,706,051 | 2.19 | ||||
1,915,804 | (55,516,290) | 1,358,194 | 240,103,715 | 44.97 | |||||||||
FIXED INTEREST CONTRACT | |||||||||||||
Great-West Life & Annuity Contract | 117,269,540 | 136,657,684 | 4,489,424 | 24,696,339 | - | - | 818,771 | 117,269,540 | 21.97 | ||||
0 | 0 | 818,771 | 117,269,540 | 21.97 | |||||||||
Total | $ 675,715 | $(78,335,415) | $4,455,965 | $534,013,982 | 100.03% |
Semi-Annual Report - June 30, 2022
Great-West Moderate Profile Fund | |||||||||||||
Affiliate | Shares Held/ Account Balance 06/30/2022 | Value 12/31/2021 | Purchase Cost | Sales Cost | Net Realized Gain (Loss) | Net Change Unrealized Appreciation (Depreciation) | Dividends and Interest Received | Value 06/30/2022 | Value as a Percentage of Net Assets | ||||
BOND MUTUAL FUNDS | |||||||||||||
Great-West Core Bond Fund Institutional Class | 6,538,017 | $ 68,881,630 | $ 4,116,651 | $ 7,565,195 | $ (496,888) | $ (8,094,679) | $ 564,859 | $ 57,338,407 | 3.77% | ||||
Great-West Global Bond Fund Institutional Class | 10,246,005 | 91,891,921 | 4,760,122 | 7,826,991 | (1,152,198) | (12,594,773) | 621,005 | 76,230,279 | 5.02 | ||||
Great-West High Yield Bond Fund Institutional Class | 3,787,073 | 41,415,600 | 1,140,160 | 2,808,515 | (69,681) | (6,155,907) | 375,888 | 33,591,338 | 2.21 | ||||
Great-West Inflation-Protected Securities Fund Institutional Class | 3,937,712 | 46,252,237 | 1,773,691 | 6,286,023 | 121,382 | (3,780,366) | 1,035,556 | 37,959,539 | 2.50 | ||||
Great-West Multi-Sector Bond Fund Institutional Class | 9,058,325 | 90,527,132 | 4,335,208 | 9,850,429 | (899,202) | (10,371,317) | 1,540,897 | 74,640,594 | 4.91 | ||||
Great-West Short Duration Bond Fund Institutional Class | 3,026,507 | 34,224,513 | 965,821 | 5,369,949 | (245,495) | (1,492,275) | 226,685 | 28,328,110 | 1.86 | ||||
Great-West U.S. Government Mortgage Securities Fund Institutional Class | 6,559,229 | 68,811,803 | 3,043,605 | 9,252,413 | (594,159) | (5,209,736) | 399,100 | 57,393,259 | 3.78 | ||||
(3,336,241) | (47,699,053) | 4,763,990 | 365,481,526 | 24.05 | |||||||||
EQUITY MUTUAL FUNDS | |||||||||||||
Great-West Emerging Markets Equity Fund Institutional Class | 7,464,195 | 77,843,133 | 6,641,053 | 8,056,257 | (124,915) | (14,475,112) | - | 61,952,817 | 4.08 | ||||
Great-West International Growth Fund Institutional Class | 8,085,532 | 78,216,826 | 13,833,721 | 2,195,300 | (217,236) | (26,707,242) | - | 63,148,005 | 4.16 | ||||
Great-West International Value Fund Institutional Class | 21,149,494 | 194,470,698 | 6,318,725 | 8,905,318 | (2,226,394) | (34,531,868) | - | 157,352,237 | 10.35 | ||||
Great-West Large Cap Growth Fund Institutional Class | 10,366,846 | 105,377,397 | 10,478,680 | 2,985,230 | 387,174 | (27,966,379) | 95,860 | 84,904,468 | 5.59 | ||||
Great-West Large Cap Value Fund Institutional Class | 29,558,730 | 263,671,614 | 6,831,529 | 28,225,739 | 4,441,752 | (29,158,964) | 2,835,053 | 213,118,440 | 14.02 | ||||
Great-West Mid Cap Value Fund Institutional Class | 15,696,497 | 144,141,901 | 7,473,329 | 16,435,687 | (619,114) | (19,653,326) | 618,229 | 115,526,217 | 7.60 | ||||
Great-West Real Estate Index Fund Institutional Class | 7,045,658 | 75,729,917 | 9,852,620 | 6,897,209 | 1,448,545 | (17,599,472) | 908,226 | 61,085,856 | 4.02 | ||||
Great-West Small Cap Growth Fund Institutional Class | 3,331,681 | 38,401,061 | 4,706,825 | 1,657,063 | (28,598) | (10,499,508) | - | 30,951,315 | 2.04 | ||||
Great-West Small Cap Value Fund Institutional Class | 11,060,511 | 95,783,706 | 4,291,316 | 5,143,436 | 2,346,499 | (18,171,636) | 421,089 | 76,759,950 | 5.05 | ||||
Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class | 7,179,368 | 57,335,315 | 5,601,226 | 2,170,814 | (478,236) | (14,530,595) | - | 46,235,132 | 3.04 | ||||
4,929,477 | (213,294,102) | 4,878,457 | 911,034,437 | 59.95 | |||||||||
FIXED INTEREST CONTRACT | |||||||||||||
Great-West Life & Annuity Contract | 243,572,346 | 294,574,102 | 2,851,549 | 55,600,676 | - | - | 1,747,371 | 243,572,346 | 16.03 | ||||
0 | 0 | 1,747,371 | 243,572,346 | 16.03 | |||||||||
Total | $ 1,593,236 | $(260,993,155) | $11,389,818 | $1,520,088,309 | 100.03% |
Semi-Annual Report - June 30, 2022
Great-West Moderately Aggressive Profile Fund | |||||||||||||
Affiliate | Shares Held/ Account Balance 06/30/2022 | Value 12/31/2021 | Purchase Cost | Sales Cost | Net Realized Gain (Loss) | Net Change Unrealized Appreciation (Depreciation) | Dividends and Interest Received | Value 06/30/2022 | Value as a Percentage of Net Assets | ||||
BOND MUTUAL FUNDS | |||||||||||||
Great-West Core Bond Fund Institutional Class | 2,088,991 | $ 22,572,949 | $1,875,314 | $ 3,510,612 | $ (153,317) | $ (2,617,199) | $ 180,949 | $ 18,320,452 | 2.55% | ||||
Great-West Global Bond Fund Institutional Class | 3,272,332 | 30,029,853 | 2,323,361 | 4,013,019 | (427,564) | (3,994,045) | 198,266 | 24,346,150 | 3.39 | ||||
Great-West High Yield Bond Fund Institutional Class | 1,210,732 | 13,483,140 | 711,695 | 1,432,389 | 15,685 | (2,023,249) | 120,215 | 10,739,197 | 1.49 | ||||
Great-West Inflation-Protected Securities Fund Institutional Class | 1,256,899 | 15,131,405 | 1,073,289 | 2,747,547 | 167,044 | (1,340,644) | 330,549 | 12,116,503 | 1.68 | ||||
Great-West Multi-Sector Bond Fund Institutional Class | 2,892,021 | 29,697,133 | 2,099,785 | 4,661,064 | (323,200) | (3,305,601) | 491,944 | 23,830,253 | 3.31 | ||||
Great-West Short Duration Bond Fund Institutional Class | 2,360,955 | 27,382,118 | 1,483,440 | 5,618,365 | (216,214) | (1,148,653) | 177,687 | 22,098,540 | 3.07 | ||||
Great-West U.S. Government Mortgage Securities Fund Institutional Class | 2,096,190 | 22,538,827 | 1,616,323 | 4,166,831 | (223,629) | (1,646,661) | 127,764 | 18,341,658 | 2.55 | ||||
(1,161,195) | (16,076,052) | 1,627,374 | 129,792,753 | 18.04 | |||||||||
EQUITY MUTUAL FUNDS | |||||||||||||
Great-West Emerging Markets Equity Fund Institutional Class | 4,403,262 | 46,368,276 | 4,627,476 | 5,659,102 | 280,853 | (8,789,573) | - | 36,547,077 | 5.08 | ||||
Great-West International Growth Fund Institutional Class | 4,752,758 | 46,879,970 | 7,490,357 | 1,271,564 | (83,380) | (15,979,722) | - | 37,119,041 | 5.16 | ||||
Great-West International Value Fund Institutional Class | 12,402,149 | 116,011,311 | 4,318,300 | 8,162,906 | (1,816,185) | (19,894,716) | - | 92,271,989 | 12.83 | ||||
Great-West Large Cap Growth Fund Institutional Class | 6,078,180 | 63,154,925 | 5,626,601 | 2,242,976 | 323,455 | (16,758,252) | 56,150 | 49,780,298 | 6.92 | ||||
Great-West Large Cap Value Fund Institutional Class | 17,386,660 | 157,719,836 | 4,586,620 | 16,101,070 | 6,364,431 | (20,847,569) | 1,661,000 | 125,357,817 | 17.43 | ||||
Great-West Mid Cap Value Fund Institutional Class | 9,231,067 | 86,899,918 | 4,188,172 | 11,068,598 | 89,939 | (12,078,840) | 362,430 | 67,940,652 | 9.44 | ||||
Great-West Real Estate Index Fund Institutional Class | 2,941,895 | 31,968,145 | 4,191,519 | 3,205,065 | 667,936 | (7,448,367) | 375,503 | 25,506,232 | 3.54 | ||||
Great-West Small Cap Growth Fund Institutional Class | 1,970,733 | 23,164,551 | 2,506,081 | 986,069 | 69,770 | (6,376,451) | - | 18,308,112 | 2.54 | ||||
Great-West Small Cap Value Fund Institutional Class | 6,505,777 | 57,736,671 | 3,068,160 | 7,240,635 | (895,554) | (8,414,107) | 247,102 | 45,150,089 | 6.28 | ||||
Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class | 4,219,311 | 34,342,169 | 3,069,619 | 1,450,313 | (167,305) | (8,789,115) | - | 27,172,360 | 3.78 | ||||
4,833,960 | (125,376,712) | 2,702,185 | 525,153,667 | 73.00 | |||||||||
FIXED INTEREST CONTRACT | |||||||||||||
Great-West Life & Annuity Contract | 64,650,421 | 80,126,465 | 2,793,969 | 18,736,435 | - | - | 466,422 | 64,650,421 | 8.99 | ||||
0 | 0 | 466,422 | 64,650,421 | 8.99 | |||||||||
Total | $ 3,672,765 | $(141,452,764) | $4,795,981 | $719,596,841 | 100.03% |
Semi-Annual Report - June 30, 2022
Great-West Aggressive Profile Fund | |||||||||||||
Affiliate | Shares Held/ Account Balance 06/30/2022 | Value 12/31/2021 | Purchase Cost | Sales Cost | Net Realized Gain (Loss) | Net Change Unrealized Appreciation (Depreciation) | Dividends and Interest Received | Value 06/30/2022 | Value as a Percentage of Net Assets | ||||
EQUITY MUTUAL FUNDS | |||||||||||||
Great-West Emerging Markets Equity Fund Institutional Class | 4,838,712 | $ 51,771,525 | $4,657,519 | $ 6,403,130 | $ 163,620 | $ (9,864,604) | $ - | $ 40,161,310 | 7.12% | ||||
Great-West International Growth Fund Institutional Class | 5,202,129 | 51,963,457 | 8,233,959 | 1,852,915 | (232,025) | (17,715,875) | - | 40,628,626 | 7.20 | ||||
Great-West International Value Fund Institutional Class | 13,617,653 | 129,639,987 | 4,656,800 | 9,267,685 | (628,967) | (23,713,765) | - | 101,315,337 | 17.95 | ||||
Great-West Large Cap Growth Fund Institutional Class | 6,667,794 | 69,830,541 | 6,808,332 | 3,322,001 | 347,066 | (18,707,640) | 61,325 | 54,609,232 | 9.68 | ||||
Great-West Large Cap Value Fund Institutional Class | 19,021,420 | 175,146,795 | 4,549,520 | 21,586,655 | 4,520,585 | (20,965,225) | 1,815,488 | 137,144,435 | 24.30 | ||||
Great-West Mid Cap Value Fund Institutional Class | 10,102,780 | 95,396,129 | 3,899,337 | 13,372,045 | (1,969,483) | (11,566,959) | 395,919 | 74,356,462 | 13.18 | ||||
Great-West Real Estate Index Fund Institutional Class | 1,964,087 | 21,763,507 | 2,755,124 | 1,634,036 | 1,150,564 | (5,855,957) | 250,630 | 17,028,638 | 3.02 | ||||
Great-West Small Cap Growth Fund Institutional Class | 2,142,896 | 25,430,091 | 2,957,034 | 1,538,533 | (91,957) | (6,941,084) | - | 19,907,508 | 3.53 | ||||
Great-West Small Cap Value Fund Institutional Class | 7,144,228 | 63,594,642 | 3,413,822 | 8,515,349 | (1,635,883) | (8,912,175) | 270,411 | 49,580,940 | 8.78 | ||||
Great-West T. Rowe Price Mid Cap Growth Fund Institutional Class | 4,623,412 | 38,062,265 | 3,525,743 | 1,695,762 | 119,646 | (10,117,472) | - | 29,774,774 | 5.27 | ||||
1,743,166 | (134,360,756) | 2,793,773 | 564,507,262 | 100.03 | |||||||||
Total | $ 1,743,166 | $(134,360,756) | $2,793,773 | $564,507,262 | 100.03% |
3. PURCHASES & SALES OF INVESTMENTS
For the period ended June 30, 2022, the aggregate cost of purchases and proceeds from sales of investments were as follows:
Purchases | Sales | ||
Great-West Conservative Profile Fund | $77,192,244 | $115,180,038 | |
Great-West Moderately Conservative Profile Fund | 55,145,221 | 72,664,446 | |
Great-West Moderate Profile Fund | 99,015,829 | 188,825,477 | |
Great-West Moderately Aggressive Profile Fund | 57,650,079 | 105,947,323 | |
Great-West Aggressive Profile Fund | 45,457,191 | 70,931,278 |
4. INDEMNIFICATIONS
The Funds' 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 Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
5. SUBSEQUENT EVENT
Management has reviewed all events subsequent to June 30, 2022, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued.
Semi-Annual Report - June 30, 2022
On August 1, 2022, Empower announced changes to the names of certain operating companies within its corporate group to further strengthen recognition and customer alignment with the Empower brand. In connection with Empower’s ongoing development of the Empower brand, certain Empower companies have been renamed to include “Empower” in the legal names of the companies. Effective August 1, 2022, the Great-West Conservative Profile Fund changed its name to the Empower Conservative Profile Fund, the Great-West Moderately Conservative Profile Fund changed its name to the Empower Moderately Conservative Profile Fund, the Great-West Moderate Profile Fund changed its name to the Empower Moderate Profile Fund, the Great-West Moderately Aggressive Profile Fund changed its name to the Empower Moderately Aggressive Profile Fund, and the Great-West Aggressive Profile Fund changed its name to the Empower Aggressive Profile Fund.
Semi-Annual Report - June 30, 2022
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.
Investment Advisory Contract Approval
The Board of Directors (the “Board”) of Great-West Funds, Inc. (the “Company”), including the Directors who are not interested persons of the Company (the “Independent Directors”), at a meeting held on April 21, 2022 (the “April Board Meeting”), unanimously approved the continuation of the investment advisory agreement (the “Advisory Agreement”) between Great-West Capital Management, LLC (“GWCM”) and the Company, on behalf of each of the following series of the Company: (i) Great-West Aggressive Profile Fund; (ii) Great-West Moderately Aggressive Profile Fund; (iii) Great-West Moderate Profile Fund; (iv) Great-West Moderately Conservative Profile Fund; and (v) Great-West Conservative Profile Fund (each, a “Fund,” collectively, the “Funds”). (The Funds and the Company’s other series are referred to collectively as the “Great-West Funds.”)
Pursuant to the Advisory Agreement, GWCM acts as investment adviser and, subject to oversight by the Board, directs the investments of each of the Funds in accordance with its investment objectives, policies and limitations. GWCM also provides, subject to oversight by the Board, the management and administrative services necessary for the Funds’ operation.
On March 23, 2022 (the “March Meeting”), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics and furnished by GWCM in connection with the proposed continuation of the Advisory Agreement, and met with representatives of GWCM to review, among other things, comparative information regarding each Fund’s investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the “Independent Consultant”) to review comparative information regarding each Fund’s investment performance, fees and expenses, as well as enterprise profitability data, and further discussed such information with GWCM. The Independent Directors also considered additional information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Funds and the other Great-West Funds. Although the Board considered the approval of the Advisory Agreement as part of its multi-faceted annual review process of agreements across the Great-West Funds, the Board’s approvals were made on a fund-by-fund basis.
In approving the continuation of the Advisory Agreement, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Advisory Agreement. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for the Great-West Funds, including the services and support provided to each of the Great-West Funds, including the Funds and their shareholders.
In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board’s approval was based on each Director’s business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.
Based upon its review of the Advisory Agreement and the information provided to it, the Board concluded that the Advisory Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors’ determinations to approve the continuation of the Advisory Agreement are discussed below.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Funds by GWCM. Among other things, the Board considered GWCM’s organizational history, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Funds, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Funds. With respect to personnel, the Board noted that GWCM’s affiliate, Empower Retirement, LLC (“Empower”) provides employees, including various management professionals, who provide services on behalf of GWCM—which does not have its own employees—pursuant to an agreement between GWCM and Empower. (Each of Empower and GWCM is a wholly-owned subsidiary of Great-West Life & Annuity Insurance Company (“GWL&A”); references herein to personnel, services, activities and resources of GWCM should be understood generally as including Empower.)
The Board also reviewed the qualifications, education, experience, tenure and responsibilities of the senior personnel serving the Funds and the portfolio management team responsible for the day-to-day management of the Funds, as well as GWCM’s efforts to attract, retain and motivate capable personnel to serve the Funds. In addition, the Board considered GWCM’s reputation for management of its investment strategies, its decision-making process regarding asset allocation and investments, its disaster recovery procedures, including cybersecurity risk mitigation, its overall financial condition and ability to carry out its obligations to the Funds, its technical resources, operational capabilities and safeguards, and compliance
policies and procedures, including for liquidity risk management oversight. The Board noted GWCM’s recent strategic initiatives, progress on the implementation of an enhanced trade order management system and various other projects, and GWCM’s efforts generally to ensure that third-party programs and vendors used to service the Funds—including for purposes of regulatory compliance support—are monitored effectively.
Consideration also was given to the fact that the Board meets with representatives of GWCM each year to discuss portfolio management strategies and performance. Additionally, the quality of GWCM’s communications with the Board, as well as GWCM’s responsiveness to the Board, were taken into account. Also considered was GWCM’s response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of the COVID-19 pandemic and macroeconomic and geopolitical developments on GWCM generally and the Funds, and considered how monitoring and analysis of such developments informs GWCM’s performance of its services to the Funds.
The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by GWCM.
Investment Performance
The Board received and considered information regarding the investment performance of each Fund. The Board reviewed performance information for each Fund’s Investor Class and Institutional Class as compared against a composite of multiple benchmark indices and a “performance universe” of peer funds compiled by Broadridge, based on Lipper fund classifications. This performance data included, among other things, annualized returns for the one-, three-, five- and ten-year periods ended December 31, 2021 with respect to the Investor Class and, for the Institutional Class, annualized returns for the one-, three- and five-year periods ended December 31, 2021. In evaluating the performance of the Funds, the Board noted how each Fund performed relative to the returns of the applicable composite index and performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing each Fund’s performance to that of its benchmark and composite indices and to a peer group of funds.
In evaluating each Fund’s investment performance, the Board considered each Fund’s performance relative to its composite index as well as the Fund’s quintile ranking within its performance universe—with the first quintile being the best performers and the fifth quintile being the worst performers—and made the following observations:
• | Great-West Aggressive Profile Fund: The annualized returns of the Fund’s Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2021 were in the second, fourth, fourth and first quintiles, respectively, of its performance universe, exceeding the performance universe median for the one- and ten-year periods ended December 31, 2021. As to the Institutional Class, the annualized returns for the one-, three- and five-year periods ended December 31, 2021 were in the first, third and third quintiles, respectively, of its performance universe, exceeding the performance universe median for the one-year period ended December 31, 2021. |
• | Great-West Moderately Aggressive Profile Fund: The annualized returns of the Fund’s Investor Class were in the fourth quintile of its performance universe for the one-, three- and five-year periods ended December 31, 2021, with specific rankings in the 61st, 70th, and 73rd percentiles, respectively, of its performance universe. In addition, for the ten-year period ended December 31, 2021, the annualized returns of the Fund’s Investor Class were in the third quintile (56th percentile) of its performance universe. The annualized returns of the Fund’s Institutional Class were in the third, fourth and fourth quintiles of its performance universe for the one-, three- and five-year periods ended December 31, 2021, respectively, with specific rankings in the 55th, 62nd and 66th percentiles, respectively, of its performance universe. |
��� | Great-West Moderate Profile Fund: The annualized returns of the Fund’s Investor Class were in the second quintile of its performance universe for each of the one-, three- and ten-year periods ended December 31, 2021, and in the third quintile of its performance universe for the five-year period ended December 31, 2021, exceeding the performance universe median for each period reviewed. As to the Fund’s Institutional Class, the annualized returns were in the second quintile of its performance universe for the one-, three- and five-year periods ended December 31, 2021, which exceeded the performance universe median for each period. |
• | Great-West Moderately Conservative Profile Fund: The annualized returns of the Fund’s Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2021 were in the fourth, fifth, fifth and fourth quintiles, respectively, of its performance universe. As to the Fund’s Institutional Class, the annualized returns were in the fourth quintile for each of the one-, three- and five-year periods ended December 31, 2021. |
• | Great-West Conservative Profile Fund: The annualized returns of the Fund’s Investor Class for the one-, three-, five- and ten-year periods ended December 31, 2021, were in the third, third, fourth and third quintiles, respectively, of its performance universe, with specific performance universe rankings in the 45th, 60th, 61st and 55th percentiles, respectively. As to the Fund’s Institutional Class, the annualized returns were in the second, third and third quintiles for the one-, three- and five-year periods ended December 31, 2021, respectively, with specific performance universe rankings in the 39th, 53rd and 53rd percentiles, respectively. For each class of the Fund, the annualized returns for the one-year period ended December 31, 2021 exceeded its respective performance universe median. In addition, the annualized returns of the Institutional Class outperformed its composite index for the one-year period ended December 31, 2021. |
In assessing the comparative performance information, including the data indicating that—with the exception of the Conservative Profile Fund’s Institutional Class for the period noted above—each Fund underperformed its composite index for each period reviewed, the Board considered GWCM’s processes for monitoring Fund performance, as well as the regular reports provided to the Board from GWCM regarding the ratings and rolling analyses applied to each Fund by GWCM. Noting that each Fund operates as a “fund of funds,” with GWCM using strategies to allocate each Fund’s assets among different asset classes and underlying funds, the Board also considered GWCM’s asset allocation processes and the oversight thereof in its evaluation of the each Fund’s performance. The Board evaluated performance results in light of each Fund’s investment objective, strategies and risks, as disclosed in each Fund’s prospectus, and in the context of overall recent market conditions. Also relevant to the Board’s evaluation was GWCM’s assessment that each Fund meets expectations with respect to its investment objective.
Taking into account all of the foregoing, the Board determined that it was satisfied with the oversight of and information provided regarding each Fund’s investment performance.
Costs and Profitability
The Board considered the costs of services provided by GWCM from its relationship with the Funds. With respect to the costs of services, the Board considered the unified investment management fee structure of the Funds and the level of the investment management fee payable by the Funds. In addition, the Board noted that GWCM has contractually agreed, for a one-year renewable term, through April 30, 2023, to reduce its management fee by a stated amount with respect to each Fund’s investment in a fixed income contract issued and guaranteed by GWCM’s parent company, GWL&A.
In light of the Funds’ unified investment management fee structure, as well as each Fund’s investment strategy of investing in a mix of underlying funds, the Board considered each Fund’s total annual operating expense ratio, including underlying fund expenses, in comparison to the total annual operating expense ratios of peer groups of funds managed by other investment advisers, as determined by Broadridge, based on Lipper fund classifications. In addition, the Board considered each Fund’s total expense ratio in comparison to the median expense ratios of all funds in the peer groups.
The Board made the following observations regarding each Fund’s total annual operating expense ratio, including the quintile ranking of such expense ratio within the peer group (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses):
• | Great-West Aggressive Profile Fund: The Investor Class total annual operating expense ratio, including underlying fund expenses, was in the fourth quintile of its peer group and above its peer group median expense ratio. The Institutional Class total annual operating expense ratio, including underlying fund expenses, was in the second quintile of its peer group and lower than the peer group median expense ratio. |
• | Great-West Moderately Aggressive Profile Fund: The Investor Class total annual operating expense ratio, including underlying fund expenses, was in the third quintile of its peer group and above its peer group median expense ratio. The Institutional Class total annual operating expense ratio, including underlying fund expenses, was in the second quintile of its peer group and lower than the peer group median expense ratio. |
• | Great-West Moderate Profile Fund: The total annual operating expense ratio, including underlying fund expenses, for the Investor Class was lower than the peer group median expense ratio and ranked in the second quintile of the peer group. As to the Institutional Class, the total annual operating expense ratio, including underlying fund expenses, was lower than the peer group median expense ratio and ranked in the first quintile of the peer group. |
• | Great-West Moderately Conservative Profile Fund: The total annual operating expense ratio, including underlying fund expenses, for each class was lower than the peer group median expense ratio, ranking in the second quintile for the Investor Class and in the first quintile for the Institutional Class. |
• | Great-West Conservative Profile Fund: The total annual operating expense ratio, including underlying fund expenses, for each class was lower than the peer group median expense ratio, ranking in the first quintile, and was the lowest of the peer group for the Institutional Class. |
As part of its comprehensive evaluation, the Board reviewed a report from the Independent Consultant assessing expenses in the context of performance. In this connection, the Board considered the Independent Consultant’s opinion that each Fund’s total annual operating expense ratio is reasonable.
The Board also received information regarding the fees charged by GWCM to separate accounts and other products managed by GWCM and noted that GWCM does not manage other client accounts in the same investment style as the Funds.
With respect to GWCM’s profitability information, the Board considered the review undertaken by management in 2020 of the organization’s expense allocation methodology following an internal corporate restructuring and, following such review, GWCM’s determination to adjust the methodology used in determining profitability. In this connection, the Board took into account its prior discussions with management regarding the methodology as well as the analysis performed by an independent auditor, including the auditor’s conclusion that the methodology was reasonable. The Board also considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as GWCM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also noted its discussion with GWCM representatives at the March Meeting regarding the impact of the methodology adjustment to GWCM’s 2021 profitability and GWCM’s confirmation that no further methodology adjustments were made in 2021.
The Board also reviewed a report from the Independent Consultant comparing pre-tax investment management profitability margins for the latest fiscal year for certain publicly-traded advisers to fund complexes as compared to GWCM’s estimated complex-level profits. The Board considered that, while GWCM’s overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser’s organization, capital structure and cost of capital, the types of funds it manages, its mix of business and the adviser’s assumptions regarding allocations of revenue and expenses. In addition, with respect to the Conservative Profile and Moderately Conservative Profile Funds in particular, the Board noted that GWCM reported a negative margin associated with its management of the Funds.
Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by GWCM and its affiliates were not unreasonable in relation to the nature, extent and quality of the services provided.
Economies of Scale
The Board received and considered information about the potential for GWCM to experience economies of scale in the provision of services to the Funds and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management fees payable by each Fund, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of GWCM and the current level of Fund assets. Although there are no contractual breakpoints in each Fund’s management fee schedule, the Board noted that GWCM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders and investments in the business intended to enhance services available to each Fund and its shareholders. The Board also noted that under each Fund’s unified investment management fee structure GWCM, and not the Fund, would be responsible for paying almost all of the expenses necessary to service the Fund, including those of other service providers, and consequently, GWCM bears the risk of these expenses increasing.
Based on the information provided, the Board concluded that GWCM’s arrangements with respect to each Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by GWCM from its relationship with the Funds as part of the total mix of information evaluated by the Board.
The Board noted where services were provided to the Funds by affiliates of GWCM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement, effective April 29, 2020 (the “Shareholder Services Agreement”). The Board considered its assessment, as part of the Board’s annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement—an assessment that included, among other things, reviews of: service metrics data; the nature and quality of shareholder services; fees retained by Empower and those paid to third-party providers; and Empower’s estimated profitability on shareholder services fees from the Funds.
In addition to the foregoing arrangements, the Board took into account the fact that, as noted above, each Fund other than the Great-West Aggressive Profile Fund invests in a fixed income contract issued and guaranteed by GWL&A. The Board also considered that the Funds are used as a funding vehicle under variable life and annuity contracts offered by insurance companies affiliated with GWCM and as a funding vehicle under retirement plans for which affiliates of GWCM may provide various retirement plan services. Additionally, the Board considered the extent to which GWL&A and/or its affiliated insurance companies may receive benefits under the federal income tax laws with respect to tax deductions and credits, and evaluated information provided by GWCM in this regard.
The Board concluded that the Funds’ management fees were reasonable, taking into account any ancillary benefits derived by GWCM.
Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.
1 In 2015, Broadridge acquired the fiduciary services and competitive intelligence business unit from Lipper, Inc. (“Lipper”).
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:August 23, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan D. Kreider |
Jonathan D. Kreider
President & Chief Executive Officer
President & Chief Executive Officer
Date:August 23, 2022
By: | /s/ Kelly B. New |
Kelly B. New
Treasurer
Treasurer
Date:August 23, 2022