UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
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)

Jonathan D. Kreider

President and Chief Executive Officer
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 Multi-Sector Bond Fund

(Institutional Class and Investor Class)

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.

Summary of Investments by Ratings as of June 30, 2022 (unaudited)

Rating	Percentage of Fund Investments
Aaa	1.13%
Aa1	11.48
Aa2	0.43
Aa3	0.49
A1	0.13
A2	1.79
A3	1.19
Baa1	2.76
Baa2	8.33
Baa3	11.47
Ba1	4.42
Ba2	4.09
Ba3	4.56
B1	2.83
B2	2.38
B3	3.24
CCC, CC, C	3.77
Equities	1.78
Not Rated	30.18
Short Term Investments	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	$ 891.20	$2.58
Hypothetical (5% return before expenses)	$1,000.00	$1,022.10	$2.76
Investor Class
Actual	$1,000.00	$ 889.60	$4.22
Hypothetical (5% return before expenses)	$1,000.00	$1,020.30	$4.51

* Expenses are equal to the Fund's annualized expense ratio of 0.55% for the Institutional Class shares and 0.90% for the Investor Class shares, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.  Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 15.48%
	ACC Trust(b)
	Series 2021-1 Class C
$   830,000	2.08%, 12/20/2024	$    807,817
	Series 2022-1 Class C
1,015,000	3.24%, 10/20/2025	960,981
100,000	Affirm Asset Securitization Trust(b) Series 2021-B Class C 1.40%, 08/17/2026	90,752
865,000	Aligned Data Centers Issuer LLC(b) Series 2021-1A Class A2 1.94%, 08/15/2046	764,178
	American Credit Acceptance Receivables Trust(b)
	Series 2019-3 Class D
349,658	2.89%, 09/12/2025	349,032
	Series 2022-1 Class D
200,000	2.46%, 03/13/2028	185,275
	Series 2022-1 Class E
855,000	3.64%, 03/13/2028	782,634
247,088	American Homes 4 Rent(b) Series 2015-SFR1 Class A 3.47%, 04/17/2052	241,962
	AmeriCredit Automobile Receivables Trust
	Series 2019-2 Class D
720,000	2.99%, 06/18/2025	707,412
	Series 2019-3 Class D
330,000	2.58%, 09/18/2025	321,941
	Series 2020-3 Class D
85,000	1.49%, 09/18/2026	79,782
	AMSR Trust(b)
	Series 2020-SFR2 Class D
540,000	3.28%, 07/17/2037	509,932
	Series 2021-SFR2 Class C
150,000	1.88%, 08/17/2038	131,373
	Series 2021-SFR3 Class D
520,000	2.18%, 10/17/2038	459,742
	Aqua Finance Trust(b)
	Series 2019-A Class C
970,000	4.01%, 07/16/2040	930,540
	Series 2020-AA Class D
620,000	7.15%, 07/17/2046	599,774
	Series 2021-A Class B
110,000	2.40%, 07/17/2046	94,003
756,525	Arbys Funding LLC(b) Series 2020-1A Class A2 3.24%, 07/30/2050	679,692
865,000	Avant Credit Card Master Trust(b) Series 2021-1A Class A 1.37%, 04/15/2027	790,074
	Avid Automobile Receivables Trust(b)
	Series 2019-1 Class C
1,160,000	3.14%, 07/15/2026	1,150,559
	Series 2019-1 Class D
715,000	4.03%, 07/15/2026	709,928

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Series 2021-1 Class E
$   345,000	3.39%, 04/17/2028	$    308,307
	Avis Budget Rental Car Funding AESOP LLC(b)
	Series 2019-2A Class A
105,000	3.35%, 09/22/2025	103,208
	Series 2019-2A Class D
830,000	3.04%, 09/22/2025	772,352
	Series 2020-1A Class B
105,000	2.68%, 08/20/2026	97,628
	Series 2020-2A Class A
495,000	2.02%, 02/20/2027	454,652
	Series 2020-2A Class B
205,000	2.96%, 02/20/2027	192,351
	Series 2020-2A Class C
145,000	4.25%, 02/20/2027	139,096
	Series 2021-2A Class C
160,000	2.35%, 02/20/2028	139,971
375,000	Bayview Opportunity Master Fund IVa Trust(b)(c) Series 2017-SPL5 Class B1 4.00%, 06/28/2057	369,222
615,000	BHG Securitization Trust(b) Series 2022-A Class B 2.70%, 02/20/2035	562,715
190,000	Brex Commercial Charge Card Master Trust(b) Series 2021-1 Class A 2.09%, 07/15/2024	186,336
	Business Jet Securities LLC(b)
	Series 2020-1A Class A
90,983	2.98%, 11/15/2035	83,467
	Series 2021-1A Class B
79,524	2.92%, 04/15/2036	71,050
863,475	Cajun Global LLC(b) Series 2021-1 Class A2 3.93%, 11/20/2051	782,180
391,575	CAL Funding IV Ltd(b) Series 2020-1A Class A 2.22%, 09/25/2045	353,000
	CarMax Auto Owner Trust
	Series 2019-3 Class D
320,000	2.85%, 01/15/2026	313,577
	Series 2020-1 Class D
240,000	2.64%, 07/15/2026	232,656
	Series 2020-3 Class D
200,000	2.53%, 01/15/2027	192,026
	Series 2020-4 Class D
175,000	1.75%, 04/15/2027	164,075
	Series 2022-1 Class D
100,000	2.47%, 07/17/2028	92,969
	Carvana Auto Receivables Trust
	Series 2019-2A Class D
835,000	3.28%, 01/15/2025(b)	830,621
	Series 2019-3A Class E
815,000	4.60%, 07/15/2026(b)	810,121
	Series 2021-P4 Class C
135,000	2.33%, 02/10/2028	116,087

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Non-Agency — (continued)
$   556,905	CF Hippolyta LLC(b) Series 2020-1 Class A1 1.69%, 07/15/2060	$    504,631
357,112	CLI Funding VI LLC(b) Series 2020-3A Class A 2.07%, 10/18/2045	322,020
272,888	CLI Funding VIII LLC(b) Series 2021-1A Class A 1.64%, 02/18/2046	240,665
	College Ave Student Loans LLC(b)
	Series 2021-A Class C
110,000	2.92%, 07/25/2051	100,521
	Series 2021-C Class D
100,000	4.11%, 07/26/2055	87,438
	Commonbond Student Loan Trust(b)
	Series 2019-AGS Class B
139,979	3.04%, 01/25/2047	131,751
	Series 2020-1 Class A
162,024	1.69%, 10/25/2051	143,404
	CoreVest American Finance Trust(b)
	Series 2018-2 Class A
222,956	4.03%, 11/15/2052	222,257
	Series 2019-3 Class A
218,870	2.71%, 10/15/2052	210,665
	Series 2019-3 Class B
145,000	3.16%, 10/15/2052	129,502
	Series 2019-3 Class C
235,000	3.27%, 10/15/2052	204,857
	Series 2020-2 Class C
100,000	4.75%, 05/15/2052(c)	94,732
	Series 2021-1 Class C
105,000	2.80%, 04/15/2053	87,175
	Series 2021-2 Class C
205,000	2.48%, 07/15/2054	163,655
	Series 2021-3 Class D
105,000	3.47%, 10/15/2054	86,675
95,060	CPS Auto Receivables Trust(b) Series 2020-C Class C 1.71%, 08/17/2026	94,451
	Credit Acceptance Auto Loan Trust(b)
	Series 2019-3A Class C
275,000	3.06%, 03/15/2029	270,938
	Series 2020-1A Class C
300,000	2.59%, 06/15/2029	292,382
	Series 2020-2A Class C
250,000	2.73%, 11/15/2029	241,216
	Series 2020-3A Class C
290,000	2.28%, 02/15/2030	271,444
	Series 2021-2A Class C
250,000	1.64%, 06/17/2030	229,127
	Series 2021-3A Class C
250,000	1.63%, 09/16/2030	229,133
	DB Master Finance LLC(b)
	Series 2017-1A Class A2II
157,988	4.03%, 11/20/2047	151,189

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Series 2019-1A Class A23
$   194,500	4.35%, 05/20/2049	$    181,323
	Series 2021-1A Class A2II
477,600	2.49%, 11/20/2051	411,426
	Dell Equipment Finance Trust(b)
	Series 2020-2 Class C
100,000	1.37%, 01/22/2024	97,629
	Series 2020-2 Class D
105,000	1.92%, 03/23/2026	102,927
610,000	Dext LLC(b) Series 2020-1 Class D 7.21%, 02/15/2028	576,377
348,408	Diamond Resorts Owner Trust(b) Series 2021-1A Class B 2.05%, 11/21/2033	326,395
	Domino's Pizza Master Issuer LLC(b)
	Series 2017-1A Class 23
330,338	4.12%, 07/25/2047	315,649
	Series 2018-1A Class A2II
67,550	4.33%, 07/25/2048	65,416
	Series 2019-1A Class A2
336,260	3.67%, 10/25/2049	304,351
	Series 2021-1A Class A2I
787,050	2.66%, 04/25/2051	686,023
	Drive Auto Receivables Trust
	Series 2018-3 Class D
29,042	4.30%, 09/16/2024	29,102
	Series 2020-1 Class D
230,000	2.70%, 05/17/2027	226,518
	DT Auto Owner Trust(b)
	Series 2019-3A Class D
175,000	2.96%, 04/15/2025	173,784
	Series 2021-2A Class D
155,000	1.50%, 02/16/2027	144,099
	Series 2022-1A Class D
545,000	3.40%, 12/15/2027	515,508
182,006	Education Funding Trust Trust(b) Series 2020-A Class A 2.79%, 07/25/2041	173,016
126,146	EDvestinU Private Education Loan Issue No 3 LLC(b) Series 2021-A Class A 1.80%, 11/25/2045	112,007
83,640	Elara HGV Timeshare Issuer LLC(b) Series 2021-A Class C 2.09%, 08/27/2035	76,499
	ELFI Graduate Loan Program LLC(b)
	Series 2019-A Class A
159,868	2.54%, 03/25/2044	152,307
	Series 2021-A Class B
96,840	2.09%, 12/26/2046(c)	86,593

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Exeter Automobile Receivables Trust
	Series 2019-1A Class D
$   565,869	4.13%, 12/16/2024(b)	$    567,397
	Series 2019-2A Class E
950,000	4.68%, 05/15/2026(b)	951,774
	Series 2019-3A Class C
33,225	2.79%, 05/15/2024(b)	33,222
	Series 2019-4A Class D
960,000	2.58%, 09/15/2025(b)	948,248
	Series 2020-2A Class D
305,000	4.73%, 04/15/2026(b)	306,167
	Series 2020-3A Class D
115,000	1.73%, 07/15/2026	111,750
	Series 2022-2A Class D
100,000	4.56%, 07/17/2028	95,014
820,000	FAT Brands Royalty LLC(b) Series 2021-1A Class A2 4.75%, 04/25/2051	791,328
	First Investors Auto Owner Trust(b)
	Series 2019-2A Class D
120,000	2.80%, 12/15/2025	118,023
	Series 2022-1A Class D
200,000	3.79%, 06/15/2028	188,386
	FirstKey Homes Trust(b)
	Series 2020-SFR1 Class B
495,000	1.74%, 08/17/2037	461,137
	Series 2020-SFR1 Class D
200,000	2.24%, 08/17/2037	185,030
	Series 2020-SFR1 Class E
100,000	2.79%, 08/17/2037	91,760
	Series 2020-SFR2 Class B
915,000	1.57%, 10/19/2037	833,073
	Series 2020-SFR2 Class D
775,000	1.97%, 10/19/2037	707,484
	Series 2021-SFR1 Class D
1,015,000	2.19%, 08/17/2038	894,704
	Series 2021-SFR1 Class E1
335,000	2.39%, 08/17/2038	291,004
	Series 2021-SFR2 Class E1
180,000	2.26%, 09/17/2038	155,374
	Series 2021-SFR2 Class E2
140,000	2.36%, 09/17/2038	119,261
	Series 2022-SFR2 Class D
205,000	4.50%, 07/17/2039	193,982
	Flagship Credit Auto Trust(b)
	Series 2019-3 Class D
210,000	2.86%, 12/15/2025	204,487
	Series 2019-4 Class D
385,000	3.12%, 01/15/2026	373,540
	Series 2020-1 Class D
645,000	2.48%, 03/16/2026	619,005
	Series 2020-4 Class D
240,000	2.18%, 02/16/2027	230,114
	Series 2021-2 Class D
210,000	1.59%, 06/15/2027	191,226

Principal Amount(a)		Fair Value
Non-Agency — (continued)
$   815,000	Ford Credit Auto Owner Trust Series 2020-C Class A3 0.41%, 07/15/2025	$    797,470
41,829	Foundation Finance Trust(b) Series 2017-1A Class A 3.30%, 07/15/2033	41,855
230,000	Foursight Capital Automobile Receivables Trust(b) Series 2021-2 Class D 1.92%, 09/15/2027	215,206
	Freedom Financial Trust(b)
	Series 2021-2 Class C
100,000	1.94%, 06/19/2028	96,987
	Series 2021-3FP Class D
255,000	2.37%, 11/20/2028	228,086
	Series 2022-1FP Class D
165,000	3.35%, 03/19/2029	157,469
	FRTKL Trust(b)
	Series 2021-SFR1 Class E1
100,000	2.37%, 09/17/2038	86,907
	Series 2021-SFR1 Class E2
100,000	2.52%, 09/17/2038	86,617
	GLS Auto Receivables Issuer Trust(b)
	Series 2019-4A Class D
1,545,000	4.09%, 08/17/2026	1,507,531
	Series 2020-1A Class C
340,000	2.72%, 11/17/2025	333,235
	Series 2020-2A Class B
875,000	3.16%, 06/16/2025	873,635
	Series 2020-3A Class E
1,705,000	4.31%, 07/15/2027	1,658,777
	Series 2021-1A Class D
965,000	1.68%, 01/15/2027	913,237
	Series 2021-2A Class D
345,000	1.42%, 04/15/2027	315,389
	Series 2022-2A Class D
770,000	6.15%, 04/17/2028	766,719
540,000	GM Financial Consumer Automobile Receivables Trust Series 2021-1 Class A3 0.35%, 10/16/2025	526,678
100,000	GMF Floorplan Owner Revolving Trust(b) Series 2020-1 Class C 1.48%, 08/15/2025	96,775
758,450	Hardee's Funding LLC(b) Series 2020-1A Class A2 3.98%, 12/20/2050	688,761
	Hertz Vehicle Financing III LLC(b)
	Series 2022-1A Class D
400,000	4.85%, 06/25/2026	357,760
	Series 2022-3A Class D
400,000	6.31%, 03/25/2025	383,840
584,110	HIN Timeshare Trust(b) Series 2020-A Class C 3.42%, 10/09/2039	547,419

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Home Partners of America Trust(b)
	Series 2019-1 Class D
$   165,152	3.41%, 09/17/2039	$    149,418
	Series 2019-2 Class D
125,830	3.12%, 10/19/2039	110,049
	Series 2020-2 Class A
246,069	1.53%, 01/17/2041	214,192
	Series 2021-1 Class E
90,714	2.58%, 09/17/2041	76,297
525,211	Horizon Aircraft Finance III Ltd(b) Series 2019-2 Class A 3.43%, 11/15/2039	455,124
1,050,000	Hotwire Funding LLC(b) Series 2021-1 Class C 4.46%, 11/20/2051	912,182
	HPEFS Equipment Trust(b)
	Series 2019-1A Class C
27,972	2.49%, 09/20/2029	27,972
	Series 2020-1A Class D
315,000	2.26%, 02/20/2030	311,069
	Series 2020-2A Class C
100,000	2.00%, 07/22/2030	99,232
	Series 2021-1A Class D
150,000	1.03%, 03/20/2031	141,728
	Series 2022-1A Class D
165,000	2.40%, 11/20/2029	154,103
825,850	Jack in the Box Funding LLC(b) Series 2022-1A Class A2I 3.45%, 02/26/2052	753,292
637,795	Jersey Mike's Funding(b) Series 2019-1A Class A2 4.43%, 02/15/2050	606,861
134,197	JPMorgan Chase Bank NA(b) Series 2021-1 Class D 1.17%, 09/25/2028	129,733
295,939	Laurel Road Prime Student Loan Trust(b) Series 2020-A Class A2FX 1.40%, 11/25/2050	276,092
825,000	Lendmark Funding Trust(b) Series 2021-1A Class A 1.90%, 11/20/2031	715,392
	MAPS Ltd(b)
	Series 2018-1A Class A
448,415	4.21%, 05/15/2043	415,431
	Series 2021-1A Class A
867,714	2.52%, 06/15/2046	752,956
	Mariner Finance Issuance Trust(b)
	Series 2019-AA Class A
995,000	2.96%, 07/20/2032	987,222
	Series 2020-AA Class A
770,000	2.19%, 08/21/2034	739,626
	Marlette Funding Trust(b)
	Series 2021-2A Class C
100,000	1.50%, 09/15/2031	93,136
	Series 2021-3A Class C
145,000	1.81%, 12/15/2031	128,934

Principal Amount(a)		Fair Value
Non-Agency — (continued)
$ 1,150,000	Mercury Financial Credit Card Master Trust(b) Series 2021-1A Class A 1.54%, 03/20/2026	$   1,094,169
122,493	Merlin Aviation Holdings Designated Activity Co(b)(d) Series 2016-1 Class A 4.50%, 12/15/2032	98,356
	Mission Lane Credit Card Master Trust(b)
	Series 2021-A Class A
1,100,000	1.59%, 09/15/2026	1,059,332
	Series 2021-A Class B
100,000	2.24%, 09/15/2026	96,505
	MVW Owner Trust(b)
	Series 2016-1A Class A
276,825	2.25%, 12/20/2033	275,686
	Series 2019-1A Class C
30,609	3.33%, 11/20/2036	29,046
	Series 2021-2A Class C
623,440	2.23%, 05/20/2039	568,809
	Navient Private Education Refi Loan Trust(b)
	Series 2019-GA Class B
100,000	3.08%, 10/15/2068	93,205
	Series 2020-HA Class A
55,512	1.31%, 01/15/2069	51,739
	Series 2021-EA Class B
115,000	2.03%, 12/16/2069	94,096
	Series 2021-FA Class B
265,000	2.12%, 02/18/2070	202,415
197,540	Navient Private Education Refi Loan Trust (b) Series 2021-A Class A 0.84%, 05/15/2069	180,813
694,750	NBC Funding LLC(b) Series 2021-1 Class A2 2.99%, 07/30/2051	616,168
155,906	Oasis Securitization Funding LLC(b) Series 2021-1A Class A 2.58%, 02/15/2033	154,083
915,000	Octane Receivables Trust(b) Series 2020-1A Class B 1.98%, 06/20/2025	881,375
	OneMain Financial Issuance Trust(b)
	Series 2018-2A Class A
120,000	3.57%, 03/14/2033	117,968
	Series 2020-1A Class B
290,000	4.83%, 05/14/2032	290,728
	Series 2020-2A Class A
355,000	1.75%, 09/14/2035	316,122
	Series 2021-1A Class D
270,000	2.47%, 06/16/2036	227,898
	Series 2022-S1 Class D
270,000	5.20%, 05/14/2035	264,352
	Planet Fitness Master Issuer LLC(b)
	Series 2018-1A Class A2II
192,500	4.67%, 09/05/2048	187,199

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Series 2019-1A Class A2
$   277,875	3.86%, 12/05/2049	$    247,039
	Prestige Auto Receivables Trust(b)
	Series 2018-1A Class D
1,215,000	4.14%, 10/15/2024	1,215,502
	Series 2019-1A Class D
980,000	3.01%, 08/15/2025	969,938
	Series 2020-1A Class E
235,000	3.67%, 02/15/2028	230,480
	Progress Residential Trust(b)
	Series 2019-SFR4 Class D
275,000	3.14%, 10/17/2036	266,769
	Series 2020-SFR3 Class E
145,000	2.30%, 10/17/2027	130,443
	Series 2021-SFR2 Class D
805,000	2.20%, 04/19/2038	718,055
	Series 2021-SFR2 Class E1
345,000	2.55%, 04/19/2038	305,856
	Series 2021-SFR3 Class E1
125,000	2.54%, 05/17/2026	108,814
	Series 2021-SFR3 Class E2
105,000	2.69%, 05/17/2026	91,058
	Series 2021-SFR4 Class E1
100,000	2.41%, 05/17/2038	89,074
	Series 2021-SFR4 Class E2
100,000	2.56%, 05/17/2038	88,473
	Series 2021-SFR5 Class E1
145,000	2.21%, 07/17/2038	125,373
	Series 2021-SFR5 Class E2
100,000	2.36%, 07/17/2038	86,026
	Series 2021-SFR6 Class C
505,000	1.86%, 07/17/2038	445,224
	Series 2021-SFR6 Class E1
185,000	2.43%, 07/17/2038	159,698
	Series 2021-SFR6 Class E2
100,000	2.53%, 07/17/2038	85,651
	Series 2021-SFR7 Class E1
205,000	2.59%, 08/17/2040	168,576
	Series 2021-SFR7 Class E2
100,000	2.64%, 08/17/2040	80,095
	Series 2021-SFR9 Class E1
100,000	2.81%, 11/17/2040	80,214
	Series 2022-SFR3 Class A
590,000	3.20%, 04/17/2039	556,767
980,000	Purchasing Power Funding LLC(b) Series 2021-A Class B 1.92%, 10/15/2025	928,298
441,464	RCO VII Mortgage LLC(b)(d) Series 2021-2 Class A1 2.12%, 09/25/2026	420,511
610,000	Republic Finance Issuance Trust(b) Series 2020-A Class A 2.47%, 11/20/2030	586,586

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Santander Drive Auto Receivables Trust
	Series 2019-3 Class D
$   385,000	2.68%, 10/15/2025	$    384,071
	Series 2020-1 Class C
110,000	4.11%, 12/15/2025	110,056
	Series 2020-1 Class D
200,000	5.35%, 03/15/2028	201,906
	Series 2020-2 Class D
95,000	2.22%, 09/15/2026	92,972
	Series 2020-4 Class D
80,000	1.48%, 01/15/2027	77,096
	Series 2021-1 Class D
405,000	1.13%, 11/16/2026	388,030
	Series 2021-3 Class D
660,000	1.33%, 09/15/2027	623,877
135,000	SCF Equipment Leasing LLC(b) Series 2022-1A Class D 3.79%, 11/20/2031	126,344
	Sierra Timeshare Receivables Funding LLC(b)
	Series 2019-2A Class C
89,729	3.12%, 05/20/2036	86,076
	Series 2019-3A Class C
61,535	3.00%, 08/20/2036	58,697
	Series 2021-1A Class C
54,389	1.79%, 11/20/2037	50,527
622,191	S-Jets Ltd(b) Series 2017-1 Class A 3.97%, 08/15/2042	546,474
632,812	Slam Ltd(b) Series 2021-1A Class A 2.43%, 06/15/2046	545,687
	SMB Private Education Loan Trust(b)
	Series 2015-C Class B
100,000	3.50%, 09/15/2043	95,640
	Series 2018-C Class B
100,000	4.00%, 11/17/2042	96,132
	Series 2019-B Class A2A
627,961	2.84%, 06/15/2037	607,974
	Series 2020-A Class A2A
77,882	2.23%, 09/15/2037	74,338
	Series 2021-A Class A2A2
184,587	2.05%, 01/15/2053(e) 1-mo. LIBOR + 0.73%	179,405
	Series 2021-D Class B
200,000	2.31%, 03/17/2053	166,271
	SoFi Consumer Loan Program Trust(b)
	Series 2019-4 Class C
274,453	2.84%, 08/25/2028	273,380
	Series 2021-1 Class D
100,000	2.04%, 09/25/2030	92,174
100,000	SoFi Professional Loan Program LLC(b)(c) Series 2017-A Class C 4.43%, 03/26/2040	98,411

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Non-Agency — (continued)
	Taco Bell Funding LLC(b)
	Series 2016-1A Class A23
$   541,500	4.97%, 05/25/2046	$    537,992
	Series 2021-1A Class A2II
601,975	2.29%, 08/25/2051	504,777
329,377	TIF Funding II LLC(b) Series 2021-1A Class A 1.65%, 02/20/2046	283,287
	Tricon American Homes Trust(b)
	Series 2019-SFR1 Class C
1,740,000	3.15%, 03/17/2038	1,655,496
	Series 2019-SFR1 Class D
115,000	3.20%, 03/17/2038	108,485
	Series 2020-SFR1 Class D
230,000	2.55%, 07/17/2038	211,677
	Series 2020-SFR2 Class D
895,000	2.28%, 11/17/2039	760,967
	Series 2020-SFR2 Class E1
225,000	2.73%, 11/17/2039	192,014
490,000	Tricon Residential Trust(b) Series 2021-SFR1 Class B 2.24%, 07/17/2038	443,032
634,562	Triton Container Finance VIII LLC(b) Series 2021-1A Class A 1.86%, 03/20/2046	552,262
	VCAT LLC(b)(d)
	Series 2021-NPL1 Class A1
82,049	2.29%, 12/26/2050	78,995
	Series 2021-NPL3 Class A1
371,528	1.74%, 05/25/2051	347,935
	Series 2021-NPL4 Class A1
805,688	1.87%, 08/25/2051	755,395
	Series 2021-NPL5 Class A1
482,243	1.87%, 08/25/2051	455,522
	Series 2021-NPL6 Class A1
767,264	1.92%, 09/25/2051	719,898
1,100,000	VFI LLC(b) Series 2022-1A Class B 3.04%, 07/24/2028	1,050,094
268,078	VOLT C LLC(b)(d) Series 2021-NPL9 Class A1 1.99%, 05/25/2051	254,204
363,995	VOLT CVI LLC(b)(d) Series 2021-NP12 Class A1 2.73%, 12/26/2051	342,108
791,784	VOLT XCII LLC(b)(d) Series 2021-NPL1 Class A1 1.89%, 02/27/2051	751,506
396,907	VOLT XCIII LLC(b)(d) Series 2021-NPL2 Class A1 1.89%, 02/27/2051	375,997
522,716	VOLT XCIV LLC(b)(d) Series 2021-NPL3 Class A1 2.24%, 02/27/2051	496,483
249,982	VOLT XCV LLC(b)(d) Series 2021-NPL4 Class A1 2.24%, 03/27/2051	238,313

Principal Amount(a)		Fair Value
Non-Agency — (continued)
$   237,402	VOLT XCVI LLC(b)(d) Series 2021-NPL5 Class A1 2.12%, 03/27/2051	$    226,580
542,817	VOLT XCVII LLC(b)(d) Series 2021-NPL6 Class A1 2.24%, 04/25/2051	516,106
420,402	WAVE Trust(b) Series 2017-1A Class A 3.84%, 11/15/2042	377,402
	Wendy's Funding LLC(b)
	Series 2018-1A Class A2II
128,925	3.88%, 03/15/2048	121,437
	Series 2021-1A Class A2I
336,600	2.37%, 06/15/2051	285,303
	Westlake Automobile Receivables Trust(b)
	Series 2021-1A Class D
785,000	1.23%, 04/15/2026	743,521
	Series 2021-2A Class D
345,000	1.23%, 12/15/2026	321,939
TOTAL ASSET-BACKED SECURITIES — 15.48% (Cost $96,728,817)		$ 90,343,560
BANK LOANS
122,647	Air Canada(e) 4.25%, 08/11/2028 6-mo. LIBOR + 1.31%	112,835
385,087	Alliance Laundry Systems LLC(e) 5.17%, 09/30/2027 1-mo. LIBOR + 3.38%	364,629
250,000	Amentum Government Services Holdings LLC(e) 4.78%, 02/15/2029 3-mo. LIBOR + 2.49%	236,875
221,503	Anchor Glass Container Corp(e) 7.91%, 12/07/2023 3-mo. LIBOR + 5.63%	177,091
395,750	Apex Group Treasury LLC(e) 5.37%, 07/27/2028 1-mo. LIBOR + 3.59%	373,984
375,896	Applied Systems Inc(e) 6.51%, 09/19/2025 3-mo. LIBOR + 4.22%	359,607
	Arcline FM Holdings LLC(e)
372,350	6.91%,06/17/2028 1-mo. LIBOR + 5.12%	349,078
140,000	10.41%,06/17/2029 1-mo. LIBOR + 8.62%	130,900
336,608	Aruba Investments Holdings LLC(e) 5.63%, 10/28/2027 1-mo. LIBOR + 3.85%	311,363
221,625	ASP Navigate Acquisition Corp(e) 6.13%, 09/24/2027 1-mo. LIBOR + 4.35%	209,436

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   357,896	Asurion LLC(e) 4.92%, 07/31/2027 1-mo. LIBOR + 3.13%	$    338,659
	AthenaHealth Group Inc(e)
43,691	5.12%,01/26/2029 1-mo. LIBOR + 3.34%	40,043
257,779	5.12%,01/27/2029 1-mo. LIBOR + 3.34%	236,255
481,660	Backyard Acquireco Inc(e) 5.62%, 09/25/2027 1-mo. LIBOR + 3.84%	470,221
316,488	Blackhawk Network Holdings Inc(e) 5.05%, 06/15/2025 3-mo. LIBOR + 2.77%	299,477
	Boxer Parent Co Inc(e)
308,488	5.54%,10/02/2025 1-mo. LIBOR + 3.75%	285,351
155,000	7.14%,03/23/2026 1-mo. LIBOR + 5.35%	142,212
306,607	Brookfield WEC Holdings Inc(e) 4.42%, 08/01/2025 1-mo. LIBOR + 2.63%	289,265
776,204	Brown Group Holding LLC(e) 4.17%, 06/07/2028 1-mo. LIBOR + 2.38%	738,364
852,945	BWay Holding Co(e) 4.31%, 04/03/2024 1-mo. LIBOR + 2.53%	800,489
864,219	Caesars Resort Collection LLC(e) 4.42%, 12/23/2024 1-mo. LIBOR + 2.63%	832,891
572,524	Carlisle Foodservice Products Inc(e) 4.67%, 03/20/2025 1-mo. LIBOR + 2.88%	492,370
117,900	Carnival Corp(e) 5.88%, 06/30/2025 3-mo. LIBOR + 3.59%	109,234
175,000	CDK Global Inc(e) 6.32%, 06/09/2029 1-mo. LIBOR + 4.54%	169,969
346,850	Chariot Buyer LLC(e) 5.71%, 10/22/2028 1-mo. LIBOR + 3.93%	314,188
493,756	CHG Healthcare Services(e) 5.29%, 09/29/2028 1-mo. LIBOR + 3.50%	462,896
365,403	Cinemark USA Inc(e) 3.98%, 03/29/2025 3-mo. LIBOR + 1.70%	342,931
317,149	CITGO Petroleum Corp(e) 6.79%, 03/27/2024 1-mo. LIBOR + 5.00%	312,128
291,417	Clarios Global LP(e) 4.92%, 04/30/2026 1-mo. LIBOR + 3.13%	270,289
246,350	CNT Holdings I Corp(e) 5.91%, 10/16/2027 1-mo. LIBOR + 4.12%	233,109

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   587,050	ConnectWise LLC(e) 5.75%, 09/29/2028 3-mo. LIBOR + 3.47%	$    537,518
196,351	Consolidated Communications Inc(e) 5.19%, 10/02/2027 1-mo. LIBOR + 3.40%	172,789
859,534	Cooper-Standard Automotive Inc(e) 3.67%, 11/02/2023 1-mo. LIBOR + 1.88%	748,869
560,000	Covia Holdings LLC(e) 4.11%, 01/14/2022 1-mo. LIBOR + 2.32%	526,680
351,000	Davis Standard LLC(e) 5.38%, 12/10/2028 1-mo. LIBOR + 3.59%	334,327
	DexKo Global Inc(e)
139,650	5.38%,09/24/2028 1-mo. LIBOR + 3.60%	128,199
25,000	5.38%,10/04/2028 1-mo. LIBOR + 3.60%	22,950
306,910	DG Investment Intermediate Holdings 2 Inc(e) 5.91%, 03/18/2028 1-mo. LIBOR + 4.12%	286,449
700,316	DIRECTV Financing LLC(e) 6.67%, 08/02/2027 1-mo. LIBOR + 4.88%	643,541
	Dun & Bradstreet Corp(e)
459,311	4.87%,02/06/2026 1-mo. LIBOR + 3.09%	432,470
74,813	5.06%,02/08/2026 1-mo. LIBOR + 3.27%	69,576
256,100	DXP Enterprises Inc(e) 6.42%, 12/16/2027 1-mo. LIBOR + 4.63%	245,856
318,483	ECL Entertainment LLC(e) 9.17%, 03/31/2028 1-mo. LIBOR + 7.38%	310,123
822,362	Epicor Software Corp(e) 4.92%, 07/30/2027 1-mo. LIBOR + 3.13%	771,479
445,112	Filtration Group Corp(e) 4.67%, 03/31/2025 1-mo. LIBOR + 2.88%	420,854
459,571	Gainwell Acquisition Corp(e) 6.16%, 08/17/2027 1-mo. LIBOR + 4.37%	434,869
185,000	Garda World Security Corp(e) 5.90%, 10/30/2026 1-mo. LIBOR + 4.11%	170,971
	Generation Bridge II LLC(e)
21,695	7.00%,12/14/2028 1-mo. LIBOR + 5.21%	21,189
175,834	7.00%,12/15/2028 1-mo. LIBOR + 5.21%	171,731
333,250	Grab Holdings Inc(e) 6.63%, 01/20/2026 1-mo. LIBOR + 4.84%	303,674
323,956	Great Outdoors Group LLC(e) 5.67%, 12/01/2027 1-mo. LIBOR + 3.88%	295,474

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   345,625	Greeneden Holdings II LLC(e) 5.67%, 12/01/2027 1-mo. LIBOR + 3.88%	$    329,381
391,230	Hamilton Projects Acquiror LLC(e) 6.75%, 06/17/2027 3-mo. LIBOR + 4.47%	371,994
356,946	Harbor Freight Tools USA Inc(e) 4.42%, 10/19/2027 1-mo. LIBOR + 2.63%	314,336
530,987	Heartland Dental LLC(e) 5.64%, 04/30/2025 1-mo. LIBOR + 3.85%	530,324
405,083	Herens Holdco SARL(e) 6.25%, 04/29/2028 3-mo. LIBOR + 3.97%	360,119
	Hertz Corp(e)
81,318	5.47%,06/13/2028 1-mo. LIBOR + 3.68%	76,317
427,167	5.47%,06/14/2028 1-mo. LIBOR + 3.68%	400,897
338,494	H-Food Holdings LLC(e) 5.35%, 05/23/2025 1-mo. LIBOR + 3.57%	303,375
274,866	Hunter Holdco 3 Ltd(e) 5.89%, 07/23/2029 1-mo. LIBOR + 4.10%	260,435
986,536	Hyland Software Inc(e) 5.17%, 07/01/2024 1-mo. LIBOR + 3.38%	951,021
833,068	Ineos US Finance LLC(e) 7.16%, 10/29/2027 3-mo. LIBOR + 4.88%	793,497
310,150	Infinite Bidco LLC(e) 5.39%, 02/23/2028 1-mo. LIBOR + 3.60%	286,889
301,550	J&J Ventures Gaming LLC(e) 6.25%, 04/26/2028 3-mo. LIBOR + 3.97%	285,719
450	Jazz Financing SARL(e) 5.17%, 05/05/2028 1-mo. LIBOR + 3.38%	428
	KKR Apple Bidco LLC(e)
502,475	4.90%,09/22/2028 1-mo. LIBOR + 3.11%	473,269
35,000	7.65%,09/21/2029 1-mo. LIBOR + 5.86%	33,425
471,937	Klockner Pentaplast of America Inc(e) 5.55%, 02/12/2026 6-mo. LIBOR + 2.62%	397,607
606,707	LifePoint Health Inc(e) 4.81%, 11/16/2025 1-mo. LIBOR + 3.02%	564,563
	Lightstone HoldCo LLC(e)
831,225	4.99%,01/30/2024 1-mo. LIBOR + 3.20%	741,869
3,037	8.91%,01/30/2024 3-mo. LIBOR + 6.63%	2,787
46,882	7.02%,02/01/2027 3-mo. LIBOR + 4.74%	43,015

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   328,350	Lucid Energy Group II(e) 5.87%, 11/24/2028 1-mo. LIBOR + 4.09%	$    323,542
343,275	Magenta Buyer LLC(e) 6.23%, 07/27/2028 1-mo. LIBOR + 4.44%	308,375
451,248	Mavis Tire Express Services Topco Corp(e) 5.63%, 05/04/2028 1-mo. LIBOR + 3.84%	419,660
436,700	McGraw-Hill Education Inc(e) 6.66%, 07/21/2028 1-mo. LIBOR + 4.87%	394,122
494,929	Medallion Midland Acquisition LLC(e) 5.42%, 10/18/2028 1-mo. LIBOR + 3.63%	472,038
321,750	Michaels Cos Inc(e) 6.50%, 04/15/2028 3-mo. LIBOR + 4.22%	264,908
455,000	Mileage Plus Holdings Inc(e) 6.87%, 06/25/2027 1-mo. LIBOR + 5.09%	450,023
289,275	NAB Holdings LLC(e) 5.20%, 11/23/2028 3-mo. LIBOR + 2.92%	269,026
288,010	One Call Corp(e) 7.31%, 04/08/2027 1-mo. LIBOR + 5.52%	228,968
517,400	Oryx Midstream Services Permian Basin LLC(e) 5.46%, 05/22/2026 1-mo. LIBOR + 3.68%	489,913
554,216	Packaging Coordinators Midco Inc(e) 5.37%, 09/25/2027 1-mo. LIBOR + 3.59%	518,423
158,149	PAI Holdco Inc(e) 4.99%, 10/28/2027 1-mo. LIBOR + 3.20%	148,858
874,756	Parfums Holding Co Inc(e) 5.67%, 06/30/2024 1-mo. LIBOR + 3.88%	822,271
340,000	Peabody Energy Corp(e) 5.00%, 03/31/2025 3-mo. LIBOR + 2.72%	314,986
290,000	Pegasus BidCo(e) 5.98%, 05/05/2029 1-mo. LIBOR + 4.19%	274,292
580,150	Peraton Corp(e) 5.38%, 02/24/2028 1-mo. LIBOR + 3.60%	543,649
247,338	PetsMart LLC(e) 5.40%, 02/12/2028 1-mo. LIBOR + 3.62%	231,724
	PetVet Care Centers LLC(e)
129,959	4.92%,02/14/2025 1-mo. LIBOR + 3.13%	120,861
483,059	5.97%,02/14/2025 1-mo. LIBOR + 4.18%	454,478
	Phoenix Guarantor Inc(e)
315,944	4.92%,03/05/2026 1-mo. LIBOR + 3.13%	295,342

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   513,373	5.14%,03/05/2026 1-mo. LIBOR + 3.35%	$    385,030
190,000	Phoenix Newco Inc(e) 5.37%, 08/11/2028 1-mo. LIBOR + 3.59%	178,600
1,145,757	Playa Resorts Holding BV(e) 4.42%, 04/29/2024 1-mo. LIBOR + 2.63%	1,080,448
310,919	Pods LLC(e) 5.12%, 03/19/2028 1-mo. LIBOR + 3.33%	289,543
550,484	Precision Medicine Group LLC(e) 5.25%, 11/18/2027 3-mo. LIBOR + 2.97%	507,821
483,875	Project Ruby Ultimate Parent Corp(e) 4.92%, 03/10/2028 1-mo. LIBOR + 3.13%	451,818
530,987	Proofpoint Inc(e) 4.82%, 08/31/2028 3-mo. LIBOR + 2.54%	492,823
	Pug LLC(e)
633,750	5.17%,02/12/2027 1-mo. LIBOR + 3.38%	575,920
348,250	5.92%,02/12/2027 1-mo. LIBOR + 4.13%	321,261
390,000	Quest Software US Holdings Inc(e) 5.47%, 02/01/2029 3-mo. LIBOR + 3.19%	345,475
405,000	Quikrete Holdings Inc(e) 4.67%, 06/09/2028 1-mo. LIBOR + 2.88%	381,712
160,000	Raptor Acquisition Corp(e) 6.10%, 11/01/2026 1-mo. LIBOR + 4.31%	150,240
466,215	Realpage Inc(e) 5.41%, 02/18/2028 1-mo. LIBOR + 3.62%	428,918
262,350	Rising Tide Holdings Inc(e) 6.42%, 06/01/2028 1-mo. LIBOR + 4.63%	227,589
129,675	Safe Fleet Holdings LLC(e) 5.19%, 02/17/2029 1-mo. LIBOR + 3.41%	120,111
120,000	Scientific Games Holdings LP(e) 4.18%, 04/04/2029 1-mo. LIBOR + 2.39%	110,600
335,090	Sedgwick Claims Management Services Inc(e) 5.42%, 09/03/2026 1-mo. LIBOR + 3.63%	317,666
401,874	Shearers Foods(e) 5.17%, 09/23/2027 1-mo. LIBOR + 3.38%	361,937
	Sophia LP(e)
205,000	6.04%,10/06/2027 1-mo. LIBOR + 4.25%	194,750
372,986	5.53%,10/07/2027 1-mo. LIBOR + 3.74%	347,343

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   335,630	Spectrum Holdings III Corp(e) 4.92%, 01/31/2025 1-mo. LIBOR + 3.13%	$    307,661
	SRS Distribution Inc(e)
228,275	5.88%,05/20/2028 1-mo. LIBOR + 4.09%	208,586
54,863	4.59%,06/04/2028 1-mo. LIBOR + 2.80%	50,336
304,925	St. George's University Scholastic Services LLC(e) 4.92%, 02/10/2029 1-mo. LIBOR + 3.13%	287,010
459,270	Star US Bidco LLC(e) 6.54%, 03/03/2027 3-mo. LIBOR + 4.25%	437,455
242,550	Sunshine Luxembourg VII SARL(e) 5.54%, 10/02/2026 1-mo. LIBOR + 3.75%	224,055
420,750	Surgery Center Holdings Inc(e) 4.95%, 08/31/2026 1-mo. LIBOR + 3.16%	390,903
356,732	Sweetwater Borrower LLC(e) 6.54%, 08/03/2028 1-mo. LIBOR + 4.75%	305,898
	Transdigm Inc(e)
286,329	4.12%,12/08/2025 1-mo. LIBOR + 2.34%	271,535
242,058	3.92%,12/09/2025 1-mo. LIBOR + 2.13%	229,274
847,840	Traverse Midstream Partners LLC(e) 5.38%, 09/27/2024 1-mo. LIBOR + 3.60%	806,861
379,871	TricorBraun Inc(e) 4.90%, 01/29/2028 1-mo. LIBOR + 3.12%	352,141
271,063	Triton Water Holdings Inc(e) 5.66%, 03/16/2028 1-mo. LIBOR + 3.87%	240,794
617,309	UFC Holdings LLC(e) 3.50%, 04/29/2026 1-mo. LIBOR + 1.71%	573,711
	UKG Inc(e)
465,329	5.04%,05/03/2026 1-mo. LIBOR + 3.25%	436,245
25,000	7.04%,05/03/2027 1-mo. LIBOR + 5.25%	22,922
867	United AirLines Inc(e) 5.72%, 04/14/2028 1-mo. LIBOR + 3.93%	800
378,675	Upstream Newco Inc(e) 6.38%, 11/20/2026 1-mo. LIBOR + 4.59%	346,014
498,759	Viant Medical Holdings Inc(e) 5.42%, 07/02/2025 1-mo. LIBOR + 3.63%	456,053
369,781	Weld North Education LLC(e) 5.37%, 01/27/2028 1-mo. LIBOR + 3.59%	351,292

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Bank Loans — (continued)
$   483,429	William Morris Endeavor Entertainment LLC(e) 4.21%, 05/18/2025 3-mo. LIBOR + 1.92%	$    453,617
474,167	Zep Inc(e) 5.79%, 08/11/2024 1-mo. LIBOR + 4.00%	417,267
TOTAL BANK LOANS — 7.91% (Cost $49,180,335)		$ 46,162,488
CORPORATE BONDS AND NOTES
Basic Materials — 3.17%
830,000	Albemarle Corp 5.05%, 06/01/2032	810,562
500,000	Allegheny Technologies Inc 5.88%, 12/01/2027	442,746
200,000	Alpek SAB de CV(b) 3.25%, 02/25/2031	160,352
	Anglo American Capital PLC(b)
620,000	2.63%, 09/10/2030	510,215
400,000	2.88%, 03/17/2031	332,828
590,000	ArcelorMittal SA 6.75%, 03/01/2041	583,713
525,000	Ashland LLC(b) 3.38%, 09/01/2031	427,021
520,000	Barrick Gold Corp 5.80%, 11/15/2034	552,677
870,000	Bayport Polymers LLC(b) 5.14%, 04/14/2032	840,647
	Braskem Netherlands Finance BV(b)
600,000	4.50%, 01/31/2030	511,728
400,000	5.88%, 01/31/2050(f)	315,964
575,000	Cleveland-Cliffs Inc(b) 6.75%, 03/15/2026	570,687
590,000	Eldorado Gold Corp(b) 6.25%, 09/01/2029	481,203
	First Quantum Minerals Ltd(b)
1,815,000	7.50%, 04/01/2025	1,716,013
200,000	6.88%, 03/01/2026	184,200
285,000	6.88%, 10/15/2027	254,807
170,000	FMC Corp 3.45%, 10/01/2029	154,216
550,000	FMG Resources Pty Ltd(b) 4.38%, 04/01/2031	448,877
	Freeport-McMoRan Inc
295,000	4.13%, 03/01/2028	273,840
155,000	4.38%, 08/01/2028	144,765
305,000	4.25%, 03/01/2030	277,531
230,000	4.63%, 08/01/2030(f)	213,389
460,000	5.40%, 11/14/2034	448,919
690,000	5.45%, 03/15/2043	638,284
	Glencore Funding LLC(b)
1,945,000	4.88%, 03/12/2029	1,891,595
165,000	2.85%, 04/27/2031	136,227
270,000	INEOS Quattro Finance 2 PLC(b) 3.38%, 01/15/2026	226,730

Principal Amount(a)		Fair Value
Basic Materials — (continued)
$   780,000	International Flavors & Fragrances Inc(b) 2.30%, 11/01/2030	$    641,044
740,000	Inversiones CMPC SA(b) 3.85%, 01/13/2030	649,350
310,000	Newcrest Finance Pty Ltd(b) 3.25%, 05/13/2030	273,876
165,000	Novelis Corp(b) 4.75%, 01/30/2030	137,145
645,000	Orbia Advance Corp SAB de CV(b) 2.88%, 05/11/2031	517,613
100,000	Reliance Steel & Aluminum Co 2.15%, 08/15/2030	81,023
	SPCM SA(b)
200,000	3.13%, 03/15/2027	168,468
200,000	3.38%, 03/15/2030	156,500
	Suzano Austria GmbH
350,000	2.50%, 09/15/2028	284,375
555,000	3.75%, 01/15/2031	448,163
890,000	Taseko Mines Ltd(b) 7.00%, 02/15/2026	757,492
545,000	Teck Resources Ltd 6.13%, 10/01/2035	577,562
105,000	Volcan Cia Minera SAA(b) 4.38%, 02/11/2026	91,403
245,000	WR Grace Holdings LLC(b) 5.63%, 08/15/2029	180,381
		18,514,131
Communications — 6.20%
420,000	Altice France Holding SA(b)(f) 6.00%, 02/15/2028	298,112
200,000	Altice France SA(b) 5.13%, 01/15/2029	151,522
200,000	Block Communications Inc(b) 4.88%, 03/01/2028	169,000
570,000	Cable Onda SA(b) 4.50%, 01/30/2030	478,447
	CCO Holdings LLC / CCO Holdings Capital Corp
60,000	5.38%, 06/01/2029(b)	53,630
775,000	4.75%, 03/01/2030(b)	662,819
575,000	4.50%, 08/15/2030(b)	477,410
970,000	4.25%, 02/01/2031(b)	790,550
90,000	4.75%, 02/01/2032(b)	73,692
45,000	4.50%, 05/01/2032	36,436
1,010,000	4.25%, 01/15/2034(b)	780,225
	Charter Communications Operating LLC / Charter Communications Operating Capital
450,000	2.80%, 04/01/2031	360,386
70,000	2.30%, 02/01/2032	52,964
115,000	4.40%, 04/01/2033	102,676
765,000	5.13%, 07/01/2049	633,207
2,220,000	4.80%, 03/01/2050	1,759,039
695,000	4.40%, 12/01/2061	499,850
880,000	3.95%, 06/30/2062	587,870

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Communications — (continued)
$   730,000	Clear Channel Worldwide Holdings Inc(b) 5.13%, 08/15/2027	$    616,361
	CommScope Inc(b)
530,000	7.13%, 07/01/2028	402,842
735,000	4.75%, 09/01/2029	592,921
215,000	CommScope Technologies LLC(b) 5.00%, 03/15/2027	158,949
	CSC Holdings LLC(b)
680,000	5.38%, 02/01/2028	588,200
710,000	5.75%, 01/15/2030	516,546
2,435,000	4.63%, 12/01/2030	1,628,382
690,000	CT Trust(b) 5.13%, 02/03/2032	552,862
	DISH DBS Corp
525,000	7.75%, 07/01/2026	409,237
1,505,000	5.25%, 12/01/2026(b)	1,179,679
495,000	5.13%, 06/01/2029	300,782
	Expedia Group Inc
75,000	4.63%, 08/01/2027	72,057
400,000	3.80%, 02/15/2028	364,543
920,000	3.25%, 02/15/2030	767,261
400,000	2.95%, 03/15/2031	318,159
80,000	Frontier Communications Holdings LLC(b) 8.75%, 05/15/2030	80,879
600,000	Go Daddy Operating Co LLC / Go Daddy Finance Co Inc(b) 3.50%, 03/01/2029	505,854
	iHeartCommunications Inc
320,000	8.38%, 05/01/2027(f)	254,298
400,000	5.25%, 08/15/2027(b)	342,332
200,000	4.75%, 01/15/2028(b)	164,816
	Lamar Media Corp
70,000	3.75%, 02/15/2028	62,141
70,000	4.00%, 02/15/2030	58,776
	Level 3 Financing Inc(b)
90,000	4.63%, 09/15/2027	76,725
390,000	4.25%, 07/01/2028	312,487
280,000	3.63%, 01/15/2029	215,895
460,000	Lumen Technologies Inc 5.63%, 04/01/2025	436,209
600,000	McGraw-Hill Education Inc(b) 8.00%, 08/01/2029	486,000
460,000	Millennium Escrow Corp(b) 6.63%, 08/01/2026	371,247
	Motorola Solutions Inc
377,000	4.60%, 02/23/2028	364,597
175,000	4.60%, 05/23/2029	167,431
	Netflix Inc
300,000	EUR, 3.63%, 05/15/2027	294,109
210,000	4.88%, 04/15/2028	197,620
490,000	5.88%, 11/15/2028	479,078
395,000	6.38%, 05/15/2029	398,930
100,000	5.38%, 11/15/2029(b)	94,500
1,215,000	4.88%, 06/15/2030(b)(f)	1,112,023
460,000	Nexstar Media Inc(b)(f) 4.75%, 11/01/2028	394,450

Principal Amount(a)		Fair Value
Communications — (continued)
	Northwest Fiber LLC / Northwest Fiber Finance Sub Inc(b)
$   130,000	4.75%, 04/30/2027	$    107,062
315,000	10.75%, 06/01/2028	280,284
	Paramount Global
120,000	4.20%, 06/01/2029(f)	112,787
605,000	4.95%, 01/15/2031	575,966
25,000	Sirius XM Radio Inc(b) 5.50%, 07/01/2029	22,781
	SoftBank Group Corp
400,000	4.63%, 07/06/2028	310,000
200,000	5.25%, 07/06/2031	147,456
70,000	Sprint Capital Corp 6.88%, 11/15/2028	73,606
535,000	Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC(b) 5.15%, 03/20/2028	538,944
330,000	Telesat Canada / Telesat LLC(b) 6.50%, 10/15/2027	138,830
	Time Warner Cable LLC
35,000	5.88%, 11/15/2040	32,074
235,000	5.50%, 09/01/2041	205,135
245,000	4.50%, 09/15/2042	191,252
	T-Mobile USA Inc
110,000	2.40%, 03/15/2029(b)	94,993
1,590,000	3.38%, 04/15/2029	1,391,250
1,915,000	3.88%, 04/15/2030	1,787,185
1,220,000	3.50%, 04/15/2031(f)	1,053,385
195,000	2.70%, 03/15/2032(b)	163,602
395,000	Twitter Inc(b)(f) 3.88%, 12/15/2027	372,388
	Uber Technologies Inc(b)
640,000	8.00%, 11/01/2026	637,120
600,000	7.50%, 09/15/2027	581,268
3,965,000	4.50%, 08/15/2029(f)	3,261,212
475,000	Virgin Media Finance PLC(b) 5.00%, 07/15/2030	376,437
525,000	VZ Secured Financing BV(b) 5.00%, 01/15/2032	435,750
		36,197,780
Consumer, Cyclical — 4.77%
	1011778 BC Unlimited Liability Co / New Red Finance Inc(b)
120,000	3.88%, 01/15/2028	104,150
210,000	4.38%, 01/15/2028	183,603
150,000	4.00%, 10/15/2030	120,375
586,808	Alaska Airlines Pass Through Trust(b) Series 2020-1 Class A 4.80%, 08/15/2027	575,181
445,000	Allison Transmission Inc(b) 3.75%, 01/30/2031	356,641
360,000	American Airlines Inc(b) 11.75%, 07/15/2025	372,564

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Consumer, Cyclical — (continued)
	American Airlines Inc / AAdvantage Loyalty IP Ltd(b)
$   155,000	5.50%, 04/20/2026	$    142,412
175,000	5.75%, 04/20/2029	149,408
	American Airlines Pass Through Trust
	Series 2016-1 Class B
645,567	5.25%, 01/15/2024	615,565
	Series 2017-2 Class B
306,721	3.70%, 10/15/2025	272,999
	Series 2016-3 Class B
861,252	3.75%, 10/15/2025	762,964
	At Home Group Inc(b)
115,000	4.88%, 07/15/2028	83,375
560,000	7.13%, 07/15/2029	317,800
140,000	AutoNation Inc 4.75%, 06/01/2030	131,696
355,000	BlueLinx Holdings Inc(b) 6.00%, 11/15/2029	276,900
246,863	British Airways Pass Through Trust(b) Series 2019-1 Class A Pass 3.35%, 06/15/2029	207,562
377,000	Brunswick Corp 2.40%, 08/18/2031	278,982
	Caesars Entertainment Inc(b)
180,000	6.25%, 07/01/2025	173,471
170,000	8.13%, 07/01/2027	164,262
	Carnival Corp(b)
425,000	5.75%, 03/01/2027	306,969
255,000	6.00%, 05/01/2029	179,166
340,000	Clarios Global LP / Clarios US Finance Co(b) 8.50%, 05/15/2027	328,601
175,000	Cooper-Standard Automotive Inc(b) 13.00%, 06/01/2024	175,000
609,000	Dick's Sporting Goods Inc(f) 3.15%, 01/15/2032	481,156
1,070,000	Dillard's Inc 7.75%, 07/15/2026	1,129,094
345,000	Dornoch Debt Merger Sub Inc(b) 6.63%, 10/15/2029	254,782
200,000	Ferguson Finance PLC(b) 3.25%, 06/02/2030	173,088
	Ferrellgas LP / Ferrellgas Finance Corp(b)
180,000	5.38%, 04/01/2026	156,273
215,000	5.88%, 04/01/2029	174,533
	Ford Motor Co
1,874,000	3.25%, 02/12/2032	1,401,565
180,000	4.75%, 01/15/2043	128,220
	Ford Motor Credit Co LLC
370,000	4.13%, 08/17/2027	325,785
400,000	3.63%, 06/17/2031	310,000
	General Motors Co
90,000	5.20%, 04/01/2045	75,595
950,000	5.40%, 04/01/2048	826,407
810,000	5.95%, 04/01/2049(f)	752,177

Principal Amount(a)		Fair Value
Consumer, Cyclical — (continued)
	General Motors Financial Co Inc(g)
$    50,000	5.70%, Perpetual	$     43,500
30,000	5.75%, Perpetual	25,125
765,000	Genm Capital Labuan Ltd(b) 3.88%, 04/19/2031	605,508
765,000	Goodyear Tire & Rubber Co(f) 4.88%, 03/15/2027	684,101
	Hilton Domestic Operating Co Inc(b)
515,000	4.00%, 05/01/2031	427,965
140,000	3.63%, 02/15/2032	111,213
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(b)
330,000	5.00%, 06/01/2029	267,300
105,000	4.88%, 07/01/2031	80,145
50,000	Hyatt Hotels Corp 5.63%, 04/23/2025	50,644
475,000	Jacobs Entertainment Inc(b) 6.75%, 02/15/2029	401,676
640,000	M/I Homes Inc 4.95%, 02/01/2028	544,028
	Magallanes Inc(b)
215,000	4.05%, 03/15/2029	196,935
330,000	4.28%, 03/15/2032	294,935
	Marriott International Inc
190,000	4.63%, 06/15/2030	182,150
305,000	2.85%, 04/15/2031	252,931
255,000	Marriott Ownership Resorts Inc(b) 4.50%, 06/15/2029	212,078
760,000	Mclaren Finance PLC(b) 7.50%, 08/01/2026	561,564
700,000	Mohegan Gaming & Entertainment(b) 8.00%, 02/01/2026	595,000
140,000	Murphy Oil USA Inc(b) 3.75%, 02/15/2031	118,965
	NCL Corp Ltd(b)
375,000	5.88%, 03/15/2026	294,334
350,000	5.88%, 02/15/2027	299,250
140,000	NCL Finance Ltd(b) 6.13%, 03/15/2028	101,850
640,000	NMG Holding Co Inc / Neiman Marcus Group LLC(b) 7.13%, 04/01/2026	589,811
205,000	Penn National Gaming Inc(b) 4.13%, 07/01/2029	155,554
300,000	PetSmart Inc / PetSmart Finance Corp(b) 7.75%, 02/15/2029	270,153
755,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp(b) 5.63%, 09/01/2029	537,530
	PulteGroup Inc
415,000	7.88%, 06/15/2032	467,410
415,000	6.38%, 05/15/2033	427,093

 

See Notes to Financial Statements.

Semi-Annual Report - June 30, 2022

GREAT-WEST FUNDS, INC.

GREAT-WEST MULTI-SECTOR BOND FUND

Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount(a)		Fair Value
Consumer, Cyclical — (continued)
$ 1,200,000	6.00%, 02/15/2035	$  1,176,438
	Royal Caribbean Cruises Ltd(b)
50,000	4.25%, 07/01/2026	35,518
725,000	5.50%, 04/01/2028(f)	503,875
	Scientific Games International Inc(b)
480,000	7.00%, 05/15/2028	450,446
15,000	7.25%, 11/15/2029(f)	14,067
340,000	SRS Distribution Inc(b) 6.13%, 07/01/2029	268,252
465,000	Station Casinos LLC(b) 4.50%, 02/15/2028	392,744
170,000	Tapestry Inc 3.05%, 03/15/2032	138,502
640,000	Tenneco Inc(b) 5.13%, 04/15/2029	602,395
	Travel + Leisure Co
180,000	6.63%, 07/31/2026(b)	170,663
50,000	6.00%, 04/01/2027	45,286
540,000	4.50%, 12/01/2029(b)	417,739
395,000	4.63%, 03/01/2030(b)	306,125
200,000	Tupy Overseas SA(b) 4.50%, 02/16/2031	153,150
430,000	Under Armour Inc(f) 3.25%, 06/15/2026	370,001
	US Airways Pass Through Trust
	Series 2011-1 Class A
124,950	7.13%, 10/22/2023	126,013
	Series 2012-1 Class A
299,810	5.90%, 10/01/2024	298,834
	Yum! Brands Inc
450,000	4.75%, 01/15/2030(b)	408,375
555,000	3.63%, 03/15/2031	466,200
255,000	4.63%, 01/31/2032