Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS
At January 31, 2021
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES - 32.4% | ||||||||
| Argentina - 0.9% | ||||||||
Pampa Energia SA | ||||||||
7.50%, 01/24/2027 (A) | $ 2,925,000 | $ 2,398,500 | ||||||
YPF SA | ||||||||
6.95%, 07/21/2027 (B) | 510,000 | 313,650 | ||||||
8.50%, 03/23/2025 (B) | 1,460,000 | 1,197,200 | ||||||
|
| |||||||
| 3,909,350 | ||||||||
|
| |||||||
| Bermuda - 1.6% | ||||||||
Digicel Group 0.5, Ltd. | ||||||||
PIK Rate 10.00%, Cash Rate 8.00%, 04/01/2024 (C) | 1,977,080 | 1,858,455 | ||||||
Digicel, Ltd. | ||||||||
6.75%, 03/01/2023 (A) | 3,770,000 | 3,105,537 | ||||||
Tengizchevroil Finance Co. International, Ltd. | ||||||||
3.25%, 08/15/2030 (A) | 2,010,000 | 2,088,893 | ||||||
|
| |||||||
| 7,052,885 | ||||||||
|
| |||||||
| Brazil - 1.6% | ||||||||
Banco do Brasil SA | ||||||||
Fixed until 04/15/2024 (D), | 900,000 | 895,500 | ||||||
Banco do Estado do Rio Grande do SUL SA | ||||||||
Fixed until 01/28/2026, | 1,090,000 | 1,085,095 | ||||||
BRF SA | ||||||||
4.88%, 01/24/2030 (A) | 1,195,000 | 1,269,317 | ||||||
5.75%, 09/21/2050 (A) | 1,200,000 | 1,263,000 | ||||||
Oi SA | ||||||||
PIK Rate 4.00%, Cash Rate 8.00%, 07/27/2025 (C) | 1,475,000 | 1,532,525 | ||||||
Samarco Mineracao SA | ||||||||
4.13%, 11/01/2022 (A) (F) (G) | 1,900,000 | 1,399,236 | ||||||
|
| |||||||
| 7,444,673 | ||||||||
|
| |||||||
| Canada - 0.4% | ||||||||
First Quantum Minerals, Ltd. | ||||||||
6.88%, 10/15/2027 (A) (H) | 1,735,000 | 1,871,510 | ||||||
|
| |||||||
| Cayman Islands - 3.0% | ||||||||
Alibaba Group Holding, Ltd. | ||||||||
4.20%, 12/06/2047 | 1,225,000 | 1,441,982 | ||||||
CSN Islands XII Corp. | ||||||||
7.00%, 03/23/2021 (B) (D) | 2,090,000 | 2,041,721 | ||||||
ENN Energy Holdings, Ltd. | ||||||||
2.63%, 09/17/2030 (A) | 1,400,000 | 1,405,808 | ||||||
JD.com, Inc. | ||||||||
4.13%, 01/14/2050 | 1,900,000 | 2,056,881 | ||||||
Lima Metro Line 2 Finance, Ltd. | ||||||||
4.35%, 04/05/2036 (A) | 2,450,000 | 2,691,325 | ||||||
Odebrecht Drilling Norbe VIII / IX, Ltd. | ||||||||
6.35%, 12/01/2021 (B) | 480,081 | 466,884 | ||||||
Tencent Holdings, Ltd. | ||||||||
2.39%, 06/03/2030 (A) | 1,560,000 | 1,574,071 | ||||||
Vale Overseas, Ltd. | ||||||||
6.88%, 11/21/2036 | 1,265,000 | 1,812,808 | ||||||
|
| |||||||
| 13,491,480 | ||||||||
|
| |||||||
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Chile - 0.5% | ||||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.00%, 09/30/2029 (A) | $ 1,000,000 | $ 1,077,583 | ||||||
Empresa de Transporte de Pasajeros Metro SA | ||||||||
3.65%, 05/07/2030 (A) (H) | 1,140,000 | 1,275,849 | ||||||
|
| |||||||
| 2,353,432 | ||||||||
|
| |||||||
| Colombia - 0.5% | ||||||||
Ecopetrol SA | ||||||||
6.88%, 04/29/2030 | 900,000 | 1,120,500 | ||||||
Empresas Publicas de Medellin ESP | ||||||||
4.38%, 02/15/2031 (A) | 980,000 | 1,042,230 | ||||||
|
| |||||||
| 2,162,730 | ||||||||
|
| |||||||
| Ecuador - 0.3% | ||||||||
Petroamazonas EP | ||||||||
4.63%, 12/06/2021 (A) | 1,307,148 | 1,200,145 | ||||||
4.63%, 12/06/2021 (B) | 101,133 | 93,549 | ||||||
|
| |||||||
| 1,293,694 | ||||||||
|
| |||||||
| Guatemala - 0.2% | ||||||||
Banco Industrial SA | ||||||||
Fixed until 01/29/2026, | 810,000 | 828,225 | ||||||
|
| |||||||
| India - 1.2% | ||||||||
Adani Electricity Mumbai, Ltd. | ||||||||
3.95%, 02/12/2030 (A) | 1,250,000 | 1,312,579 | ||||||
Adani Ports & Special Economic Zone, Ltd. 4.20%, 08/04/2027 (A) | 1,400,000 | 1,526,184 | ||||||
Muthoot Finance, Ltd. | ||||||||
4.40%, 09/02/2023 (A) | 840,000 | 853,662 | ||||||
6.13%, 10/31/2022 (A) | 1,780,000 | 1,858,231 | ||||||
|
| |||||||
| 5,550,656 | ||||||||
|
| |||||||
| Indonesia - 1.4% | ||||||||
Pelabuhan Indonesia II PT | ||||||||
4.25%, 05/05/2025 (A) | 675,000 | 737,437 | ||||||
4.25%, 05/05/2025 (B) | 1,070,000 | 1,168,975 | ||||||
5.38%, 05/05/2045 (A) | 1,500,000 | 1,800,000 | ||||||
Pertamina Persero PT | ||||||||
5.63%, 05/20/2043 (A) | 2,250,000 | 2,756,250 | ||||||
|
| |||||||
| 6,462,662 | ||||||||
|
| |||||||
| Ireland - 0.2% | ||||||||
C&W Senior Financing DAC | ||||||||
6.88%, 09/15/2027 (A) | 495,000 | 526,989 | ||||||
7.50%, 10/15/2026 (A) | 335,000 | 354,353 | ||||||
|
| |||||||
| 881,342 | ||||||||
|
| |||||||
| Isle of Man - 0.5% | ||||||||
Sasol Financing International, Ltd. | ||||||||
4.50%, 11/14/2022 | 2,075,000 | 2,111,147 | ||||||
|
| |||||||
| Israel - 0.8% | ||||||||
ICL Group, Ltd. | ||||||||
6.38%, 05/31/2038 (B) (H) | 265,000 | 349,800 | ||||||
6.38%, 05/31/2038 (B) | 1,035,000 | 1,366,200 | ||||||
Leviathan Bond, Ltd. | ||||||||
6.75%, 06/30/2030 (B) | 1,890,000 | 2,148,514 | ||||||
|
| |||||||
| 3,864,514 | ||||||||
|
| |||||||
Transamerica Funds | Page 1 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Jersey, Channel Islands - 0.6% | ||||||||
Galaxy Pipeline Assets Bidco, Ltd. | ||||||||
1.75%, 09/30/2027 (A) | $ 1,465,000 | $ 1,481,069 | ||||||
2.63%, 03/31/2036 (A) | 1,360,000 | 1,373,078 | ||||||
|
| |||||||
| 2,854,147 | ||||||||
|
| |||||||
| Luxembourg - 1.8% | ||||||||
Amaggi Luxembourg International SARL | 2,370,000 | 2,406,925 | ||||||
FEL Energy VI SARL | 960,000 | 998,880 | ||||||
Kenbourne Invest SA | ||||||||
4.70%, 01/22/2028 (A) (H) | 570,000 | 576,612 | ||||||
6.88%, 11/26/2024 (A) | 1,830,000 | 1,975,942 | ||||||
Mexico Remittances Funding Fiduciary Estate Management SARL | 1,040,000 | 1,062,880 | ||||||
Movida Europe SA | ||||||||
5.25%, 02/08/2031 (A) (I) | 1,090,000 | 1,086,250 | ||||||
|
| |||||||
| 8,107,489 | ||||||||
|
| |||||||
| Mexico - 6.0% | ||||||||
Banco Mercantil del Norte SA | ||||||||
Fixed until 06/27/2029 (D), | 1,855,000 | 2,031,225 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander | ||||||||
5.38%, 04/17/2025 (A) | 600,000 | 686,670 | ||||||
BBVA Bancomer SA | ||||||||
Fixed until 09/13/2029, | 1,350,000 | 1,512,000 | ||||||
Fomento Economico Mexicano SAB de CV | ||||||||
3.50%, 01/16/2050 | 1,510,000 | 1,626,738 | ||||||
Grupo Bimbo SAB de CV | ||||||||
Fixed until 04/17/2023 (D), | 2,300,000 | 2,457,690 | ||||||
Industrias Penoles SAB de CV 4.75%, 08/06/2050 (A) (H) | 1,365,000 | 1,539,379 | ||||||
Infraestructura Energetica Nova SAB de CV | ||||||||
4.75%, 01/15/2051 (A) | 1,590,000 | 1,697,325 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 07/31/2047 (A) | 1,755,000 | 1,761,055 | ||||||
Petroleos Mexicanos | ||||||||
6.38%, 01/23/2045 | 3,715,000 | 3,198,615 | ||||||
6.49%, 01/23/2027 | 1,900,000 | 1,954,625 | ||||||
7.19%, 09/12/2024 (B) | MXN 61,000,000 | 2,720,502 | ||||||
7.69%, 01/23/2050 | $ 4,375,000 | 4,136,475 | ||||||
Unifin Financiera SAB de CV | ||||||||
9.88%, 01/28/2029 (A) | 1,570,000 | 1,576,672 | ||||||
|
| |||||||
| 26,898,971 | ||||||||
|
| |||||||
| Multi-National - 0.3% | ||||||||
GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC | ||||||||
7.13%, 07/31/2026 (A) | 1,200,000 | 1,257,864 | ||||||
|
| |||||||
| Netherlands - 3.1% | ||||||||
Braskem Finance BV | ||||||||
4.50%, 01/31/2030 (A) | 1,430,000 | 1,453,237 | ||||||
Fixed until 10/24/2025, | 730,000 | 806,657 | ||||||
IHS Holdco BV | ||||||||
8.00%, 09/18/2027 (A) | 1,985,000 | 2,126,431 | ||||||
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Netherlands (continued) | ||||||||
Minejesa Capital BV | ||||||||
5.63%, 08/10/2037 (B) | $ 400,000 | $ 439,728 | ||||||
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (A) | 3,045,000 | 3,088,517 | ||||||
MV24 Capital BV | ||||||||
6.75%, 06/01/2034 (A) | 780,714 | 849,612 | ||||||
Petrobras Global Finance BV 6.75%, 06/03/2050 | 895,000 | 1,047,231 | ||||||
Prosus NV | ||||||||
3.68%, 01/21/2030 (A) | 1,200,000 | 1,295,338 | ||||||
3.83%, 02/08/2051 (A) | 1,040,000 | 1,007,355 | ||||||
4.03%, 08/03/2050 (A) | 1,000,000 | 996,471 | ||||||
Teva Pharmaceutical Finance III BV | ||||||||
2.80%, 07/21/2023 | 1,110,000 | 1,100,454 | ||||||
|
| |||||||
| 14,211,031 | ||||||||
|
| |||||||
| Nigeria - 0.3% | ||||||||
SEPLAT Petroleum Development Co. PLC | ||||||||
9.25%, 04/01/2023 (A) | 1,260,000 | 1,297,800 | ||||||
|
| |||||||
| Northern Mariana Islands - 0.3% | ||||||||
Azure Power Solar Energy Pvt, Ltd. | ||||||||
5.65%, 12/24/2024 (A) | 1,350,000 | 1,437,008 | ||||||
|
| |||||||
| Panama - 0.5% | ||||||||
Banistmo SA | ||||||||
4.25%, 07/31/2027 (A) | 2,000,000 | 2,120,000 | ||||||
|
| |||||||
| Republic of South Africa - 0.4% | ||||||||
Eskom Holdings SOC, Ltd. | ||||||||
7.50%, 09/15/2033, MTN | ZAR 34,000,000 | 1,673,258 | ||||||
|
| |||||||
| Saudi Arabia - 1.4% | ||||||||
Saudi Arabian Oil Co. | ||||||||
1.63%, 11/24/2025 (A) (H) | $ 465,000 | 473,472 | ||||||
3.50%, 11/24/2070 (A) | 1,740,000 | 1,693,209 | ||||||
4.25%, 04/16/2039, MTN (B) | 1,850,000 | 2,120,564 | ||||||
4.38%, 04/16/2049 (A) | 1,620,000 | 1,905,448 | ||||||
|
| |||||||
| 6,192,693 | ||||||||
|
| |||||||
| Singapore - 1.0% | ||||||||
LLPL Capital Pte, Ltd. | ||||||||
6.88%, 02/04/2039 (A) | 1,690,200 | 2,041,762 | ||||||
Medco Bell Pte, Ltd. | ||||||||
6.38%, 01/30/2027 (A) | 2,500,000 | 2,532,525 | ||||||
|
| |||||||
| 4,574,287 | ||||||||
|
| |||||||
| Turkey - 1.4% | ||||||||
QNB Finansbank AS | ||||||||
6.88%, 09/07/2024 (A) | 1,490,000 | 1,631,550 | ||||||
TC Ziraat Bankasi AS | ||||||||
5.38%, 03/02/2026 (A) (I) | 1,030,000 | 1,030,105 | ||||||
Turk Telekomunikasyon AS | ||||||||
6.88%, 02/28/2025 (A) (H) | 1,070,000 | 1,182,350 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
6.50%, 01/08/2026 (A) (H) | 1,350,000 | 1,394,550 | ||||||
Yapi VE Kredi Bankasi AS | ||||||||
Fixed until 01/22/2026, | 1,070,000 | 1,095,920 | ||||||
|
| |||||||
| 6,334,475 | ||||||||
|
| |||||||
| United Arab Emirates - 0.8% | ||||||||
Acwa Power Management & Investments One, Ltd. | ||||||||
5.95%, 12/15/2039 (A) | 1,800,000 | 2,139,840 | ||||||
Transamerica Funds | Page 2 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| United Arab Emirates (continued) | ||||||||
Oztel Holdings SPC, Ltd. | ||||||||
5.63%, 10/24/2023 (A) | $ 695,000 | $ 735,901 | ||||||
6.63%, 04/24/2028 (A) | 590,000 | 643,122 | ||||||
|
| |||||||
| 3,518,863 | ||||||||
|
| |||||||
| United Kingdom - 0.7% | ||||||||
Fresnillo PLC | ||||||||
4.25%, 10/02/2050 (A) | 665,000 | 707,893 | ||||||
Tullow Oil PLC | ||||||||
6.25%, 04/15/2022 (B) | 1,500,000 | 1,214,062 | ||||||
Vedanta Resources Finance II PLC | ||||||||
13.88%, 01/21/2024 (A) (H) | 1,160,000 | 1,248,160 | ||||||
|
| |||||||
| 3,170,115 | ||||||||
|
| |||||||
| United States - 0.6% | ||||||||
Gran Tierra Energy, Inc. | ||||||||
7.75%, 05/23/2027 (A) | 880,000 | 607,209 | ||||||
Kosmos Energy, Ltd. | ||||||||
7.13%, 04/04/2026 (A) (H) | 1,270,000 | 1,266,825 | ||||||
MercadoLibre, Inc. | ||||||||
3.13%, 01/14/2031 | 780,000 | 783,424 | ||||||
|
| |||||||
| 2,657,458 | ||||||||
|
| |||||||
| Venezuela - 0.1% | ||||||||
Petroleos de Venezuela SA | ||||||||
5.50%, 04/12/2037 (B) (F) (G) | 3,870,000 | 145,125 | ||||||
8.50%, 10/27/2049 (B) (J) | 1,945,000 | 466,800 | ||||||
|
| |||||||
| 611,925 | ||||||||
|
| |||||||
Total Corporate Debt Securities |
| 146,195,684 | ||||||
|
| |||||||
| FOREIGN GOVERNMENT OBLIGATIONS - 59.8% | ||||||||
| Angola - 1.5% | ||||||||
Angola Government International Bond | ||||||||
9.38%, 05/08/2048 (A) | 3,340,000 | 3,306,199 | ||||||
9.50%, 11/12/2025 (B) (H) | 3,450,000 | 3,661,485 | ||||||
|
| |||||||
| 6,967,684 | ||||||||
|
| |||||||
| Argentina - 2.7% | ||||||||
Argentina Republic Government International Bond | ||||||||
0.13% (K), 07/09/2030 - 01/09/2038 | 33,847,533 | 12,370,374 | ||||||
|
| |||||||
| Belarus - 0.4% | ||||||||
Republic of Belarus International Bond | ||||||||
6.88%, 02/28/2023 (B) | 1,800,000 | 1,871,784 | ||||||
|
| |||||||
| Brazil - 2.6% | ||||||||
Brazil Notas do Tesouro Nacional | ||||||||
10.00%, 01/01/2031 | BRL 10,865,000 | 2,317,466 | ||||||
Series F, | ||||||||
10.00%, 01/01/2023 - 01/01/2029 | 46,530,000 | 9,459,423 | ||||||
|
| |||||||
| 11,776,889 | ||||||||
|
| |||||||
| Cayman Islands - 0.3% | ||||||||
Sharjah Sukuk Program, Ltd. | ||||||||
3.23%, 10/23/2029 (B) | $ 1,500,000 | 1,567,470 | ||||||
|
| |||||||
| Chile - 1.4% | ||||||||
Bonos de la Tesoreria de la Republica EN pesos | ||||||||
4.70%, 09/01/2030 (B) | CLP 2,700,000,000 | 4,411,875 | ||||||
Chile Government International Bond | ||||||||
3.10%, 01/22/2061 | $ 1,870,000 | 1,894,329 | ||||||
|
| |||||||
| 6,306,204 | ||||||||
|
| |||||||
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Colombia - 3.1% | ||||||||
Colombia Government International Bond | $ 1,560,000 | $ 1,716,000 | ||||||
Colombia TES | ||||||||
5.75%, 11/03/2027 | COP 7,618,600,000 | 2,265,200 | ||||||
6.00%, 04/28/2028 | 6,298,400,000 | 1,881,624 | ||||||
Series B, | ||||||||
6.25%, 11/26/2025 | 17,039,800,000 | 5,287,062 | ||||||
7.25%, 10/18/2034 | 9,828,200,000 | 3,025,179 | ||||||
|
| |||||||
| 14,175,065 | ||||||||
|
| |||||||
| Costa Rica - 0.3% | ||||||||
Costa Rica Government International Bond | ||||||||
7.00%, 04/04/2044 (A) | $ 1,490,000 | 1,460,200 | ||||||
|
| |||||||
| Cote d’Ivoire - 0.8% | ||||||||
Ivory Coast Government International Bond | ||||||||
6.88%, 10/17/2040 (A) | EUR 2,605,000 | 3,553,424 | ||||||
|
| |||||||
| Dominican Republic - 1.0% | ||||||||
Dominican Republic International Bond | ||||||||
5.30%, 01/21/2041 (A) | $ 2,055,000 | 2,121,787 | ||||||
5.88%, 01/30/2060 (A) | 2,400,000 | 2,512,800 | ||||||
|
| |||||||
| 4,634,587 | ||||||||
|
| |||||||
| Ecuador - 0.1% | ||||||||
Ecuador Government International Bond | ||||||||
0.50% (K), 07/31/2035 (B) | 820,000 | 373,100 | ||||||
|
| |||||||
| Egypt - 1.4% | ||||||||
Egypt Government International Bond | ||||||||
7.50%, 01/31/2027 (A) | 3,115,000 | 3,601,719 | ||||||
8.88%, 05/29/2050 (A) | 2,300,000 | 2,601,944 | ||||||
|
| |||||||
| 6,203,663 | �� | |||||||
|
| |||||||
| El Salvador - 0.9% | ||||||||
El Salvador Government International Bond | ||||||||
7.75%, 01/24/2023 (A) (H) | 1,120,000 | 1,128,400 | ||||||
8.25%, 04/10/2032 (A) | 2,115,000 | 2,142,495 | ||||||
8.63%, 02/28/2029 (B) | 750,000 | 774,375 | ||||||
|
| |||||||
| 4,045,270 | ||||||||
|
| |||||||
| Gabon - 0.5% | ||||||||
Gabon Government International Bond | ||||||||
6.38%, 12/12/2024 (A) | 1,985,000 | 2,074,325 | ||||||
|
| |||||||
| Ghana - 0.5% | ||||||||
Ghana Government International Bond | ||||||||
7.88%, 03/26/2027 (A) | 1,000,000 | 1,096,100 | ||||||
8.95%, 03/26/2051 (A) | 1,070,000 | 1,091,657 | ||||||
|
| |||||||
| 2,187,757 | ||||||||
|
| |||||||
| Indonesia - 5.4% | ||||||||
Indonesia Government International Bond |
| |||||||
4.35%, 01/08/2027 (A) | 4,000,000 | 4,622,960 | ||||||
4.63%, 04/15/2043 (A) | 3,500,000 | 4,204,097 | ||||||
4.75%, 01/08/2026 - 07/18/2047 (A) | 2,895,000 | 3,433,484 | ||||||
Transamerica Funds | Page 3 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Indonesia (continued) | ||||||||
Indonesia Treasury Bond | ||||||||
7.50%, 08/15/2032 | IDR 8,330,000,000 | $ 628,615 | ||||||
8.25%, 05/15/2036 | 35,691,000,000 | 2,842,637 | ||||||
8.38%, 03/15/2034 | 103,973,000,000 | 8,392,392 | ||||||
|
| |||||||
| 24,124,185 | ||||||||
|
| |||||||
| Malaysia - 3.0% | ||||||||
Malaysia Government Bond | ||||||||
2.63%, 04/15/2031 | MYR 8,269,000 | 2,029,541 | ||||||
3.76%, 05/22/2040 | 5,867,000 | 1,489,921 | ||||||
3.83%, 07/05/2034 | 10,228,000 | 2,662,746 | ||||||
4.89%, 06/08/2038 | 15,001,000 | 4,278,771 | ||||||
Malaysia Sovereign Sukuk Bhd. | ||||||||
3.04%, 04/22/2025 (A) | $ 3,000,000 | 3,278,400 | ||||||
|
| |||||||
| 13,739,379 | ||||||||
|
| |||||||
| Mexico - 5.3% | ||||||||
Mexico Bonos |
| |||||||
7.50%, 06/03/2027 | MXN 104,597,100 | 5,833,945 | ||||||
Series M, | ||||||||
8.50%, 05/31/2029 | 107,440,000 | 6,397,866 | ||||||
10.00%, 11/20/2036 | 18,750,000 | 1,263,885 | ||||||
Mexico Government International Bond | ||||||||
1.35%, 09/18/2027 | EUR 1,100,000 | 1,379,357 | ||||||
2.13%, 10/25/2051 | 2,190,000 | 2,414,231 | ||||||
4.75%, 04/27/2032 | $ 2,795,000 | 3,256,175 | ||||||
5.75%, 10/12/2110, MTN | 2,700,000 | 3,337,902 | ||||||
|
| |||||||
| 23,883,361 | ||||||||
|
| |||||||
| Oman - 0.6% | ||||||||
Oman Government International Bond | ||||||||
6.25%, 01/25/2031 (A) (H) | 1,480,000 | 1,568,847 | ||||||
7.00%, 01/25/2051 (A) (H) | 930,000 | 939,858 | ||||||
|
| |||||||
| 2,508,705 | ||||||||
|
| |||||||
| Panama - 1.3% | ||||||||
Panama Government International Bond | ||||||||
2.25%, 09/29/2032 | 2,925,000 | 2,949,863 | ||||||
3.75%, 03/16/2025 | 1,000,000 | 1,100,510 | ||||||
3.87%, 07/23/2060 | 1,820,000 | 2,022,948 | ||||||
|
| |||||||
| 6,073,321 | ||||||||
|
| |||||||
| Peru - 2.1% | ||||||||
Peru Government International Bond | ||||||||
1.86%, 12/01/2032 (H) | 1,900,000 | 1,878,150 | ||||||
2.39%, 01/23/2026 | 3,980,000 | 4,208,850 | ||||||
6.35%, 08/12/2028 (A) | PEN 9,689,000 | 3,340,196 | ||||||
|
| |||||||
| 9,427,196 | ||||||||
|
| |||||||
| Poland - 0.5% | ||||||||
Republic of Poland Government Bond | ||||||||
1.25%, 10/25/2030 | PLN 7,867,000 | 2,122,901 | ||||||
|
| |||||||
| Qatar - 1.1% | ||||||||
Qatar Government International Bond | ||||||||
3.40%, 04/16/2025 (A) | $ 1,375,000 | 1,511,922 | ||||||
3.75%, 04/16/2030 (A) | 1,920,000 | 2,234,112 | ||||||
4.40%, 04/16/2050 (A) | 840,000 | 1,074,318 | ||||||
|
| |||||||
| 4,820,352 | ||||||||
|
| |||||||
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Republic of Korea - 1.2% | ||||||||
Export-Import Bank of Korea | ||||||||
6.20%, 08/07/2021 (A) | INR 180,300,000 | $ 2,478,196 | ||||||
8.00%, 05/15/2024 (A) | IDR 35,800,000,000 | 2,735,333 | ||||||
|
| |||||||
| 5,213,529 | ||||||||
|
| |||||||
| Republic of South Africa - 1.8% | ||||||||
Republic of South Africa Government Bond | ||||||||
10.50%, 12/21/2026 | ZAR 75,365,119 | 5,891,684 | ||||||
Series 2030, | ||||||||
8.00%, 01/31/2030 | 35,542,200 | 2,242,873 | ||||||
|
| |||||||
| 8,134,557 | ||||||||
|
| |||||||
| Romania - 2.3% | ||||||||
Romania Government International Bond | ||||||||
5.00%, 02/12/2029 | RON 12,160,000 | 3,557,550 | ||||||
3.62%, 05/26/2030 (A) | EUR 760,000 | 1,097,387 | ||||||
5.13%, 06/15/2048 (A) | $ 2,440,000 | 3,032,578 | ||||||
3.38%, 01/28/2050, MTN (B) | EUR 1,855,000 | 2,533,089 | ||||||
|
| |||||||
| 10,220,604 | ||||||||
|
| |||||||
| Russian Federation - 4.3% | ||||||||
Russian Federal Bond - OFZ | ||||||||
7.10%, 10/16/2024 | RUB 396,304,000 | 5,553,425 | ||||||
7.40%, 12/07/2022 | 191,035,000 | 2,650,311 | ||||||
7.65%, 04/10/2030 | 132,490,000 | 1,928,948 | ||||||
7.70%, 03/23/2033 | 288,579,000 | 4,194,462 | ||||||
Russian Foreign Bond - Eurobond | ||||||||
4.38%, 03/21/2029 (B) | $ 2,600,000 | 2,996,906 | ||||||
4.75%, 05/27/2026 (B) | 1,600,000 | 1,839,680 | ||||||
|
| |||||||
| 19,163,732 | ||||||||
|
| |||||||
| Saudi Arabia - 3.0% | ||||||||
Saudi Arabia Government International Bond | ||||||||
3.25%, 10/26/2026 - 10/22/2030 (A) | 5,760,000 | 6,300,200 | ||||||
4.63%, 10/04/2047 (A) | 6,090,000 | 7,293,384 | ||||||
|
| |||||||
| 13,593,584 | ||||||||
|
| |||||||
| Supranational - 1.0% | ||||||||
Banque Ouest Africaine de Developpement | ||||||||
4.70%, 10/22/2031 (A) | 1,750,000 | 1,911,210 | ||||||
Eastern & Southern African Trade & Development Bank | ||||||||
5.38%, 03/14/2022, MTN (B) | 2,600,000 | 2,681,224 | ||||||
|
| |||||||
| 4,592,434 | ||||||||
|
| |||||||
| Turkey - 5.2% | ||||||||
Turkey Government Bond | ||||||||
10.50%, 08/11/2027 | TRY 24,924,971 | 3,089,542 | ||||||
11.00%, 02/24/2027 | 16,128,000 | 2,035,493 | ||||||
11.70%, 11/13/2030 | 26,338,872 | 3,425,556 | ||||||
12.40%, 03/08/2028 | 17,899,000 | 2,406,999 | ||||||
13.90%, 11/09/2022 | 19,395,000 | 2,637,333 | ||||||
Turkey Government International Bond | ||||||||
5.88%, 06/26/2031 | $ 3,930,000 | 4,002,941 | ||||||
6.38%, 10/14/2025 | 5,530,000 | 5,988,990 | ||||||
|
| |||||||
| 23,586,854 | ||||||||
|
| |||||||
Transamerica Funds | Page 4 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Ukraine - 2.1% | ||||||||
Ukraine Government International Bond | ||||||||
Zero Coupon (E), 05/31/2040 (B) | $ 4,140,000 | $ 4,667,850 | ||||||
7.75%, 09/01/2024 (B) | 4,185,000 | 4,616,858 | ||||||
|
| |||||||
| 9,284,708 | ||||||||
|
| |||||||
| United Arab Emirates - 1.3% | ||||||||
Abu Dhabi Government International Bond |
| |||||||
2.50%, 04/16/2025 (A) (H) | 1,500,000 | 1,597,500 | ||||||
Finance Department Government of Sharjah | ||||||||
4.00%, 07/28/2050 (A) | 4,200,000 | 4,236,876 | ||||||
|
| |||||||
| 5,834,376 | ||||||||
|
| |||||||
| United Kingdom - 0.4% | ||||||||
Ukreximbank Via Biz Finance PLC | ||||||||
9.75%, 01/22/2025 (B) | 1,498,000 | 1,625,005 | ||||||
|
| |||||||
| Uruguay - 0.0% (L) | ||||||||
Uruguay Government International Bond | ||||||||
4.38%, 12/15/2028 | UYU 6,214 | 173 | ||||||
|
| |||||||
| Venezuela - 0.4% | ||||||||
Venezuela Government International Bond |
| |||||||
9.00%, 05/07/2023 (B) (F) (G) | $ 9,260,000 | 856,550 | ||||||
9.25%, 09/15/2027 (J) | 6,070,000 | 561,475 | ||||||
11.95%, 08/05/2031 (B) (J) | 5,565,000 | 514,762 | ||||||
|
| |||||||
| 1,932,787 | ||||||||
|
| |||||||
Total Foreign Government Obligations |
| 269,449,539 | ||||||
|
| |||||||
| Shares | Value | |||||||
| COMMON STOCK - 0.1% | ||||||||
| Canada - 0.1% | ||||||||
Frontera Energy Corp. | 93,356 | 272,441 | ||||||
|
| |||||||
Total Common Stock |
| 272,441 | ||||||
|
| |||||||
| OTHER INVESTMENT COMPANY - 2.0% | ||||||||
| Securities Lending Collateral - 2.0% | ||||||||
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.06% (M) | 8,800,535 | 8,800,535 | ||||||
|
| |||||||
Total Other Investment Company |
| 8,800,535 | ||||||
|
| |||||||
| Principal | Value | |||||||
| REPURCHASE AGREEMENT - 3.0% | ||||||||
Fixed Income Clearing Corp., 0.00% (M), dated 01/29/2021, to be repurchased at $13,381,687 on 02/01/2021. Collateralized by U.S. Government Obligations, 1.50% - 2.63%, due 02/28/2023, and with a total value of $13,649,326. | $ 13,381,687 | $ 13,381,687 | ||||||
|
| |||||||
Total Repurchase Agreement |
| 13,381,687 | ||||||
|
| |||||||
Total Investments |
| 438,099,886 | ||||||
Net Other Assets (Liabilities) - 2.7% | 12,060,463 | |||||||
|
| |||||||
Net Assets - 100.0% | $ 450,160,349 | |||||||
|
| |||||||
Transamerica Funds | Page 5 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
BCLY | 02/26/2021 | CZK | 129,490,448 | USD | 5,997,844 | $ | 40,398 | $ | — | |||||||||||||||||||
BCLY | 02/26/2021 | HUF | 1,798,002,905 | USD | 6,018,823 | 91,055 | — | |||||||||||||||||||||
BCLY | 02/26/2021 | PLN | 10,645,151 | USD | 2,826,975 | 31,574 | — | |||||||||||||||||||||
JPM | 02/02/2021 | USD | 17,585,880 | BRL | 95,453,008 | 140,844 | — | |||||||||||||||||||||
JPM | 02/02/2021 | BRL | 95,453,008 | USD | 17,764,655 | — | (319,618 | ) | ||||||||||||||||||||
JPM | 02/08/2021 | USD | 2,169,500 | KRW | 2,390,789,000 | 32,177 | — | |||||||||||||||||||||
JPM | 02/08/2021 | KRW | 4,668,653,287 | USD | 4,312,047 | — | (138,354 | ) | ||||||||||||||||||||
JPM | 02/26/2021 | USD | 4,326,466 | ZAR | 66,227,375 | — | (36,820 | ) | ||||||||||||||||||||
JPM | 03/02/2021 | BRL | 31,354,432 | USD | 5,765,166 | — | (39,455 | ) | ||||||||||||||||||||
MSCS | 02/16/2021 | USD | 3,216,038 | RUB | 237,981,988 | 76,950 | — | |||||||||||||||||||||
MSCS | 02/26/2021 | COP | 7,810,647,642 | USD | 2,175,062 | 11,365 | — | |||||||||||||||||||||
MSCS | 02/26/2021 | MXN | 94,507,663 | USD | 4,650,825 | — | (52,654 | ) | ||||||||||||||||||||
TDB | 02/26/2021 | USD | 8,467,926 | EUR | 7,011,440 | — | (45,309 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
| Total | $ | 424,363 | $ | (632,210 | ) | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
INVESTMENTS BY INDUSTRY:
Industry | Percentage of Total Investments | Value | ||||||||
Foreign Government Obligations | 61.5 | % | $ | 269,449,539 | ||||||
Oil, Gas & Consumable Fuels | 9.8 | 42,936,923 | ||||||||
Electric Utilities | 3.4 | 14,692,779 | ||||||||
Banks | 3.3 | 14,310,840 | ||||||||
Metals & Mining | 2.7 | 11,698,290 | ||||||||
Internet & Direct Marketing Retail | 1.7 | 7,581,451 | ||||||||
Food Products | 1.7 | 7,396,932 | ||||||||
Wireless Telecommunication Services | 1.5 | 6,671,374 | ||||||||
Diversified Telecommunication Services | 1.3 | 5,820,412 | ||||||||
Marine | 1.0 | 4,556,024 | ||||||||
Chemicals | 0.9 | 3,975,894 | ||||||||
Road & Rail | 0.9 | 3,967,174 | ||||||||
Transportation Infrastructure | 0.7 | 3,287,239 | ||||||||
Consumer Finance | 0.6 | 2,711,893 | ||||||||
Diversified Financial Services | 0.6 | 2,639,552 | ||||||||
Professional Services | 0.5 | 2,139,840 | ||||||||
Construction & Engineering | 0.5 | 2,126,431 | ||||||||
Energy Equipment & Services | 0.4 | 1,903,892 | ||||||||
Beverages | 0.4 | 1,626,738 | ||||||||
Interactive Media & Services | 0.4 | 1,574,071 | ||||||||
Gas Utilities | 0.3 | 1,405,808 | ||||||||
Diversified Consumer Services | 0.3 | 1,257,864 | ||||||||
Pharmaceuticals | 0.3 | 1,100,454 | ||||||||
Specialty Retail | 0.2 | 1,086,250 | ||||||||
|
|
|
| |||||||
Investments | 94.9 | 415,917,664 | ||||||||
Short-Term Investments | 5.1 | 22,182,222 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 438,099,886 | ||||||
|
|
|
| |||||||
Transamerica Funds | Page 6 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (N)
| Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Corporate Debt Securities | $ | — | $ | 146,195,684 | $ | — | $ | 146,195,684 | ||||||||
Foreign Government Obligations | — | 269,449,539 | — | 269,449,539 | ||||||||||||
Common Stock | 272,441 | — | — | 272,441 | ||||||||||||
Other Investment Company | 8,800,535 | — | — | 8,800,535 | ||||||||||||
Repurchase Agreement | — | 13,381,687 | — | 13,381,687 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 9,072,976 | $ | 429,026,910 | $ | — | $ | 438,099,886 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Contracts (O) | $ | — | $ | 424,363 | $ | — | $ | 424,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | 424,363 | $ | — | $ | 424,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Contracts (O) | $ | — | $ | (632,210 | ) | $ | — | $ | (632,210 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | (632,210 | ) | $ | — | $ | (632,210 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, the total value of 144A securities is $186,069,200, representing 41.3% of the Fund’s net assets. | |
| (B) | Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2021, the total value of Regulation S securities is $51,245,287, representing 11.4% of the Fund’s net assets. | |
| (C) | Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately. | |
| (D) | Perpetual maturity. The date displayed is the next call date. | |
| (E) | Floating or variable rate securities. The rates disclosed are as of January 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. | |
| (F) | Securities in default; no interest payments received and/or dividends declared during the last 12 months. At January 31, 2021, the total value of such securities is $2,400,911, representing 0.5% of the Fund’s net assets. | |
| (G) | Non-income producing securities. | |
| (H) | All or a portion of the securities are on loan. The total value of all securities on loan is $15,212,595, collateralized by cash collateral of $8,800,535 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $6,729,428. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. | |
| (I) | When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after January 31, 2021. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement. | |
| (J) | Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At January 31, 2021, the total value of such securities is $1,543,037, representing 0.3% of the Fund’s net assets. | |
| (K) | Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of January 31, 2021; the maturity dates disclosed are the ultimate maturity dates. | |
| (L) | Percentage rounds to less than 0.1% or (0.1)%. | |
| (M) | Rates disclosed reflect the yields at January 31, 2021. | |
| (N) | There were no transfers in or out of Level 3 during the period ended January 31, 2021. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs. | |
| (O) | Derivative instruments are valued at unrealized appreciation (depreciation). |
CURRENCY ABBREVIATIONS:
BRL | Brazilian Real | |
CLP | Chilean Peso | |
COP | Columbian Peso | |
CZK | Czech Republic Koruna | |
EUR | Euro | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PEN | Peruvian Sol | |
PLN | Polish Zloty | |
RON | New Romanian Leu | |
RUB | Russian Ruble | |
TRY | Turkish New Lira |
Transamerica Funds | Page 7 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
CURRENCY ABBREVIATIONS (continued):
USD | United States Dollar | |
UYU | Uruguayan Peso | |
ZAR | South African Rand |
COUNTERPARTY ABBREVIATIONS:
BCLY | Barclays Bank PLC | |
JPM | JPMorgan Chase Bank, N.A. | |
MSCS | Morgan Stanley Capital Services Inc. | |
TDB | Toronto Dominion Bank |
PORTFOLIO ABBREVIATION:
MTN | Medium Term Note |
Transamerica Funds | Page 8 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS
At January 31, 2021
(unaudited)
INVESTMENT VALUATION
All investments in securities are recorded at their estimated fair value. The Fund values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Generally Accepted Accounting Principles in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:
Level 1 — Unadjusted quoted prices in active markets for identical securities.
Level 2 — Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Fund’s own assumptions used in determining the fair value of investments and derivative instruments.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value (“NAV”) per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund’s investments at January 31, 2021, is disclosed within the Investment Valuation section of the Schedule of Investments.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.
Fair value measurements: Descriptions of the valuation techniques applied to the Fund’s significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.
Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.
Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.
Transamerica Funds | Page 9 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At January 31, 2021
(unaudited)
Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.
Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.
Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.
Transamerica Funds | Page 10 |