Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS
At July 31, 2022
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES - 39.4% | ||||||||
| Argentina - 0.8% | ||||||||
Pampa Energia SA | ||||||||
7.50%, 01/24/2027 (A) | $ 965,000 | $ 784,063 | ||||||
YPF SA | ||||||||
9.00% (B), 06/30/2029 (C) | 1,420,000 | 787,678 | ||||||
|
| |||||||
| 1,571,741 | ||||||||
|
| |||||||
| Bermuda - 0.5% | ||||||||
Digicel Group Holdings Ltd. | ||||||||
PIK Rate 2.00%, Cash Rate 8.00%, | 550,000 | 509,968 | ||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
4.00%, 08/15/2026 (A) | 640,000 | 536,544 | ||||||
|
| |||||||
| 1,046,512 | ||||||||
|
| |||||||
| Brazil - 0.3% | ||||||||
Oi SA | ||||||||
PIK Rate 4.00%, Cash Rate 8.00%, | 1,450,000 | 688,993 | ||||||
|
| |||||||
| Cayman Islands - 3.0% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
2.70%, 02/09/2041 | 1,230,000 | 864,194 | ||||||
CIFI Holdings Group Co. Ltd. | ||||||||
4.45%, 08/17/2026 (C) | 650,000 | 229,052 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
5.40%, 05/27/2025 (C) (E) | 645,000 | 236,148 | ||||||
7.25%, 04/08/2026 (C) | 715,000 | 258,315 | ||||||
Industrial Senior Trust | ||||||||
5.50%, 11/01/2022 (C) | 440,000 | 438,900 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
9.38%, 06/30/2024 (C) (F) (G) | 2,120,000 | 207,645 | ||||||
11.25%, 04/16/2025 (C) | 350,000 | 34,293 | ||||||
Lima Metro Line 2 Finance Ltd. | ||||||||
4.35%, 04/05/2036 (A) | 798,297 | 721,668 | ||||||
Longfor Group Holdings Ltd. | ||||||||
3.85%, 01/13/2032 (C) | 635,000 | 412,967 | ||||||
Melco Resorts Finance Ltd. | ||||||||
5.38%, 12/04/2029 (C) | 490,000 | 334,446 | ||||||
5.75%, 07/21/2028 (C) | 210,000 | 148,659 | ||||||
SA Global Sukuk Ltd. | ||||||||
2.69%, 06/17/2031 (A) | 950,000 | 865,811 | ||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/2030 | 1,400,000 | 1,269,856 | ||||||
|
| |||||||
| 6,021,954 | ||||||||
|
| |||||||
| Chile - 1.9% | ||||||||
Agrosuper SA | ||||||||
4.60%, 01/20/2032 (A) | 800,000 | 694,000 | ||||||
Alfa Desarrollo SpA | ||||||||
4.55%, 09/27/2051 (A) | 1,146,900 | 825,768 | ||||||
Cia Cervecerias Unidas SA | ||||||||
3.35%, 01/19/2032 (A) | 850,000 | 728,862 | ||||||
Enel Chile SA | ||||||||
4.88%, 06/12/2028 | 860,000 | 817,688 | ||||||
Sociedad de Transmision Austral SA | ||||||||
4.00%, 01/27/2032 (A) | 800,000 | 670,783 | ||||||
|
| |||||||
| 3,737,101 | ||||||||
|
| |||||||
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Colombia - 1.0% | ||||||||
Ecopetrol SA | ||||||||
5.88%, 11/02/2051 | $ 910,000 | $ 664,231 | ||||||
Empresas Publicas de Medellin ESP | ||||||||
4.38%, 02/15/2031 (A) | 980,000 | 746,658 | ||||||
Interconexion Electrica SA ESP | ||||||||
3.83%, 11/26/2033 (A) | 800,000 | 662,599 | ||||||
|
| |||||||
| 2,073,488 | ||||||||
|
| |||||||
| Guatemala - 0.8% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL | ||||||||
5.25%, 04/27/2029 (A) | 810,000 | 766,163 | ||||||
CT Trust | ||||||||
5.13%, 02/03/2032 (A) | 870,000 | 777,623 | ||||||
|
| |||||||
| 1,543,786 | ||||||||
|
| |||||||
| Hong Kong - 0.6% | ||||||||
Lenovo Group Ltd. | ||||||||
6.54%, 07/27/2032 | 1,195,000 | 1,190,986 | ||||||
|
| |||||||
| India - 0.4% | ||||||||
Muthoot Finance Ltd. | ||||||||
6.13%, 10/31/2022 (A) | 700,000 | 696,360 | ||||||
|
| |||||||
| Indonesia - 1.6% | ||||||||
Freeport Indonesia PT | ||||||||
5.32%, 04/14/2032 (A) | 1,200,000 | 1,122,000 | ||||||
6.20%, 04/14/2052 (A) | 975,000 | 861,801 | ||||||
Indofood CBP Sukses Makmur Tbk PT | ||||||||
4.75%, 06/09/2051 (C) | 1,750,000 | 1,291,617 | ||||||
|
| |||||||
| 3,275,418 | ||||||||
|
| |||||||
| Ireland - 0.1% | ||||||||
Lukoil Capital DAC | ||||||||
3.60%, 10/26/2031 (A) | 400,000 | 208,000 | ||||||
Sovcombank Via SovCom Capital DAC | ||||||||
Fixed until 02/17/2027 (H), | 640,000 | 12,800 | ||||||
|
| |||||||
| 220,800 | ||||||||
|
| |||||||
| Israel - 1.3% | ||||||||
Bank Leumi Le-Israel BM | ||||||||
5.13%, 07/27/2027 (C) | 665,000 | 678,300 | ||||||
Energean Israel Finance Ltd. | ||||||||
4.88%, 03/30/2026 (C) | 300,000 | 274,950 | ||||||
5.88%, 03/30/2031 (C) | 710,000 | 603,855 | ||||||
Leviathan Bond Ltd. | ||||||||
6.75%, 06/30/2030 (C) | 1,150,000 | 1,083,006 | ||||||
|
| |||||||
| 2,640,111 | ||||||||
|
| |||||||
| Jersey, Channel Islands - 1.0% | ||||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 09/30/2027 (A) | 624,414 | 589,624 | ||||||
2.16%, 03/31/2034 (C) | 1,671,896 | 1,457,196 | ||||||
|
| |||||||
| 2,046,820 | ||||||||
|
| |||||||
| Kazakhstan - 0.5% | ||||||||
KazMunayGas National Co. JSC | ||||||||
6.38%, 10/24/2048 (C) | 1,100,000 | 914,155 | ||||||
|
| |||||||
| Luxembourg - 2.8% | ||||||||
CSN Resources SA | ||||||||
5.88%, 04/08/2032 (A) | 1,390,000 | 1,109,157 | ||||||
EIG Pearl Holdings SARL | ||||||||
3.55%, 08/31/2036 (A) | 800,000 | 698,054 | ||||||
Transamerica Funds | Page 1 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Luxembourg (continued) | ||||||||
Guara Norte SARL | ||||||||
5.20%, 06/15/2034 (A) | $ 964,235 | $ 790,672 | ||||||
Kenbourne Invest SA | ||||||||
6.88%, 11/26/2024 (A) | 900,000 | 842,940 | ||||||
MC Brazil Downstream Trading SARL | ||||||||
7.25%, 06/30/2031 (A) | 850,000 | 678,734 | ||||||
Movida Europe SA | ||||||||
5.25%, 02/08/2031 (A) | 1,150,000 | 968,910 | ||||||
Simpar Europe SA | ||||||||
5.20%, 01/26/2031 (A) | 455,000 | 382,200 | ||||||
|
| |||||||
| 5,470,667 | ||||||||
|
| |||||||
| Mexico - 7.2% | ||||||||
America Movil SAB de CV | ||||||||
5.38%, 04/04/2032 (A) | 1,000,000 | 947,830 | ||||||
Banco Mercantil del Norte SA | ||||||||
Fixed until 01/24/2032 (H), | 1,000,000 | 810,000 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/2032 (A) | 920,000 | 793,224 | ||||||
CIBANCO SA Institucion de Banca Multiple Trust | ||||||||
4.38%, 07/22/2031 (A) | 1,000,000 | 687,760 | ||||||
Comision Federal de Electricidad | ||||||||
4.69%, 05/15/2029 (A) | 1,000,000 | 915,000 | ||||||
6.26%, 02/15/2052 (A) | 1,200,000 | 1,014,405 | ||||||
Grupo Bimbo SAB de CV | ||||||||
Fixed until 04/17/2023 (H), | 750,000 | 743,850 | ||||||
Infraestructura Energetica Nova SAB de CV | ||||||||
4.75%, 01/15/2051 (A) | 1,200,000 | 870,666 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 07/31/2047 (A) | 1,490,000 | 1,134,263 | ||||||
Petroleos Mexicanos | ||||||||
6.70%, 02/16/2032 | 6,160,000 | 4,934,160 | ||||||
7.19%, 09/12/2024 (C) | MXN 14,090,000 | 632,773 | ||||||
Total Play Telecomunicaciones SA de CV | ||||||||
6.38%, 09/20/2028 (A) (E) | $ 1,100,000 | 861,608 | ||||||
|
| |||||||
| 14,345,539 | ||||||||
|
| |||||||
| Morocco - 0.4% | ||||||||
OCP SA | ||||||||
5.13%, 06/23/2051 (A) | 1,000,000 | 702,412 | ||||||
|
| |||||||
| Multi-National - 1.2% | ||||||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd. | ||||||||
8.75%, 05/25/2024 (A) | 800,000 | 749,000 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | ||||||||
3.75%, 12/01/2031 (A) | 1,450,000 | 1,215,996 | ||||||
6.50%, 12/01/2052 (A) | 400,000 | 404,120 | ||||||
|
| |||||||
| 2,369,116 | ||||||||
|
| |||||||
| Netherlands - 3.0% | ||||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 01/31/2030 (A) | 1,500,000 | 1,368,750 | ||||||
IHS Netherlands Holdco BV | ||||||||
8.00%, 09/18/2027 (A) | 1,375,000 | 1,222,018 | ||||||
Mong Duong Finance Holdings BV | ||||||||
5.13%, 05/07/2029 (A) | 895,000 | 732,781 | ||||||
MV24 Capital BV | ||||||||
6.75%, 06/01/2034 (A) | 533,340 | 490,257 | ||||||
Prosus NV | ||||||||
4.19%, 01/19/2032 (A) (E) | 785,000 | 667,823 | ||||||
4.99%, 01/19/2052 (A) | 800,000 | 625,805 | ||||||
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Netherlands (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/2026 | $ 1,000,000 | $ 902,750 | ||||||
|
| |||||||
| 6,010,184 | ||||||||
|
| |||||||
| Nigeria - 0.5% | ||||||||
SEPLAT Energy PLC | ||||||||
7.75%, 04/01/2026 (A) | 1,200,000 | 1,015,344 | ||||||
|
| |||||||
| Northern Mariana Islands - 1.6% | ||||||||
Axian Telecom | ||||||||
7.38%, 02/16/2027 (A) | 400,000 | 367,504 | ||||||
Azure Power Energy Ltd. | ||||||||
3.58%, 08/19/2026 (A) | 1,060,070 | 924,911 | ||||||
Greenko Wind Projects Mauritius Ltd. | ||||||||
5.50%, 04/06/2025 (A) | 1,200,000 | 1,108,800 | ||||||
HTA Group Ltd. | ||||||||
7.00%, 12/18/2025 (C) | 850,000 | 751,094 | ||||||
|
| |||||||
| 3,152,309 | ||||||||
|
| |||||||
| Peru - 0.7% | ||||||||
Consorcio Transmantaro SA | ||||||||
5.20%, 04/11/2038 (A) | 490,000 | 450,781 | ||||||
Peru LNG Srl | ||||||||
5.38%, 03/22/2030 (A) | 1,020,000 | 851,659 | ||||||
|
| |||||||
| 1,302,440 | ||||||||
|
| |||||||
| Qatar - 1.0% | ||||||||
Qatar Energy | ||||||||
2.25%, 07/12/2031 (A) | 2,200,000 | 1,955,083 | ||||||
|
| |||||||
| Republic of Korea - 0.3% | ||||||||
POSCO | ||||||||
4.50%, 08/04/2027 | 550,000 | 548,426 | ||||||
|
| |||||||
| Republic of South Africa - 0.4% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
7.50%, 09/15/2033 | ZAR 20,000,000 | 864,109 | ||||||
|
| |||||||
| Saudi Arabia - 0.5% | ||||||||
Saudi Arabian Oil Co. | ||||||||
4.25%, 04/16/2039 (C) | $ 1,000,000 | 965,000 | ||||||
|
| |||||||
| Singapore - 0.5% | ||||||||
LLPL Capital Pte Ltd. | ||||||||
6.88%, 02/04/2039 (C) | 26,151 | 24,673 | ||||||
Medco Laurel Tree Pte Ltd. | ||||||||
6.95%, 11/12/2028 (A) | 1,200,000 | 1,032,600 | ||||||
|
| |||||||
| 1,057,273 | ||||||||
|
| |||||||
| Thailand - 0.4% | ||||||||
GC Treasury Center Co. Ltd. | ||||||||
5.20%, 03/30/2052 (A) | 1,000,000 | 880,630 | ||||||
|
| |||||||
| United Arab Emirates - 0.9% | ||||||||
Acwa Power Management & Investments One Ltd. | ||||||||
5.95%, 12/15/2039 (A) | 998,000 | 988,503 | ||||||
Sweihan PV Power Co. PJSC | ||||||||
3.63%, 01/31/2049 (A) | 1,000,000 | 840,600 | ||||||
|
| |||||||
| 1,829,103 | ||||||||
|
| |||||||
| United Kingdom - 1.7% | ||||||||
Energean PLC | ||||||||
6.50%, 04/30/2027 (A) | 1,130,000 | 994,635 | ||||||
Transamerica Funds | Page 2 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| United Kingdom (continued) | ||||||||
Liquid Telecommunications Financing PLC | ||||||||
5.50%, 09/04/2026 (A) | $ 750,000 | $ 649,980 | ||||||
Tullow Oil PLC | ||||||||
10.25%, 05/15/2026 (A) | 1,119,000 | 1,047,664 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/2025 (A) | 1,070,000 | 783,775 | ||||||
|
| |||||||
| 3,476,054 | ||||||||
|
| |||||||
| United States - 1.7% | ||||||||
Kosmos Energy Ltd. | ||||||||
7.75%, 05/01/2027 (A) | 800,000 | 676,256 | ||||||
New Fortress Energy, Inc. | ||||||||
6.50%, 09/30/2026 (A) | 920,000 | 874,000 | ||||||
Sasol Financing USA LLC | ||||||||
5.50%, 03/18/2031 | 1,200,000 | 978,600 | ||||||
TSMC Arizona Corp. | ||||||||
4.25%, 04/22/2032 | 795,000 | 812,782 | ||||||
|
| |||||||
| 3,341,638 | ||||||||
|
| |||||||
| Venezuela - 0.2% | ||||||||
Petroleos de Venezuela SA | ||||||||
8.50%, 10/27/2020 (C) (F) (G) | 1,945,000 | 306,337 | ||||||
|
| |||||||
| Virgin Islands, British - 0.6% | ||||||||
Studio City Finance Ltd. | ||||||||
6.50%, 01/15/2028 (C) | 940,000 | 517,469 | ||||||
TSMC Global Ltd. | ||||||||
4.63%, 07/22/2032 | 620,000 | 639,864 | ||||||
|
| |||||||
| 1,157,333 | ||||||||
|
| |||||||
Total Corporate Debt Securities | 78,417,222 | |||||||
|
| |||||||
| FOREIGN GOVERNMENT OBLIGATIONS - 54.9% | ||||||||
| Angola - 1.3% | ||||||||
Angola Government International Bond | ||||||||
9.13%, 11/26/2049 (A) | 1,140,000 | 869,250 | ||||||
9.50%, 11/12/2025 (C) | 1,750,000 | 1,628,900 | ||||||
|
| |||||||
| 2,498,150 | ||||||||
|
| |||||||
| Argentina - 1.3% | ||||||||
Argentina Government International Bond | ||||||||
0.50% (B), 07/09/2030 | 1,650,000 | 389,344 | ||||||
1.50% (B), 07/09/2035 - 07/09/2046 | 9,970,000 | 2,231,838 | ||||||
|
| |||||||
| 2,621,182 | ||||||||
|
| |||||||
| Bermuda - 0.5% | ||||||||
Bermuda Government International Bond | ||||||||
5.00%, 07/15/2032 (A) | 1,040,000 | 1,079,711 | ||||||
|
| |||||||
| Brazil - 4.0% | ||||||||
Brazil Notas do Tesouro Nacional | ||||||||
Series F, | ||||||||
10.00%, 01/01/2023 - 01/01/2033 | BRL 45,159,000 | 7,940,883 | ||||||
|
| |||||||
| Chile - 1.3% | ||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||
4.70%, 09/01/2030 (C) | CLP 1,270,000,000 | 1,270,764 | ||||||
Chile Government International Bond | ||||||||
2.55%, 07/27/2033 | $ 1,545,000 | 1,311,934 | ||||||
|
| |||||||
| 2,582,698 | ||||||||
|
| |||||||
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| China - 0.6% | ||||||||
China Government Bond | ||||||||
3.27%, 11/19/2030 | CNY 8,350,000 | $ 1,284,092 | ||||||
|
| |||||||
| Colombia - 1.6% | ||||||||
Colombia Government International Bond | ||||||||
4.50%, 03/15/2029 | $ 710,000 | 641,599 | ||||||
5.63%, 02/26/2044 | 1,170,000 | 908,344 | ||||||
Colombia TES | ||||||||
Series B, | ||||||||
6.00%, 04/28/2028 | COP 4,714,500,000 | 838,537 | ||||||
6.25%, 07/09/2036 | 5,347,500,000 | 751,924 | ||||||
|
| |||||||
| 3,140,404 | ||||||||
|
| |||||||
| Cote d’Ivoire - 0.9% | ||||||||
Ivory Coast Government International Bond | ||||||||
6.13%, 06/15/2033 (A) | $ 705,000 | 570,627 | ||||||
6.88%, 10/17/2040 (A) | EUR 1,670,000 | 1,237,576 | ||||||
|
| |||||||
| 1,808,203 | ||||||||
|
| |||||||
| Czech Republic - 1.0% | ||||||||
Czech Republic Government Bond | ||||||||
2.00%, 10/13/2033 | CZK 59,990,000 | 2,036,461 | ||||||
|
| |||||||
| Dominican Republic - 1.0% | ||||||||
Dominican Republic International Bond | ||||||||
5.50%, 02/22/2029 (A) | $ 400,000 | 370,800 | ||||||
5.88%, 01/30/2060 (A) | 850,000 | 644,102 | ||||||
6.00%, 02/22/2033 (A) | 310,000 | 281,109 | ||||||
6.50%, 02/15/2048 (A) | 750,000 | 625,089 | ||||||
|
| |||||||
| 1,921,100 | ||||||||
|
| |||||||
| Ecuador - 0.4% | ||||||||
Ecuador Government International Bond | ||||||||
1.50% (B), 07/31/2040 (A) | 715,000 | 294,209 | ||||||
5.50% (B), 07/31/2030 (C) | 845,000 | 506,461 | ||||||
|
| |||||||
| 800,670 | ||||||||
|
| |||||||
| Egypt - 0.7% | ||||||||
Egypt Government International Bond | ||||||||
8.88%, 05/29/2050 (A) | 2,200,000 | 1,298,128 | ||||||
|
| |||||||
| El Salvador - 0.3% | ||||||||
El Salvador Government International Bond | ||||||||
5.88%, 01/30/2025 (A) | 1,160,000 | 532,150 | ||||||
|
| |||||||
| Ghana - 0.6% | ||||||||
Ghana Government International Bond | ||||||||
7.63%, 05/16/2029 (A) | 2,400,000 | 1,122,000 | ||||||
|
| |||||||
| Hungary - 1.2% | ||||||||
Hungary Government Bond | ||||||||
4.75%, 11/24/2032 | HUF 939,980,000 | 1,803,241 | ||||||
Hungary Government International Bond | ||||||||
5.50%, 06/16/2034 (A) | $ 500,000 | 505,024 | ||||||
|
| |||||||
| 2,308,265 | ||||||||
|
| |||||||
| Indonesia - 5.5% | ||||||||
Indonesia Government International Bond | ||||||||
4.35%, 01/08/2027 (A) | 2,750,000 | 2,791,828 | ||||||
4.63%, 04/15/2043 (A) | 2,395,000 | 2,274,609 | ||||||
Transamerica Funds | Page 3 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Indonesia (continued) | ||||||||
Indonesia Treasury Bond | ||||||||
8.25%, 05/15/2036 | IDR 26,691,000,000 | $ 1,923,659 | ||||||
8.38%, 03/15/2034 | 19,931,000,000 | 1,444,519 | ||||||
Series FR73, | ||||||||
8.75%, 05/15/2031 | 17,219,000,000 | 1,275,245 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
4.40%, 06/06/2027 (A) | $ 1,185,000 | 1,211,663 | ||||||
|
| |||||||
| 10,921,523 | ||||||||
|
| |||||||
| Kenya - 1.0% | ||||||||
Republic of Kenya Government International Bond | ||||||||
6.88%, 06/24/2024 (A) | 2,395,000 | 2,069,088 | ||||||
|
| |||||||
| Malaysia - 1.4% | ||||||||
Malaysia Government Bond | ||||||||
3.76%, 05/22/2040 | MYR 8,503,000 | 1,753,263 | ||||||
Malaysia Sovereign Sukuk Bhd. | ||||||||
3.04%, 04/22/2025 (A) | $ 1,000,000 | 988,670 | ||||||
|
| |||||||
| 2,741,933 | ||||||||
|
| |||||||
| Mexico - 8.4% | ||||||||
Mexico Bonos | ||||||||
7.50%, 06/03/2027 | MXN 68,677,100 | 3,206,133 | ||||||
8.00%, 09/05/2024 | 7,910,000 | 378,553 | ||||||
Series M, | ||||||||
7.75%, 05/29/2031 | 69,100,000 | 3,198,657 | ||||||
8.50%, 05/31/2029 | 63,440,000 | 3,079,931 | ||||||
Mexico Government International Bond | ||||||||
2.66%, 05/24/2031 | $ 2,030,000 | 1,735,787 | ||||||
4.28%, 08/14/2041 | 2,220,000 | 1,837,648 | ||||||
4.40%, 02/12/2052 | 2,505,000 | 1,993,401 | ||||||
4.50%, 04/22/2029 (E) | 1,325,000 | 1,320,699 | ||||||
|
| |||||||
| 16,750,809 | ||||||||
|
| |||||||
| Nigeria - 1.0% | ||||||||
Nigeria Government International Bond | ||||||||
8.38%, 03/24/2029 (A) | 2,560,000 | 1,981,389 | ||||||
|
| |||||||
| Oman - 0.9% | ||||||||
Oman Government International Bond | ||||||||
6.25%, 01/25/2031 (A) | 1,250,000 | 1,243,750 | ||||||
7.00%, 01/25/2051 (A) (E) | 590,000 | 531,784 | ||||||
|
| |||||||
| 1,775,534 | ||||||||
|
| |||||||
| Panama - 1.2% | ||||||||
Panama Government International Bond | ||||||||
4.50%, 01/19/2063 | 2,965,000 | 2,340,330 | ||||||
|
| |||||||
| Peru - 1.8% | ||||||||
Peru Government International Bond | ||||||||
2.39%, 01/23/2026 | 880,000 | 833,586 | ||||||
2.78%, 01/23/2031 | 1,100,000 | 968,899 | ||||||
3.00%, 01/15/2034 | 1,000,000 | 856,309 | ||||||
6.90%, 08/12/2037 (A) | PEN 4,214,000 | 940,376 | ||||||
|
| |||||||
| 3,599,170 | ||||||||
|
| |||||||
| Poland - 1.3% | ||||||||
Republic of Poland Government Bond | ||||||||
Series 0432, | ||||||||
1.75%, 04/25/2032 | PLN 16,596,000 | 2,573,606 | ||||||
|
| |||||||
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Qatar - 0.9% | ||||||||
Qatar Government International Bond | ||||||||
3.40%, 04/16/2025 (A) | $ 750,000 | $ 752,175 | ||||||
4.40%, 04/16/2050 (A) | 1,055,000 | 1,075,412 | ||||||
|
| |||||||
| 1,827,587 | ||||||||
|
| |||||||
| Republic of Korea - 0.5% | ||||||||
Export-Import Bank of Korea | ||||||||
8.00%, 05/15/2024 (A) | IDR 15,200,000,000 | 1,059,004 | ||||||
|
| |||||||
| Republic of South Africa - 4.6% | ||||||||
Republic of South Africa Government Bond | ||||||||
7.00%, 02/28/2031 | ZAR 27,071,700 | 1,297,552 | ||||||
8.00%, 01/31/2030 | 18,157,100 | 960,294 | ||||||
8.25%, 03/31/2032 | 34,976,000 | 1,788,153 | ||||||
8.88%, 02/28/2035 | 47,923,000 | 2,459,298 | ||||||
Republic of South Africa Government International Bond | ||||||||
5.88%, 04/20/2032 | $ 625,000 | 578,666 | ||||||
7.30%, 04/20/2052 | 2,400,000 | 2,093,799 | ||||||
|
| |||||||
| 9,177,762 | ||||||||
|
| |||||||
| Romania - 1.9% | ||||||||
Romania Government Bond | ||||||||
4.25%, 04/28/2036 | RON 8,730,000 | 1,219,344 | ||||||
Romania Government International Bond | ||||||||
3.00%, 02/27/2027 (A) | $ 1,000,000 | 911,934 | ||||||
6.00%, 05/25/2034 (A) | 1,799,000 | 1,740,140 | ||||||
|
| |||||||
| 3,871,418 | ||||||||
|
| |||||||
| Russian Federation - 0.3% | ||||||||
Russia Federation Federal Bond - OFZ | ||||||||
7.70%, 03/23/2033 | RUB 180,458,000 | 636,485 | ||||||
|
| |||||||
| Saudi Arabia - 2.1% | ||||||||
Saudi Government International Bond | ||||||||
3.25%, 10/26/2026 (A) | $ 2,277,000 | 2,273,334 | ||||||
4.63%, 10/04/2047 (A) | 1,913,000 | 1,862,271 | ||||||
|
| |||||||
| 4,135,605 | ||||||||
|
| |||||||
| Serbia - 0.6% | ||||||||
Serbia International Bond | ||||||||
1.65%, 03/03/2033 (C) | EUR 1,780,000 | 1,187,969 | ||||||
|
| |||||||
| Sri Lanka - 0.2% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.35%, 06/28/2024 (C) | $ 1,205,000 | 363,558 | ||||||
|
| |||||||
| Supranational - 0.3% | ||||||||
Banque Ouest Africaine de Developpement | ||||||||
4.70%, 10/22/2031 (A) | 800,000 | 656,000 | ||||||
|
| |||||||
| Thailand - 1.0% | ||||||||
Thailand Government Bond | ||||||||
1.59%, 12/17/2035 | THB 58,162,000 | 1,331,716 | ||||||
3.78%, 06/25/2032 | 24,413,000 | 730,564 | ||||||
|
| |||||||
| 2,062,280 | ||||||||
|
| |||||||
| Tunisia - 0.2% | ||||||||
Tunisian Republic | ||||||||
5.75%, 01/30/2025 (C) | $ 700,000 | 376,754 | ||||||
|
| |||||||
| Turkey - 0.5% | ||||||||
Turkey Government International Bond | ||||||||
6.38%, 10/14/2025 (E) | 1,000,000 | 898,844 | ||||||
|
| |||||||
Transamerica Funds | Page 4 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
| Principal | Value | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
| Ukraine - 0.7% | ||||||||
Ukraine Government International Bond | ||||||||
Zero Coupon (I), 05/31/2040 (C) | $ 2,520,000 | $ 674,100 | ||||||
7.75%, 09/01/2024 - 09/01/2025 (C) | 3,850,000 | 787,850 | ||||||
|
| |||||||
| 1,461,950 | ||||||||
|
| |||||||
| United Arab Emirates - 0.4% | ||||||||
UAE International Government Bond | ||||||||
4.95%, 07/07/2052 (A) (E) | 680,000 | 737,895 | ||||||
|
| |||||||
| Venezuela - 0.4% | ||||||||
Venezuela Government International Bond | ||||||||
9.00%, 05/07/2023 (C) (F) (G) | 9,260,000 | 798,675 | ||||||
|
| |||||||
| Virgin Islands, British - 0.6% | ||||||||
1MDB Global Investments Ltd. | ||||||||
4.40%, 03/09/2023 (C) | 1,200,000 | 1,152,000 | ||||||
|
| |||||||
| Zambia - 0.5% | ||||||||
Zambia Government International Bond | ||||||||
5.38%, 09/20/2022 (C) | 1,725,000 | 931,673 | ||||||
8.50%, 04/14/2024 (C) | 200,000 | 115,812 | ||||||
|
| |||||||
| 1,047,485 | ||||||||
|
| |||||||
Total Foreign Government Obligations |
| 109,178,750 | ||||||
|
| |||||||
| Shares | Value | |||||||
| OTHER INVESTMENT COMPANY - 1.0% | ||||||||
| Securities Lending Collateral - 1.0% | ||||||||
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.27% (J) | 1,942,740 | $ 1,942,740 | ||||||
|
| |||||||
Total Other Investment Company |
| 1,942,740 | ||||||
|
| |||||||
| Principal | Value | |||||||
| REPURCHASE AGREEMENT - 3.8% | ||||||||
Fixed Income Clearing Corp., 0.65% (J), dated 07/29/2022, to be repurchased at $7,630,076 on 08/01/2022. Collateralized by a U.S. Government Obligation, 3.00%, due 07/15/2025, and with a value of $7,782,319. | $ 7,629,662 | 7,629,662 | ||||||
|
| |||||||
Total Repurchase Agreement |
| 7,629,662 | ||||||
|
| |||||||
Total Investments |
| 197,168,374 | ||||||
Net Other Assets (Liabilities) - 0.9% | 1,797,173 | |||||||
|
| |||||||
Net Assets - 100.0% | $ 198,965,547 | |||||||
|
| |||||||
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
GSB | 08/02/2022 | USD | 14,003,337 | BRL | 73,439,568 | $ | — | $ | (181,931 | ) | ||||||||||||||
GSB | 08/02/2022 | BRL | 73,439,568 | USD | 13,975,355 | 209,912 | — | |||||||||||||||||
GSB | 09/02/2022 | USD | 6,160,923 | BRL | 33,065,674 | — | (166,850 | ) | ||||||||||||||||
GSB | 09/02/2022 | BRL | 6,328,997 | USD | 1,192,171 | 19,008 | — | |||||||||||||||||
HSBC | 08/02/2022 | USD | 2,407,916 | THB | 88,608,414 | 360 | — | |||||||||||||||||
HSBC | 08/02/2022 | THB | 88,608,414 | USD | 2,523,378 | — | (115,821 | ) | ||||||||||||||||
HSBC | 08/16/2022 | USD | 2,001,327 | CLP | 1,880,847,115 | — | (79,605 | ) | ||||||||||||||||
HSBC | 08/16/2022 | CLP | 3,515,894,159 | USD | 3,577,940 | 311,976 | — | |||||||||||||||||
HSBC | 08/31/2022 | USD | 3,015,730 | MXN | 62,145,149 | — | (15,667 | ) | ||||||||||||||||
HSBC | 08/31/2022 | USD | 1,122,977 | RON | 5,483,161 | — | (8,304 | ) | ||||||||||||||||
HSBC | 08/31/2022 | THB | 66,343,856 | USD | 1,803,067 | 3,191 | — | |||||||||||||||||
JPM | 08/31/2022 | USD | 291,180 | EUR | 285,084 | — | (813 | ) | ||||||||||||||||
MSC | 08/02/2022 | USD | 2,572,987 | BRL | 13,623,297 | — | (58,430 | ) | ||||||||||||||||
MSC | 08/02/2022 | BRL | 13,623,297 | USD | 2,561,275 | 70,143 | — | |||||||||||||||||
MSC | 08/08/2022 | USD | 1,441,966 | CLP | 1,445,570,915 | — | (159,919 | ) | ||||||||||||||||
MSC | 08/08/2022 | CLP | 1,504,050,230 | USD | 1,602,184 | 64,504 | — | |||||||||||||||||
MSC | 08/16/2022 | USD | 967,115 | CLP | 932,946,184 | — | (65,079 | ) | ||||||||||||||||
MSC | 08/31/2022 | USD | 1,157,295 | CZK | 28,181,287 | — | (8,114 | ) | ||||||||||||||||
MSC | 08/31/2022 | USD | 2,186,562 | EUR | 2,149,272 | — | (14,792 | ) | ||||||||||||||||
MSC | 08/31/2022 | USD | 890,001 | HUF | 359,088,886 | — | (10,893 | ) | ||||||||||||||||
MSC | 08/31/2022 | MXN | 52,315,290 | USD | 2,550,000 | 1,903 | — | |||||||||||||||||
MSC | 08/31/2022 | ZAR | 20,404,351 | USD | 1,205,689 | 17,602 | — | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total | $ | 698,599 | $ | (886,218 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Transamerica Funds | Page 5 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
INVESTMENTS BY INDUSTRY:
Industry | Percentage of Total Investments | Value | ||||||||
Foreign Government Obligations | 55.4 | % | $ | 109,178,750 | ||||||
Oil, Gas & Consumable Fuels | 12.1 | 23,949,295 | ||||||||
Electric Utilities | 5.3 | 10,488,774 | ||||||||
Metals & Mining | 2.9 | 5,695,015 | ||||||||
Chemicals | 2.4 | 4,723,616 | ||||||||
Food Products | 2.2 | 4,349,583 | ||||||||
Diversified Telecommunication Services | 1.7 | 3,345,708 | ||||||||
Energy Equipment & Services | 1.6 | 3,254,237 | ||||||||
Wireless Telecommunication Services | 1.5 | 3,049,738 | ||||||||
Real Estate Management & Development | 1.0 | 2,066,180 | ||||||||
Construction & Engineering | 1.0 | 1,973,112 | ||||||||
Banks | 1.0 | 1,940,000 | ||||||||
Transportation Infrastructure | 0.8 | 1,516,463 | ||||||||
Beverages | 0.8 | 1,495,025 | ||||||||
Internet & Direct Marketing Retail | 0.8 | 1,489,999 | ||||||||
Semiconductors & Semiconductor Equipment | 0.7 | 1,452,646 | ||||||||
Technology Hardware, Storage & Peripherals | 0.6 | 1,190,986 | ||||||||
Hotels, Restaurants & Leisure | 0.5 | 1,000,574 | ||||||||
Professional Services | 0.5 | 988,503 | ||||||||
Specialty Retail | 0.5 | 968,910 | ||||||||
Pharmaceuticals | 0.5 | 902,750 | ||||||||
Road & Rail | 0.4 | 721,668 | ||||||||
Consumer Finance | 0.4 | 696,360 | ||||||||
Internet & Catalog Retail | 0.3 | 667,823 | ||||||||
Marine | 0.2 | 490,257 | ||||||||
|
|
|
| |||||||
Investments | 95.1 | 187,595,972 | ||||||||
Short-Term Investments | 4.9 | 9,572,402 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 197,168,374 | ||||||
|
|
|
| |||||||
INVESTMENT VALUATION:
Valuation Inputs (K)
| Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Debt Securities | $ | — | $ | 78,417,222 | $ | — | $ | 78,417,222 | ||||||||
Foreign Government Obligations | — | 109,178,750 | — | 109,178,750 | ||||||||||||
Other Investment Company | 1,942,740 | — | — | 1,942,740 | ||||||||||||
Repurchase Agreement | — | 7,629,662 | — | 7,629,662 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,942,740 | $ | 195,225,634 | $ | — | $ | 197,168,374 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Contracts (L) | $ | — | $ | 698,599 | $ | — | $ | 698,599 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | 698,599 | $ | — | $ | 698,599 | ||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES |
| |||||||||||||||
Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Contracts (L) | $ | — | $ | (886,218 | ) | $ | — | $ | (886,218 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | (886,218 | ) | $ | — | $ | (886,218 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Transamerica Funds | Page 6 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
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 July 31, 2022, the total value of 144A securities is $84,673,184, representing 42.6% of the Fund’s net assets. | |
| (B) | Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of July 31, 2022; the maturity dates disclosed are the ultimate maturity dates. | |
| (C) | 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 July 31, 2022, the total value of Regulation S securities is $22,383,044, representing 11.2% of the Fund’s net assets. | |
| (D) | 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. | |
| (E) | All or a portion of the securities are on loan. The total value of all securities on loan is $3,290,821, collateralized by cash collateral of $1,942,740 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,416,938. 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. | |
| (F) | Non-income producing securities. | |
| (G) | Securities in default; no interest payments received and/or dividends declared during the last 12 months. At July 31, 2022, the total value of such securities is $1,312,657, representing 0.7% of the Fund’s net assets. | |
| (H) | Perpetual maturity. The date displayed is the next call date. | |
| (I) | Floating or variable rate securities. The rates disclosed are as of July 31, 2022. 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. | |
| (J) | Rates disclosed reflect the yields at July 31, 2022. | |
| (K) | There were no transfers in or out of Level 3 during the period ended July 31, 2022. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs. | |
| (L) | Derivative instruments are valued at unrealized appreciation (depreciation). |
CURRENCY ABBREVIATIONS:
BRL | Brazilian Real | |
CLP | Chilean Peso | |
CNY | Chinese Yuan Renminbi (onshore) | |
COP | Columbian Peso | |
CZK | Czech Republic Koruna | |
EUR | Euro | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PEN | Peruvian Sol | |
PLN | Polish Zloty | |
RON | New Romanian Leu | |
RUB | Russian Ruble | |
THB | Thai Baht | |
USD | United States Dollar | |
ZAR | South African Rand |
COUNTERPARTY ABBREVIATIONS:
GSB | Goldman Sachs Bank | |
HSBC | HSBC Bank USA | |
JPM | JPMorgan Chase Bank, N.A. | |
MSC | Morgan Stanley & Co. |
Transamerica Funds | Page 7 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS
At July 31, 2022
(unaudited)
INVESTMENT VALUATION
Transamerica Emerging Markets Debt (the “Fund”) is a series of the Transamerica Funds.
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 July 31, 2022, 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.
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.
Transamerica Funds | Page 8 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At July 31, 2022
(unaudited)
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 9 |