Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS
At January 31, 2023
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES - 34.1% | ||||||||
Argentina - 0.5% | ||||||||
YPF SA | ||||||||
9.00% (A), 06/30/2029 | $ 1,710,000 | $ 1,474,430 | ||||||
|
| |||||||
Bermuda - 0.5% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak | ||||||||
4.85%, 10/14/2038 (B) | 800,000 | 695,215 | ||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
4.00%, 08/15/2026 (B) | 640,000 | 570,982 | ||||||
|
| |||||||
1,266,197 | ||||||||
|
| |||||||
Canada - 0.2% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.88%, 10/15/2027 (B) | 665,000 | 644,634 | ||||||
|
| |||||||
Cayman Islands - 2.4% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
2.70%, 02/09/2041 | 1,785,000 | 1,234,356 | ||||||
Braskem Finance Ltd. | ||||||||
6.45%, 02/03/2024 | 390,000 | 392,918 | ||||||
CIFI Holdings Group Co. Ltd. | ||||||||
4.45%, 08/17/2026 (C) | 650,000 | 199,864 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
4.80%, 08/06/2030 (C) | 430,000 | 259,859 | ||||||
5.40%, 05/27/2025 (C) | 445,000 | 338,137 | ||||||
5.63%, 01/14/2030 (C) | 350,000 | 222,952 | ||||||
Liberty Costa Rica Senior Secured Finance | ||||||||
10.88%, 01/15/2031 (B) | 900,000 | 878,850 | ||||||
Lima Metro Line 2 Finance Ltd. | ||||||||
4.35%, 04/05/2036 (B) | 776,820 | 688,457 | ||||||
Longfor Group Holdings Ltd. | ||||||||
3.85%, 01/13/2032 (C) | 800,000 | 616,400 | ||||||
Melco Resorts Finance Ltd. | ||||||||
5.38%, 12/04/2029 (C) | 490,000 | 419,440 | ||||||
5.75%, 07/21/2028 (C) | 210,000 | 188,276 | ||||||
QNB Finance Ltd. | ||||||||
3.50%, 03/28/2024 (C) | 500,000 | 490,654 | ||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/2030 | 600,000 | 536,908 | ||||||
|
| |||||||
6,467,071 | ||||||||
|
| |||||||
Chile - 2.6% | ||||||||
Agrosuper SA | ||||||||
4.60%, 01/20/2032 (B) | 1,000,000 | 895,000 | ||||||
Alfa Desarrollo SpA | ||||||||
4.55%, 09/27/2051 (B) | 1,893,074 | 1,518,150 | ||||||
Celulosa Arauco y Constitucion SA | ||||||||
4.25%, 04/30/2029 (B) | 700,000 | 662,709 | ||||||
Cia Cervecerias Unidas SA | ||||||||
3.35%, 01/19/2032 (B) | 850,000 | 735,250 | ||||||
Corp. Nacional del Cobre de Chile | ||||||||
5.13%, 02/02/2033 (B) | 640,000 | 641,415 | ||||||
Enel Chile SA | ||||||||
4.88%, 06/12/2028 | 860,000 | 845,819 | ||||||
Sociedad de Transmision Austral SA | ||||||||
4.00%, 01/27/2032 (B) | 1,200,000 | 1,052,387 | ||||||
Transelec SA | ||||||||
4.63%, 07/26/2023 (C) | 530,000 | 527,212 | ||||||
|
| |||||||
6,877,942 | ||||||||
|
|
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Colombia - 1.3% | ||||||||
Ecopetrol SA | ||||||||
8.88%, 01/13/2033 | $ 1,985,000 | $ 2,037,602 | ||||||
Empresas Publicas de Medellin ESP | ||||||||
4.38%, 02/15/2031 (B) | 980,000 | 776,040 | ||||||
Interconexion Electrica SA ESP | ||||||||
3.83%, 11/26/2033 (B) | 800,000 | 668,000 | ||||||
|
| |||||||
3,481,642 | ||||||||
|
| |||||||
Guatemala - 0.5% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL | ||||||||
5.25%, 04/27/2029 (B) | 810,000 | 777,835 | ||||||
CT Trust | ||||||||
5.13%, 02/03/2032 (B) | 805,000 | 700,652 | ||||||
|
| |||||||
1,478,487 | ||||||||
|
| |||||||
Honduras - 0.2% | ||||||||
Central American Bank for Economic Integration | ||||||||
5.00%, 02/09/2026 (B) | 565,000 | 564,887 | ||||||
|
| |||||||
Hong Kong - 0.5% | ||||||||
AIA Group Ltd. | ||||||||
5.63%, 10/25/2027 (B) | 1,275,000 | 1,325,473 | ||||||
|
| |||||||
India - 0.2% | ||||||||
Adani Ports & Special Economic Zone Ltd. | ||||||||
4.20%, 08/04/2027 (B) | 600,000 | 489,653 | ||||||
|
| |||||||
Indonesia - 1.3% | ||||||||
Freeport Indonesia PT | ||||||||
5.32%, 04/14/2032 (B) | 1,022,000 | 971,023 | ||||||
6.20%, 04/14/2052 (B) | 1,278,000 | 1,182,150 | ||||||
Indofood CBP Sukses Makmur Tbk PT | ||||||||
4.75%, 06/09/2051 (C) | 1,600,000 | 1,244,285 | ||||||
|
| |||||||
3,397,458 | ||||||||
|
| |||||||
Ireland - 0.4% | ||||||||
C&W Senior Financing DAC | ||||||||
6.88%, 09/15/2027 (B) | 1,000,000 | 955,900 | ||||||
Sovcombank Via SovCom Capital DAC | ||||||||
Fixed until 02/17/2027 (D), | 640,000 | 18,000 | ||||||
|
| |||||||
973,900 | ||||||||
|
| |||||||
Israel - 1.4% | ||||||||
Bank Leumi Le-Israel BM | ||||||||
Fixed until 04/18/2028, 7.13% (A), | 505,000 | 521,665 | ||||||
Energean Israel Finance Ltd. | ||||||||
4.88%, 03/30/2026 (C) | 750,000 | 700,313 | ||||||
5.88%, 03/30/2031 (C) | 1,110,000 | 1,001,775 | ||||||
Leviathan Bond Ltd. | ||||||||
6.75%, 06/30/2030 (C) | 1,545,000 | 1,500,417 | ||||||
|
| |||||||
3,724,170 | ||||||||
|
| |||||||
Jersey, Channel Islands - 0.8% | ||||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 09/30/2027 (B) | 974,387 | 903,660 | ||||||
2.16%, 03/31/2034 (C) | 1,294,524 | 1,116,975 | ||||||
|
| |||||||
2,020,635 | ||||||||
|
|
Transamerica Funds | Page 1 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Kazakhstan - 0.4% | ||||||||
KazMunayGas National Co. JSC | ||||||||
6.38%, 10/24/2048 (C) | $ 600,000 | $ 513,000 | ||||||
6.38%, 10/24/2048 (B) | 520,000 | 444,600 | ||||||
|
| |||||||
957,600 | ||||||||
|
| |||||||
Luxembourg - 2.4% | ||||||||
CSN Resources SA | ||||||||
4.63%, 06/10/2031 (B) | 915,000 | 770,258 | ||||||
5.88%, 04/08/2032 (B) | 500,000 | 453,843 | ||||||
EIG Pearl Holdings SARL | ||||||||
3.55%, 08/31/2036 (B) | 700,000 | 607,964 | ||||||
Guara Norte SARL | ||||||||
5.20%, 06/15/2034 (B) | 937,887 | 849,069 | ||||||
Kenbourne Invest SA | ||||||||
4.70%, 01/22/2028 (C) | 735,000 | 549,956 | ||||||
6.88%, 11/26/2024 (B) | 559,000 | 519,171 | ||||||
MC Brazil Downstream Trading SARL | ||||||||
7.25%, 06/30/2031 (B) | 483,128 | 421,465 | ||||||
Millicom International Cellular SA | ||||||||
5.13%, 01/15/2028 (B) | 63,000 | 56,096 | ||||||
Movida Europe SA | ||||||||
5.25%, 02/08/2031 (B) (E) | 950,000 | 694,640 | ||||||
Rumo Luxembourg SARL | ||||||||
4.20%, 01/18/2032 (B) | 1,100,000 | 914,375 | ||||||
Simpar Europe SA | ||||||||
5.20%, 01/26/2031 (B) | 725,000 | 529,250 | ||||||
|
| |||||||
6,366,087 | ||||||||
|
| |||||||
Mexico - 6.0% | ||||||||
Alsea SAB de CV | ||||||||
7.75%, 12/14/2026 (B) | 465,000 | 469,650 | ||||||
Banco Mercantil del Norte SA | ||||||||
Fixed until 01/24/2032 (D), 6.63% (A) (B) | 700,000 | 617,965 | ||||||
Fixed until 10/14/2030 (D), 8.38% (A) (C) | 625,000 | 642,287 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/2032 (B) | 920,000 | 682,272 | ||||||
CIBANCO SA Institucion de Banca Multiple Trust | ||||||||
4.38%, 07/22/2031 (B) | 1,000,000 | 777,500 | ||||||
Grupo Bimbo SAB de CV | ||||||||
Fixed until 04/17/2023 (D), 5.95% (A) (B) | 450,000 | 449,640 | ||||||
Infraestructura Energetica Nova SAPI de CV | ||||||||
4.75%, 01/15/2051 (B) | 1,200,000 | 941,012 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 07/31/2047 (B) | 2,120,000 | 1,717,200 | ||||||
Petroleos Mexicanos | ||||||||
6.70%, 02/16/2032 | 905,000 | 749,866 | ||||||
6.88%, 08/04/2026 | 1,430,000 | 1,398,663 | ||||||
7.19%, 09/12/2024 (C) | MXN 14,090,000 | 687,290 | ||||||
7.69%, 01/23/2050 | $ 4,440,000 | 3,310,559 | ||||||
10.00%, 02/07/2033 (B) | 1,300,000 | 1,270,100 | ||||||
Sitios Latinoamerica SAB de CV | ||||||||
5.38%, 04/04/2032 (B) | 700,000 | 652,750 | ||||||
Total Play Telecomunicaciones SA de CV | ||||||||
6.38%, 09/20/2028 (B) | 1,100,000 | 931,029 | ||||||
Trust Fibra Uno | ||||||||
4.87%, 01/15/2030 (B) | 610,000 | 559,980 | ||||||
5.25%, 01/30/2026 (B) | 100,000 | 97,520 | ||||||
|
| |||||||
15,955,283 | ||||||||
|
| |||||||
Morocco - 0.3% | ||||||||
OCP SA | ||||||||
5.13%, 06/23/2051 (B) | 1,000,000 | 785,620 | ||||||
|
|
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Multi-National - 0.6% | ||||||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd. | ||||||||
8.75%, 05/25/2024 (B) | $ 800,000 | $ 688,012 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | ||||||||
5.75%, 04/01/2033 (B) | 900,000 | 882,504 | ||||||
|
| |||||||
1,570,516 | ||||||||
|
| |||||||
Netherlands - 2.8% | ||||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 01/31/2030 (B) | 1,125,000 | 990,523 | ||||||
IHS Netherlands Holdco BV | ||||||||
8.00%, 09/18/2027 (B) | 1,375,000 | 1,239,288 | ||||||
Mong Duong Finance Holdings BV | ||||||||
5.13%, 05/07/2029 (B) | 895,000 | 796,550 | ||||||
MV24 Capital BV | ||||||||
6.75%, 06/01/2034 (B) | 513,900 | 489,233 | ||||||
Prosus NV | ||||||||
3.68%, 01/21/2030 (B) | 1,050,000 | 906,567 | ||||||
4.19%, 01/19/2032 (B) | 1,285,000 | 1,101,820 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.15%, 10/01/2026 | 2,230,000 | 1,997,723 | ||||||
|
| |||||||
7,521,704 | ||||||||
|
| |||||||
Nigeria - 0.4% | ||||||||
SEPLAT Energy PLC | ||||||||
7.75%, 04/01/2026 (B) | 1,200,000 | 1,044,000 | ||||||
|
| |||||||
Northern Mariana Islands - 0.7% | ||||||||
Greenko Wind Projects Mauritius Ltd. | ||||||||
5.50%, 04/06/2025 (B) | 850,000 | 801,332 | ||||||
HTA Group Ltd. | ||||||||
7.00%, 12/18/2025 (C) | 1,050,000 | 987,000 | ||||||
|
| |||||||
1,788,332 | ||||||||
|
| |||||||
Peru - 0.4% | ||||||||
Consorcio Transmantaro SA | ||||||||
5.20%, 04/11/2038 (B) | 690,000 | 640,982 | ||||||
Petroleos del Peru SA | ||||||||
5.63%, 06/19/2047 (B) | 725,000 | 483,677 | ||||||
|
| |||||||
1,124,659 | ||||||||
|
| |||||||
Qatar - 0.7% | ||||||||
QatarEnergy | ||||||||
2.25%, 07/12/2031 (B) | 2,200,000 | 1,868,658 | ||||||
|
| |||||||
Republic of Korea - 0.3% | ||||||||
POSCO | ||||||||
4.38%, 08/04/2025 (B) | 710,000 | 691,244 | ||||||
|
| |||||||
Republic of South Africa - 0.3% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
7.50%, 09/15/2033 | ZAR 20,000,000 | 847,297 | ||||||
|
| |||||||
Singapore - 0.5% | ||||||||
LLPL Capital Pte Ltd. | ||||||||
6.88%, 02/04/2039 (C) | $ 281,556 | 261,129 | ||||||
Medco Laurel Tree Pte Ltd. | ||||||||
6.95%, 11/12/2028 (B) | 1,000,000 | 950,812 | ||||||
|
| |||||||
1,211,941 | ||||||||
|
| |||||||
Spain - 0.3% | ||||||||
AI Candelaria Spain SA | ||||||||
5.75%, 06/15/2033 (B) | 1,075,000 | 837,047 | ||||||
|
|
Transamerica Funds | Page 2 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Thailand - 0.3% | ||||||||
GC Treasury Center Co. Ltd. | ||||||||
5.20%, 03/30/2052 (B) | $ 1,000,000 | $ 864,700 | ||||||
|
| |||||||
Turkey - 0.5% | ||||||||
TC Ziraat Bankasi AS | ||||||||
9.50%, 08/01/2026 (B) | 880,000 | 869,862 | ||||||
Ulker Biskuvi Sanayi AS | ||||||||
6.95%, 10/30/2025 (C) | 600,000 | 534,365 | ||||||
|
| |||||||
1,404,227 | ||||||||
|
| |||||||
United Arab Emirates - 1.1% | ||||||||
Acwa Power Management & Investments One Ltd. | ||||||||
5.95%, 12/15/2039 (B) | 998,000 | 949,278 | ||||||
NBK SPC Ltd. | ||||||||
Fixed until 09/15/2026, | 875,000 | 780,938 | ||||||
Sweihan PV Power Co. PJSC | ||||||||
3.63%, 01/31/2049 (B) | 1,460,370 | 1,218,360 | ||||||
|
| |||||||
2,948,576 | ||||||||
|
| |||||||
United Kingdom - 1.6% | ||||||||
Energean PLC | ||||||||
6.50%, 04/30/2027 (B) | 1,430,000 | 1,338,194 | ||||||
Liquid Telecommunications Financing PLC | ||||||||
5.50%, 09/04/2026 (B) | 750,000 | 572,085 | ||||||
Standard Chartered PLC | ||||||||
Fixed until 01/09/2026, | 540,000 | 552,644 | ||||||
Tullow Oil PLC | ||||||||
10.25%, 05/15/2026 (B) | 1,119,000 | 965,138 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/2025 (B) | 1,070,000 | 858,675 | ||||||
|
| |||||||
4,286,736 | ||||||||
|
| |||||||
United States - 1.0% | ||||||||
Kosmos Energy Ltd. | ||||||||
7.75%, 05/01/2027 (B) | 800,000 | 711,920 | ||||||
New Fortress Energy, Inc. | ||||||||
6.50%, 09/30/2026 (B) | 790,000 | 726,919 | ||||||
Sasol Financing USA LLC | ||||||||
5.50%, 03/18/2031 | 1,500,000 | 1,308,750 | ||||||
|
| |||||||
2,747,589 | ||||||||
|
| |||||||
Venezuela - 0.2% | ||||||||
Petroleos de Venezuela SA | ||||||||
8.50%, 10/27/2020 (C) (F) (G) | 1,945,000 | 418,175 | ||||||
|
| |||||||
Virgin Islands, British - 0.5% | ||||||||
New Metro Global Ltd. | ||||||||
4.80%, 12/15/2024 (C) | 680,000 | 578,802 | ||||||
Studio City Finance Ltd. | ||||||||
6.50%, 01/15/2028 (C) | 940,000 | 849,525 | ||||||
|
| |||||||
1,428,327 | ||||||||
|
| |||||||
Total Corporate Debt Securities |
| 90,854,897 | ||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT OBLIGATIONS - 56.1% | ||||||||
Angola - 1.1% | ||||||||
Angolan Government International Bonds | ||||||||
9.13%, 11/26/2049 (C) (E) | $ 2,500,000 | $ 2,185,875 | ||||||
9.50%, 11/12/2025 (C) | 750,000 | 781,845 | ||||||
|
| |||||||
2,967,720 | ||||||||
|
| |||||||
Argentina - 1.6% | ||||||||
Argentina Republic Government International Bonds | ||||||||
1.50% (H), 07/09/2035 - 07/09/2046 | 9,745,000 | 3,010,136 | ||||||
3.50% (H), 07/09/2041 | 3,540,000 | 1,205,459 | ||||||
|
| |||||||
4,215,595 | ||||||||
|
| |||||||
Bahamas - 0.3% | ||||||||
Bahamas Government International Bonds | ||||||||
6.00%, 11/21/2028 (B) | 340,000 | 276,141 | ||||||
6.00%, 11/21/2028 (C) | 685,000 | 556,342 | ||||||
|
| |||||||
832,483 | ||||||||
|
| |||||||
Bermuda - 0.4% | ||||||||
Bermuda Government International Bonds | ||||||||
5.00%, 07/15/2032 (B) | 1,150,000 | 1,154,554 | ||||||
|
| |||||||
Brazil - 2.9% | ||||||||
Brazil Notas do Tesouro Nacional | ||||||||
Series F, | ||||||||
10.00%, 01/01/2025 - 01/01/2033 | BRL 42,054,000 | 7,714,629 | ||||||
|
| |||||||
Cayman Islands - 0.5% | ||||||||
KSA Sukuk Ltd. | ||||||||
5.27%, 10/25/2028 (B) | $ 1,395,000 | 1,466,310 | ||||||
|
| |||||||
Chile - 0.7% | ||||||||
Chile Government International Bonds | ||||||||
2.75%, 01/31/2027 | 1,075,000 | 1,005,847 | ||||||
3.10%, 05/07/2041 | 1,125,000 | 849,384 | ||||||
|
| |||||||
1,855,231 | ||||||||
|
| |||||||
China - 0.6% | ||||||||
China Government Bonds | ||||||||
3.27%, 11/19/2030 | CNY 10,650,000 | 1,632,897 | ||||||
|
| |||||||
Colombia - 4.1% | ||||||||
Colombia Government International Bonds | ||||||||
5.63%, 02/26/2044 | $ 935,000 | 711,442 | ||||||
7.50%, 02/02/2034 | 1,415,000 | 1,395,672 | ||||||
Colombia TES | ||||||||
Series B, | ||||||||
6.00%, 04/28/2028 | COP 7,652,400,000 | 1,268,484 | ||||||
6.25%, 07/09/2036 | 8,885,700,000 | 1,164,894 | ||||||
13.25%, 02/09/2033 | 15,298,000,000 | 3,454,666 | ||||||
Republic of Colombia Government International Bonds | ||||||||
8.00%, 04/20/2033 | $ 2,820,000 | 2,887,276 | ||||||
|
| |||||||
10,882,434 | ||||||||
|
| |||||||
Cote d’Ivoire - 1.2% | ||||||||
Ivory Coast Government International Bonds | ||||||||
4.88%, 01/30/2032 (B) | EUR 2,130,000 | 1,812,444 | ||||||
6.88%, 10/17/2040 (B) | 1,545,000 | 1,282,088 | ||||||
|
| |||||||
3,094,532 | ||||||||
|
|
Transamerica Funds | Page 3 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
Principal | Value | |||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Czech Republic - 0.5% | ||||||||
Czech Republic Government Bonds | ||||||||
5.70%, 05/25/2024 (C) | CZK 28,030,000 | $ 1,279,802 | ||||||
|
| |||||||
Dominican Republic - 1.4% | ||||||||
Dominican Republic International Bonds | ||||||||
5.88%, 01/30/2060 (B) | $ 1,980,000 | 1,516,878 | ||||||
6.50%, 02/15/2048 (B) | 1,350,000 | 1,164,189 | ||||||
7.05%, 02/03/2031 | 415,000 | 415,000 | ||||||
13.63%, 02/03/2033 (B) | DOP 30,000,000 | 528,634 | ||||||
|
| |||||||
3,624,701 | ||||||||
|
| |||||||
Ecuador - 0.6% | ||||||||
Ecuador Government International Bonds | ||||||||
1.50% (H), 07/31/2040 (B) | $ 715,000 | 299,919 | ||||||
5.50% (H), 07/31/2030 (C) | 1,865,000 | 1,237,843 | ||||||
|
| |||||||
1,537,762 | ||||||||
|
| |||||||
Egypt - 1.3% | ||||||||
Egypt Government International Bonds | ||||||||
5.80%, 09/30/2027 (B) | 1,600,000 | 1,324,320 | ||||||
8.88%, 05/29/2050 (B) | 2,950,000 | 2,103,338 | ||||||
|
| |||||||
3,427,658 | ||||||||
|
| |||||||
Gabon - 0.3% | ||||||||
Gabon Government International Bonds | ||||||||
6.95%, 06/16/2025 (B) | 715,000 | 692,921 | ||||||
|
| |||||||
Ghana - 0.5% | ||||||||
Ghana Government International Bonds | ||||||||
7.63%, 05/16/2029 (B) | 2,885,000 | 1,063,930 | ||||||
8.88%, 05/07/2042 (C) | 650,000 | 234,000 | ||||||
|
| |||||||
1,297,930 | ||||||||
|
| |||||||
Guatemala - 0.4% | ||||||||
Guatemala Government Bonds | ||||||||
5.25%, 08/10/2029 (B) | 1,255,000 | 1,221,614 | ||||||
|
| |||||||
Hungary - 1.4% | ||||||||
Hungary Government Bonds | ||||||||
2.50%, 10/24/2024 | HUF 658,980,000 | 1,565,424 | ||||||
4.75%, 11/24/2032 (E) | 700,750,000 | 1,522,727 | ||||||
Hungary Government International Bonds | ||||||||
6.13%, 05/22/2028 (B) (E) | $ 655,000 | 677,215 | ||||||
|
| |||||||
3,765,366 | ||||||||
|
| |||||||
Indonesia - 5.8% | ||||||||
Indonesia Government International Bonds | ||||||||
4.15%, 09/20/2027 | 620,000 | 610,459 | ||||||
4.35%, 01/08/2027 (B) | 2,750,000 | 2,726,886 | ||||||
4.63%, 04/15/2043 (B) | 3,205,000 | 3,005,358 | ||||||
5.65%, 01/11/2053 | 405,000 | 425,101 | ||||||
Indonesia Treasury Bonds | ||||||||
8.25%, 05/15/2036 | IDR 26,291,000,000 | 1,955,005 | ||||||
8.38%, 03/15/2034 | 39,931,000,000 | 2,972,315 | ||||||
Series FR73, | ||||||||
8.75%, 05/15/2031 | 17,219,000,000 | 1,298,834 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
4.40%, 06/06/2027 (B) | $ 2,385,000 | 2,378,861 | ||||||
|
| |||||||
15,372,819 | ||||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Kenya - 0.8% | ||||||||
Republic of Kenya Government International Bonds | ||||||||
6.88%, 06/24/2024 (B) | $ 2,290,000 | $ 2,149,852 | ||||||
|
| |||||||
Malaysia - 1.8% | ||||||||
Malaysia Government Bonds | ||||||||
3.76%, 05/22/2040 | MYR 10,263,000 | 2,282,586 | ||||||
4.70%, 10/15/2042 | 6,179,000 | 1,545,058 | ||||||
Malaysia Sovereign Sukuk Bhd. | ||||||||
3.04%, 04/22/2025 (B) | $ 1,000,000 | 973,070 | ||||||
|
| |||||||
4,800,714 | ||||||||
|
| |||||||
Mexico - 6.7% | ||||||||
Mexico Bonos | ||||||||
7.50%, 06/03/2027 | MXN 83,477,100 | 4,214,218 | ||||||
8.00%, 09/05/2024 | 12,000,000 | 615,973 | ||||||
Series M, | ||||||||
7.75%, 05/29/2031 | 91,758,400 | 4,606,607 | ||||||
8.50%, 05/31/2029 | 85,120,000 | 4,479,734 | ||||||
Mexico Government International Bonds | ||||||||
4.50%, 04/22/2029 | $ 1,325,000 | 1,296,983 | ||||||
6.35%, 02/09/2035 | 2,600,000 | 2,759,810 | ||||||
|
| |||||||
17,973,325 | ||||||||
|
| |||||||
Nigeria - 0.8% | ||||||||
Nigeria Government International Bonds | ||||||||
7.38%, 09/28/2033 (B) | 2,985,000 | 2,126,812 | ||||||
|
| |||||||
Oman - 0.7% | ||||||||
Oman Government International Bonds | ||||||||
6.25%, 01/25/2031 (B) | 1,250,000 | 1,293,650 | ||||||
7.00%, 01/25/2051 (B) | 590,000 | 597,021 | ||||||
|
| |||||||
1,890,671 | ||||||||
|
| |||||||
Panama - 0.7% | ||||||||
Panama Government International Bonds | ||||||||
4.50%, 01/19/2063 | 2,375,000 | 1,769,636 | ||||||
|
| |||||||
Peru - 1.3% | ||||||||
Peru Government Bonds | ||||||||
6.15%, 08/12/2032 | PEN 4,294,000 | 976,072 | ||||||
Peru Government International Bonds | ||||||||
2.39%, 01/23/2026 (E) | $ 1,280,000 | 1,190,512 | ||||||
6.90%, 08/12/2037 (B) | PEN 5,314,000 | 1,226,793 | ||||||
|
| |||||||
3,393,377 | ||||||||
|
| |||||||
Poland - 1.6% | ||||||||
Republic of Poland Government Bonds | ||||||||
Series 0432, | ||||||||
1.75%, 04/25/2032 | PLN 22,296,000 | 3,634,417 | ||||||
Republic of Poland Government International Bonds | ||||||||
5.50%, 11/16/2027 | $ 570,000 | 590,566 | ||||||
|
| |||||||
4,224,983 | ||||||||
|
| |||||||
Qatar - 0.3% | ||||||||
Qatar Government International Bonds | ||||||||
3.40%, 04/16/2025 (B) | 750,000 | 731,775 | ||||||
|
| |||||||
Republic of Korea - 1.5% | ||||||||
Export-Import Bank of Korea | ||||||||
4.25%, 09/15/2027 | 475,000 | 469,789 | ||||||
4.88%, 01/11/2026 | 830,000 | 835,553 | ||||||
8.00%, 05/15/2024 (B) | IDR 15,200,000,000 | 1,033,390 |
Transamerica Funds | Page 4 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
Principal | Value | |||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Republic of Korea (continued) | ||||||||
Korea Development Bank |
| |||||||
4.00%, 09/08/2025 | $ 1,100,000 | $ 1,080,924 | ||||||
Korea Electric Power Corp. | ||||||||
5.50%, 04/06/2028 (B) | 500,000 | 513,876 | ||||||
|
| |||||||
3,933,532 | ||||||||
|
| |||||||
Republic of South Africa - 3.9% | ||||||||
Republic of South Africa Government Bonds | ||||||||
7.00%, 02/28/2031 | ZAR 37,162,700 | 1,775,693 | ||||||
8.25%, 03/31/2032 | 50,923,000 | 2,571,319 | ||||||
8.88%, 02/28/2035 | 53,023,000 | 2,632,257 | ||||||
10.50%, 12/21/2026 | 21,130,000 | 1,301,778 | ||||||
Republic of South Africa Government International Bonds | ||||||||
5.88%, 04/20/2032 | $ 900,000 | 834,750 | ||||||
7.30%, 04/20/2052 | 1,300,000 | 1,170,000 | ||||||
|
| |||||||
10,285,797 | ||||||||
|
| |||||||
Romania - 1.9% | ||||||||
Romania Government Bonds | ||||||||
4.25%, 04/28/2036 | RON 13,940,000 | 2,253,786 | ||||||
Romania Government International Bonds | ||||||||
6.00%, 05/25/2034 (B) | $ 949,000 | 929,546 | ||||||
7.13%, 01/17/2033 (B) | 1,760,000 | 1,856,800 | ||||||
|
| |||||||
5,040,132 | ||||||||
|
| |||||||
Saudi Arabia - 1.7% | ||||||||
Saudi Government International Bonds | ||||||||
4.63%, 10/04/2047 (B) | 2,713,000 | 2,460,094 | ||||||
4.75%, 01/18/2028 (B) | 795,000 | 805,176 | ||||||
5.00%, 01/18/2053 (B) | 1,400,000 | 1,333,836 | ||||||
|
| |||||||
4,599,106 | ||||||||
|
| |||||||
Serbia - 0.6% | ||||||||
Serbia International Bonds | ||||||||
6.50%, 09/26/2033 (B) (E) | 1,695,000 | 1,698,221 | ||||||
|
| |||||||
Supranational - 0.6% | ||||||||
Asian Development Bank | ||||||||
6.20%, 10/06/2026 | INR 38,300,000 | 457,288 | ||||||
Asian Infrastructure Investment Bank | ||||||||
6.00%, 12/08/2031 (C) | 106,500,000 | 1,212,618 | ||||||
|
| |||||||
1,669,906 | ||||||||
|
| |||||||
Thailand - 1.0% | ||||||||
Thailand Government Bonds | ||||||||
1.59%, 12/17/2035 | THB 74,337,000 | 1,964,901 | ||||||
3.78%, 06/25/2032 | 24,413,000 | 817,147 | ||||||
|
| |||||||
2,782,048 | ||||||||
|
| |||||||
Tunisia - 0.3% | ||||||||
Tunisian Republic | ||||||||
5.75%, 01/30/2025 (C) | $ 1,400,000 | 909,328 | ||||||
|
| |||||||
Turkey - 1.8% | ||||||||
Hazine Mustesarligi Varlik Kiralama AS | ||||||||
9.76%, 11/13/2025 (B) | 900,000 | 926,847 | ||||||
Turkey Government International Bonds | ||||||||
9.38%, 01/19/2033 | 1,965,000 | 1,924,332 | ||||||
9.88%, 01/15/2028 | 1,250,000 | 1,281,250 | ||||||
Turkiye Ihracat Kredi Bankasi AS | ||||||||
9.38%, 01/31/2026 (B) (E) | 600,000 | 599,160 | ||||||
|
| |||||||
4,731,589 | ||||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Ukraine - 0.5% | ||||||||
Ukraine Government International Bonds | ||||||||
Zero Coupon (A), 08/01/2041 (C) | $ 870,000 | $ 277,808 | ||||||
7.38%, 09/25/2034 (C) | 350,000 | 69,208 | ||||||
7.75%, 09/01/2026 - 09/01/2027 (C) | 4,095,000 | 882,324 | ||||||
|
| |||||||
1,229,340 | ||||||||
|
| |||||||
United Arab Emirates - 1.0% | ||||||||
UAE International Government Bonds | ||||||||
4.95%, 07/07/2052 (B) | 2,570,000 | 2,586,114 | ||||||
|
| |||||||
Venezuela - 0.3% | ||||||||
Venezuela Government International Bonds | ||||||||
9.00%, 05/07/2023 (C) (F) (G) | 9,260,000 | 810,250 | ||||||
|
| |||||||
Virgin Islands, British - 0.4% | ||||||||
1MDB Global Investments Ltd. | ||||||||
4.40%, 03/09/2023 (C) | 1,200,000 | 1,178,107 | ||||||
|
| |||||||
Zambia - 0.3% | ||||||||
Zambia Government International Bonds | ||||||||
5.38%, 09/20/2022 (C) | 1,725,000 | 797,813 | ||||||
8.50%, 04/14/2024 (C) | 200,000 | 100,024 | ||||||
|
| |||||||
897,837 | ||||||||
|
| |||||||
Total Foreign Government Obligations |
| 149,449,410 | ||||||
|
| |||||||
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 0.7% | ||||||||
Egypt - 0.7% | ||||||||
Egypt Treasury Bills | ||||||||
22.05% (I), 07/18/2023 | EGP 60,100,000 | 1,816,383 | ||||||
|
| |||||||
Total Short-Term Foreign Government Obligation |
| 1,816,383 | ||||||
|
| |||||||
Shares | Value | |||||||
OTHER INVESTMENT COMPANY - 2.0% | ||||||||
Securities Lending Collateral - 2.0% | ||||||||
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% (I) | 5,285,137 | 5,285,137 | ||||||
|
| |||||||
Total Other Investment Company |
| 5,285,137 | ||||||
|
| |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 8.1% | ||||||||
Fixed Income Clearing Corp., 1.80% (I), dated 01/31/2023, to be repurchased at $21,624,780 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $22,056,212. | $ 21,623,699 | 21,623,699 | ||||||
|
| |||||||
Total Repurchase Agreement |
| 21,623,699 | ||||||
|
| |||||||
Total Investments |
| 269,029,526 | ||||||
Net Other Assets (Liabilities) - (1.0)% |
| (2,603,309 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| $ 266,426,217 | ||||||
|
|
Transamerica Funds | Page 5 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
CA | 02/28/2023 | JPY | 388,957,296 | USD | 3,006,049 | $ | — | $ | (6,497 | ) | ||||||||||||
HSBC | 02/28/2023 | USD | 248,708 | PLN | 1,081,107 | — | (354 | ) | ||||||||||||||
HSBC | 03/31/2023 | THB | 138,421,422 | USD | 4,057,023 | 161,855 | — | |||||||||||||||
JPM | 02/28/2023 | USD | 3,302,972 | EUR | 3,033,957 | — | (1,381 | ) | ||||||||||||||
MSC | 02/28/2023 | MXN | 5,090,347 | USD | 270,345 | — | (1,358 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total | $ | 161,855 | $ | (9,590 | ) | |||||||||||||||||
|
|
|
|
INVESTMENTS BY INDUSTRY:
Industry | Percentage of Total Investments | Value | ||||||||
Foreign Government Obligations | 55.5 | % | $ | 149,449,410 | ||||||
Oil, Gas & Consumable Fuels | 10.2 | 27,446,237 | ||||||||
Electric Utilities | 3.9 | 10,371,125 | ||||||||
Metals & Mining | 2.5 | 6,750,150 | ||||||||
Banks | 1.9 | 5,058,902 | ||||||||
Chemicals | 1.9 | 5,024,783 | ||||||||
Food Products | 1.5 | 4,005,794 | ||||||||
Transportation Infrastructure | 1.4 | 3,650,478 | ||||||||
Wireless Telecommunication Services | 1.3 | 3,421,885 | ||||||||
Real Estate Management & Development | 1.1 | 2,993,514 | ||||||||
Energy Equipment & Services | 1.0 | 2,675,393 | ||||||||
Construction & Engineering | 0.8 | 2,226,288 | ||||||||
Diversified Telecommunication Services | 0.8 | 2,203,766 | ||||||||
Internet & Direct Marketing Retail | 0.8 | 2,140,923 | ||||||||
Pharmaceuticals | 0.7 | 1,997,723 | ||||||||
Hotels, Restaurants & Leisure | 0.7 | 1,926,891 | ||||||||
Beverages | 0.6 | 1,513,085 | ||||||||
Insurance | 0.5 | 1,325,473 | ||||||||
Internet & Catalog Retail | 0.4 | 1,101,820 | ||||||||
Professional Services | 0.3 | 949,278 | ||||||||
Communications Equipment | 0.3 | 878,850 | ||||||||
Specialty Retail | 0.3 | 694,640 | ||||||||
Road & Rail | 0.3 | 688,457 | ||||||||
Paper & Forest Products | 0.2 | 662,709 | ||||||||
Equity Real Estate Investment Trusts | 0.2 | 657,500 | ||||||||
Marine | 0.2 | 489,233 | ||||||||
|
|
|
| |||||||
Investments | 89.3 | 240,304,307 | ||||||||
Short-Term Investments | 10.7 | 28,725,219 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 269,029,526 | ||||||
|
|
|
|
INVESTMENT VALUATION:
Valuation Inputs (J)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Corporate Debt Securities | $ | — | $ | 90,854,897 | $ | — | $ | 90,854,897 | ||||||||
Foreign Government Obligations | — | 149,449,410 | — | 149,449,410 | ||||||||||||
Short-Term Foreign Government Obligation | — | 1,816,383 | — | 1,816,383 | ||||||||||||
Other Investment Company | 5,285,137 | — | — | 5,285,137 | ||||||||||||
Repurchase Agreement | — | 21,623,699 | — | 21,623,699 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 5,285,137 | $ | 263,744,389 | $ | — | $ | 269,029,526 | ||||||||
|
|
|
|
|
|
|
|
Transamerica Funds | Page 6 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2023
(unaudited)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Contracts (K) | $ | — | $ | 161,855 | $ | — | $ | 161,855 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | 161,855 | $ | — | $ | 161,855 | ||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Contracts (K) | $ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
|
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
(A) | Floating or variable rate securities. The rates disclosed are as of January 31, 2023. 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. | |
(B) | 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, 2023, the total value of 144A securities is $107,887,886, representing 40.5% of the Fund’s net assets. | |
(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 January 31, 2023, the total value of Regulation S securities is $27,882,940, representing 10.5% of the Fund’s net assets. | |
(D) | Perpetual maturity. The date displayed is the next call date. | |
(E) | All or a portion of the securities are on loan. The total value of all securities on loan is $5,264,551, collateralized by cash collateral of $5,285,137 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $127,200. 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 January 31, 2023, the total value of such securities is $1,228,425, representing 0.5% of the Fund’s net assets. | |
(H) | Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of January 31, 2023; the maturity dates disclosed are the ultimate maturity dates. | |
(I) | Rates disclosed reflect the yields at January 31, 2023. | |
(J) | There were no transfers in or out of Level 3 during the period ended January 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs. | |
(K) | Derivative instruments are valued at unrealized appreciation (depreciation). |
CURRENCY ABBREVIATIONS:
BRL | Brazilian Real | |
CNY | Chinese Yuan Renminbi (onshore) | |
COP | Columbian Peso | |
CZK | Czech Republic Koruna | |
DOP | Dominican Peso | |
EUR | Euro | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PEN | Peruvian Sol | |
PLN | Polish Zloty | |
RON | New Romanian Leu | |
THB | Thai Baht | |
USD | United States Dollar | |
ZAR | South African Rand |
COUNTERPARTY ABBREVIATIONS:
CA | Credit Agricole | |
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 January 31, 2023
(unaudited)
INVESTMENT VALUATION
Transamerica Emerging Markets Debt (the “Fund”) is a series of the Transamerica Funds.
Effective September 8, 2022, TAM has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund’s Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.
TAM 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 TAM’s own assumptions used in determining the fair value of the Fund’s 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, 2023, 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.
Short-term notes: The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities 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 January 31, 2023
(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 |