Transamerica Bond (IDITX) NPORT-P Transamerica Long Credit (Jul 2023 report)

Transamerica Long Credit

SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 89.1%
Aerospace & Defense - 2.4%
Boeing Co.
3.83%, 03/01/2059		$  131,000		$  93,666
5.81%, 05/01/2050		33,000		33,152
HEICO Corp. 5.35%, 08/01/2033		15,000		14,905
Raytheon Technologies Corp.
4.15%, 05/15/2045		42,000		34,788
4.63%, 11/16/2048		66,000		59,588
				236,099
Air Freight & Logistics - 0.4%
GXO Logistics, Inc. 2.65%, 07/15/2031		46,000		35,874
Automobile Components - 0.6%
Aptiv PLC/Aptiv Corp. 4.15%, 05/01/2052		36,000		27,487
Lear Corp. 3.55%, 01/15/2052 (A)		43,000		29,250
				56,737
Automobiles - 1.1%
Ford Motor Co. 4.75%, 01/15/2043		64,000		50,078
General Motors Co. 6.25%, 10/02/2043		60,000		58,895
				108,973
Banks - 7.7%
Bank of America Corp.
Fixed until 03/11/2031, 2.65% (B), 03/11/2032		135,000		111,760
Fixed until 03/20/2050, 4.08% (B), 03/20/2051		66,000		54,921
Fixed until 04/25/2033, 5.29% (B), 04/25/2034		68,000		67,385
Citigroup, Inc. Fixed until 01/24/2038, 3.88% (B), 01/24/2039		100,000		83,608
Goldman Sachs Group, Inc.
Fixed until 02/24/2032, 3.10% (B), 02/24/2033		68,000		57,264
6.75%, 10/01/2037		50,000		54,121
JPMorgan Chase & Co.
Fixed until 04/22/2040, 3.11% (B), 04/22/2041		155,000		117,329
Fixed until 06/01/2033, 5.35% (B), 06/01/2034		40,000		40,244
PNC Financial Services Group, Inc. Fixed until 01/24/2033, 5.07% (B), 01/24/2034 (A)		20,000		19,307
Truist Financial Corp. Fixed until 06/08/2033, 5.87% (B), 06/08/2034		41,000		41,326
US Bancorp Fixed until 06/10/2033, 5.84% (B), 06/12/2034 (A)		28,000		28,371
Wells Fargo & Co. 4.75%, 12/07/2046		102,000		87,229
				762,865

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 2.0%
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/06/2048		$   179,000		$   159,019
Constellation Brands, Inc. 5.25%, 11/15/2048		41,000		38,911
				197,930
Biotechnology - 2.6%
AbbVie, Inc.
4.05%, 11/21/2039		15,000		13,037
4.25%, 11/21/2049		51,000		43,661
4.70%, 05/14/2045		99,000		89,630
Amgen, Inc. 5.75%, 03/02/2063		51,000		51,132
CSL Finance PLC 4.95%, 04/27/2062 (C)		33,000		30,330
Gilead Sciences, Inc. 4.15%, 03/01/2047		31,000		26,548
				254,338
Broadline Retail - 1.3%
Prosus NV 4.03%, 08/03/2050 (D)		200,000		128,205
Building Products - 1.7%
Home Depot, Inc. 4.25%, 04/01/2046		91,000		80,304
Lowe’s Cos., Inc.
3.00%, 10/15/2050		46,000		30,038
4.25%, 04/01/2052		43,000		34,742
Owens Corning 4.30%, 07/15/2047		31,000		25,338
				170,422
Capital Markets - 1.6%
Blackstone Holdings Finance Co. LLC 3.20%, 01/30/2052 (C)		47,000		30,273
Charles Schwab Corp. Fixed until 05/19/2033, 5.85% (B), 05/19/2034		32,000		32,893
Morgan Stanley
Fixed until 01/25/2051, 2.80% (B), 01/25/2052		40,000		26,126
Fixed until 04/22/2038, 4.46% (B), 04/22/2039		55,000		49,469
Fixed until 04/21/2033, 5.25% (B), 04/21/2034		2,000		1,972
Fixed until 07/21/2033, 5.42% (B), 07/21/2034		8,000		7,990
Fixed until 10/18/2032, 6.34% (B), 10/18/2033		10,000		10,630
				159,353
Chemicals - 1.9%
FMC Corp. 6.38%, 05/18/2053		35,000		34,841
International Flavors & Fragrances, Inc. 3.47%, 12/01/2050 (C)		31,000		20,523
LYB International Finance BV 4.88%, 03/15/2044		28,000		24,230
Nutrien Ltd. 5.00%, 04/01/2049		73,000		64,982
Westlake Corp. 4.38%, 11/15/2047		59,000		45,930
				190,506

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Transamerica Long Credit

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 1.6%
General Electric Co.
4.13%, 10/09/2042		$   47,000		$   38,477
4.50%, 03/11/2044		45,000		39,687
Triton Container International Ltd./TAL International Container Corp. 3.25%, 03/15/2032		47,000		36,459
Waste Management, Inc. 2.50%, 11/15/2050		77,000		48,497
				163,120
Communications Equipment - 0.3%
Corning, Inc. 4.38%, 11/15/2057		41,000		33,439
Consumer Staples Distribution & Retail - 0.8%
7-Eleven, Inc. 2.50%, 02/10/2041 (C)		71,000		46,833
Sysco Corp. 3.30%, 02/15/2050		41,000		29,162
				75,995
Diversified REITs - 0.6%
GLP Capital LP/GLP Financing II, Inc. 4.00%, 01/15/2030		31,000		27,074
VICI Properties LP 5.13%, 05/15/2032		38,000		35,770
				62,844
Diversified Telecommunication Services - 3.9%
AT&T, Inc.
3.50%, 09/15/2053		107,000		72,583
3.55%, 09/15/2055		139,000		93,564
Telefonica Emisiones SA 7.05%, 06/20/2036		84,000		91,680
Verizon Communications, Inc.
2.99%, 10/30/2056		28,000		17,212
3.70%, 03/22/2061		164,000		115,983
				391,022
Electric Utilities - 11.6%
Appalachian Power Co. 4.45%, 06/01/2045		61,000		50,475
Berkshire Hathaway Energy Co. 4.50%, 02/01/2045		40,000		34,293
Black Hills Corp. 4.20%, 09/15/2046		91,000		70,607
Consolidated Edison Co. of New York, Inc. 4.00%, 11/15/2057		123,000		95,848
Dominion Energy South Carolina, Inc. 6.05%, 01/15/2038		54,000		56,942
DTE Electric Co. 4.05%, 05/15/2048		41,000		34,187
Duke Energy Florida LLC 6.35%, 09/15/2037		78,000		84,424
Entergy Arkansas LLC 4.20%, 04/01/2049		73,000		60,316
Evergy Metro, Inc. 4.20%, 03/15/2048		61,000		50,476
FirstEnergy Corp. 5.10%, 07/15/2047		95,000		85,773
Northern States Power Co. 4.00%, 08/15/2045		50,000		40,673

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Pacific Gas & Electric Co. 3.50%, 08/01/2050		$   37,000		$   23,905
PG&E Wildfire Recovery Funding LLC 5.10%, 06/01/2054		57,000		56,620
Potomac Electric Power Co. 7.90%, 12/15/2038		73,000		87,444
Public Service Electric & Gas Co. 4.05%, 05/01/2048		61,000		51,047
Southern California Edison Co. 4.65%, 10/01/2043		52,000		45,305
Southern Co. 4.40%, 07/01/2046		54,000		45,911
Union Electric Co. 3.90%, 09/15/2042		83,000		66,960
Virginia Electric & Power Co. 8.88%, 11/15/2038		84,000		110,553
				1,151,759
Electrical Equipment - 0.3%
Emerson Electric Co. 2.75%, 10/15/2050		46,000		30,038
Electronic Equipment, Instruments & Components - 0.2%
Cisco Systems, Inc. 5.90%, 02/15/2039		21,000		23,043
Energy Equipment & Services - 0.5%
Halliburton Co. 5.00%, 11/15/2045		59,000		53,928
Financial Services - 0.3%
Avolon Holdings Funding Ltd. 6.38%, 05/04/2028 (C)		27,000		26,854
Food Products - 0.9%
Cargill, Inc. 6.63%, 09/15/2037 (C)		84,000		92,763
Ground Transportation - 1.4%
Burlington Northern Santa Fe LLC 4.70%, 09/01/2045		82,000		75,583
Norfolk Southern Corp. 4.65%, 01/15/2046		42,000		37,094
Union Pacific Corp. 2.97%, 09/16/2062		36,000		23,341
				136,018
Health Care Equipment & Supplies - 1.2%
Boston Scientific Corp. 4.70%, 03/01/2049		62,000		57,333
Danaher Corp. 2.60%, 10/01/2050		22,000		14,499
Stryker Corp. 4.63%, 03/15/2046		50,000		45,920
				117,752
Health Care Providers & Services - 4.7%
Centene Corp. 3.38%, 02/15/2030		66,000		56,765
Cigna Group
3.40%, 03/15/2051		47,000		33,761
4.80%, 08/15/2038		39,000		36,514
CVS Health Corp.
5.30%, 12/05/2043		78,000		73,992
5.88%, 06/01/2053		37,000		37,545

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Transamerica Long Credit

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Elevance Health, Inc. 5.13%, 02/15/2053		$   55,000		$   52,855
HCA, Inc.
5.50%, 06/15/2047		55,000		51,276
5.90%, 06/01/2053		26,000		25,498
UnitedHealth Group, Inc.
5.20%, 04/15/2063		44,000		43,276
6.05%, 02/15/2063		51,000		57,018
				468,500
Hotels, Restaurants & Leisure - 1.7%
McDonald’s Corp. 3.63%, 09/01/2049		39,000		30,229
Starbucks Corp. 4.50%, 11/15/2048		41,000		36,279
Warnermedia Holdings, Inc. 5.05%, 03/15/2042		127,000		105,636
				172,144
Industrial REITs - 0.3%
Prologis LP 4.38%, 09/15/2048		32,000		27,081
Insurance - 2.2%
Alleghany Corp.
3.25%, 08/15/2051		32,000		22,331
4.90%, 09/15/2044		33,000		30,417
American International Group, Inc. 4.80%, 07/10/2045		28,000		24,935
Arch Capital Group Ltd. 3.64%, 06/30/2050		50,000		36,540
Berkshire Hathaway Finance Corp. 3.85%, 03/15/2052		43,000		35,110
Equitable Holdings, Inc. 5.00%, 04/20/2048		39,000		33,983
Global Atlantic Finance Co. 7.95%, 06/15/2033 (C)		36,000		36,046
				219,362
Interactive Media & Services - 0.5%
Meta Platforms, Inc.
4.45%, 08/15/2052		41,000		35,791
5.75%, 05/15/2063		18,000		18,641
				54,432
Internet & Catalog Retail - 1.9%
Alibaba Group Holding Ltd. 2.70%, 02/09/2041 (A)		200,000		134,358
Amazon.com, Inc. 4.05%, 08/22/2047		58,000		51,265
				185,623
Media - 3.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.48%, 10/23/2045		139,000		129,527
Comcast Corp.
2.89%, 11/01/2051		35,000		23,216
2.94%, 11/01/2056		23,000		14,789
4.00%, 11/01/2049		68,000		55,506
6.50%, 11/15/2035		6,000		6,718

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Fox Corp. 5.58%, 01/25/2049		$   55,000		$   50,349
Paramount Global 4.95%, 05/19/2050		24,000		17,701
				297,806
Metals & Mining - 1.2%
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		33,000		30,728
Glencore Finance Canada Ltd. 6.90%, 11/15/2037 (C)		23,000		24,660
Newmont Corp. 6.25%, 10/01/2039		38,000		40,489
Nucor Corp. 2.98%, 12/15/2055		33,000		20,930
				116,807
Oil, Gas & Consumable Fuels - 12.3%
BP Capital Markets America, Inc. 2.94%, 06/04/2051		77,000		52,154
Cameron LNG LLC 3.70%, 01/15/2039 (C)		32,000		26,409
Devon Energy Corp. 5.00%, 06/15/2045		33,000		29,046
Diamondback Energy, Inc. 4.40%, 03/24/2051		30,000		23,954
Energy Transfer LP
5.00%, 05/15/2050		31,000		26,156
7.50%, 07/01/2038		82,000		90,451
Enterprise Products Operating LLC 4.90%, 05/15/2046		66,000		60,214
Equinor ASA 5.10%, 08/17/2040		51,000		50,989
Hess Corp. 5.60%, 02/15/2041		33,000		31,453
KazMunayGas National Co. JSC 6.38%, 10/24/2048 (D)		200,000		176,753
Kinder Morgan Energy Partners LP 6.55%, 09/15/2040		82,000		83,075
Magellan Midstream Partners LP 4.25%, 09/15/2046		37,000		27,319
MPLX LP 5.50%, 02/15/2049		26,000		23,684
Occidental Petroleum Corp. 6.60%, 03/15/2046 (A)		42,000		44,591
ONEOK Partners LP 6.20%, 09/15/2043		39,000		37,804
ONEOK, Inc. 5.20%, 07/15/2048		33,000		28,365
Ovintiv, Inc. 7.10%, 07/15/2053		26,000		27,684
Petroleos Mexicanos 7.69%, 01/23/2050		50,000		34,714
Shell International Finance BV 3.75%, 09/12/2046		84,000		68,003
Spectra Energy Partners LP 4.50%, 03/15/2045		61,000		50,573
Suncor Energy, Inc. 6.50%, 06/15/2038		68,000		70,818
Teck Resources Ltd. 6.00%, 08/15/2040		30,000		29,088
TransCanada PipeLines Ltd. 5.00%, 10/16/2043		49,000		43,560

Transamerica Funds Page    3

Transamerica Long Credit

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Western Midstream Operating LP 5.30%, 03/01/2048		$   43,000		$   36,868
Williams Cos., Inc. 5.40%, 03/04/2044		54,000		49,536
				1,223,261
Passenger Airlines - 0.8%
American Airlines Pass-Through Trust 3.15%, 08/15/2033		32,654		28,420
United Airlines Pass-Through Trust 2.70%, 11/01/2033		60,989		51,015
				79,435
Personal Care Products - 0.7%
Kenvue, Inc. 5.10%, 03/22/2043 (C)		66,000		66,101
Pharmaceuticals - 2.2%
Johnson & Johnson 3.75%, 03/03/2047		31,000		26,865
Merck & Co., Inc.
3.70%, 02/10/2045		53,000		44,362
5.00%, 05/17/2053		35,000		35,078
Pfizer Investment Enterprises Pte Ltd. 5.34%, 05/19/2063		35,000		35,034
Pfizer, Inc. 4.20%, 09/15/2048		86,000		77,965
				219,304
Professional Services - 1.1%
Equifax, Inc. 7.00%, 07/01/2037		69,000		72,258
Moody’s Corp. 3.25%, 05/20/2050		60,000		42,149
				114,407
Residential REITs - 0.4%
American Homes 4 Rent LP 4.30%, 04/15/2052		57,000		44,423
Retail REITs - 1.2%
Kimco Realty OP LLC 3.70%, 10/01/2049		83,000		59,944
Simon Property Group LP
3.25%, 09/13/2049		22,000		14,725
5.85%, 03/08/2053		43,000		43,386
				118,055
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc. 4.39%, 06/01/2052		55,000		49,428
Broadcom, Inc. 3.50%, 02/15/2041 (C)		45,000		33,424
Intel Corp.
4.10%, 05/11/2047		33,000		27,684
5.90%, 02/10/2063		33,000		34,052
KLA Corp. 5.00%, 03/15/2049		28,000		26,944
QUALCOMM, Inc. 4.30%, 05/20/2047		76,000		67,839
Texas Instruments, Inc.
4.15%, 05/15/2048		30,000		26,896
5.05%, 05/18/2063		31,000		30,588
				296,855

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 3.0%
Fiserv, Inc. 4.40%, 07/01/2049		$   34,000		$   28,494
Microsoft Corp. 2.92%, 03/17/2052 (A)		70,000		51,039
Oracle Corp.
3.65%, 03/25/2041		51,000		39,048
6.90%, 11/09/2052		164,000		182,827
				301,408
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 3.45%, 02/09/2045		47,000		39,111
Tobacco - 0.5%
BAT Capital Corp. 4.76%, 09/06/2049		47,000		35,572
Reynolds American, Inc. 7.25%, 06/15/2037		17,000		17,552
				53,124
Wireless Telecommunication Services - 1.1%
T-Mobile USA, Inc.
3.30%, 02/15/2051		14,000		9,739
4.50%, 04/15/2050		49,000		41,744
5.65%, 01/15/2053		53,000		53,181
				104,664
Total Corporate Debt Securities (Cost $9,051,423)				8,861,780
FOREIGN GOVERNMENT OBLIGATIONS - 2.4%
Colombia - 1.5%
Colombia Government International Bonds 5.00%, 06/15/2045		200,000		143,790
Dominican Republic - 0.9%
Dominican Republic International Bonds 6.85%, 01/27/2045 (D)		100,000		93,031
Total Foreign Government Obligations (Cost $230,924)				236,821
U.S. GOVERNMENT OBLIGATIONS - 4.5%
U.S. Treasury - 4.5%
U.S. Treasury Bonds
3.63%, 02/15/2053 - 05/15/2053		341,000		317,590
3.88%, 05/15/2043		30,000		28,631
U.S. Treasury Notes 3.38%, 05/15/2033		102,000		97,219
Total U.S. Government Obligations (Cost $452,160)				443,440

Transamerica Funds Page    4

Transamerica Long Credit

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Shares		Value
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 5.28% (E)		312,410		$   312,410
Total Other Investment Company (Cost $312,410)				312,410
Total Investments (Cost $10,046,917)				9,854,451
Net Other Assets (Liabilities) - 0.9%				88,665
Net Assets - 100.0%				$  9,943,116

Transamerica Funds Page    5

Transamerica Long Credit

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	8,861,780	$	—	$	8,861,780
Foreign Government Obligations		—		236,821		—		236,821
U.S. Government Obligations		—		443,440		—		443,440
Other Investment Company		312,410		—		—		312,410
Total Investments	$	312,410	$	9,542,041	$	—	$	9,854,451

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $305,710, collateralized by cash collateral of $312,410. 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.
(B)	Floating or variable rate securities. The rates disclosed are as of July 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.
(C)	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, 2023, the total value of 144A securities is $434,216, representing 4.4% of the Fund’s net assets.
(D)	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, 2023, the total value of Regulation S securities is $397,989, representing 4.0% of the Fund’s net assets.
(E)	Rate disclosed reflects the yield at July 31, 2023.
(F)	There were no transfers in or out of Level 3 during the period ended July 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

Transamerica Funds Page    6

Transamerica Long Credit

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica Long Credit (the “Fund”) is a series of the Transamerica Funds.

Transamerica Asset Management, Inc. (“TAM”) has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, 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.

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, 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.

U.S. government obligations: U.S. 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. U.S. 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.

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