Transamerica International Stock
SCHEDULE OF INVESTMENTS
At July 31, 2023
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.6% | ||||||||
Australia - 4.7% |
| |||||||
BlueScope Steel Ltd. | 44,835 | $ 657,726 | ||||||
Brambles Ltd. | 193,069 | 1,824,660 | ||||||
Commonwealth Bank of Australia | 8,491 | 602,907 | ||||||
CSL Ltd. | 3,294 | 594,122 | ||||||
Mineral Resources Ltd. | 7,895 | 378,798 | ||||||
National Australia Bank Ltd. | 33,617 | 641,739 | ||||||
Nufarm Ltd. | 113,363 | 408,904 | ||||||
Perseus Mining Ltd. | 548,803 | 639,575 | ||||||
Qantas Airways Ltd. (A) | 401,285 | 1,760,116 | ||||||
Scentre Group, REIT | 145,729 | 275,060 | ||||||
South32 Ltd. | 291,423 | 759,505 | ||||||
|
| |||||||
8,543,112 | ||||||||
|
| |||||||
Belgium - 0.4% | ||||||||
Anheuser-Busch InBev SA | 11,057 | 632,781 | ||||||
|
| |||||||
China - 0.7% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,063,900 | 1,232,116 | ||||||
|
| |||||||
Denmark - 5.4% | ||||||||
Danske Bank AS | 101,036 | 2,397,916 | ||||||
Genmab AS (A) | 3,338 | 1,372,651 | ||||||
Novo Nordisk AS, Class B | 35,745 | 5,760,423 | ||||||
Pandora AS | 3,366 | 336,928 | ||||||
|
| |||||||
9,867,918 | ||||||||
|
| |||||||
Finland - 1.5% | ||||||||
Nokia OYJ | 134,985 | 531,033 | ||||||
Nordea Bank Abp | 195,991 | 2,217,150 | ||||||
|
| |||||||
2,748,183 | ||||||||
|
| |||||||
France - 10.8% | ||||||||
Air France-KLM (A) | 456,223 | 787,790 | ||||||
BNP Paribas SA | 9,830 | 648,701 | ||||||
Capgemini SE | 7,240 | 1,312,269 | ||||||
Cie de Saint-Gobain | 25,571 | 1,728,530 | ||||||
Eiffage SA | 12,951 | 1,347,354 | ||||||
Hermes International | 707 | 1,567,520 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 4,057 | 3,783,097 | ||||||
Publicis Groupe SA | 8,267 | 667,356 | ||||||
Remy Cointreau SA (A) | 3,509 | 602,450 | ||||||
Renault SA | 35,431 | 1,554,555 | ||||||
Rexel SA | 25,081 | 604,478 | ||||||
Sanofi | 13,046 | 1,392,667 | ||||||
Societe Generale SA | 13,606 | 369,732 | ||||||
TotalEnergies SE | 26,907 | 1,634,826 | ||||||
Unibail-Rodamco-Westfield, REIT (A) | 14,008 | 794,117 | ||||||
Veolia Environnement SA | 23,292 | 758,043 | ||||||
|
| |||||||
19,553,485 | ||||||||
|
| |||||||
Germany - 6.9% | ||||||||
Bayer AG | 14,460 | 844,861 | ||||||
Bayerische Motoren Werke AG | 13,268 | 1,617,245 | ||||||
Delivery Hero SE (A) (B) | 6,922 | 314,057 | ||||||
Deutsche Telekom AG | 98,613 | 2,151,369 | ||||||
DHL Group | 16,994 | 872,959 | ||||||
Infineon Technologies AG | 40,505 | 1,781,411 | ||||||
Mercedes-Benz Group AG | 10,300 | 822,637 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) | ||||||||
Merck KGaA | 10,485 | $ 1,842,216 | ||||||
SAP SE | 17,085 | 2,336,850 | ||||||
|
| |||||||
12,583,605 | ||||||||
|
| |||||||
Hong Kong - 1.6% | ||||||||
AIA Group Ltd. | 111,000 | 1,101,617 | ||||||
CK Hutchison Holdings Ltd. | 222,000 | 1,369,193 | ||||||
New World Development Co. Ltd. | 157,000 | 386,113 | ||||||
|
| |||||||
2,856,923 | ||||||||
|
| |||||||
Israel - 0.5% | ||||||||
Teva Pharmaceutical Industries Ltd., ADR (A) | 104,700 | 879,480 | ||||||
|
| |||||||
Italy - 2.7% | ||||||||
Enel SpA | 86,462 | 596,247 | ||||||
Ferrari NV | 3,245 | 1,039,680 | ||||||
Intesa Sanpaolo SpA | 779,144 | 2,252,183 | ||||||
Leonardo SpA | 72,079 | 975,975 | ||||||
|
| |||||||
4,864,085 | ||||||||
|
| |||||||
Japan - 24.9% | ||||||||
Canon, Inc. | 41,900 | 1,081,775 | ||||||
Chugoku Electric Power Co., Inc. (A) | 79,000 | 547,972 | ||||||
Cosmo Energy Holdings Co. Ltd. | 13,900 | 430,000 | ||||||
Daiichi Sankyo Co. Ltd. | 37,700 | 1,151,948 | ||||||
Disco Corp. | 3,600 | 674,122 | ||||||
FUJIFILM Holdings Corp. | 44,000 | 2,550,648 | ||||||
Fujitsu Ltd. | 10,100 | 1,305,230 | ||||||
Honda Motor Co. Ltd. | 39,400 | 1,249,866 | ||||||
Ibiden Co. Ltd. | 13,500 | 818,550 | ||||||
Inpex Corp. | 37,200 | 479,169 | ||||||
ITOCHU Corp. | 85,100 | 3,439,532 | ||||||
Japan Tobacco, Inc. | 27,900 | 618,344 | ||||||
KDDI Corp. | 24,100 | 709,287 | ||||||
Marubeni Corp. | 161,800 | 2,858,639 | ||||||
Mitsubishi Corp. | 46,700 | 2,384,814 | ||||||
Mitsubishi Heavy Industries Ltd. | 44,000 | 2,081,777 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 296,200 | 2,386,006 | ||||||
Mitsui & Co. Ltd. | 29,300 | 1,141,189 | ||||||
Mizuho Financial Group, Inc. | 41,990 | 709,549 | ||||||
MS&AD Insurance Group Holdings, Inc. | 24,700 | 918,795 | ||||||
Murata Manufacturing Co. Ltd. | 9,400 | 550,065 | ||||||
Nintendo Co. Ltd. | 23,800 | 1,079,043 | ||||||
Nippon Telegraph & Telephone Corp. | 1,717,500 | 1,966,617 | ||||||
Olympus Corp. | 33,900 | 551,993 | ||||||
Otsuka Corp. | 15,300 | 636,348 | ||||||
Otsuka Holdings Co. Ltd. | 20,800 | 763,926 | ||||||
Renesas Electronics Corp. (A) | 43,700 | 846,416 | ||||||
Sekisui Chemical Co. Ltd. | 84,800 | 1,286,917 | ||||||
Sekisui House Ltd. (C) | 33,100 | 674,494 | ||||||
Seven & i Holdings Co. Ltd. | 20,800 | 861,592 | ||||||
SoftBank Group Corp. | 11,100 | 565,046 | ||||||
Sony Group Corp. | 17,400 | 1,628,517 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 67,000 | 3,152,553 | ||||||
Sysmex Corp. | 13,200 | 893,052 | ||||||
Takeda Pharmaceutical Co. Ltd. | 17,800 | 543,140 | ||||||
Toyota Motor Corp. | 94,100 | 1,578,200 | ||||||
|
| |||||||
45,115,131 | ||||||||
|
| |||||||
Netherlands - 5.7% | ||||||||
ASML Holding NV | 6,221 | 4,461,043 | ||||||
Heineken NV (C) | 4,538 | 444,767 | ||||||
Just Eat Takeaway.com NV (A) (B) | 32,407 | 582,076 | ||||||
Koninklijke Ahold Delhaize NV | 32,347 | 1,116,224 | ||||||
NN Group NV | 26,167 | 1,003,519 |
Transamerica Funds | Page 1 |
Transamerica International Stock
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2023
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Netherlands (continued) | ||||||||
Prosus NV (A) | 9,013 | $ 713,803 | ||||||
Stellantis NV | 99,676 | 2,043,267 | ||||||
|
| |||||||
10,364,699 | ||||||||
|
| |||||||
New Zealand - 0.5% | ||||||||
Xero Ltd. (A) | 11,067 | 908,473 | ||||||
|
| |||||||
Norway - 0.3% | ||||||||
Equinor ASA | 15,725 | 478,497 | ||||||
|
| |||||||
Singapore - 0.6% | ||||||||
DBS Group Holdings Ltd. | 42,700 | 1,100,133 | ||||||
|
| |||||||
Spain - 3.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 91,075 | 721,988 | ||||||
Banco Santander SA | 470,310 | 1,904,760 | ||||||
Cellnex Telecom SA (B) | 8,934 | 364,824 | ||||||
Iberdrola SA | 124,499 | 1,554,348 | ||||||
Repsol SA | 26,983 | 412,383 | ||||||
Telefonica SA | 141,324 | 602,431 | ||||||
|
| |||||||
5,560,734 | ||||||||
|
| |||||||
Sweden - 2.9% | ||||||||
Assa Abloy AB, B Shares | 35,013 | 841,531 | ||||||
Atlas Copco AB, A Shares | 132,234 | 1,880,551 | ||||||
Essity AB, Class B | 66,346 | 1,644,405 | ||||||
SSAB AB, B Shares | 140,087 | 856,247 | ||||||
|
| |||||||
5,222,734 | ||||||||
|
| |||||||
Switzerland - 7.5% | ||||||||
Alcon, Inc. | 29,463 | 2,501,509 | ||||||
Cie Financiere Richemont SA, Class A | 4,932 | 793,486 | ||||||
Glencore PLC | 53,000 | 322,097 | ||||||
Holcim Ltd. (A) | 13,302 | 924,375 | ||||||
Nestle SA | 18,602 | 2,279,894 | ||||||
Novartis AG | 14,747 | 1,540,060 | ||||||
Roche Holding AG | 5,817 | 1,805,034 | ||||||
Swiss Life Holding AG | 2,567 | 1,627,244 | ||||||
UBS Group AG | 83,773 | 1,851,642 | ||||||
|
| |||||||
13,645,341 | ||||||||
|
| |||||||
United Kingdom - 14.9% | ||||||||
3i Group PLC | 109,547 | 2,779,407 | ||||||
Anglo American PLC | 14,042 | 431,418 | ||||||
Ashtead Group PLC | 10,875 | 804,169 | ||||||
AstraZeneca PLC | 18,368 | 2,636,827 | ||||||
BAE Systems PLC | 64,491 | 770,868 | ||||||
Barclays PLC | 544,251 | 1,082,340 | ||||||
Bellway PLC | 10,652 | 302,932 | ||||||
BP PLC | 173,134 | 1,073,185 | ||||||
Coca-Cola Europacific Partners PLC | 23,654 | 1,499,427 | ||||||
Compass Group PLC | 34,039 | 885,473 | ||||||
Diageo PLC | 10,770 | 469,591 | ||||||
GSK PLC | 43,518 | 773,282 | ||||||
Halma PLC | 24,474 | 702,298 | ||||||
HSBC Holdings PLC | 365,478 | 3,031,380 | ||||||
Imperial Brands PLC | 81,233 | 1,917,685 | ||||||
Lloyds Banking Group PLC | 1,119,267 | 645,451 | ||||||
RELX PLC | 31,611 | 1,062,881 | ||||||
Rio Tinto PLC | 18,527 | 1,224,496 | ||||||
Rolls-Royce Holdings PLC (A) | 479,163 | 1,136,705 | ||||||
Shell PLC | 50,166 | 1,523,243 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) | ||||||||
SSE PLC | 63,083 | $ 1,364,539 | ||||||
Standard Chartered PLC | 99,284 | 952,308 | ||||||
|
| |||||||
27,069,905 | ||||||||
|
| |||||||
Total Common Stocks |
| 173,227,335 | ||||||
|
| |||||||
PREFERRED STOCK - 1.1% | ||||||||
Germany - 1.1% | ||||||||
Volkswagen AG, | 14,468 | 1,917,817 | ||||||
|
| |||||||
Total Preferred Stock |
| 1,917,817 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND - 1.0% | ||||||||
United States - 1.0% | ||||||||
iShares MSCI EAFE ETF | 23,800 | 1,772,148 | ||||||
|
| |||||||
Total Exchange-Traded Fund |
| 1,772,148 | ||||||
|
| |||||||
Total Investments |
| 176,917,300 | ||||||
Net Other Assets (Liabilities) - 2.3% | 4,217,372 | |||||||
|
| |||||||
Net Assets - 100.0% | $ 181,134,672 | |||||||
|
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Transamerica Funds | Page 2 |
Transamerica International Stock
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2023
(unaudited)
INVESTMENTS BY INDUSTRY:
Industry | Percentage of Total Investments | Value | ||||||||
Banks | 14.0 | % | $ | 24,816,796 | ||||||
Pharmaceuticals | 11.3 | 19,933,864 | ||||||||
Automobiles | 6.7 | 11,823,267 | ||||||||
Trading Companies & Distributors | 6.4 | 11,232,821 | ||||||||
Semiconductors & Semiconductor Equipment | 4.4 | 7,762,992 | ||||||||
Textiles, Apparel & Luxury Goods | 3.7 | 6,481,031 | ||||||||
Oil, Gas & Consumable Fuels | 3.4 | 6,031,303 | ||||||||
Metals & Mining | 3.0 | 5,269,862 | ||||||||
Machinery | 2.9 | 5,194,444 | ||||||||
Diversified Telecommunication Services | 2.9 | 5,085,241 | ||||||||
Insurance | 2.6 | 4,651,175 | ||||||||
Capital Markets | 2.6 | 4,631,049 | ||||||||
Electric Utilities | 2.3 | 4,063,106 | ||||||||
Health Care Equipment & Supplies | 2.2 | 3,946,554 | ||||||||
Household Durables | 2.2 | 3,892,860 | ||||||||
Beverages | 2.1 | 3,649,016 | ||||||||
Technology Hardware, Storage & Peripherals | 2.1 | 3,632,423 | ||||||||
IT Services | 1.8 | 3,253,847 | ||||||||
Software | 1.8 | 3,245,323 | ||||||||
Aerospace & Defense | 1.6 | 2,883,548 | ||||||||
Building Products | 1.5 | 2,570,061 | ||||||||
Passenger Airlines | 1.5 | 2,547,906 | ||||||||
Tobacco | 1.4 | 2,536,029 | ||||||||
Food Products | 1.3 | 2,279,894 | ||||||||
Electronic Equipment, Instruments & Components | 1.2 | 2,070,913 | ||||||||
Consumer Staples Distribution & Retail | 1.1 | 1,977,816 | ||||||||
Biotechnology | 1.1 | 1,966,773 | ||||||||
Commercial Services & Supplies | 1.0 | 1,824,660 | ||||||||
Hotels, Restaurants & Leisure | 1.0 | 1,781,606 | ||||||||
International Equity Funds | 1.0 | 1,772,148 | ||||||||
Household Products | 0.9 | 1,644,405 | ||||||||
Industrial Conglomerates | 0.8 | 1,369,193 | ||||||||
Construction & Engineering | 0.8 | 1,347,354 | ||||||||
Wireless Telecommunication Services | 0.7 | 1,274,333 | ||||||||
Entertainment | 0.6 | 1,079,043 | ||||||||
Retail REITs | 0.6 | 1,069,177 | ||||||||
Professional Services | 0.6 | 1,062,881 | ||||||||
Construction Materials | 0.5 | 924,375 | ||||||||
Air Freight & Logistics | 0.5 | 872,959 | ||||||||
Multi-Utilities | 0.4 | 758,043 | ||||||||
Broadline Retail | 0.4 | 713,803 | ||||||||
Media | 0.4 | 667,356 | ||||||||
Communications Equipment | 0.3 | 531,033 | ||||||||
Chemicals | 0.2 | 408,904 | ||||||||
Real Estate Management & Development | 0.2 | 386,113 | ||||||||
|
|
|
| |||||||
Investments | 100.0 | 176,917,300 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 176,917,300 | ||||||
|
|
|
|
Transamerica Funds | Page 3 |
Transamerica International Stock
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2023
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (E)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks | $ | 2,378,907 | $ | 170,848,428 | $ | — | $ | 173,227,335 | ||||||||
Preferred Stock | — | 1,917,817 | — | 1,917,817 | ||||||||||||
Exchange-Traded Fund | 1,772,148 | — | — | 1,772,148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 4,151,055 | $ | 172,766,245 | $ | — | $ | 176,917,300 | ||||||||
|
|
|
|
|
|
|
|
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
(A) | Non-income producing securities. | |
(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 July 31, 2023, the total value of 144A securities is $1,260,957, representing 0.7% of the Fund’s net assets. | |
(C) | All or a portion of the securities are on loan. The total value of all securities on loan is $1,096,129 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,151,179. 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. | |
(D) | Rate disclosed reflects the yield at July 31, 2023. | |
(E) | 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 ABBREVIATIONS:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
Transamerica Funds | Page 4 |
Transamerica International Stock
NOTES TO SCHEDULE OF INVESTMENTS
At July 31, 2023
(unaudited)
INVESTMENT VALUATION
Transamerica International Stock (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 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:
Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.
Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.
Transamerica Funds | Page 5 |