Transamerica Small Cap Value
SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
Air Freight & Logistics - 0.6% | ||||||||
Air Transport Services Group, Inc. (A) | 60,692 | $ 940,119 | ||||||
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| |||||||
Automobile Components - 1.6% | ||||||||
Phinia, Inc. | 50,745 | 1,534,529 | ||||||
Stoneridge, Inc. (A) | 43,560 | 774,932 | ||||||
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| |||||||
2,309,461 | ||||||||
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| |||||||
Automobiles - 0.9% | ||||||||
Winnebago Industries, Inc. | 19,940 | 1,310,457 | ||||||
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| |||||||
Banks - 19.1% | ||||||||
Ameris Bancorp | 33,484 | 1,662,146 | ||||||
Associated Banc-Corp. | 67,408 | 1,416,242 | ||||||
Banc of California, Inc. | 124,454 | 1,714,976 | ||||||
Banner Corp. | 27,359 | 1,274,382 | ||||||
Columbia Banking System, Inc. | 74,140 | 1,494,662 | ||||||
Enterprise Financial Services Corp. | 27,077 | 1,127,215 | ||||||
FB Financial Corp. | 37,595 | 1,400,414 | ||||||
First Bancorp/Southern Pines NC | 38,312 | 1,324,063 | ||||||
First Interstate BancSystem, Inc., Class A | 49,607 | 1,365,185 | ||||||
Independent Bank Group, Inc. | 34,134 | 1,650,379 | ||||||
National Bank Holdings Corp., Class A | 43,001 | 1,505,035 | ||||||
Pacific Premier Bancorp, Inc. | 52,437 | 1,330,327 | ||||||
Pinnacle Financial Partners, Inc. | 17,139 | 1,514,745 | ||||||
Renasant Corp. | 41,588 | 1,315,428 | ||||||
Simmons First National Corp., Class A | 69,770 | 1,326,328 | ||||||
Texas Capital Bancshares, Inc. (A) | 19,491 | 1,188,951 | ||||||
United Community Banks, Inc. | 51,596 | 1,410,635 | ||||||
Western Alliance Bancorp | 26,059 | 1,666,733 | ||||||
Wintrust Financial Corp. | 17,147 | 1,662,916 | ||||||
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| |||||||
27,350,762 | ||||||||
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Biotechnology - 0.4% | ||||||||
Coherus Biosciences, Inc. (A) (B) | 259,256 | 557,400 | ||||||
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Chemicals - 1.3% | ||||||||
Arcadium Lithium PLC (A) (B) | 127,762 | 624,756 | ||||||
Cabot Corp. | 16,858 | 1,215,462 | ||||||
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| |||||||
1,840,218 | ||||||||
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Commercial Services & Supplies - 1.8% | ||||||||
BrightView Holdings, Inc. (A) | 125,348 | 1,119,358 | ||||||
VSE Corp. | 24,504 | 1,521,943 | ||||||
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| |||||||
2,641,301 | ||||||||
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| |||||||
Construction & Engineering - 1.2% | ||||||||
MasTec, Inc. (A) | 25,454 | 1,671,564 | ||||||
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| |||||||
Construction Materials - 1.0% | ||||||||
Summit Materials, Inc., Class A (A) | 38,066 | 1,377,228 | ||||||
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Consumer Finance - 1.5% | ||||||||
Encore Capital Group, Inc. (A) | 18,558 | 929,385 | ||||||
PRA Group, Inc. (A) | 53,443 | 1,216,897 | ||||||
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2,146,282 | ||||||||
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| |||||||
Consumer Staples Distribution & Retail - 1.0% | ||||||||
Andersons, Inc. | 27,340 | 1,441,091 | ||||||
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Diversified Consumer Services - 1.2% | ||||||||
Adtalem Global Education, Inc. (A) | 34,658 | 1,749,536 | ||||||
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Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Electric Utilities - 0.9% | ||||||||
ALLETE, Inc. | 21,372 | $ 1,263,299 | ||||||
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Electronic Equipment, Instruments & Components - 2.2% | ||||||||
Crane NXT Co. | 24,756 | 1,442,780 | ||||||
ScanSource, Inc. (A) | 43,110 | 1,692,498 | ||||||
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| |||||||
3,135,278 | ||||||||
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| |||||||
Energy Equipment & Services - 1.3% | ||||||||
Liberty Energy, Inc. | 92,696 | 1,927,150 | ||||||
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Entertainment - 0.8% | ||||||||
IMAX Corp. (A) | 79,514 | 1,110,811 | ||||||
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Gas Utilities - 1.7% | ||||||||
Chesapeake Utilities Corp. | 10,820 | 1,095,849 | ||||||
Southwest Gas Holdings, Inc. | 22,382 | 1,313,376 | ||||||
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| |||||||
2,409,225 | ||||||||
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| |||||||
Ground Transportation - 1.2% | ||||||||
Ryder System, Inc. | 14,785 | 1,679,132 | ||||||
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Health Care Equipment & Supplies - 2.4% | ||||||||
Inmode Ltd. (A) | 56,467 | 1,337,703 | ||||||
Lantheus Holdings, Inc. (A) | 39,619 | 2,057,415 | ||||||
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3,395,118 | ||||||||
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Health Care Providers & Services - 2.5% | ||||||||
AMN Healthcare Services, Inc. (A) | 16,005 | 1,184,530 | ||||||
Patterson Cos., Inc. | 44,862 | 1,339,580 | ||||||
Premier, Inc., Class A | 47,615 | 1,029,436 | ||||||
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| |||||||
3,553,546 | ||||||||
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| |||||||
Health Care REITs - 0.8% | ||||||||
Community Healthcare Trust, Inc. | 44,670 | 1,143,105 | ||||||
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Hotel & Resort REITs - 2.0% | ||||||||
Park Hotels & Resorts, Inc. | 99,273 | 1,497,037 | ||||||
Pebblebrook Hotel Trust | 92,345 | 1,405,491 | ||||||
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2,902,528 | ||||||||
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Hotels, Restaurants & Leisure - 4.2% | ||||||||
Brinker International, Inc. (A) | 37,047 | 1,585,241 | ||||||
Golden Entertainment, Inc. | 36,405 | 1,397,224 | ||||||
Penn Entertainment, Inc. (A) | 69,522 | 1,567,721 | ||||||
Six Flags Entertainment Corp. (A) | 60,165 | 1,516,760 | ||||||
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| |||||||
6,066,946 | ||||||||
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Household Durables - 1.9% | ||||||||
Helen of Troy Ltd. (A) | 9,883 | 1,131,603 | ||||||
Taylor Morrison Home Corp. (A) | 29,318 | 1,528,641 | ||||||
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2,660,244 | ||||||||
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| |||||||
Industrial REITs - 1.1% | ||||||||
Innovative Industrial Properties, Inc. | 17,604 | 1,641,221 | ||||||
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Insurance - 3.7% | ||||||||
BRP Group, Inc., Class A (A) | 66,678 | 1,496,254 | ||||||
Hanover Insurance Group, Inc. | 10,597 | 1,398,910 | ||||||
Selective Insurance Group, Inc. | 12,430 | 1,303,410 | ||||||
Skyward Specialty Insurance Group, Inc. (A) | 34,179 | 1,062,967 | ||||||
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| |||||||
5,261,541 | ||||||||
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Transamerica Funds | Page 1 |
Transamerica Small Cap Value
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Machinery - 3.1% | ||||||||
Astec Industries, Inc. | 19,821 | $ 705,628 | ||||||
Barnes Group, Inc. | 52,640 | 1,742,910 | ||||||
Wabash National Corp. | 77,699 | 1,965,785 | ||||||
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4,414,323 | ||||||||
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Media - 0.8% | ||||||||
Thryv Holdings, Inc. (A) | 57,514 | 1,175,586 | ||||||
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Metals & Mining - 1.9% | ||||||||
Carpenter Technology Corp. | 21,605 | 1,330,652 | ||||||
Compass Minerals International, Inc. | 59,212 | 1,331,678 | ||||||
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2,662,330 | ||||||||
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Mortgage Real Estate Investment Trusts - 1.8% | ||||||||
Dynex Capital, Inc. | 99,474 | 1,217,562 | ||||||
Redwood Trust, Inc. | 199,557 | 1,339,027 | ||||||
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2,556,589 | ||||||||
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Multi-Utilities - 1.0% | ||||||||
Avista Corp. | 40,954 | 1,392,846 | ||||||
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Office REITs - 0.9% | ||||||||
Cousins Properties, Inc. | 53,600 | 1,227,976 | ||||||
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Oil, Gas & Consumable Fuels - 6.1% | ||||||||
Callon Petroleum Co. (A) | 36,578 | 1,174,885 | ||||||
CNX Resources Corp. (A) | 69,328 | 1,400,426 | ||||||
Delek US Holdings, Inc. | 52,117 | 1,408,723 | ||||||
Northern Oil & Gas, Inc. | 43,652 | 1,462,342 | ||||||
Permian Resources Corp. | 132,432 | 1,785,183 | ||||||
Talos Energy, Inc. (A) | 113,569 | 1,472,990 | ||||||
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8,704,549 | ||||||||
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Passenger Airlines - 0.4% | ||||||||
Frontier Group Holdings, Inc. (A) (B) | 119,840 | 583,621 | ||||||
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Pharmaceuticals - 1.3% | ||||||||
Collegium Pharmaceutical, Inc. (A) | 56,784 | 1,871,601 | ||||||
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Real Estate Management & Development - 2.1% | ||||||||
Cushman & Wakefield PLC (A) | 103,367 | 1,087,421 | ||||||
Tricon Residential, Inc. | 172,680 | 1,904,660 | ||||||
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| |||||||
2,992,081 | ||||||||
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| |||||||
Residential REITs - 1.9% | ||||||||
Centerspace | 23,803 | 1,303,452 | ||||||
Independence Realty Trust, Inc. | 99,701 | 1,464,608 | ||||||
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| |||||||
2,768,060 | ||||||||
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| |||||||
Retail REITs - 0.8% | ||||||||
SITE Centers Corp. | 91,554 | 1,219,499 | ||||||
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Semiconductors & Semiconductor Equipment - 2.1% | ||||||||
Alpha & Omega Semiconductor Ltd. (A) | 54,657 | 1,402,498 | ||||||
SMART Global Holdings, Inc. (A) | 80,846 | 1,588,624 | ||||||
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| |||||||
2,991,122 | ||||||||
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| |||||||
Software - 1.4% | ||||||||
A10 Networks, Inc. | 117,859 | 1,575,775 | ||||||
Digital Turbine, Inc. (A) | 75,683 | 407,931 | ||||||
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| |||||||
1,983,706 | ||||||||
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| |||||||
Specialized REITs - 2.1% | ||||||||
Outfront Media, Inc. | 132,384 | 1,723,640 | ||||||
PotlatchDeltic Corp. | 28,107 | 1,257,226 | ||||||
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| |||||||
2,980,866 | ||||||||
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|
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Specialty Retail - 4.9% | ||||||||
1-800-Flowers.com, Inc., Class A (A) | 108,540 | $ 1,128,816 | ||||||
Asbury Automotive Group, Inc. (A) | 8,700 | 1,818,822 | ||||||
MarineMax, Inc. (A) | 32,147 | 900,116 | ||||||
Urban Outfitters, Inc. (A) | 41,960 | 1,594,480 | ||||||
Victoria’s Secret & Co. (A) | 63,313 | 1,649,304 | ||||||
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| |||||||
7,091,538 | ||||||||
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| |||||||
Textiles, Apparel & Luxury Goods - 1.4% | ||||||||
PVH Corp. | 16,512 | 1,985,733 | ||||||
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Trading Companies & Distributors - 5.9% | ||||||||
Air Lease Corp. | 33,160 | 1,386,420 | ||||||
GATX Corp. | 12,419 | 1,523,190 | ||||||
GMS, Inc. (A) | 28,007 | 2,357,069 | ||||||
Rush Enterprises, Inc., Class A | 34,865 | 1,565,787 | ||||||
Titan Machinery, Inc. (A) | 59,460 | 1,589,366 | ||||||
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| |||||||
8,421,832 | ||||||||
|
| |||||||
Total Common Stocks |
| 140,508,421 | ||||||
|
| |||||||
OTHER INVESTMENT COMPANY - 0.6% | ||||||||
Securities Lending Collateral - 0.6% | ||||||||
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 5.30% (C) | 786,370 | 786,370 | ||||||
|
| |||||||
Total Other Investment Company |
| 786,370 | ||||||
|
| |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 1.7% | ||||||||
Fixed Income Clearing Corp., 2.50% (C), dated 01/31/2024, to be repurchased at $2,463,293 on 02/01/2024. Collateralized by a U.S. Government Obligation, 4.50%, due 07/15/2026, and with a value of $2,512,407. | $ 2,463,122 | 2,463,122 | ||||||
|
| |||||||
Total Repurchase Agreement |
| 2,463,122 | ||||||
|
| |||||||
Total Investments |
| 143,757,913 | ||||||
Net Other Assets (Liabilities) - (0.5)% | (651,215 | ) | ||||||
|
| |||||||
Net Assets - 100.0% | $ 143,106,698 | |||||||
|
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Transamerica Funds | Page 2 |
Transamerica Small Cap Value
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (D)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments |
| |||||||||||||||
Common Stocks | $ | 140,508,421 | $ | — | $ | — | $ | 140,508,421 | ||||||||
Other Investment Company | 786,370 | — | — | 786,370 | ||||||||||||
Repurchase Agreement | — | 2,463,122 | — | 2,463,122 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 141,294,791 | $ | 2,463,122 | $ | — | $ | 143,757,913 | ||||||||
|
|
|
|
|
|
|
|
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
(A) | Non-income producing securities. | |
(B) | All or a portion of the securities are on loan. The total value of all securities on loan is $1,463,478, collateralized by cash collateral of $786,370 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $725,408. 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. | |
(C) | Rates disclosed reflect the yields at January 31, 2024. | |
(D) | There were no transfers in or out of Level 3 during the period ended January 31, 2024. 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 3 |
Transamerica Small Cap Value
NOTES TO SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
INVESTMENT VALUATION
Transamerica Small Cap Value (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 January 31, 2024, 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.
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 4 |