Transamerica Emerging Markets Opportunities
SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.9% | ||||||||
Brazil - 7.6% | ||||||||
Banco Santander Brasil SA | 529,203 | $ 3,060,248 | ||||||
BB Seguridade Participacoes SA | 295,958 | 2,045,971 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 312,500 | 4,974,114 | ||||||
Hapvida Participacoes e Investimentos SA (A) (B) | 1,001,783 | 784,539 | ||||||
Localiza Rent a Car SA | 90,000 | 983,126 | ||||||
Petroleo Brasileiro SA | 421,651 | 3,588,084 | ||||||
Raia Drogasil SA | 152,478 | 778,640 | ||||||
Rede D’Or Sao Luiz SA (B) | 177,989 | 975,376 | ||||||
TIM SA | 689,600 | 2,413,544 | ||||||
Vale SA, ADR | 452,282 | 6,191,741 | ||||||
WEG SA | 218,200 | 1,424,307 | ||||||
|
| |||||||
27,219,690 | ||||||||
|
| |||||||
Chile - 0.6% | ||||||||
Banco de Chile, ADR | 88,603 | 1,968,759 | ||||||
Banco de Chile | 3,272,147 | 366,246 | ||||||
|
| |||||||
2,335,005 | ||||||||
|
| |||||||
China - 21.8% | ||||||||
Alibaba Group Holding Ltd. | 464,443 | 4,165,577 | ||||||
Amoy Diagnostics Co. Ltd., Class A | 191,331 | 450,417 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 613,000 | 1,227,797 | ||||||
ANTA Sports Products Ltd. | 218,910 | 1,847,700 | ||||||
Bank of Ningbo Co. Ltd., Class A | 563,336 | 1,691,005 | ||||||
BYD Co. Ltd., Class H | 97,155 | 2,175,316 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 12,000 | 211,768 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,638,175 | 1,591,376 | ||||||
China Mengniu Dairy Co. Ltd. | 575,701 | 1,275,592 | ||||||
China Merchants Bank Co. Ltd., Class H | 1,385,678 | 5,051,330 | ||||||
China National Building Material Co. Ltd., Class H | 2,780,000 | 980,628 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 270,126 | 5,708,650 | ||||||
CSC Financial Co. Ltd., Class H (B) | 1,731,322 | 1,318,394 | ||||||
ENN Energy Holdings Ltd. | 286,736 | 2,134,420 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H (B) | 48,000 | 217,004 | ||||||
GDS Holdings Ltd., ADR (A) | 17,872 | 96,866 | ||||||
H World Group Ltd., ADR | 18,318 | 581,963 | ||||||
KE Holdings, Inc., ADR | 335,362 | 4,752,080 | ||||||
Kweichow Moutai Co. Ltd., Class A | 9,010 | 2,016,693 | ||||||
Longfor Group Holdings Ltd. (B) | 162,927 | 180,654 | ||||||
Meituan, Class B (A) (B) | 397,608 | 3,198,050 | ||||||
NetEase, Inc. | 32,080 | 623,575 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 20,400 | 138,595 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 2,630,400 | 3,271,861 | ||||||
Proya Cosmetics Co. Ltd., Class A | 77,064 | 884,712 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,042,278 | 667,926 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 27,500 | 96,975 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 201,200 | 475,630 | ||||||
Shenzhou International Group Holdings Ltd. | 178,523 | 1,589,820 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 851,693 | 1,687,587 |
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
China (continued) | ||||||||
Sinopharm Group Co. Ltd., Class H | 408,800 | $ 1,074,933 | ||||||
Tencent Holdings Ltd. | 486,523 | 16,887,846 | ||||||
Trip.com Group Ltd. (A) | 75,583 | 2,751,176 | ||||||
Trip.com Group Ltd., ADR (A) | 25,228 | 922,336 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 138,465 | 790,180 | ||||||
WuXi AppTec Co. Ltd., Class A | 65,579 | 497,632 | ||||||
Wuxi Biologics Cayman, Inc. (A) (B) | 188,500 | 496,044 | ||||||
Yadea Group Holdings Ltd. (B) | 310,000 | 425,041 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 190,957 | 1,129,825 | ||||||
Zhongsheng Group Holdings Ltd. | 402,772 | 679,889 | ||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | 1,487,178 | 1,491,409 | ||||||
|
| |||||||
77,456,272 | ||||||||
|
| |||||||
Hong Kong - 1.4% | ||||||||
AIA Group Ltd. | 510,531 | 4,003,796 | ||||||
China Overseas Land & Investment Ltd. | 359,907 | 544,464 | ||||||
Wharf Holdings Ltd. | 68,903 | 201,313 | ||||||
Yuexiu Property Co. Ltd. | 314,722 | 197,081 | ||||||
|
| |||||||
4,946,654 | ||||||||
|
| |||||||
Hungary - 0.6% | ||||||||
MOL Hungarian Oil & Gas PLC | 248,668 | 2,037,970 | ||||||
|
| |||||||
India - 22.5% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 310,707 | 4,510,774 | ||||||
Ambuja Cements Ltd. | 588,868 | 3,954,071 | ||||||
Apollo Hospitals Enterprise Ltd. | 19,004 | 1,446,111 | ||||||
Axis Bank Ltd. | 477,368 | 6,136,230 | ||||||
Bajaj Auto Ltd. | 38,120 | 3,524,038 | ||||||
Bharti Airtel Ltd. | 451,489 | 6,374,652 | ||||||
Cipla Ltd. | 73,896 | 1,202,748 | ||||||
Eicher Motors Ltd. | 16,567 | 767,255 | ||||||
Godrej Consumer Products Ltd. | 218,459 | 3,057,680 | ||||||
HDFC Bank Ltd., ADR | 39,495 | 2,191,577 | ||||||
HDFC Bank Ltd. | 293,665 | 5,164,704 | ||||||
HDFC Life Insurance Co. Ltd. (B) | 139,825 | 970,324 | ||||||
Hindustan Unilever Ltd. | 94,467 | 2,817,264 | ||||||
Infosys Ltd., ADR | 212,979 | 4,229,763 | ||||||
Jubilant Foodworks Ltd. | 337,735 | 2,107,674 | ||||||
Kotak Mahindra Bank Ltd. | 72,982 | 1,605,156 | ||||||
Larsen & Toubro Ltd. | 149,660 | 6,266,001 | ||||||
Mahindra & Mahindra Ltd. | 45,110 | 899,867 | ||||||
Maruti Suzuki India Ltd. | 10,957 | 1,340,477 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,298,361 | 3,958,121 | ||||||
Reliance Industries Ltd. | 236,905 | 8,129,957 | ||||||
SBI Life Insurance Co. Ltd. (B) | 138,490 | 2,349,795 | ||||||
Tata Consumer Products Ltd. | 157,318 | 2,120,435 | ||||||
Tata Steel Ltd. | 573,066 | 938,396 | ||||||
Varun Beverages Ltd. | 202,187 | 3,108,314 | ||||||
Zomato Ltd. (A) | 501,348 | 840,221 | ||||||
|
| |||||||
80,011,605 | ||||||||
|
| |||||||
Indonesia - 1.7% | ||||||||
Bank Rakyat Indonesia Persero Tbk. PT | 16,477,386 | 5,935,736 | ||||||
|
| |||||||
Ireland - 0.6% | ||||||||
PDD Holdings, Inc., ADR (A) | 18,248 | 2,315,124 | ||||||
|
| |||||||
Mexico - 1.4% | ||||||||
Fibra Uno Administracion SA de CV, REIT | 135,800 | 230,627 | ||||||
Grupo Mexico SAB de CV, Series B | 406,043 | 2,093,027 | ||||||
Wal-Mart de Mexico SAB de CV | 620,100 | 2,561,247 | ||||||
|
| |||||||
4,884,901 | ||||||||
|
|
Transamerica Funds | Page 1 |
Transamerica Emerging Markets Opportunities
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
Philippines - 1.6% | ||||||||
Ayala Land, Inc. | 1,214,854 | $ 734,143 | ||||||
BDO Unibank, Inc. | 1,933,645 | 4,977,759 | ||||||
|
| |||||||
5,711,902 | ||||||||
|
| |||||||
Republic of Korea - 8.9% | ||||||||
Hanon Systems | 123,389 | 575,891 | ||||||
Hyundai Mobis Co. Ltd. | 3,454 | 541,427 | ||||||
Hyundai Motor Co. | 10,000 | 1,454,502 | ||||||
KT Corp. | 109,815 | 2,908,780 | ||||||
LG Chem Ltd. | 5,930 | 1,923,009 | ||||||
POSCO Holdings, Inc. | 4,638 | 1,471,546 | ||||||
Samsung Electronics Co. Ltd. | 314,617 | 17,095,290 | ||||||
Shinhan Financial Group Co. Ltd. | 137,098 | 4,200,690 | ||||||
SK IE Technology Co. Ltd. (A) (B) | 25,631 | 1,420,649 | ||||||
|
| |||||||
31,591,784 | ||||||||
|
| |||||||
Republic of South Africa - 1.4% | ||||||||
Clicks Group Ltd. (C) | 30,699 | 493,447 | ||||||
Discovery Ltd. | 148,476 | 1,098,591 | ||||||
Gold Fields Ltd. | 60,711 | 895,807 | ||||||
Harmony Gold Mining Co. Ltd. | 144,941 | 905,989 | ||||||
Naspers Ltd., N Shares | 8,864 | 1,485,298 | ||||||
|
| |||||||
4,879,132 | ||||||||
|
| |||||||
Russian Federation - 0.0% (D) | ||||||||
Gazprom PJSC, ADR (A) (E) (F) (G) | 2,525,844 | 0 | ||||||
Lukoil PJSC, ADR (A) (E) (F) (G) | 192,700 | 0 | ||||||
MMC Norilsk Nickel PJSC (A) (E) (F) (G) | 7,371 | 0 | ||||||
Mobile TeleSystems PJSC, ADR (A) (E) (F) (G) | 382,338 | 0 | ||||||
Novatek PJSC, GDR (A) (E) (F) (G) | 2,914 | 0 | ||||||
Sberbank of Russia PJSC (A) (E) (F) (G) | 1,980,987 | 0 | ||||||
|
| |||||||
0 | ||||||||
|
| |||||||
Saudi Arabia - 1.4% | ||||||||
Saudi Awwal Bank | 514,697 | 4,917,084 | ||||||
|
| |||||||
Singapore - 0.7% | ||||||||
Grab Holdings Ltd., Class A (A) | 813,187 | 2,496,484 | ||||||
|
| |||||||
Spain - 1.2% | ||||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 471,204 | 4,396,333 | ||||||
|
| |||||||
Taiwan - 15.5% | ||||||||
Accton Technology Corp. | 257,000 | 4,323,396 | ||||||
ASPEED Technology, Inc. | 45,810 | 4,499,444 | ||||||
E Ink Holdings, Inc. | 533,322 | 3,536,834 | ||||||
Nanya Technology Corp. | 1,847,416 | 4,051,875 | ||||||
Realtek Semiconductor Corp. | 174,000 | 2,603,979 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,586,389 | 31,757,115 | ||||||
Uni-President Enterprises Corp. | 92,000 | 212,808 | ||||||
Unimicron Technology Corp. | 736,000 | 4,129,165 | ||||||
|
| |||||||
55,114,616 | ||||||||
|
| |||||||
Thailand - 2.9% | ||||||||
Bangkok Dusit Medical Services PCL, Class F | 1,755,800 | 1,353,020 | ||||||
Kasikornbank PCL | 997,338 | 3,345,310 | ||||||
PTT Exploration & Production PCL | 1,114,283 | 4,694,590 | ||||||
True Corp. PCL, NVDR (A) | 5,665,000 | 963,298 | ||||||
|
| |||||||
10,356,218 | ||||||||
|
| |||||||
United Arab Emirates - 0.2% | ||||||||
Emaar Properties PJSC | 338,318 | 684,035 | ||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom - 2.3% | ||||||||
Airtel Africa PLC (B) | 1,951,695 | $ 2,771,775 | ||||||
Anglo American PLC | 128,285 | 3,058,017 | ||||||
Standard Chartered PLC | 325,644 | 2,461,068 | ||||||
|
| |||||||
8,290,860 | ||||||||
|
| |||||||
United States - 0.6% | ||||||||
Coupang, Inc. (A) | 106,007 | 1,484,098 | ||||||
Legend Biotech Corp., ADR (A) | 10,859 | 597,897 | ||||||
|
| |||||||
2,081,995 | ||||||||
|
| |||||||
Total Common Stocks |
| 337,663,400 | ||||||
|
| |||||||
PREFERRED STOCKS - 2.5% | ||||||||
Brazil - 1.9% | ||||||||
Banco Bradesco SA, | 2,168,713 | 6,719,228 | ||||||
|
| |||||||
Republic of Korea - 0.6% | ||||||||
Samsung Electronics Co. Ltd., | 47,269 | 2,068,296 | ||||||
|
| |||||||
Total Preferred Stocks |
| 8,787,524 | ||||||
|
| |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 1.9% | ||||||||
Fixed Income Clearing Corp., 2.50% (H), dated 01/31/2024, to be repurchased at $6,881,962 on 02/01/2024. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2026, and with a value of $7,019,198. | $ 6,881,484 | 6,881,484 | ||||||
|
| |||||||
Total Repurchase Agreement |
| 6,881,484 | ||||||
|
| |||||||
Total Investments |
| 353,332,408 | ||||||
Net Other Assets (Liabilities) - 0.7% | 2,555,649 | |||||||
|
| |||||||
Net Assets - 100.0% | $ 355,888,057 | |||||||
|
|
Transamerica Funds | Page 2 |
Transamerica Emerging Markets Opportunities
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
FUTURES CONTRACTS:
Long Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||||||
MSCI Emerging Markets Index | 107 | 03/15/2024 | $ | 5,271,348 | $ | 5,247,280 | $ | — | $ | (24,068 | ) |
INVESTMENTS BY INDUSTRY:
Industry | Percentage of Total Investments | Value | ||||||||
Banks | 18.2 | % | $ | 64,188,463 | ||||||
Semiconductors & Semiconductor Equipment | 12.1 | 42,912,413 | ||||||||
Oil, Gas & Consumable Fuels | 6.3 | 22,408,722 | ||||||||
Technology Hardware, Storage & Peripherals | 5.4 | 19,163,586 | ||||||||
Interactive Media & Services | 4.8 | 16,887,846 | ||||||||
Metals & Mining | 4.4 | 15,554,523 | ||||||||
Insurance | 3.9 | 13,740,338 | ||||||||
Wireless Telecommunication Services | 3.3 | 11,559,971 | ||||||||
Automobiles | 3.0 | 10,586,496 | ||||||||
Hotels, Restaurants & Leisure | 3.0 | 10,498,395 | ||||||||
Broadline Retail | 2.7 | 9,450,097 | ||||||||
Electrical Equipment | 2.4 | 8,553,606 | ||||||||
Electronic Equipment, Instruments & Components | 2.2 | 7,665,999 | ||||||||
Real Estate Management & Development | 2.1 | 7,293,770 | ||||||||
Personal Care Products | 1.9 | 6,759,656 | ||||||||
Construction & Engineering | 1.8 | 6,266,001 | ||||||||
Construction Materials | 1.7 | 6,162,496 | ||||||||
Health Care Providers & Services | 1.7 | 6,109,609 | ||||||||
Beverages | 1.7 | 5,915,187 | ||||||||
Water Utilities | 1.4 | 4,974,114 | ||||||||
Chemicals | 1.3 | 4,740,421 | ||||||||
Transportation Infrastructure | 1.3 | 4,510,774 | ||||||||
IT Services | 1.2 | 4,326,629 | ||||||||
Communications Equipment | 1.2 | 4,323,396 | ||||||||
Diversified Telecommunication Services | 1.1 | 3,872,078 | ||||||||
Consumer Staples Distribution & Retail | 1.1 | 3,833,334 | ||||||||
Food Products | 1.0 | 3,608,835 | ||||||||
Ground Transportation | 1.0 | 3,479,610 | ||||||||
Textiles, Apparel & Luxury Goods | 1.0 | 3,437,520 | ||||||||
Gas Utilities | 0.6 | 2,134,420 | ||||||||
Automobile Components | 0.5 | 1,684,685 | ||||||||
Independent Power & Renewable Electricity Producers | 0.4 | 1,591,376 | ||||||||
Machinery | 0.4 | 1,491,409 | ||||||||
Capital Markets | 0.4 | 1,318,394 | ||||||||
Pharmaceuticals | 0.3 | 1,202,748 | ||||||||
Biotechnology | 0.3 | 1,048,314 | ||||||||
Life Sciences Tools & Services | 0.3 | 993,676 | ||||||||
Specialty Retail | 0.2 | 679,889 | ||||||||
Health Care Equipment & Supplies | 0.2 | 667,926 | ||||||||
Entertainment | 0.2 | 623,575 | ||||||||
Diversified REITs | 0.1 | 230,627 | ||||||||
|
|
|
| |||||||
Investments | 98.1 | 346,450,924 | ||||||||
Short-Term Investments | 1.9 | 6,881,484 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 353,332,408 | ||||||
|
|
|
|
Transamerica Funds | Page 3 |
Transamerica Emerging Markets Opportunities
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (I)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs (J) | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments |
| |||||||||||||||
Common Stocks | $ | 58,504,117 | $ | 279,159,283 | $ | 0 | $ | 337,663,400 | ||||||||
Preferred Stocks | 6,719,228 | 2,068,296 | — | 8,787,524 | ||||||||||||
Repurchase Agreement | — | 6,881,484 | — | 6,881,484 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 65,223,345 | $ | 288,109,063 | $ | 0 | $ | 353,332,408 | ||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES |
| |||||||||||||||
Other Financial Instruments |
| |||||||||||||||
Futures Contracts (K) | $ | (24,068 | ) | $ | — | $ | — | $ | (24,068 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (24,068 | ) | $ | — | $ | — | $ | (24,068 | ) | ||||||
|
|
|
|
|
|
|
|
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 January 31, 2024, the total value of 144A securities is $15,107,645, representing 4.2% of the Fund’s net assets. | |
(C) | All or a portion of the security is on loan. The value of the security on loan is $399,293 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $419,292. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers. | |
(D) | Percentage rounds to less than 0.1% or (0.1)%. | |
(E) | Securities are Level 3 of the fair value hierarchy. | |
(F) | Fair valued as determined in good faith in accordance with procedures established by the Board. At January 31, 2024, the total value of securities is $0, representing less than 0.1% of the Fund’s net assets. | |
(G) | Securities deemed worthless. | |
(H) | Rates disclosed reflect the yields at January 31, 2024. | |
(I) | 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. | |
(J) | Level 3 securities were not considered significant to the Fund. | |
(K) | Derivative instruments are valued at unrealized appreciation (depreciation). |
PORTFOLIO ABBREVIATIONS:
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depository Receipt | |
REIT | Real Estate Investment Trust |
Transamerica Funds | Page 4 |
Transamerica Emerging Markets Opportunities
NOTES TO SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
INVESTMENT VALUATION
Transamerica Emerging Markets Opportunities (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 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, 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.
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 5 |
Transamerica Emerging Markets Opportunities
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(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 6 |