Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS
At July 31, 2020
(unaudited)
| The notes are an integral part of this report. Transamerica Funds |
Page 1 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
| The notes are an integral part of this report. Transamerica Funds |
Page 2 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
| The notes are an integral part of this report. Transamerica Funds |
Page 3 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
| The notes are an integral part of this report. Transamerica Funds |
Page 4 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
FORWARD FOREIGN CURRENCY CONTRACTS:
| Counterparty |
Settlement Date | Currency Purchased |
Currency Sold |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||
| BCLY |
08/31/2020 | CZK | 115,354,718 | USD | 5,145,469 | $ | 32,683 | $ | — | |||||||||||||||
| BCLY |
08/31/2020 | HUF | 1,423,665,764 | USD | 4,806,020 | 62,147 | — | |||||||||||||||||
| BCLY |
08/31/2020 | PLN | 13,881,158 | USD | 3,681,227 | 25,813 | — | |||||||||||||||||
| HSBC |
08/31/2020 | USD | 2,236,791 | CLP | 1,694,369,183 | — | (2,113 | ) | ||||||||||||||||
| HSBC |
08/31/2020 | COP | 8,306,323,379 | USD | 2,236,791 | — | (17,054 | ) | ||||||||||||||||
| JPM |
08/04/2020 | USD | 16,844,274 | BRL | 87,141,021 | 142,479 | — | |||||||||||||||||
| JPM |
08/04/2020 | BRL | 87,141,021 | USD | 16,810,489 | — | (108,694 | ) | ||||||||||||||||
| JPM |
08/31/2020 | USD | 2,724,383 | MXN | 59,875,523 | 44,730 | — | |||||||||||||||||
| JPM |
08/31/2020 | USD | 4,487,358 | ZAR | 74,292,692 | 155,829 | — | |||||||||||||||||
| JPM |
09/02/2020 | BRL | 52,511,344 | USD | 10,180,267 | — | (128,319 | ) | ||||||||||||||||
| JPM |
09/03/2020 | RUB | 218,487,355 | USD | 2,941,422 | — | (8,607 | ) | ||||||||||||||||
| SCB |
08/04/2020 | USD | 17,558,679 | BRL | 92,956,938 | — | (257,819 | ) | ||||||||||||||||
| SCB |
08/04/2020 | BRL | 92,956,938 | USD | 17,661,848 | 154,649 | — | |||||||||||||||||
| TDB |
08/31/2020 | USD | 4,770,817 | EUR | 4,064,871 | — | (20,530 | ) | ||||||||||||||||
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| Total | $ | 618,330 | $ | (543,136 | ) | |||||||||||||||||||
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| The notes are an integral part of this report. Transamerica Funds |
Page 5 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
INVESTMENTS BY INDUSTRY:
| Industry |
Percentage of Total Investments |
Value | ||||||||
| Foreign Government Obligations |
58.0 | % | $ 224,364,113 | |||||||
| Oil, Gas & Consumable Fuels |
7.6 | 29,341,960 | ||||||||
| Electric Utilities |
3.3 | 12,643,363 | ||||||||
| Banks |
3.0 | 11,677,588 | ||||||||
| Metals & Mining |
2.4 | 9,409,906 | ||||||||
| Chemicals |
2.1 | 8,093,203 | ||||||||
| Food Products |
2.0 | 7,561,688 | ||||||||
| Wireless Telecommunication Services |
1.7 | 6,583,590 | ||||||||
| Road & Rail |
1.4 | 5,436,144 | ||||||||
| Diversified Telecommunication Services |
1.2 | 4,752,156 | ||||||||
| Transportation Infrastructure |
1.1 | 4,250,923 | ||||||||
| Internet & Direct Marketing Retail |
1.0 | 4,068,510 | ||||||||
| Construction & Engineering |
1.0 | 4,033,736 | ||||||||
| Interactive Media & Services |
1.0 | 3,683,775 | ||||||||
| Marine |
0.8 | 3,208,956 | ||||||||
| Diversified Financial Services |
0.8 | 2,954,560 | ||||||||
| Household Products |
0.7 | 2,838,500 | ||||||||
| Consumer Finance |
0.6 | 2,290,172 | ||||||||
| Professional Services |
0.5 | 2,007,072 | ||||||||
| Energy Equipment & Services |
0.5 | 1,919,823 | ||||||||
| Beverages |
0.4 | 1,692,148 | ||||||||
| Diversified Consumer Services |
0.3 | 1,164,000 | ||||||||
| Construction Materials |
0.3 | 1,119,416 | ||||||||
| Capital Markets |
0.3 | 1,088,326 | ||||||||
| Media |
0.3 | 1,038,882 | ||||||||
| Machinery |
0.1 | 516,040 | ||||||||
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| Investments |
92.4 | 357,738,550 | ||||||||
| Short-Term Investments |
7.6 | 29,282,687 | ||||||||
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| Total Investments |
100.0 | % | $ 387,021,237 | |||||||
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| The notes are an integral part of this report. Transamerica Funds |
Page 6 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (K)
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Value | |||||||||||||
| ASSETS |
| |||||||||||||||
| Investments |
| |||||||||||||||
| Corporate Debt Securities |
$ | — | $ | 133,178,445 | $ | — | $ | 133,178,445 | ||||||||
| Foreign Government Obligations |
— | 224,364,113 | — | 224,364,113 | ||||||||||||
| Common Stock |
195,992 | — | — | 195,992 | ||||||||||||
| Other Investment Company |
11,601,410 | — | — | 11,601,410 | ||||||||||||
| Repurchase Agreement |
— | 17,681,277 | — | 17,681,277 | ||||||||||||
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|
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| Total Investments |
$ | 11,797,402 | $ | 375,223,835 | $ | — | $ | 387,021,237 | ||||||||
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| Other Financial Instruments |
| |||||||||||||||
| Forward Foreign Currency Contracts (L) |
$ | — | $ | 618,330 | $ | — | $ | 618,330 | ||||||||
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| Total Other Financial Instruments |
$ | — | $ | 618,330 | $ | — | $ | 618,330 | ||||||||
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| LIABILITIES |
| |||||||||||||||
| Other Financial Instruments |
| |||||||||||||||
| Forward Foreign Currency Contracts (L) |
$ | — | $ | (543,136 | ) | $ | — | $ | (543,136 | ) | ||||||
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| Total Other Financial Instruments |
$ | — | $ | (543,136 | ) | $ | — | $ | (543,136 | ) | ||||||
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FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | 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, 2020, the total value of 144A securities is $193,414,074, representing 50.8% of the Fund’s net assets. | |
| (B) | Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately. | |
| (C) | Perpetual maturity. The date displayed is the next call date. | |
| (D) | Floating or variable rate securities. The rates disclosed are as of July 31, 2020. 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. | |
| (E) | Securities in default; no interest payments received and/or dividends declared during the last 12 months. At July 31, 2020, the total value of such securities is $2,710,557, representing 0.7% of the Fund’s net assets. | |
| (F) | Non-income producing securities. | |
| (G) | 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, 2020, the total value of Regulation S securities is $36,023,089, representing 9.5% of the Fund’s net assets. | |
| (H) | When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after July 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement. | |
| (I) | All or a portion of the securities are on loan. The total value of all securities on loan is $16,944,710, collateralized by cash collateral of $11,601,410 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,703,145. 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. | |
| (J) | Rates disclosed reflect the yields at July 31, 2020. | |
| (K) | There were no transfers in or out of Level 3 during the period ended July 31, 2020. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs. | |
| (L) | Derivative instruments are valued at unrealized appreciation (depreciation). |
CURRENCY ABBREVIATIONS:
| BRL |
Brazilian Real | |
| CLP |
Chilean Peso | |
| COP |
Columbian Peso | |
| CZK |
Czech Republic Koruna | |
| EUR |
Euro | |
| HUF |
Hungarian Forint | |
| IDR |
Indonesian Rupiah | |
| INR |
Indian Rupee | |
| MXN |
Mexican Peso | |
| MYR |
Malaysian Ringgit | |
| PEN |
Peruvian Sol | |
| PLN |
Polish Zloty | |
| RON |
New Romanian Leu | |
| RUB |
Russian Ruble | |
| USD |
United States Dollar | |
| ZAR |
South African Rand |
| The notes are an integral part of this report. Transamerica Funds |
Page 7 |
Transamerica Emerging Markets Debt
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
COUNTERPARTY ABBREVIATIONS:
| BCLY |
Barclays Bank PLC | |
| HSBC |
HSBC Bank USA | |
| JPM |
JPMorgan Chase Bank, N.A. | |
| SCB |
Standard Chartered Bank | |
| TDB |
Toronto Dominion Bank |
PORTFOLIO ABBREVIATIONS:
| GDP |
Gross Domestic Product | |
| MTN |
Medium Term Note | |
| STRIPS |
Separate Trading of Registered Interest and Principal of Securities |
| The notes are an integral part of this report. Transamerica Funds |
Page 8 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS
At July 31, 2020
(unaudited)
INVESTMENT VALUATION
All investments in securities are recorded at their estimated fair value. The Fund values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.
The Fund 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 the Fund’s own assumptions used in determining the fair value of 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 July 31, 2020, 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.
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.
| The notes are an integral part of this report. Transamerica Funds |
Page 9 |
Transamerica Emerging Markets Debt
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At July 31, 2020
(unaudited)
Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the 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.
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.
| The notes are an integral part of this report. Transamerica Funds |
Page 10 |