NPORT-EX 2 NPORT_I3CN_65645312_0123.htm FOR VALIDATION PURPOSES ONLY - [447377.I3CN]

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES - 34.1%  
Argentina - 0.5%              

YPF SA

      

9.00% (A), 06/30/2029

      $  1,710,000        $  1,474,430  
     

 

 

  
Bermuda - 0.5%              

Star Energy Geothermal Darajat II / Star Energy Geothermal Salak

      

4.85%, 10/14/2038 (B)

      800,000        695,215  

Tengizchevroil Finance Co. International Ltd.

      

4.00%, 08/15/2026 (B)

      640,000        570,982  
     

 

 

  
     1,266,197  
     

 

 

  
Canada - 0.2%              

First Quantum Minerals Ltd.

      

6.88%, 10/15/2027 (B)

      665,000        644,634  
     

 

 

  
Cayman Islands - 2.4%              

Alibaba Group Holding Ltd.

      

2.70%, 02/09/2041

      1,785,000        1,234,356  

Braskem Finance Ltd.

      

6.45%, 02/03/2024

      390,000        392,918  

CIFI Holdings Group Co. Ltd.

      

4.45%, 08/17/2026 (C)

      650,000        199,864  

Country Garden Holdings Co. Ltd.

      

4.80%, 08/06/2030 (C)

      430,000        259,859  

5.40%, 05/27/2025 (C)

      445,000        338,137  

5.63%, 01/14/2030 (C)

      350,000        222,952  

Liberty Costa Rica Senior Secured Finance

      

10.88%, 01/15/2031 (B)

      900,000        878,850  

Lima Metro Line 2 Finance Ltd.

      

4.35%, 04/05/2036 (B)

      776,820        688,457  

Longfor Group Holdings Ltd.

      

3.85%, 01/13/2032 (C)

      800,000        616,400  

Melco Resorts Finance Ltd.

      

5.38%, 12/04/2029 (C)

      490,000        419,440  

5.75%, 07/21/2028 (C)

      210,000        188,276  

QNB Finance Ltd.

      

3.50%, 03/28/2024 (C)

      500,000        490,654  

Vale Overseas Ltd.

      

3.75%, 07/08/2030

      600,000        536,908  
     

 

 

  
     6,467,071  
     

 

 

  
Chile - 2.6%              

Agrosuper SA

      

4.60%, 01/20/2032 (B)

      1,000,000        895,000  

Alfa Desarrollo SpA

      

4.55%, 09/27/2051 (B)

      1,893,074        1,518,150  

Celulosa Arauco y Constitucion SA

      

4.25%, 04/30/2029 (B)

      700,000        662,709  

Cia Cervecerias Unidas SA

      

3.35%, 01/19/2032 (B)

      850,000        735,250  

Corp. Nacional del Cobre de Chile

      

5.13%, 02/02/2033 (B)

      640,000        641,415  

Enel Chile SA

      

4.88%, 06/12/2028

      860,000        845,819  

Sociedad de Transmision Austral SA

      

4.00%, 01/27/2032 (B)

      1,200,000        1,052,387  

Transelec SA

      

4.63%, 07/26/2023 (C)

      530,000        527,212  
     

 

 

  
     6,877,942  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Colombia - 1.3%              

Ecopetrol SA

      

8.88%, 01/13/2033

      $   1,985,000        $   2,037,602  

Empresas Publicas de Medellin ESP

      

4.38%, 02/15/2031 (B)

      980,000        776,040  

Interconexion Electrica SA ESP

      

3.83%, 11/26/2033 (B)

      800,000        668,000  
     

 

 

  
     3,481,642  
     

 

 

  
Guatemala - 0.5%              

Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL

      

5.25%, 04/27/2029 (B)

      810,000        777,835  

CT Trust

      

5.13%, 02/03/2032 (B)

      805,000        700,652  
     

 

 

  
     1,478,487  
     

 

 

  
Honduras - 0.2%              

Central American Bank for Economic Integration

      

5.00%, 02/09/2026 (B)

      565,000        564,887  
     

 

 

  
Hong Kong - 0.5%              

AIA Group Ltd.

      

5.63%, 10/25/2027 (B)

      1,275,000        1,325,473  
     

 

 

  
India - 0.2%              

Adani Ports & Special Economic Zone Ltd.

      

4.20%, 08/04/2027 (B)

      600,000        489,653  
     

 

 

  
Indonesia - 1.3%              

Freeport Indonesia PT

      

5.32%, 04/14/2032 (B)

      1,022,000        971,023  

6.20%, 04/14/2052 (B)

      1,278,000        1,182,150  

Indofood CBP Sukses Makmur Tbk PT

      

4.75%, 06/09/2051 (C)

      1,600,000        1,244,285  
     

 

 

  
     3,397,458  
     

 

 

  
Ireland - 0.4%              

C&W Senior Financing DAC

      

6.88%, 09/15/2027 (B)

      1,000,000        955,900  

Sovcombank Via SovCom Capital DAC

      

Fixed until 02/17/2027 (D),
7.60% (A) (B)

      640,000        18,000  
     

 

 

  
     973,900  
     

 

 

  
Israel - 1.4%              

Bank Leumi Le-Israel BM

      

Fixed until 04/18/2028, 7.13% (A),
07/18/2033 (C)

      505,000        521,665  

Energean Israel Finance Ltd.

      

4.88%, 03/30/2026 (C)

      750,000        700,313  

5.88%, 03/30/2031 (C)

      1,110,000        1,001,775  

Leviathan Bond Ltd.

      

6.75%, 06/30/2030 (C)

      1,545,000        1,500,417  
     

 

 

  
     3,724,170  
     

 

 

  
Jersey, Channel Islands - 0.8%              

Galaxy Pipeline Assets Bidco Ltd.

      

1.75%, 09/30/2027 (B)

      974,387        903,660  

2.16%, 03/31/2034 (C)

      1,294,524        1,116,975  
     

 

 

  
     2,020,635  
     

 

 

  
 

 

Transamerica Funds

     Page    1         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Kazakhstan - 0.4%  

KazMunayGas National Co. JSC

      

6.38%, 10/24/2048 (C)

      $   600,000        $   513,000  

6.38%, 10/24/2048 (B)

      520,000        444,600  
     

 

 

  
     957,600  
     

 

 

  
Luxembourg - 2.4%              

CSN Resources SA

      

4.63%, 06/10/2031 (B)

      915,000        770,258  

5.88%, 04/08/2032 (B)

      500,000        453,843  

EIG Pearl Holdings SARL

      

3.55%, 08/31/2036 (B)

      700,000        607,964  

Guara Norte SARL

      

5.20%, 06/15/2034 (B)

      937,887        849,069  

Kenbourne Invest SA

      

4.70%, 01/22/2028 (C)

      735,000        549,956  

6.88%, 11/26/2024 (B)

      559,000        519,171  

MC Brazil Downstream Trading SARL

      

7.25%, 06/30/2031 (B)

      483,128        421,465  

Millicom International Cellular SA

      

5.13%, 01/15/2028 (B)

      63,000        56,096  

Movida Europe SA

      

5.25%, 02/08/2031 (B) (E)

      950,000        694,640  

Rumo Luxembourg SARL

      

4.20%, 01/18/2032 (B)

      1,100,000        914,375  

Simpar Europe SA

      

5.20%, 01/26/2031 (B)

      725,000        529,250  
     

 

 

  
     6,366,087  
     

 

 

  
Mexico - 6.0%              

Alsea SAB de CV

      

7.75%, 12/14/2026 (B)

      465,000        469,650  

Banco Mercantil del Norte SA

      

Fixed until 01/24/2032 (D), 6.63% (A) (B)

      700,000        617,965  

Fixed until 10/14/2030 (D), 8.38% (A) (C)

      625,000        642,287  

Braskem Idesa SAPI

      

6.99%, 02/20/2032 (B)

      920,000        682,272  

CIBANCO SA Institucion de Banca Multiple Trust

      

4.38%, 07/22/2031 (B)

      1,000,000        777,500  

Grupo Bimbo SAB de CV

      

Fixed until 04/17/2023 (D), 5.95% (A) (B)

      450,000        449,640  

Infraestructura Energetica Nova SAPI de CV

      

4.75%, 01/15/2051 (B)

      1,200,000        941,012  

Mexico City Airport Trust

      

5.50%, 07/31/2047 (B)

      2,120,000        1,717,200  

Petroleos Mexicanos

      

6.70%, 02/16/2032

      905,000        749,866  

6.88%, 08/04/2026

      1,430,000        1,398,663  

7.19%, 09/12/2024 (C)

      MXN  14,090,000        687,290  

7.69%, 01/23/2050

      $  4,440,000        3,310,559  

10.00%, 02/07/2033 (B)

      1,300,000        1,270,100  

Sitios Latinoamerica SAB de CV

      

5.38%, 04/04/2032 (B)

      700,000        652,750  

Total Play Telecomunicaciones SA de CV

      

6.38%, 09/20/2028 (B)

      1,100,000        931,029  

Trust Fibra Uno

      

4.87%, 01/15/2030 (B)

      610,000        559,980  

5.25%, 01/30/2026 (B)

      100,000        97,520  
     

 

 

  
     15,955,283  
     

 

 

  
Morocco - 0.3%              

OCP SA

      

5.13%, 06/23/2051 (B)

      1,000,000        785,620  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Multi-National - 0.6%              

Digicel International Finance Ltd. / Digicel International Holdings Ltd.

      

8.75%, 05/25/2024 (B)

      $   800,000        $   688,012  

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

      

5.75%, 04/01/2033 (B)

      900,000        882,504  
     

 

 

  
     1,570,516  
     

 

 

  
Netherlands - 2.8%              

Braskem Netherlands Finance BV

      

4.50%, 01/31/2030 (B)

      1,125,000        990,523  

IHS Netherlands Holdco BV

      

8.00%, 09/18/2027 (B)

      1,375,000        1,239,288  

Mong Duong Finance Holdings BV

      

5.13%, 05/07/2029 (B)

      895,000        796,550  

MV24 Capital BV

      

6.75%, 06/01/2034 (B)

      513,900        489,233  

Prosus NV

      

3.68%, 01/21/2030 (B)

      1,050,000        906,567  

4.19%, 01/19/2032 (B)

      1,285,000        1,101,820  

Teva Pharmaceutical Finance Netherlands III BV

      

3.15%, 10/01/2026

      2,230,000        1,997,723  
     

 

 

  
     7,521,704  
     

 

 

  
Nigeria - 0.4%              

SEPLAT Energy PLC

      

7.75%, 04/01/2026 (B)

      1,200,000        1,044,000  
     

 

 

  
Northern Mariana Islands - 0.7%              

Greenko Wind Projects Mauritius Ltd.

      

5.50%, 04/06/2025 (B)

      850,000        801,332  

HTA Group Ltd.

      

7.00%, 12/18/2025 (C)

      1,050,000        987,000  
     

 

 

  
     1,788,332  
     

 

 

  
Peru - 0.4%              

Consorcio Transmantaro SA

      

5.20%, 04/11/2038 (B)

      690,000        640,982  

Petroleos del Peru SA

      

5.63%, 06/19/2047 (B)

      725,000        483,677  
     

 

 

  
     1,124,659  
     

 

 

  
Qatar - 0.7%              

QatarEnergy

      

2.25%, 07/12/2031 (B)

      2,200,000        1,868,658  
     

 

 

  
Republic of Korea - 0.3%              

POSCO

      

4.38%, 08/04/2025 (B)

      710,000        691,244  
     

 

 

  
Republic of South Africa - 0.3%              

Eskom Holdings SOC Ltd.

      

7.50%, 09/15/2033

      ZAR  20,000,000        847,297  
     

 

 

  
Singapore - 0.5%              

LLPL Capital Pte Ltd.

      

6.88%, 02/04/2039 (C)

      $  281,556        261,129  

Medco Laurel Tree Pte Ltd.

      

6.95%, 11/12/2028 (B)

      1,000,000        950,812  
     

 

 

  
     1,211,941  
     

 

 

  
Spain - 0.3%              

AI Candelaria Spain SA

      

5.75%, 06/15/2033 (B)

      1,075,000        837,047  
     

 

 

  
 

 

Transamerica Funds

     Page    2         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Thailand - 0.3%  

GC Treasury Center Co. Ltd.

      

5.20%, 03/30/2052 (B)

      $   1,000,000        $   864,700  
     

 

 

  
Turkey - 0.5%              

TC Ziraat Bankasi AS

      

9.50%, 08/01/2026 (B)

      880,000        869,862  

Ulker Biskuvi Sanayi AS

      

6.95%, 10/30/2025 (C)

      600,000        534,365  
     

 

 

  
     1,404,227  
     

 

 

  
United Arab Emirates - 1.1%              

Acwa Power Management & Investments One Ltd.

      

5.95%, 12/15/2039 (B)

      998,000        949,278  

NBK SPC Ltd.

      

Fixed until 09/15/2026,
1.63% (A), 09/15/2027 (B)

      875,000        780,938  

Sweihan PV Power Co. PJSC

      

3.63%, 01/31/2049 (B)

      1,460,370        1,218,360  
     

 

 

  
     2,948,576  
     

 

 

  
United Kingdom - 1.6%              

Energean PLC

      

6.50%, 04/30/2027 (B)

      1,430,000        1,338,194  

Liquid Telecommunications Financing PLC

      

5.50%, 09/04/2026 (B)

      750,000        572,085  

Standard Chartered PLC

      

Fixed until 01/09/2026,
6.17% (A), 01/09/2027 (B)

      540,000        552,644  

Tullow Oil PLC

      

10.25%, 05/15/2026 (B)

      1,119,000        965,138  

Vedanta Resources Finance II PLC

      

8.95%, 03/11/2025 (B)

      1,070,000        858,675  
     

 

 

  
     4,286,736  
     

 

 

  
United States - 1.0%              

Kosmos Energy Ltd.

      

7.75%, 05/01/2027 (B)

      800,000        711,920  

New Fortress Energy, Inc.

      

6.50%, 09/30/2026 (B)

      790,000        726,919  

Sasol Financing USA LLC

      

5.50%, 03/18/2031

      1,500,000        1,308,750  
     

 

 

  
     2,747,589  
     

 

 

  
Venezuela - 0.2%              

Petroleos de Venezuela SA

      

8.50%, 10/27/2020 (C) (F) (G)

      1,945,000        418,175  
     

 

 

  
Virgin Islands, British - 0.5%  

New Metro Global Ltd.

      

4.80%, 12/15/2024 (C)

      680,000        578,802  

Studio City Finance Ltd.

      

6.50%, 01/15/2028 (C)

      940,000        849,525  
     

 

 

  
     1,428,327  
     

 

 

  

Total Corporate Debt Securities
(Cost $98,375,325)

 

      90,854,897  
     

 

 

  
     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS - 56.1%  
Angola - 1.1%              

Angolan Government International Bonds

      

9.13%, 11/26/2049 (C) (E)

      $  2,500,000        $  2,185,875  

9.50%, 11/12/2025 (C)

      750,000        781,845  
     

 

 

  
     2,967,720  
     

 

 

  
Argentina - 1.6%              

Argentina Republic Government International Bonds

      

1.50% (H), 07/09/2035 - 07/09/2046

      9,745,000        3,010,136  

3.50% (H), 07/09/2041

      3,540,000        1,205,459  
     

 

 

  
     4,215,595  
     

 

 

  
Bahamas - 0.3%              

Bahamas Government International Bonds

      

6.00%, 11/21/2028 (B)

      340,000        276,141  

6.00%, 11/21/2028 (C)

      685,000        556,342  
     

 

 

  
     832,483  
     

 

 

  
Bermuda - 0.4%              

Bermuda Government International Bonds

      

5.00%, 07/15/2032 (B)

      1,150,000        1,154,554  
     

 

 

  
Brazil - 2.9%              

Brazil Notas do Tesouro Nacional

      

Series F,

      

10.00%, 01/01/2025 - 01/01/2033

      BRL  42,054,000        7,714,629  
     

 

 

  
Cayman Islands - 0.5%              

KSA Sukuk Ltd.

      

5.27%, 10/25/2028 (B)

      $  1,395,000        1,466,310  
     

 

 

  
Chile - 0.7%              

Chile Government International Bonds

      

2.75%, 01/31/2027

      1,075,000        1,005,847  

3.10%, 05/07/2041

      1,125,000        849,384  
     

 

 

  
     1,855,231  
     

 

 

  
China - 0.6%              

China Government Bonds

      

3.27%, 11/19/2030

      CNY  10,650,000        1,632,897  
     

 

 

  
Colombia - 4.1%              

Colombia Government International Bonds

      

5.63%, 02/26/2044

      $  935,000        711,442  

7.50%, 02/02/2034

      1,415,000        1,395,672  

Colombia TES

      

Series B,

      

6.00%, 04/28/2028

      COP  7,652,400,000        1,268,484  

6.25%, 07/09/2036

      8,885,700,000        1,164,894  

13.25%, 02/09/2033

      15,298,000,000        3,454,666  

Republic of Colombia Government International Bonds

      

8.00%, 04/20/2033

      $  2,820,000        2,887,276  
     

 

 

  
     10,882,434  
     

 

 

  
Cote d’Ivoire - 1.2%              

Ivory Coast Government International Bonds

      

4.88%, 01/30/2032 (B)

      EUR  2,130,000        1,812,444  

6.88%, 10/17/2040 (B)

      1,545,000        1,282,088  
     

 

 

  
     3,094,532  
     

 

 

  
 

 

Transamerica Funds

     Page    3         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS (continued)  
Czech Republic - 0.5%  

Czech Republic Government Bonds

      

5.70%, 05/25/2024 (C)

      CZK  28,030,000        $   1,279,802  
     

 

 

  
Dominican Republic - 1.4%              

Dominican Republic International Bonds

      

5.88%, 01/30/2060 (B)

      $  1,980,000        1,516,878  

6.50%, 02/15/2048 (B)

      1,350,000        1,164,189  

7.05%, 02/03/2031

      415,000        415,000  

13.63%, 02/03/2033 (B)

      DOP  30,000,000        528,634  
     

 

 

  
     3,624,701  
     

 

 

  
Ecuador - 0.6%              

Ecuador Government International Bonds

      

1.50% (H), 07/31/2040 (B)

      $  715,000        299,919  

5.50% (H), 07/31/2030 (C)

      1,865,000        1,237,843  
     

 

 

  
     1,537,762  
     

 

 

  
Egypt - 1.3%              

Egypt Government International Bonds

      

5.80%, 09/30/2027 (B)

      1,600,000        1,324,320  

8.88%, 05/29/2050 (B)

      2,950,000        2,103,338  
     

 

 

  
     3,427,658  
     

 

 

  
Gabon - 0.3%              

Gabon Government International Bonds

      

6.95%, 06/16/2025 (B)

      715,000        692,921  
     

 

 

  
Ghana - 0.5%              

Ghana Government International Bonds

      

7.63%, 05/16/2029 (B)

      2,885,000        1,063,930  

8.88%, 05/07/2042 (C)

      650,000        234,000  
     

 

 

  
     1,297,930  
     

 

 

  
Guatemala - 0.4%              

Guatemala Government Bonds

      

5.25%, 08/10/2029 (B)

      1,255,000        1,221,614  
     

 

 

  
Hungary - 1.4%              

Hungary Government Bonds

      

2.50%, 10/24/2024

      HUF  658,980,000        1,565,424  

4.75%, 11/24/2032 (E)

      700,750,000        1,522,727  

Hungary Government International Bonds

      

6.13%, 05/22/2028 (B) (E)

      $  655,000        677,215  
     

 

 

  
     3,765,366  
     

 

 

  
Indonesia - 5.8%              

Indonesia Government International Bonds

      

4.15%, 09/20/2027

      620,000        610,459  

4.35%, 01/08/2027 (B)

      2,750,000        2,726,886  

4.63%, 04/15/2043 (B)

      3,205,000        3,005,358  

5.65%, 01/11/2053

      405,000        425,101  

Indonesia Treasury Bonds

      

8.25%, 05/15/2036

      IDR  26,291,000,000        1,955,005  

8.38%, 03/15/2034

      39,931,000,000        2,972,315  

Series FR73,

      

8.75%, 05/15/2031

      17,219,000,000        1,298,834  

Perusahaan Penerbit SBSN Indonesia III

      

4.40%, 06/06/2027 (B)

      $  2,385,000        2,378,861  
     

 

 

  
     15,372,819  
     

 

 

  
     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS (continued)  
Kenya - 0.8%              

Republic of Kenya Government International Bonds

      

6.88%, 06/24/2024 (B)

      $   2,290,000        $   2,149,852  
     

 

 

  
Malaysia - 1.8%              

Malaysia Government Bonds

      

3.76%, 05/22/2040

      MYR  10,263,000        2,282,586  

4.70%, 10/15/2042

      6,179,000        1,545,058  

Malaysia Sovereign Sukuk Bhd.

      

3.04%, 04/22/2025 (B)

      $  1,000,000        973,070  
     

 

 

  
     4,800,714  
     

 

 

  
Mexico - 6.7%              

Mexico Bonos

      

7.50%, 06/03/2027

      MXN  83,477,100        4,214,218  

8.00%, 09/05/2024

      12,000,000        615,973  

Series M,

      

7.75%, 05/29/2031

      91,758,400        4,606,607  

8.50%, 05/31/2029

      85,120,000        4,479,734  

Mexico Government International Bonds

      

4.50%, 04/22/2029

      $  1,325,000        1,296,983  

6.35%, 02/09/2035

      2,600,000        2,759,810  
     

 

 

  
     17,973,325  
     

 

 

  
Nigeria - 0.8%              

Nigeria Government International Bonds

      

7.38%, 09/28/2033 (B)

      2,985,000        2,126,812  
     

 

 

  
Oman - 0.7%              

Oman Government International Bonds

      

6.25%, 01/25/2031 (B)

      1,250,000        1,293,650  

7.00%, 01/25/2051 (B)

      590,000        597,021  
     

 

 

  
     1,890,671  
     

 

 

  
Panama - 0.7%              

Panama Government International Bonds

      

4.50%, 01/19/2063

      2,375,000        1,769,636  
     

 

 

  
Peru - 1.3%              

Peru Government Bonds

      

6.15%, 08/12/2032

      PEN  4,294,000        976,072  

Peru Government International Bonds

      

2.39%, 01/23/2026 (E)

      $  1,280,000        1,190,512  

6.90%, 08/12/2037 (B)

      PEN  5,314,000        1,226,793  
     

 

 

  
     3,393,377  
     

 

 

  
Poland - 1.6%              

Republic of Poland Government Bonds

      

Series 0432,

      

1.75%, 04/25/2032

      PLN  22,296,000        3,634,417  

Republic of Poland Government International Bonds

      

5.50%, 11/16/2027

      $  570,000        590,566  
     

 

 

  
     4,224,983  
     

 

 

  
Qatar - 0.3%              

Qatar Government International Bonds

      

3.40%, 04/16/2025 (B)

      750,000        731,775  
     

 

 

  
Republic of Korea - 1.5%              

Export-Import Bank of Korea

      

4.25%, 09/15/2027

      475,000        469,789  

4.88%, 01/11/2026

      830,000        835,553  

8.00%, 05/15/2024 (B)

      IDR  15,200,000,000        1,033,390  
 

 

Transamerica Funds

     Page    4         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS (continued)  
Republic of Korea (continued)              

Korea Development Bank

 

   

4.00%, 09/08/2025

      $  1,100,000        $   1,080,924  

Korea Electric Power Corp.

      

5.50%, 04/06/2028 (B)

      500,000        513,876  
     

 

 

  
     3,933,532  
     

 

 

  
Republic of South Africa - 3.9%              

Republic of South Africa Government Bonds

      

7.00%, 02/28/2031

      ZAR  37,162,700        1,775,693  

8.25%, 03/31/2032

      50,923,000        2,571,319  

8.88%, 02/28/2035

      53,023,000        2,632,257  

10.50%, 12/21/2026

      21,130,000        1,301,778  

Republic of South Africa Government International Bonds

      

5.88%, 04/20/2032

      $  900,000        834,750  

7.30%, 04/20/2052

      1,300,000        1,170,000  
     

 

 

  
     10,285,797  
     

 

 

  
Romania - 1.9%              

Romania Government Bonds

      

4.25%, 04/28/2036

      RON  13,940,000        2,253,786  

Romania Government International Bonds

      

6.00%, 05/25/2034 (B)

      $  949,000        929,546  

7.13%, 01/17/2033 (B)

      1,760,000        1,856,800  
     

 

 

  
     5,040,132  
     

 

 

  
Saudi Arabia - 1.7%              

Saudi Government International Bonds

      

4.63%, 10/04/2047 (B)

      2,713,000        2,460,094  

4.75%, 01/18/2028 (B)

      795,000        805,176  

5.00%, 01/18/2053 (B)

      1,400,000        1,333,836  
     

 

 

  
     4,599,106  
     

 

 

  
Serbia - 0.6%              

Serbia International Bonds

      

6.50%, 09/26/2033 (B) (E)

      1,695,000        1,698,221  
     

 

 

  
Supranational - 0.6%              

Asian Development Bank

      

6.20%, 10/06/2026

      INR  38,300,000        457,288  

Asian Infrastructure Investment Bank

      

6.00%, 12/08/2031 (C)

      106,500,000        1,212,618  
     

 

 

  
     1,669,906  
     

 

 

  
Thailand - 1.0%              

Thailand Government Bonds

      

1.59%, 12/17/2035

      THB  74,337,000        1,964,901  

3.78%, 06/25/2032

      24,413,000        817,147  
     

 

 

  
     2,782,048  
     

 

 

  
Tunisia - 0.3%              

Tunisian Republic

      

5.75%, 01/30/2025 (C)

      $  1,400,000        909,328  
     

 

 

  
Turkey - 1.8%              

Hazine Mustesarligi Varlik Kiralama AS

      

9.76%, 11/13/2025 (B)

      900,000        926,847  

Turkey Government International Bonds

      

9.38%, 01/19/2033

      1,965,000        1,924,332  

9.88%, 01/15/2028

      1,250,000        1,281,250  

Turkiye Ihracat Kredi Bankasi AS

      

9.38%, 01/31/2026 (B) (E)

      600,000        599,160  
     

 

 

  
     4,731,589  
     

 

 

  
     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS (continued)  
Ukraine - 0.5%              

Ukraine Government International Bonds

      

Zero Coupon (A), 08/01/2041 (C)

      $   870,000        $   277,808  

7.38%, 09/25/2034 (C)

      350,000        69,208  

7.75%, 09/01/2026 - 09/01/2027 (C)

      4,095,000        882,324  
     

 

 

  
     1,229,340  
     

 

 

  
United Arab Emirates - 1.0%              

UAE International Government Bonds

      

4.95%, 07/07/2052 (B)

      2,570,000        2,586,114  
     

 

 

  
Venezuela - 0.3%              

Venezuela Government International Bonds

      

9.00%, 05/07/2023 (C) (F) (G)

      9,260,000        810,250  
     

 

 

  
Virgin Islands, British - 0.4%              

1MDB Global Investments Ltd.

      

4.40%, 03/09/2023 (C)

      1,200,000        1,178,107  
     

 

 

  
Zambia - 0.3%              

Zambia Government International Bonds

      

5.38%, 09/20/2022 (C)

      1,725,000        797,813  

8.50%, 04/14/2024 (C)

      200,000        100,024  
     

 

 

  
     897,837  
     

 

 

  

Total Foreign Government Obligations
(Cost $157,256,681)

 

      149,449,410  
     

 

 

  
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 0.7%  
Egypt - 0.7%              

Egypt Treasury Bills

      

22.05% (I), 07/18/2023

      EGP  60,100,000        1,816,383  
     

 

 

  

Total Short-Term Foreign Government Obligation
(Cost $1,841,291)

 

      1,816,383  
     

 

 

  
     Shares      Value  
OTHER INVESTMENT COMPANY - 2.0%  
Securities Lending Collateral - 2.0%              

State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% (I)

      5,285,137        5,285,137  
     

 

 

  

Total Other Investment Company
(Cost $5,285,137)

 

      5,285,137  
     

 

 

  
     Principal      Value  
REPURCHASE AGREEMENT - 8.1%  

Fixed Income Clearing Corp., 1.80% (I), dated 01/31/2023, to be repurchased at $21,624,780 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $22,056,212.

      $  21,623,699        21,623,699  
     

 

 

  

Total Repurchase Agreement
(Cost $21,623,699)

 

      21,623,699  
     

 

 

  

Total Investments
(Cost $284,382,133)

 

        269,029,526  

Net Other Assets (Liabilities) - (1.0)%

 

      (2,603,309 ) 
     

 

 

  

Net Assets - 100.0%

 

      $  266,426,217  
     

 

 

  
 

 

Transamerica Funds

     Page    5         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

FORWARD FOREIGN CURRENCY CONTRACTS:

 

 

Counterparty

      Settlement Date    Currency
Purchased		      Currency Sold      Unrealized
Appreciation		      Unrealized
Depreciation		  

CA

      02/28/2023    JPY      388,957,296      USD      3,006,049      $ —        $ (6,497 ) 

HSBC

      02/28/2023    USD      248,708      PLN      1,081,107        —          (354 ) 

HSBC

      03/31/2023    THB      138,421,422      USD      4,057,023        161,855        —    

JPM

      02/28/2023    USD      3,302,972      EUR      3,033,957        —          (1,381 ) 

MSC

      02/28/2023    MXN      5,090,347      USD      270,345        —          (1,358 ) 
                   

 

 

     

 

 

  

Total

                     $     161,855      $ (9,590 ) 
                   

 

 

     

 

 

  

INVESTMENTS BY INDUSTRY:

 

 

Industry

    Percentage of
Total Investments		   Value

Foreign Government Obligations

        55.5 %     $ 149,449,410

Oil, Gas & Consumable Fuels

        10.2       27,446,237

Electric Utilities

        3.9       10,371,125

Metals & Mining

        2.5       6,750,150

Banks

        1.9       5,058,902

Chemicals

        1.9       5,024,783

Food Products

        1.5       4,005,794

Transportation Infrastructure

        1.4       3,650,478

Wireless Telecommunication Services

        1.3       3,421,885

Real Estate Management & Development

        1.1       2,993,514

Energy Equipment & Services

        1.0       2,675,393

Construction & Engineering

        0.8       2,226,288

Diversified Telecommunication Services

        0.8       2,203,766

Internet & Direct Marketing Retail

        0.8       2,140,923

Pharmaceuticals

        0.7       1,997,723

Hotels, Restaurants & Leisure

        0.7       1,926,891

Beverages

        0.6       1,513,085

Insurance

        0.5       1,325,473

Internet & Catalog Retail

        0.4       1,101,820

Professional Services

        0.3       949,278

Communications Equipment

        0.3       878,850

Specialty Retail

        0.3       694,640

Road & Rail

        0.3       688,457

Paper & Forest Products

        0.2       662,709

Equity Real Estate Investment Trusts

        0.2       657,500

Marine

        0.2       489,233
    

 

 

      

 

 

  

Investments

        89.3       240,304,307

Short-Term Investments

        10.7       28,725,219
    

 

 

      

 

 

  

Total Investments

        100.0 %     $ 269,029,526
    

 

 

      

 

 

  

INVESTMENT VALUATION:

 

Valuation Inputs (J)

 

     Level 1 -
Unadjusted
Quoted
Prices		      Level 2 -
Other
Significant
Observable
Inputs		      Level 3 -
Significant
Unobservable
Inputs		      Value  

ASSETS

            

Investments

            

Corporate Debt Securities

    $ —        $ 90,854,897      $ —        $ 90,854,897  

Foreign Government Obligations

      —          149,449,410        —          149,449,410  

Short-Term Foreign Government Obligation

      —          1,816,383        —          1,816,383  

Other Investment Company

      5,285,137        —          —          5,285,137  

Repurchase Agreement

      —          21,623,699        —          21,623,699  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $     5,285,137      $     263,744,389      $     —        $     269,029,526  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Transamerica Funds

     Page    6         

Transamerica Emerging Markets Debt

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Level 1 -
Unadjusted
Quoted
Prices		      Level 2 -
Other
Significant
Observable
Inputs		     Level 3 -
Significant
Unobservable
Inputs		      Value  

Other Financial Instruments

           

Forward Foreign Currency Contracts (K)

    $ —        $ 161,855     $ —        $ 161,855  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Other Financial Instruments

    $     —        $     161,855     $     —        $     161,855  
  

 

 

     

 

 

    

 

 

     

 

 

  

LIABILITIES

           

Other Financial Instruments

           

Forward Foreign Currency Contracts (K)

    $ —        $ (9,590 )    $ —        $ (9,590 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Other Financial Instruments

    $ —        $ (9,590 )    $ —        $ (9,590 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

 

(A)      Floating or variable rate securities. The rates disclosed are as of January 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.
(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, 2023, the total value of 144A securities is $107,887,886, representing 40.5% of the Fund’s net assets.
(C)      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 January 31, 2023, the total value of Regulation S securities is $27,882,940, representing 10.5% of the Fund’s net assets.
(D)      Perpetual maturity. The date displayed is the next call date.
(E)      All or a portion of the securities are on loan. The total value of all securities on loan is $5,264,551, collateralized by cash collateral of $5,285,137 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $127,200. 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.
(F)      Non-income producing securities.
(G)      Securities in default; no interest payments received and/or dividends declared during the last 12 months. At January 31, 2023, the total value of such securities is $1,228,425, representing 0.5% of the Fund’s net assets.
(H)      Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of January 31, 2023; the maturity dates disclosed are the ultimate maturity dates.
(I)      Rates disclosed reflect the yields at January 31, 2023.
(J)      There were no transfers in or out of Level 3 during the period ended January 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.
(K)      Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

 

BRL

    Brazilian Real

CNY

    Chinese Yuan Renminbi (onshore)

COP

    Columbian Peso

CZK

    Czech Republic Koruna

DOP

    Dominican Peso

EUR

    Euro

HUF

    Hungarian Forint

IDR

    Indonesian Rupiah

INR

    Indian Rupee

JPY

    Japanese Yen

MXN

    Mexican Peso

MYR

    Malaysian Ringgit

PEN

    Peruvian Sol

PLN

    Polish Zloty

RON

    New Romanian Leu

THB

    Thai Baht

USD

    United States Dollar

ZAR

    South African Rand

COUNTERPARTY ABBREVIATIONS:

 

CA

    Credit Agricole

HSBC

    HSBC Bank USA

JPM

    JPMorgan Chase Bank, N.A.

MSC

    Morgan Stanley & Co.

 

Transamerica Funds

     Page    7         

Transamerica Emerging Markets Debt

 

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica Emerging Markets Debt (the “Fund”) is a series of the Transamerica Funds.

Effective September 8, 2022, TAM has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act 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, 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.

Short-term notes: The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities 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.

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.

 

 

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Transamerica Emerging Markets Debt

 

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(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

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