NPORT-EX 2 NPORT_I3BD_65381076_0723.htm HTML

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES - 92.4%  
Aerospace & Defense - 1.1%  

TransDigm, Inc.

      

4.88%, 05/01/2029

      $  5,570,000        $  5,011,957  

5.50%, 11/15/2027

      3,158,000        2,995,916  

Triumph Group, Inc.

      

7.75%, 08/15/2025 (A)

      2,357,000        2,274,881  

9.00%, 03/15/2028 (B)

      5,028,000        5,158,456  
     

 

 

  
        15,441,210  
     

 

 

  
Automobile Components - 2.9%  

Adient Global Holdings Ltd.

      

7.00%, 04/15/2028 (B)

      322,000        324,338  

8.25%, 04/15/2031 (A) (B)

      674,000        694,170  

Benteler International AG

      

10.50%, 05/15/2028 (A) (B)

      3,948,000        4,007,551  

Clarios Global LP

      

6.75%, 05/15/2025 (B)

      1,881,000        1,885,455  

Clarios Global LP/Clarios US Finance Co.

      

6.25%, 05/15/2026 (B)

      3,086,000        3,083,791  

6.75%, 05/15/2028 (B)

      2,187,000        2,196,556  

8.50%, 05/15/2027 (B)

      3,876,000        3,924,418  

Dana Financing Luxembourg SARL

      

5.75%, 04/15/2025 (B)

      2,857,000        2,822,524  

Dana, Inc.

      

4.25%, 09/01/2030

      224,000        191,399  

4.50%, 02/15/2032

      3,422,000        2,852,641  

5.38%, 11/15/2027

      3,051,000        2,921,738  

5.63%, 06/15/2028 (A)

      1,580,000        1,499,631  

Goodyear Tire & Rubber Co.

      

4.88%, 03/15/2027

      2,303,000        2,209,423  

5.00%, 05/31/2026 - 07/15/2029 (A)

      4,685,000        4,427,813  

9.50%, 05/31/2025

      3,988,000        4,087,700  

ZF North America Capital, Inc.

      

6.88%, 04/14/2028 (B)

      2,507,000        2,544,171  

7.13%, 04/14/2030 (B)

      2,016,000        2,076,321  
     

 

 

  
        41,749,640  
     

 

 

  
Automobiles - 2.4%  

Ford Motor Co.

      

6.10%, 08/19/2032 (A)

      849,000        821,043  

Ford Motor Credit Co. LLC

      

2.70%, 08/10/2026

      1,636,000        1,466,536  

3.37%, 11/17/2023

      2,850,000        2,821,404  

3.38%, 11/13/2025

      3,066,000        2,866,563  

4.00%, 11/13/2030

      4,118,000        3,537,511  

4.39%, 01/08/2026

      6,119,000        5,813,919  

4.95%, 05/28/2027

      1,741,000        1,651,752  

5.13%, 06/16/2025

      1,398,000        1,361,224  

6.95%, 03/06/2026

      3,381,000        3,414,401  

7.35%, 11/04/2027 - 03/06/2030

      10,150,000        10,453,655  
     

 

 

  
        34,208,008  
     

 

 

  
Banks - 3.0%  

Barclays PLC

      

Fixed until 11/02/2025,
7.33% (C), 11/02/2026

      5,028,000        5,160,185  

Fixed until 09/15/2023 (D),
7.75% (C)

      1,717,000        1,718,717  

Fixed until 06/15/2024 (D),
8.00% (C)

      3,262,000        3,212,026  

Citigroup, Inc.

      

Fixed until 09/12/2024 (D),
5.00% (C)

      6,834,000        6,472,579  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Banks (continued)  

Deutsche Bank AG

      

Fixed until 10/14/2030,
3.73% (C), 01/14/2032

      $   1,594,000        $   1,242,680  

Fixed until 10/30/2025 (D),
6.00% (C)

      1,400,000        1,165,106  

Fixed until 11/10/2032,
7.08% (C), 02/10/2034

      3,456,000        3,326,800  

Intesa Sanpaolo SpA

      

Fixed until 06/01/2031, 4.20% (C), 06/01/2032 (B)

      3,394,000        2,613,091  

5.71%, 01/15/2026 (B)

      4,247,000        4,099,372  

7.00%, 11/21/2025 (B)

      694,000        705,248  

Fixed until 06/20/2053, 7.78% (C), 06/20/2054 (B)

      1,000,000        1,011,151  

Fixed until 11/21/2032, 8.25% (C), 11/21/2033 (B)

      2,797,000        2,974,063  

JPMorgan Chase & Co.

      

Fixed until 02/01/2025 (D),
4.60% (C)

      4,647,000        4,391,415  

Lloyds Banking Group PLC

      

Fixed until 06/27/2024 (D),
7.50% (C)

      2,830,000        2,757,835  

Fixed until 08/15/2032,
7.95% (C), 11/15/2033

      1,400,000        1,525,418  
     

 

 

  
        42,375,686  
     

 

 

  
Beverages - 0.6%  

Primo Water Holdings, Inc.

      

4.38%, 04/30/2029 (B)

      9,880,000        8,596,223  
     

 

 

  
Building Products - 1.6%  

Boise Cascade Co.

      

4.88%, 07/01/2030 (B)

      6,617,000        6,038,012  

Builders FirstSource, Inc.

      

4.25%, 02/01/2032 (B)

      905,000        785,264  

5.00%, 03/01/2030 (B)

      744,000        695,546  

Camelot Return Merger Sub, Inc.

      

8.75%, 08/01/2028 (B)

      4,381,000        4,272,724  

Cornerstone Building Brands, Inc.

      

6.13%, 01/15/2029 (B)

      6,056,000        4,983,047  

Standard Industries, Inc.

      

3.38%, 01/15/2031 (B)

      2,209,000        1,784,135  

4.38%, 07/15/2030 (B)

      1,080,000        935,788  

5.00%, 02/15/2027 (B)

      3,504,000        3,356,758  
     

 

 

  
        22,851,274  
     

 

 

  
Capital Markets - 0.3%  

LPL Holdings, Inc.

      

4.00%, 03/15/2029 (B)

      4,744,000        4,251,987  
     

 

 

  
Chemicals - 1.9%  

ASP Unifrax Holdings, Inc.

      

5.25%, 09/30/2028 (B)

      1,425,000        1,048,885  

Avient Corp.

      

7.13%, 08/01/2030 (B)

      1,385,000        1,396,163  

Eagle Intermediate Global Holding BV/Eagle US Finance LLC

      

7.50%, 05/01/2025 (A) (B)

      7,289,000        4,847,185  

NOVA Chemicals Corp.

      

4.25%, 05/15/2029 (A) (B)

      2,304,000        1,915,657  

4.88%, 06/01/2024 (B)

      2,809,000        2,738,743  

5.25%, 06/01/2027 (B)

      7,494,000        6,749,258  
 

 

Transamerica Funds

     Page    1         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Chemicals (continued)  

Olin Corp.

      

5.00%, 02/01/2030

      $  3,224,000        $  2,961,179  

5.13%, 09/15/2027

      2,530,000        2,418,427  

5.63%, 08/01/2029 (A)

      1,471,000        1,424,112  

Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.

      

5.13%, 04/01/2029 (B)

      3,598,000        2,115,336  
     

 

 

  
        27,614,945  
     

 

 

  
Commercial Services & Supplies - 3.5%  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.

      

5.38%, 03/01/2029 (B)

      5,881,000        5,471,732  

5.75%, 07/15/2027 (A) (B)

      4,576,000        4,423,279  

Covanta Holding Corp.

      

4.88%, 12/01/2029 (B)

      2,986,000        2,636,915  

5.00%, 09/01/2030

      2,115,000        1,829,475  

Garda World Security Corp.

      

4.63%, 02/15/2027 (B)

      3,279,000        3,028,057  

6.00%, 06/01/2029 (B)

      3,381,000        2,813,516  

9.50%, 11/01/2027 (A) (B)

      1,490,000        1,458,494  

Herc Holdings, Inc.

      

5.50%, 07/15/2027 (B)

      7,404,000        7,112,902  

Hertz Corp.

      

4.63%, 12/01/2026 (B)

      593,000        535,746  

5.00%, 12/01/2029 (B)

      4,300,000        3,545,705  

Stericycle, Inc.

      

5.38%, 07/15/2024 (B)

      2,447,000        2,419,471  

United Rentals North America, Inc.

      

3.75%, 01/15/2032

      2,679,000        2,265,319  

4.00%, 07/15/2030

      3,533,000        3,123,924  

6.00%, 12/15/2029 (B)

      4,888,000        4,882,608  

WW International, Inc.

      

4.50%, 04/15/2029 (B)

      5,892,000        4,183,320  
     

 

 

  
        49,730,463  
     

 

 

  
Communications Equipment - 0.6%  

CommScope, Inc.

      

4.75%, 09/01/2029 (B)

      4,625,000        3,562,006  

6.00%, 03/01/2026 (A) (B)

      2,419,000        2,219,581  

8.25%, 03/01/2027 (A) (B)

      3,036,000        2,298,134  
     

 

 

  
        8,079,721  
     

 

 

  
Construction & Engineering - 1.5%  

Abengoa Abenewco 2 SA

      

1.50%, 10/26/2024 (B) (E)

      2,054,420        10,272  

1.50%, 10/26/2024 (B) (E) (F) (G) (H)

      2,023,470        0  

Ashton Woods USA LLC/Ashton Woods Finance Co.

      

4.63%, 08/01/2029 - 04/01/2030 (B)

      2,445,000        2,107,668  

6.63%, 01/15/2028 (B)

      4,414,000        4,234,739  

Beazer Homes USA, Inc.

      

5.88%, 10/15/2027

      2,476,000        2,391,339  

6.75%, 03/15/2025

      4,911,000        4,876,694  

7.25%, 10/15/2029

      3,626,000        3,563,677  

KB Home

      

7.25%, 07/15/2030

      1,840,000        1,877,941  

Meritage Homes Corp.

      

5.13%, 06/06/2027

      521,000        504,206  

6.00%, 06/01/2025

      2,201,000        2,198,249  
     

 

 

  
        21,764,785  
     

 

 

  
Construction Materials - 0.5%  

Smyrna Ready Mix Concrete LLC

      

6.00%, 11/01/2028 (B)

      7,856,000        7,488,469  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Consumer Staples Distribution & Retail - 1.1%  

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP

      

3.25%, 03/15/2026 (B)

      $   1,240,000        $   1,152,503  

3.50%, 03/15/2029 (B)

      4,871,000        4,240,496  

4.63%, 01/15/2027 (B)

      4,299,000        4,075,529  

6.50%, 02/15/2028 (B)

      5,098,000        5,077,965  

7.50%, 03/15/2026 (B)

      1,067,000        1,086,063  
     

 

 

  
        15,632,556  
     

 

 

  
Containers & Packaging - 5.0%  

ARD Finance SA

      

PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 (B) (E)

      3,132,216        2,544,926  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

      

3.25%, 09/01/2028 (B)

      2,886,000        2,493,471  

4.00%, 09/01/2029 (B)

      6,457,000        5,283,411  

6.00%, 06/15/2027 (B)

      424,000        418,417  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

      

5.25%, 08/15/2027 (A) (B)

      4,266,000        3,661,255  

Ball Corp.

      

2.88%, 08/15/2030

      9,642,000        7,946,989  

6.00%, 06/15/2029

      736,000        736,000  

6.88%, 03/15/2028

      1,834,000        1,876,301  

Cascades, Inc./Cascades USA, Inc.

      

5.13%, 01/15/2026 (B)

      1,254,000        1,203,673  

5.38%, 01/15/2028 (B)

      2,675,000        2,513,276  

Clydesdale Acquisition Holdings, Inc.

      

6.63%, 04/15/2029 (B)

      3,539,000        3,385,644  

Crown Americas LLC/Crown Americas Capital Corp. VI

      

4.75%, 02/01/2026

      9,663,000        9,340,434  

Graphic Packaging International LLC

      

3.50%, 03/15/2028 - 03/01/2029 (B)

      5,398,000        4,808,033  

3.75%, 02/01/2030 (B)

      550,000        476,228  

4.13%, 08/15/2024

      1,511,000        1,476,562  

Mauser Packaging Solutions Holding Co.

      

7.88%, 08/15/2026 (B)

      2,503,000        2,488,650  

OI European Group BV

      

4.75%, 02/15/2030 (B)

      1,597,000        1,442,341  

Owens-Brockway Glass Container, Inc.

      

6.38%, 08/15/2025 (B)

      1,014,000        1,013,541  

7.25%, 05/15/2031 (B)

      2,642,000        2,684,853  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.

      

4.38%, 10/15/2028 (B)

      255,000        225,533  

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC

      

4.00%, 10/15/2027 (B)

      8,042,000        7,242,545  

Sealed Air Corp./Sealed Air Corp. US

      

6.13%, 02/01/2028 (B)

      2,263,000        2,253,156  

Trivium Packaging Finance BV

      

5.50%, 08/15/2026 (B)

      4,848,000        4,621,436  

8.50%, 08/15/2027 (A) (B)

      1,985,000        1,909,497  
     

 

 

  
        72,046,172  
     

 

 

  
Diversified REITs - 0.9%  

HAT Holdings I LLC/HAT Holdings II LLC

      

3.38%, 06/15/2026 (B)

      5,477,000        4,954,555  

6.00%, 04/15/2025 (A) (B)

      1,250,000        1,230,072  

Iron Mountain Information Management Services, Inc.

      

5.00%, 07/15/2032 (B)

      2,443,000        2,114,174  
 

 

Transamerica Funds

     Page    2         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Diversified REITs (continued)  

VICI Properties LP/VICI Note Co., Inc.

      

3.88%, 02/15/2029 (B)

      $  1,731,000        $  1,535,743  

4.63%, 06/15/2025 (B)

      1,508,000        1,464,162  

5.75%, 02/01/2027 (B)

      1,633,000        1,611,171  
     

 

 

  
        12,909,877  
     

 

 

  
Diversified Telecommunication Services - 2.7%  

Frontier Communications Holdings LLC

      

5.00%, 05/01/2028 (B)

      1,852,000        1,569,855  

6.00%, 01/15/2030 (B)

      2,433,000        1,767,054  

6.75%, 05/01/2029 (A) (B)

      4,606,000        3,559,989  

8.75%, 05/15/2030 (B)

      280,000        270,156  

Hughes Satellite Systems Corp.

      

5.25%, 08/01/2026

      350,000        325,500  

6.63%, 08/01/2026 (A)

      3,959,000        3,574,462  

Iliad Holding SASU

      

6.50%, 10/15/2026 (B)

      2,471,000        2,368,090  

7.00%, 10/15/2028 (B)

      4,021,000        3,775,140  

Intelsat Jackson Holdings SA

      

8.50%, 10/15/2024 (F) (G) (H)

      3,274,000        0  

Level 3 Financing, Inc.

      

3.63%, 01/15/2029 (B)

      4,524,000        2,985,249  

3.75%, 07/15/2029 (B)

      1,518,000        995,873  

4.25%, 07/01/2028 (B)

      4,148,000        2,934,977  

10.50%, 05/15/2030 (A) (B)

      9,374,000        9,710,630  

Telecom Italia Capital SA

      

6.00%, 09/30/2034

      2,206,000        1,785,738  

6.38%, 11/15/2033

      2,683,000        2,268,626  
     

 

 

  
        37,891,339  
     

 

 

  
Electric Utilities - 0.9%  

Elwood Energy LLC

      

8.16%, 07/05/2026

      1,171,918        1,004,053  

Vistra Operations Co. LLC

      

3.55%, 07/15/2024 (B)

      3,877,000        3,767,839  

4.38%, 05/01/2029 (B)

      3,383,000        2,978,342  

5.00%, 07/31/2027 (B)

      4,312,000        4,073,006  

5.63%, 02/15/2027 (B)

      630,000        608,309  
     

 

 

  
        12,431,549  
     

 

 

  
Electrical Equipment - 0.3%  

Energizer Holdings, Inc.

      

6.50%, 12/31/2027 (B)

      3,890,000        3,782,092  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.3%  

Sensata Technologies BV

      

4.00%, 04/15/2029 (B)

      2,530,000        2,235,865  

Sensata Technologies, Inc.

      

3.75%, 02/15/2031 (B)

      667,000        563,195  

4.38%, 02/15/2030 (B)

      1,417,000        1,259,672  
     

 

 

  
        4,058,732  
     

 

 

  
Energy Equipment & Services - 0.9%  

Archrock Partners LP/Archrock Partners Finance Corp.

      

6.25%, 04/01/2028 (B)

      4,294,000        4,059,807  

CSI Compressco LP/CSI Compressco Finance, Inc.

      

7.50%, 04/01/2025 (B)

      3,102,000        3,017,088  

PIK Rate 3.50%, Cash Rate 10.00%, 04/01/2026 (B) (E)

      3,997,963        3,458,463  

Sunnova Energy Corp.

      

5.88%, 09/01/2026 (A) (B)

      3,190,000        2,873,972  
     

 

 

  
        13,409,330  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Financial Services - 1.9%  

Ally Financial, Inc.

      

Fixed until 06/13/2028,
6.99% (C), 06/13/2029

      $   5,603,000        $   5,632,477  

ILFC E-Capital Trust I

      

1.55% + Max of 3-Month LIBOR, 10-Year CMT or 30-Year CMT,
7.06% (C), 12/21/2065 (B)

      17,977,000        12,608,948  

ILFC E-Capital Trust II

      

1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT,
7.31% (C), 12/21/2065 (A) (B)

      2,974,000        2,125,469  

United Wholesale Mortgage LLC

      

5.50%, 11/15/2025 - 04/15/2029 (B)

      3,115,000        2,808,470  

5.75%, 06/15/2027 (B)

      3,595,000        3,363,590  
     

 

 

  
        26,538,954  
     

 

 

  
Food Products - 2.0%  

Darling Ingredients, Inc.

      

5.25%, 04/15/2027 (B)

      600,000        583,586  

6.00%, 06/15/2030 (B)

      1,844,000        1,816,413  

Kraft Heinz Foods Co.

      

5.00%, 06/04/2042

      959,000        896,143  

6.88%, 01/26/2039

      1,374,000        1,540,519  

Pilgrim’s Pride Corp.

      

3.50%, 03/01/2032

      3,120,000        2,518,776  

5.88%, 09/30/2027 (B)

      6,908,000        6,832,534  

Post Holdings, Inc.

      

4.50%, 09/15/2031 (B)

      2,950,000        2,508,511  

4.63%, 04/15/2030 (B)

      2,347,000        2,069,335  

5.50%, 12/15/2029 (B)

      8,718,000        8,095,243  

5.63%, 01/15/2028 (B)

      1,347,000        1,302,504  
     

 

 

  
        28,163,564  
     

 

 

  
Health Care Equipment & Supplies - 0.6%  

Kevlar SpA

      

6.50%, 09/01/2029 (B)

      4,041,000        3,475,260  

Medline Borrower LP

      

3.88%, 04/01/2029 (B)

      5,809,000        5,086,109  
     

 

 

  
        8,561,369  
     

 

 

  
Health Care Providers & Services - 5.3%  

Acadia Healthcare Co., Inc.

      

5.00%, 04/15/2029 (B)

      5,435,000        5,027,411  

AdaptHealth LLC

      

4.63%, 08/01/2029 (B)

      705,000        576,995  

5.13%, 03/01/2030 (B)

      1,009,000        834,940  

6.13%, 08/01/2028 (B)

      4,849,000        4,344,036  

Charles River Laboratories International, Inc.

      

3.75%, 03/15/2029 (B)

      681,000        600,806  

4.00%, 03/15/2031 (A) (B)

      681,000        593,669  

CHS/Community Health Systems, Inc.

      

5.25%, 05/15/2030 (B)

      4,632,000        3,705,184  

6.88%, 04/15/2029 (B)

      674,000        446,656  

8.00%, 03/15/2026 (B)

      5,864,000        5,758,126  

DaVita, Inc.

      

3.75%, 02/15/2031 (B)

      7,213,000        5,783,153  

4.63%, 06/01/2030 (B)

      4,271,000        3,637,192  

Encompass Health Corp.

      

4.50%, 02/01/2028

      1,922,000        1,785,214  

4.63%, 04/01/2031

      638,000        566,899  

4.75%, 02/01/2030

      927,000        842,605  

5.75%, 09/15/2025

      4,524,000        4,512,773  
 

 

Transamerica Funds

     Page    3         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Health Care Providers & Services (continued)  

HCA, Inc.

      

5.38%, 02/01/2025

      $   3,103,000        $   3,084,922  

5.88%, 02/15/2026 - 02/01/2029

      4,331,000        4,347,667  

7.50%, 11/06/2033

      441,000        483,221  

Heartland Dental LLC/Heartland Dental Finance Corp.

      

10.50%, 04/30/2028 (A) (B)

      2,755,000        2,761,887  

Molina Healthcare, Inc.

      

4.38%, 06/15/2028 (B)

      4,974,000        4,561,151  

Tenet Healthcare Corp.

      

4.25%, 06/01/2029

      3,886,000        3,481,845  

4.88%, 01/01/2026

      4,401,000        4,256,204  

5.13%, 11/01/2027

      4,518,000        4,290,229  

6.13%, 10/01/2028 (A)

      6,241,000        5,945,114  

6.13%, 06/15/2030

      3,193,000        3,099,764  
     

 

 

  
        75,327,663  
     

 

 

  
Health Care REITs - 0.2%  

MPT Operating Partnership LP/MPT Finance Corp.

      

3.50%, 03/15/2031

      4,585,000        3,302,486  
     

 

 

  
Hotel & Resort REITs - 0.5%  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

      

5.88%, 10/01/2028 (B)

      1,350,000        1,242,034  

7.50%, 06/01/2025 (B)

      5,523,000        5,550,483  
     

 

 

  
        6,792,517  
     

 

 

  
Hotels, Restaurants & Leisure - 9.3%  

1011778 BC ULC/New Red Finance, Inc.

      

3.88%, 01/15/2028 (B)

      2,072,000        1,897,509  

4.00%, 10/15/2030 (B)

      3,274,000        2,813,767  

Boyd Gaming Corp.

      

4.75%, 12/01/2027

      348,000        327,740  

4.75%, 06/15/2031 (B)

      1,160,000        1,037,941  

Boyne USA, Inc.

      

4.75%, 05/15/2029 (B)

      4,857,000        4,434,903  

Caesars Entertainment, Inc.

      

4.63%, 10/15/2029 (A) (B)

      6,737,000        5,930,380  

6.25%, 07/01/2025 (B)

      4,423,000        4,399,163  

7.00%, 02/15/2030 (B)

      478,000        482,757  

Carnival Corp.

      

6.00%, 05/01/2029 (A) (B)

      7,030,000        6,319,233  

7.63%, 03/01/2026 (A) (B)

      1,588,000        1,566,644  

10.50%, 02/01/2026 - 06/01/2030 (B)

      4,719,000        4,984,975  

Carnival Holdings Bermuda Ltd.

      

10.38%, 05/01/2028 (B)

      1,225,000        1,336,927  

CDI Escrow Issuer, Inc.

      

5.75%, 04/01/2030 (B)

      4,706,000        4,370,638  

Churchill Downs, Inc.

      

6.75%, 05/01/2031 (B)

      2,156,000        2,107,274  

Hilton Domestic Operating Co., Inc.

      

4.88%, 01/15/2030

      3,442,000        3,226,870  

5.75%, 05/01/2028 (B)

      493,000        485,981  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.

      

4.88%, 07/01/2031 (B)

      5,543,000        4,738,185  

5.00%, 06/01/2029 (B)

      1,827,000        1,633,144  

International Game Technology PLC

      

4.13%, 04/15/2026 (B)

      1,429,000        1,355,210  

5.25%, 01/15/2029 (B)

      1,038,000        986,103  

6.25%, 01/15/2027 (B)

      1,213,000        1,208,451  

6.50%, 02/15/2025 (B)

      2,325,000        2,328,488  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Hotels, Restaurants & Leisure (continued)  

MGM Resorts International

      

4.63%, 09/01/2026

      $   942,000        $   893,566  

4.75%, 10/15/2028

      2,858,000        2,640,483  

5.50%, 04/15/2027

      6,751,000        6,504,528  

5.75%, 06/15/2025

      5,440,000        5,379,388  

6.75%, 05/01/2025

      2,345,000        2,355,208  

NCL Corp. Ltd.

      

5.88%, 03/15/2026 - 02/15/2027 (B)

      8,630,000        8,222,599  

Royal Caribbean Cruises Ltd.

      

5.38%, 07/15/2027 (B)

      3,365,000        3,197,998  

5.50%, 04/01/2028 (B)

      1,904,000        1,794,518  

8.25%, 01/15/2029 (B)

      1,780,000        1,859,005  

11.50%, 06/01/2025 (B)

      433,000        458,801  

11.63%, 08/15/2027 (B)

      1,350,000        1,474,004  

Scientific Games Holdings LP/Scientific Games US FinCo, Inc.

      

6.63%, 03/01/2030 (B)

      775,000        686,697  

Scientific Games International, Inc.

      

7.00%, 05/15/2028 (B)

      3,708,000        3,694,651  

Station Casinos LLC

      

4.50%, 02/15/2028 (B)

      6,819,000        6,136,797  

Travel & Leisure Co.

      

4.50%, 12/01/2029 (B)

      4,912,000        4,221,160  

5.65%, 04/01/2024

      4,162,000        4,133,698  

6.00%, 04/01/2027

      4,976,000        4,827,430  

Viking Cruises Ltd.

      

5.88%, 09/15/2027 (B)

      6,633,000        6,185,273  

7.00%, 02/15/2029 (A) (B)

      3,156,000        2,974,530  

9.13%, 07/15/2031 (B)

      2,792,000        2,870,734  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

      

7.13%, 02/15/2031 (B)

      4,837,000        4,837,382  
     

 

 

  
        133,320,733  
     

 

 

  
Household Products - 0.6%  

Central Garden & Pet Co.

      

4.13%, 04/30/2031 (B)

      3,718,000        3,103,318  

Spectrum Brands, Inc.

      

3.88%, 03/15/2031 (A) (B)

      4,722,000        3,895,252  

5.50%, 07/15/2030 (B)

      1,539,000        1,406,352  
     

 

 

  
        8,404,922  
     

 

 

  
Independent Power & Renewable Electricity Producers - 1.4%  

Calpine Corp.

      

3.75%, 03/01/2031 (B)

      3,831,000        3,140,255  

4.50%, 02/15/2028 (B)

      2,987,000        2,742,049  

5.00%, 02/01/2031 (B)

      1,198,000        1,009,051  

5.13%, 03/15/2028 (B)

      2,084,000        1,889,662  

5.25%, 06/01/2026 (B)

      3,523,000        3,419,641  

Clearway Energy Operating LLC

      

3.75%, 02/15/2031 (B)

      2,288,000        1,896,254  

4.75%, 03/15/2028 (B)

      2,809,000        2,605,637  

NRG Energy, Inc.

      

3.38%, 02/15/2029 (B)

      1,599,000        1,319,967  

3.88%, 02/15/2032 (B)

      1,461,000        1,130,568  

5.75%, 01/15/2028

      1,264,000        1,202,985  
     

 

 

  
        20,356,069  
     

 

 

  
Insurance - 1.5%  

Global Atlantic Finance Co.

      

Fixed until 07/15/2026,
4.70% (C), 10/15/2051 (B)

      4,411,000        3,173,821  

7.95%, 06/15/2033 (B)

      3,208,000        3,212,072  
 

 

Transamerica Funds

     Page    4         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Insurance (continued)  

Hartford Financial Services Group, Inc.

      

3-Month LIBOR + 2.13%, 7.45% (C), 02/12/2067 (B)

      $   5,539,000        $   4,737,011  

HUB International Ltd.

      

7.25%, 06/15/2030 (B)

      1,060,000        1,080,151  

Lincoln National Corp.

      

3-Month LIBOR + 2.36%, 7.69% (C), 05/17/2066

      5,033,000        3,595,776  

Ohio National Financial Services, Inc.

      

6.80%, 01/24/2030 (B)

      6,643,000        6,174,671  
     

 

 

  
        21,973,502  
     

 

 

  
Internet & Catalog Retail - 0.8%  

Uber Technologies, Inc.

      

4.50%, 08/15/2029 (B)

      3,022,000        2,793,598  

7.50%, 09/15/2027 (B)

      4,738,000        4,834,871  

8.00%, 11/01/2026 (B)

      3,386,000        3,452,684  
     

 

 

  
        11,081,153  
     

 

 

  
IT Services - 0.3%  

Conduent Business Services LLC/Conduent State & Local Solutions, Inc.

      

6.00%, 11/01/2029 (B)

      4,442,000        3,731,280  
     

 

 

  
Leisure Products - 0.2%  

Mattel, Inc.

      

5.45%, 11/01/2041

      2,665,000        2,298,004  
     

 

 

  
Machinery - 1.8%  

Advanced Drainage Systems, Inc.

      

5.00%, 09/30/2027 (B)

      1,181,000        1,127,917  

6.38%, 06/15/2030 (B)

      1,481,000        1,466,046  

Allison Transmission, Inc.

      

3.75%, 01/30/2031 (B)

      783,000        661,963  

Chart Industries, Inc.

      

7.50%, 01/01/2030 (B)

      4,925,000        5,029,139  

9.50%, 01/01/2031 (B)

      524,000        561,990  

GrafTech Global Enterprises, Inc.

      

9.88%, 12/15/2028 (B)

      1,941,000        1,971,629  

Madison IAQ LLC

      

4.13%, 06/30/2028 (B)

      2,618,000        2,331,324  

5.88%, 06/30/2029 (B)

      867,000        727,234  

SPX FLOW, Inc.

      

8.75%, 04/01/2030 (A) (B)

      6,074,000        5,601,443  

Vertiv Group Corp.

      

4.13%, 11/15/2028 (B)

      2,233,000        2,004,443  

Wabash National Corp.

      

4.50%, 10/15/2028 (B)

      5,332,000        4,492,210  
     

 

 

  
        25,975,338  
     

 

 

  
Media - 9.6%  

Adelphia Communications Corp.

      

9.25%, 10/01/2049 (G) (H) (I) (J)

      1,305,000        91  

10.25%, 06/15/2049 - 11/01/2049 (G) (H) (J) (K)

      1,460,000        102  

Arches Buyer, Inc.

      

4.25%, 06/01/2028 (B)

      4,014,000        3,492,407  

6.13%, 12/01/2028 (A) (B)

      2,813,000        2,422,696  

CCO Holdings LLC/CCO Holdings Capital Corp.

      

4.25%, 02/01/2031 - 01/15/2034 (B)

      5,545,000        4,400,215  

4.50%, 08/15/2030 (B)

      4,451,000        3,766,120  

4.50%, 05/01/2032

      4,975,000        4,056,697  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Media (continued)  

CCO Holdings LLC/CCO Holdings Capital Corp. (continued)

 

   

4.75%, 03/01/2030 - 02/01/2032 (B)

      $   9,444,000        $   8,033,629  

5.00%, 02/01/2028 (B)

      4,251,000        3,928,565  

5.38%, 06/01/2029 (B)

      1,794,000        1,639,509  

5.50%, 05/01/2026 (B)

      1,500,000        1,464,577  

Clear Channel Outdoor Holdings, Inc.

      

5.13%, 08/15/2027 (B)

      5,269,000        4,839,629  

7.50%, 06/01/2029 (A) (B)

      1,756,000        1,398,046  

7.75%, 04/15/2028 (A) (B)

      1,123,000        939,086  

CSC Holdings LLC

      

4.50%, 11/15/2031 (B)

      1,778,000        1,275,531  

4.63%, 12/01/2030 (B)

      842,000        422,984  

5.00%, 11/15/2031 (B)

      1,505,000        760,669  

5.38%, 02/01/2028 (B)

      1,942,000        1,621,684  

5.75%, 01/15/2030 (B)

      9,848,000        5,098,621  

6.50%, 02/01/2029 (B)

      2,516,000        2,136,892  

7.50%, 04/01/2028 (B)

      2,569,000        1,587,272  

11.25%, 05/15/2028 (B)

      2,900,000        2,867,375  

Diamond Sports Group LLC/Diamond Sports Finance Co.

      

5.38%, 08/15/2026 (B) (I) (J)

      10,476,000        327,375  

6.63%, 08/15/2027 (B) (I) (J)

      609,000        15,225  

DISH DBS Corp.

      

5.25%, 12/01/2026 (B)

      4,660,000        3,824,040  

5.75%, 12/01/2028 (B)

      3,059,000        2,353,801  

7.38%, 07/01/2028

      2,449,000        1,383,685  

7.75%, 07/01/2026

      2,590,000        1,683,500  

DISH Network Corp.

      

11.75%, 11/15/2027 (B)

      1,878,000        1,892,191  

Gray Escrow II, Inc.

      

5.38%, 11/15/2031 (A) (B)

      8,041,000        5,508,085  

Gray Television, Inc.

      

4.75%, 10/15/2030 (B)

      4,827,000        3,332,606  

7.00%, 05/15/2027 (B)

      4,283,000        3,704,795  

iHeartCommunications, Inc.

      

6.38%, 05/01/2026

      3,451,000        2,983,363  

8.38%, 05/01/2027

      5,313,759        3,655,547  

LCPR Senior Secured Financing DAC

      

5.13%, 07/15/2029 (B)

      2,665,000        2,203,832  

6.75%, 10/15/2027 (B)

      5,813,000        5,436,843  

Sinclair Television Group, Inc.

      

4.13%, 12/01/2030 (B)

      2,308,000        1,504,793  

Sirius XM Radio, Inc.

      

4.13%, 07/01/2030 (B)

      2,189,000        1,795,824  

5.00%, 08/01/2027 (B)

      250,000        232,019  

5.50%, 07/01/2029 (B)

      2,622,000        2,385,564  

TEGNA, Inc.

      

4.63%, 03/15/2028
01/07/2020 - 05/18/2020

      2,659,000        2,393,100  

4.75%, 03/15/2026
09/08/2020 (B)

      1,261,000        1,210,182  

Univision Communications, Inc.

      

6.63%, 06/01/2027 (B)

      4,814,000        4,687,696  

8.00%, 08/15/2028 (B) (L)

      650,000        656,630  

UPC Broadband Finco BV

      

4.88%, 07/15/2031 (B)

      3,607,000        3,029,316  

UPC Holding BV

      

5.50%, 01/15/2028 (B)

      2,314,000        2,059,460  

Virgin Media Finance PLC

      

5.00%, 07/15/2030 (B)

      3,750,000        3,066,855  

Virgin Media Secured Finance PLC

      

4.50%, 08/15/2030 (B)

      1,369,000        1,172,313  

5.50%, 05/15/2029 (B)

      8,274,000        7,636,124  
 

 

Transamerica Funds

     Page    5         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Media (continued)  

VZ Secured Financing BV

      

5.00%, 01/15/2032 (B)

      $   11,334,000        $   9,211,129  

Ziggo Bond Co. BV

      

6.00%, 01/15/2027 (B)

      2,487,000        2,313,692  
     

 

 

  
        137,811,982  
     

 

 

  
Metals & Mining - 4.4%  

Big River Steel LLC/BRS Finance Corp.

      

6.63%, 01/31/2029 (B)

      3,401,000        3,389,777  

Cleveland-Cliffs, Inc.

      

6.75%, 03/15/2026 (B)

      4,448,000        4,475,836  

Constellium SE

      

5.63%, 06/15/2028 (A) (B)

      6,591,000        6,279,344  

5.88%, 02/15/2026 (B)

      8,451,000        8,329,018  

Enviri Corp.

      

5.75%, 07/31/2027 (B)

      4,973,000        4,295,429  

FMG Resources August 2006 Pty Ltd.

      

5.88%, 04/15/2030 (B)

      4,821,000        4,623,977  

6.13%, 04/15/2032 (B)

      1,535,000        1,474,591  

Freeport-McMoRan, Inc.

      

4.13%, 03/01/2028

      2,057,000        1,939,300  

4.38%, 08/01/2028

      4,477,000        4,233,883  

Mineral Resources Ltd.

      

8.13%, 05/01/2027 (B)

      4,994,000        4,998,395  

8.50%, 05/01/2030 (B)

      5,033,000        5,085,594  

New Gold, Inc.

      

7.50%, 07/15/2027 (B)

      5,475,000        5,231,362  

Novelis Corp.

      

3.25%, 11/15/2026 (B)

      1,322,000        1,201,102  

3.88%, 08/15/2031 (B)

      612,000        509,598  

4.75%, 01/30/2030 (B)

      6,974,000        6,266,935  
     

 

 

  
        62,334,141  
     

 

 

  
Mortgage Real Estate Investment Trusts - 0.4%  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

      

4.25%, 02/01/2027 (B)

      1,781,000        1,602,224  

5.25%, 10/01/2025 (B)

      3,596,000        3,447,667  
     

 

 

  
        5,049,891  
     

 

 

  
Oil, Gas & Consumable Fuels - 11.2%  

Antero Midstream Partners LP/Antero Midstream Finance Corp.

      

5.38%, 06/15/2029 (B)

      3,518,000        3,297,929  

7.88%, 05/15/2026 (B)

      4,499,000        4,593,636  

Callon Petroleum Co.

      

6.38%, 07/01/2026 (A)

      1,021,000        1,000,411  

7.50%, 06/15/2030 (A) (B)

      3,589,000        3,484,248  

8.25%, 07/15/2025

      4,645,000        4,645,000  

Cheniere Energy Partners LP

      

4.00%, 03/01/2031

      5,011,000        4,459,145  

Cheniere Energy, Inc.

      

4.63%, 10/15/2028

      1,673,000        1,574,461  

Chord Energy Corp.

      

6.38%, 06/01/2026 (B)

      3,950,000        3,920,013  

Civitas Resources, Inc.

      

5.00%, 10/15/2026 (B)

      2,080,000        1,963,000  

8.75%, 07/01/2031 (B)

      5,367,000        5,554,845  

Comstock Resources, Inc.

      

5.88%, 01/15/2030 (B)

      3,344,000        2,960,059  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

      

8.00%, 04/01/2029 (B)

      7,024,000        7,140,544  

CrownRock LP/CrownRock Finance, Inc.

      

5.00%, 05/01/2029 (B)

      223,000        209,324  

5.63%, 10/15/2025 (B)

      10,371,000        10,215,435  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Oil, Gas & Consumable Fuels (continued)  

DCP Midstream Operating LP

      

5.38%, 07/15/2025

      $   5,213,000        $   5,179,512  

DT Midstream, Inc.

      

4.13%, 06/15/2029 (B)

      2,241,000        1,987,072  

4.38%, 06/15/2031 (B)

      535,000        464,443  

EnLink Midstream LLC

      

6.50%, 09/01/2030 (B)

      2,323,000        2,337,958  

EQM Midstream Partners LP

      

6.00%, 07/01/2025 (B)

      554,000        549,997  

6.50%, 07/01/2027 (B)

      1,742,000        1,738,274  

Genesis Energy LP/Genesis Energy Finance Corp.

      

8.88%, 04/15/2030

      2,184,000        2,178,433  

Hess Midstream Operations LP

      

4.25%, 02/15/2030 (B)

      272,000        238,000  

5.13%, 06/15/2028 (A) (B)

      3,443,000        3,254,697  

Holly Energy Partners LP/Holly Energy Finance Corp.

      

6.38%, 04/15/2027 (B)

      3,431,000        3,409,048  

Ithaca Energy North Sea PLC

      

9.00%, 07/15/2026 (B)

      5,125,000        4,868,636  

Kinder Morgan, Inc.

      

8.05%, 10/15/2030

      2,486,000        2,773,846  

Moss Creek Resources Holdings, Inc.

      

7.50%, 01/15/2026 (B)

      853,000        796,681  

NuStar Logistics LP

      

5.63%, 04/28/2027

      3,649,000        3,540,499  

5.75%, 10/01/2025

      944,000        927,480  

6.00%, 06/01/2026

      681,000        670,201  

Occidental Petroleum Corp.

      

5.55%, 03/15/2026

      1,400,000        1,392,650  

5.88%, 09/01/2025

      2,765,000        2,770,256  

6.13%, 01/01/2031

      871,000        891,338  

6.20%, 03/15/2040

      2,345,000        2,366,410  

6.45%, 09/15/2036

      6,446,000        6,767,333  

6.60%, 03/15/2046

      860,000        913,053  

6.63%, 09/01/2030

      3,228,000        3,384,881  

7.15%, 05/15/2028

      4,012,000        4,221,426  

Ovintiv, Inc.

      

7.38%, 11/01/2031

      2,000,000        2,158,733  

Parkland Corp.

      

4.50%, 10/01/2029 (B)

      1,649,000        1,455,213  

4.63%, 05/01/2030 (B)

      855,000        750,309  

5.88%, 07/15/2027 (B)

      2,642,000        2,568,282  

PDC Energy, Inc.

      

5.75%, 05/15/2026

      2,512,000        2,529,270  

6.13%, 09/15/2024
09/14/2016 - 06/25/2020

      4,175,000        4,164,562  

SM Energy Co.

      

6.50%, 07/15/2028

      782,000        764,387  

6.63%, 01/15/2027

      4,665,000        4,572,749  

6.75%, 09/15/2026

      3,319,000        3,260,917  

Southwestern Energy Co.

      

4.75%, 02/01/2032

      1,455,000        1,292,791  

5.38%, 03/15/2030

      2,116,000        1,980,087  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.

      

9.00% (M), 10/15/2026 (B)

      2,015,000        1,979,706  

Summit Midstream Partners LP

      

Fixed until 05/01/2023,
12.98% (C), 09/05/2023 (D)

      4,423,000        2,974,467  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.

      

4.00%, 01/15/2032

      1,373,000        1,203,791  

4.88%, 02/01/2031

      3,857,000        3,587,473  

5.00%, 01/15/2028

      2,590,000        2,486,158  

5.50%, 03/01/2030

      3,151,000        3,038,478  
 

 

Transamerica Funds

     Page    6         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Oil, Gas & Consumable Fuels (continued)  

Western Midstream Operating LP

      

5.30%, 03/01/2048

      $   5,885,000        $   5,045,822  

5.45%, 04/01/2044

      2,246,000        1,960,797  
     

 

 

  
        160,414,166  
     

 

 

  
Paper & Forest Products - 0.7%  

Domtar Corp.

      

6.75%, 10/01/2028 (B)

      4,705,000        4,107,510  

Glatfelter Corp.

      

4.75%, 11/15/2029 (A) (B)

      8,551,000        5,899,997  
     

 

 

  
        10,007,507  
     

 

 

  
Personal Care Products - 0.6%  

Coty, Inc.

      

5.00%, 04/15/2026 (B)

      2,337,000        2,252,652  

6.50%, 04/15/2026 (A) (B)

      4,966,000        4,925,676  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC

      

6.63%, 07/15/2030 (B)

      2,120,000        2,137,384  
     

 

 

  
        9,315,712  
     

 

 

  
Pharmaceuticals - 1.1%  

Bausch Health Americas, Inc.

      

8.50%, 01/31/2027 (B)

      3,188,000        1,781,518  

Bausch Health Cos., Inc.

      

5.00%, 01/30/2028 - 02/15/2029 (B)

      2,008,000        918,283  

5.25%, 01/30/2030 (B)

      1,394,000        621,406  

7.00%, 01/15/2028 (B)

      3,255,000        1,529,969  

Grifols Escrow Issuer SA

      

4.75%, 10/15/2028 (A) (B)

      4,501,000        3,947,879  

Organon & Co./Organon Foreign Debt Co-Issuer BV

      

4.13%, 04/30/2028 (B)

      2,786,000        2,496,659  

5.13%, 04/30/2031 (B)

      5,403,000        4,580,134  
     

 

 

  
        15,875,848  
     

 

 

  
Professional Services - 0.3%  

Gartner, Inc.

      

3.63%, 06/15/2029 (B)

      472,000        415,906  

3.75%, 10/01/2030 (B)

      1,745,000        1,521,120  

4.50%, 07/01/2028 (B)

      3,258,000        3,049,059  
     

 

 

  
        4,986,085  
     

 

 

  
Real Estate Management & Development - 0.2%  

Cushman & Wakefield US Borrower LLC

      

6.75%, 05/15/2028 (B)

      2,936,000        2,691,255  
     

 

 

  
Software - 1.0%  

Crowdstrike Holdings, Inc.

      

3.00%, 02/15/2029

      4,476,000        3,864,377  

Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL

      

4.63%, 05/01/2028 (B)

      5,567,000        4,820,165  

MSCI, Inc.

      

3.63%, 09/01/2030 (B)

      5,264,000        4,607,260  

Rackspace Technology Global, Inc.

      

3.50%, 02/15/2028 (B)

      3,270,000        1,462,642  
     

 

 

  
        14,754,444  
     

 

 

  
Specialized REITs - 0.9%  

Iron Mountain, Inc.

      

4.50%, 02/15/2031 (B)

      881,000        759,003  

5.25%, 03/15/2028 (B)

      4,992,000        4,681,947  

7.00%, 02/15/2029 (B)

      2,473,000        2,481,736  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Specialized REITs (continued)  

SBA Communications Corp.

      

3.13%, 02/01/2029

      $   4,203,000        $   3,542,515  

3.88%, 02/15/2027

      1,973,000        1,817,770  
     

 

 

  
        13,282,971  
     

 

 

  
Specialty Retail - 1.0%  

Bath & Body Works, Inc.

      

5.25%, 02/01/2028

      743,000        707,921  

6.63%, 10/01/2030 (B)

      247,000        238,654  

6.75%, 07/01/2036 (A)

      1,960,000        1,782,702  

6.88%, 11/01/2035

      1,468,000        1,362,255  

7.50%, 06/15/2029 (A)

      4,949,000        5,008,096  

9.38%, 07/01/2025 (A) (B)

      522,000        551,026  

Staples, Inc.

      

7.50%, 04/15/2026 (B)

      5,296,000        4,374,552  
     

 

 

  
        14,025,206  
     

 

 

  
Technology Hardware, Storage & Peripherals - 1.2%  

NCR Corp.

      

5.13%, 04/15/2029 (B)

      5,754,000        5,145,470  

5.25%, 10/01/2030 (B)

      2,509,000        2,235,509  

5.75%, 09/01/2027 (B)

      2,418,000        2,433,120  

6.13%, 09/01/2029 (B)

      2,260,000        2,297,035  

Seagate HDD Cayman

      

8.25%, 12/15/2029 (B)

      1,033,000        1,080,208  

8.50%, 07/15/2031 (B)

      870,000        908,298  

Western Digital Corp.

      

4.75%, 02/15/2026

      3,597,000        3,434,779  
     

 

 

  
        17,534,419  
     

 

 

  
Wireless Telecommunication Services - 1.4%  

Altice France SA

      

5.13%, 07/15/2029 (B)

      506,000        354,320  

5.50%, 10/15/2029 (B)

      4,532,000        3,219,131  

8.13%, 02/01/2027 (B)

      3,724,000        3,037,024  

Sprint LLC

      

7.13%, 06/15/2024

      4,095,000        4,133,488  

7.63%, 03/01/2026

      1,427,000        1,486,449  

7.88%, 09/15/2023

      1,728,000        1,729,343  

Vmed O2 UK Financing I PLC

      

4.25%, 01/31/2031 (B)

      2,322,000        1,922,445  

4.75%, 07/15/2031 (B)

      4,529,000        3,823,082  
     

 

 

  
        19,705,282  
     

 

 

  

Total Corporate Debt Securities
(Cost $1,447,884,694)

 

      1,319,930,521  
  

 

 

  
LOAN ASSIGNMENTS - 1.3%  
Automobile Components - 0.2%  

Clarios Global LP

      

Term Loan,

      

1-Month Term SOFR + 3.75%, 9.07% (C), 05/06/2030

      2,770,000        2,767,230  
     

 

 

  
Communications Equipment - 0.4%  

Avaya, Inc.

      

Term Loan,

      

1-Month Term SOFR + 8.50%, 13.81% (C), 08/01/2028

      6,601,152        5,566,969  
     

 

 

  
Containers & Packaging - 0.7%  

Anchor Glass Container Corp.

      

Term Loan,

      

TBD, 12/07/2023 (L) (N) (O)

      5,510,870        4,188,261  
 

 

Transamerica Funds

     Page    7         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

    Principal      Value  
LOAN ASSIGNMENTS (continued)  
Containers & Packaging (continued)  

Reynolds Group Holdings, Inc.

     

Term Loan B2,

     

1-Month Term SOFR + 3.25%,
8.68% (C), 02/05/2026 (L)

     $   3,191,897        $   3,186,576  

Trident TPI Holdings, Inc.

     

Term Loan,

     

3-Month Term SOFR + 4.50%,
9.74% (C), 09/15/2028

     2,546,383        2,538,955  
    

 

 

  
       9,913,792  
    

 

 

  

Total Loan Assignments
(Cost $19,404,099)

 

      18,247,991  
    

 

 

  
    Shares      Value  
COMMON STOCKS - 0.3%  
Diversified Telecommunication Services - 0.1%  

Intelsat SA (G) (H)

     31,705        681,657  
    

 

 

  
Electric Utilities - 0.0% (P)  

Homer City Generation LLC (G) (H)

     270,659        2,707  
    

 

 

  
Oil, Gas & Consumable Fuels - 0.0%  

Ultra Resources, Inc. (F) (G) (H) (J)

     3,226        0  
    

 

 

  
Software - 0.2%  

ASG WT Corp. (G) (H)

     1,265        142,490  

Avaya Holdings Corp. (G)

     233,572        3,036,436  
    

 

 

  
       3,178,926  
    

 

 

  

Total Common Stocks
(Cost $19,682,926)

 

      3,863,290  
    

 

 

  
RIGHTS - 0.0% (P)  
Diversified Telecommunication Services - 0.0% (P)  

Intelsat Jackson Holdings SA (J)

     14        72  
    

 

 

  

Total Rights
(Cost $-)

 

      72  
    

 

 

  
    Principal      Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.0%  

U.S. Treasury Bills

 

5.35% (Q), 09/12/2023

     $  28,883,500        28,706,631  
    

 

 

  

Total Short-Term U.S. Government Obligation
(Cost $28,707,246)

 

      28,706,631  
    

 

 

  
    Shares      Value  
OTHER INVESTMENT COMPANY - 5.2%  
Securities Lending Collateral - 5.2%  

State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 5.28% (Q)

     75,018,968        75,018,968  
    

 

 

  

Total Other Investment Company
(Cost $75,018,968)

 

      75,018,968  
    

 

 

  
     Principal      Value  

REPURCHASE AGREEMENT - 3.1%

 

Fixed Income Clearing Corp., 2.50% (Q), dated 07/31/2023, to be repurchased at $44,938,929 on 08/01/2023. Collateralized by a U.S. Government Obligation, 0.63%, due 07/31/2026, and with a value of $45,834,572.

      $  44,935,808        $   44,935,808  
     

 

 

  

Total Repurchase Agreement
(Cost $44,935,808)

 

      44,935,808  
     

 

 

  

Total Investments
(Cost $1,635,633,741)

 

      1,490,703,281  

Net Other Assets (Liabilities) - (4.3)%

         (61,962,814 ) 
     

 

 

  

Net Assets - 100.0%

         $  1,428,740,467  
     

 

 

  
 

 

Transamerica Funds

     Page    8         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

INVESTMENT VALUATION:

 

Valuation Inputs (R)

 

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

ASSETS

            

Investments

 

Corporate Debt Securities

    $ —        $ 1,319,930,328      $ 193      $ 1,319,930,521  

Loan Assignments

      —          18,247,991        —          18,247,991  

Common Stocks

      —          3,036,436        826,854        3,863,290  

Rights

      72        —          —          72  

Short-Term U.S. Government Obligation

      —          28,706,631        —          28,706,631  

Other Investment Company

      75,018,968        —          —          75,018,968  

Repurchase Agreement

      —          44,935,808        —          44,935,808  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $   75,019,040      $   1,414,857,194      $   827,047      $   1,490,703,281  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

 

(A)      All or a portion of the securities are on loan. The total value of all securities on loan is $75,422,012, collateralized by cash collateral of $75,018,968 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,976,790. 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.
(B)      Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the total value of 144A securities is $936,659,132, representing 65.6% of the Fund’s net assets.
(C)      Floating or variable rate securities. The rates disclosed are as of July 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.
(D)      Perpetual maturity. The date displayed is the next call date.
(E)      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.
(F)      Securities deemed worthless.
(G)      Fair valued as determined in good faith in accordance with procedures established by the Board. At July 31, 2023, the total value of securities is $3,863,483, representing 0.3% of the Fund’s net assets.
(H)      Securities are Level 3 of the fair value hierarchy.
(I)      Securities in default; no interest payments received and/or dividends declared during the last 12 months. At July 31, 2023, the total value of such securities is $342,691, representing less than 0.1% of the Fund’s net assets.
(J)      Non-income producing securities.
(K)      Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.
(L)      When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after July 31, 2023. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(M)      Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of July 31, 2023; the maturity date disclosed is the ultimate maturity date.
(N)      Restricted security. At July 31, 2023, the value of such security held by the Fund is as follows:

 

Investments

   

Description

    Acquisition
Date		      Acquisition
Cost		      Value      Value as
Percentage of
Net Assets		  

Loan Assignments

   

Anchor Glass Container Corp.
Term Loan, TBD, 12/07/2023

      05/18/2023      $   4,381,141      $   4,188,261        0.3 % 

 

(O)      All or a portion of the security represents an unsettled loan commitment at July 31, 2023 where the rate will be determined at time of settlement.
(P)      Percentage rounds to less than 0.1% or (0.1)%.
(Q)      Rates disclosed reflect the yields at July 31, 2023.
(R)      There were no transfers in or out of Level 3 during the period ended July 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.
(S)      Level 3 securities were not considered significant to the Fund.

 

PORTFOLIO ABBREVIATIONS:

 

CDI

    CHESS Depositary Interests

CMT

    Constant Maturity Treasury

LIBOR

    London Interbank Offered Rate

REIT

    Real Estate Investment Trust

SOFR

    Secured Overnight Financing Rate

TBD

   

To Be Determined

 

Transamerica Funds

     Page    9         

Transamerica High Yield Bond

 

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica High Yield Bond (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 July 31, 2023, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Fund’s significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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.

 

Transamerica Funds

     Page    10         

Transamerica High Yield Bond

 

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

 

Rights: Rights may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights are priced at zero. Rights are generally 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.

Restricted securities: Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

 

Transamerica Funds

     Page    11