NPORT-EX 2 NPORT_I3BD_73092402_0123.htm FOR VALIDATION PURPOSES ONLY - [447377.I3BD]

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES - 96.0%  
Aerospace & Defense - 0.8%  

TransDigm, Inc.

      

4.88%, 05/01/2029

      $  5,020,000        $  4,520,385  

5.50%, 11/15/2027

      2,906,000        2,772,454  

Triumph Group, Inc.

      

7.75%, 08/15/2025 (A)

      2,284,000        1,940,075  

8.88%, 06/01/2024 (B)

      308,000        312,620  
     

 

 

  
        9,545,534  
     

 

 

  
Auto Components - 2.3%  

Clarios Global LP / Clarios US Finance Co.

      

6.25%, 05/15/2026 (B)

      3,086,000        3,067,484  

8.50%, 05/15/2027 (A) (B)

      3,876,000        3,860,607  

Dana, Inc.

      

4.50%, 02/15/2032

      3,422,000        2,886,491  

5.38%, 11/15/2027

      3,473,000        3,299,366  

5.63%, 06/15/2028 (A)

      1,464,000        1,378,876  

Goodyear Tire & Rubber Co.

      

4.88%, 03/15/2027 (A)

      2,303,000        2,156,345  

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

      4,435,000        4,088,917  

9.50%, 05/31/2025

      3,075,000        3,173,963  

Patrick Industries, Inc.

      

7.50%, 10/15/2027 (B)

      3,897,000        3,855,887  
     

 

 

  
        27,767,936  
     

 

 

  
Automobiles - 0.1%  

Ford Motor Co.

      

6.10%, 08/19/2032 (A)

      849,000        832,719  
     

 

 

  
Banks - 2.7%  

Barclays PLC

      

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

      4,078,000        4,278,846  

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

      1,517,000        1,507,519  

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

      3,262,000        3,249,768  

Citigroup, Inc.

      

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

      5,932,000        5,679,890  

Deutsche Bank AG

      

Fixed until 01/18/2028,
6.72% (C), 01/18/2029

      590,000        619,874  

Intesa Sanpaolo SpA

      

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

      1,694,000        1,344,691  

5.71%, 01/15/2026 (B)

      4,247,000        4,168,950  

7.00%, 11/21/2025 (B)

      694,000        715,295  

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

      2,222,000        2,424,897  

JPMorgan Chase & Co.

      

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

      3,885,000        3,634,903  

Lloyds Banking Group PLC

      

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

      2,630,000        2,610,512  

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

        1,200,000          1,367,611  
     

 

 

  
        31,602,756  
     

 

 

  
Beverages - 0.5%  

Primo Water Holdings, Inc.

      

4.38%, 04/30/2029 (B)

      7,361,000        6,420,559  
     

 

 

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

Grifols Escrow Issuer SA

      

4.75%, 10/15/2028 (B)

      $   4,086,000        $   3,553,267  
     

 

 

  
Building Products - 1.0%  

Builders FirstSource, Inc.

      

4.25%, 02/01/2032 (B)

      905,000        778,661  

5.00%, 03/01/2030 (B)

      694,000        647,112  

Cornerstone Building Brands, Inc.

      

6.13%, 01/15/2029 (B)

      6,056,000        4,536,671  

Standard Industries, Inc.

      

3.38%, 01/15/2031 (B)

      2,209,000        1,754,652  

4.38%, 07/15/2030 (B)

      880,000        752,284  

5.00%, 02/15/2027 (B)

      3,121,000        2,957,573  
     

 

 

  
        11,426,953  
     

 

 

  
Capital Markets - 1.8%  

Camelot Return Merger Sub, Inc.

      

8.75%, 08/01/2028 (B)

      3,576,000        3,362,334  

Credit Suisse Group AG

      

Fixed until 02/11/2027 (D),
5.25% (B) (C)

      2,250,000        1,687,500  

Fixed until 12/18/2024 (D),
6.25% (B) (C)

      1,350,000        1,184,760  

Fixed until 08/21/2026 (D),
6.38% (B) (C)

      2,982,000        2,415,420  

Fixed until 09/12/2025 (D),
7.25% (B) (C)

      2,450,000        2,009,000  

Fixed until 12/11/2023 (D),
7.50% (B) (C)

      539,000        510,703  

Deutsche Bank AG

      

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

      1,594,000        1,278,281  

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

      1,400,000        1,270,731  

LPL Holdings, Inc.

      

4.00%, 03/15/2029 (B)

      4,244,000        3,786,494  

MSCI, Inc.

      

3.63%, 09/01/2030 (B)

      4,869,000        4,233,745  
     

 

 

  
        21,738,968  
     

 

 

  
Chemicals - 2.2%  

ASP Unifrax Holdings, Inc.

      

5.25%, 09/30/2028 (B)

      1,038,000        889,337  

7.50%, 09/30/2029 (B)

      3,029,000        2,181,300  

Avient Corp.

      

7.13%, 08/01/2030 (B)

      1,136,000        1,144,409  

Eagle Intermediate Global Holding BV / Eagle US Finance LLC

      

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

      7,289,000        4,592,070  

NOVA Chemicals Corp.

      

4.88%, 06/01/2024 (B)

      2,559,000        2,521,562  

5.25%, 06/01/2027 (B)

      6,231,000        5,795,328  

Olin Corp.

      

5.00%, 02/01/2030 (A)

      3,224,000        3,039,104  

5.13%, 09/15/2027

      1,895,000        1,838,302  

5.63%, 08/01/2029

      1,471,000        1,431,137  

Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.

      

5.13%, 04/01/2029 (A) (B)

      3,245,000        2,337,714  
     

 

 

  
        25,770,263  
     

 

 

  
Commercial Services & Supplies - 1.9%  

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

      

5.38%, 03/01/2029 (A) (B)

      3,889,000        3,476,766  

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

      4,435,000        4,167,611  

Covanta Holding Corp.

      

4.88%, 12/01/2029 (B)

      2,618,000        2,283,446  

5.00%, 09/01/2030

      2,115,000        1,800,674  

Garda World Security Corp.

      

4.63%, 02/15/2027 (B)

      3,043,000        2,769,465  
 

 

Transamerica Funds

     Page    1         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Commercial Services & Supplies (continued)  

Garda World Security Corp. (continued)

      

6.00%, 06/01/2029 (B)

      $   3,381,000        $   2,822,121  

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

      1,015,000        1,003,551  

Harsco Corp.

      

5.75%, 07/31/2027 (B)

      186,000        157,356  

Stericycle, Inc.

      

3.88%, 01/15/2029 (B)

      1,603,000        1,422,278  

5.38%, 07/15/2024 (B)

      2,299,000        2,276,860  
     

 

 

  
        22,180,128  
     

 

 

  
Communications Equipment - 1.0%  

Avaya, Inc.

      

6.13%, 09/15/2028 (B) (E)

      7,118,000        2,170,990  

CommScope Technologies LLC

      

6.00%, 06/15/2025 (A) (B)

      3,443,000        3,260,624  

CommScope, Inc.

      

4.75%, 09/01/2029 (B)

      3,920,000        3,246,406  

6.00%, 03/01/2026 (B)

      2,100,000        2,019,780  

8.25%, 03/01/2027 (B)

      1,989,000        1,691,744  
     

 

 

  
        12,389,544  
     

 

 

  
Construction & Engineering - 0.4%  

Abengoa Abenewco 2 SA

      

PIK Rate 1.50%, Cash Rate
0.00%, 10/26/2024 (B) (F) (G)

      2,023,470        10,117  

Ashton Woods USA LLC / Ashton Woods Finance Co.

      

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

      2,445,000        2,040,009  

6.63%, 01/15/2028 (B)

      2,609,000        2,379,930  
     

 

 

  
        4,430,056  
     

 

 

  
Construction Materials - 0.1%  

Advanced Drainage Systems, Inc.

      

6.38%, 06/15/2030 (A) (B)

      1,435,000        1,425,797  
     

 

 

  
Consumer Finance - 2.5%  

Altice Financing SA

      

5.00%, 01/15/2028 (A) (B)

      1,366,000        1,159,871  

Ford Motor Credit Co. LLC

      

2.70%, 08/10/2026

      1,636,000        1,464,220  

3.38%, 11/13/2025

      3,066,000        2,873,762  

4.00%, 11/13/2030

      4,118,000        3,578,043  

4.39%, 01/08/2026

      5,019,000        4,836,058  

4.95%, 05/28/2027

      1,741,000        1,660,432  

5.13%, 06/16/2025

      1,398,000        1,374,436  

6.95%, 03/06/2026

      3,381,000        3,458,391  

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

      8,700,000        9,130,225  

Navient Corp.

      

5.50%, 03/15/2029

      1,464,000        1,295,640  
     

 

 

  
        30,831,078  
     

 

 

  
Containers & Packaging - 4.5%  

ARD Finance SA

      

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

      3,132,216        2,457,036  

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

      

3.25%, 09/01/2028 (B)

      2,886,000        2,532,552  

4.00%, 09/01/2029 (A) (B)

      5,007,000        4,140,088  

6.00%, 06/15/2027 (A) (B)

      424,000        423,423  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.

      

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

      2,241,000        1,835,121  

Ball Corp.

      

2.88%, 08/15/2030 (A)

      8,739,000        7,163,563  

6.88%, 03/15/2028

      1,755,000        1,812,090  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Containers & Packaging (continued)  

Cascades, Inc. / Cascades USA, Inc.

      

5.13%, 01/15/2026 (B)

      $   1,069,000        $   996,514  

5.38%, 01/15/2028 (B)

      4,698,000        4,372,617  

Clydesdale Acquisition Holdings, Inc.

      

6.63%, 04/15/2029 (B)

      3,236,000        3,190,793  

Crown Americas LLC / Crown Americas Capital Corp. VI

      

4.75%, 02/01/2026

      8,832,000        8,611,686  

Graphic Packaging International LLC

      

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

      5,193,000        4,626,311  

4.13%, 08/15/2024

      1,236,000        1,216,150  

Mauser Packaging Solutions Holding Co.

      

5.50%, 04/15/2024 (B)

      3,000        2,998  

7.88%, 08/15/2026 (B) (H)

      2,268,000        2,287,845  

Owens-Brockway Glass Container, Inc.

      

6.38%, 08/15/2025 (A) (B)

      1,014,000        993,973  

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

      

4.00%, 10/15/2027 (B)

      3,297,000        2,959,057  

Sealed Air Corp.

      

6.13%, 02/01/2028 (B)

      193,000        194,689  

Trivium Packaging Finance BV

      

5.50%, 08/15/2026 (B)

      3,258,000        3,124,878  

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

      1,285,000        1,235,206  
     

 

 

  
        54,176,590  
     

 

 

  
Diversified Consumer Services - 0.2%  

WW International, Inc.

      

4.50%, 04/15/2029 (B)

      5,237,000        2,789,948  
     

 

 

  
Diversified Financial Services - 3.1%  

Dana Financing Luxembourg SARL

      

5.75%, 04/15/2025 (B)

      5,713,000        5,655,870  

ILFC E-Capital Trust I

      

1.55% + Max of 3-Month LIBOR,
10-Year CMT or 30-Year CMT,
6.29% (C), 12/21/2065 (B)

      17,977,000        11,550,223  

ILFC E-Capital Trust II

      

1.80% + Max of 3-Month LIBOR,
15-Year CMT or 30-Year CMT,
6.54% (C), 12/21/2065 (B)

      2,974,000        1,975,013  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.

      

4.25%, 02/01/2027 (B)

      1,427,000        1,257,544  

5.25%, 10/01/2025 (B)

      3,485,000        3,355,288  

United Wholesale Mortgage LLC

      

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

      3,115,000        2,743,300  

5.75%, 06/15/2027 (B)

      3,038,000        2,727,566  

Virgin Media Secured Finance PLC

      

4.50%, 08/15/2030 (B)

      1,369,000        1,180,776  

5.50%, 05/15/2029 (B)

      7,269,000        6,706,685  
     

 

 

  
        37,152,265  
     

 

 

  
Diversified Telecommunication Services - 3.2%  

Frontier Communications Holdings LLC

      

5.00%, 05/01/2028 (B)

      1,852,000        1,672,449  

6.00%, 01/15/2030 (A) (B)

      2,433,000        1,989,415  

6.75%, 05/01/2029 (B)

      4,606,000        3,949,645  

Hughes Satellite Systems Corp.

      

6.63%, 08/01/2026

      3,959,000        3,828,828  

Iliad Holding SASU

      

6.50%, 10/15/2026 (B)

      2,271,000        2,150,535  

7.00%, 10/15/2028 (B)

      3,706,000        3,480,601  

Intelsat Jackson Holdings SA

      

8.50%, 10/15/2024 (B) (I) (J) (K)

      3,274,000        0  
 

 

Transamerica Funds

     Page    2         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Diversified Telecommunication Services (continued)  

Level 3 Financing, Inc.

      

3.63%, 01/15/2029 (B)

      $   4,524,000        $   3,365,856  

3.75%, 07/15/2029 (B)

      1,518,000        1,112,314  

4.25%, 07/01/2028 (B)

      3,398,000        2,692,881  

Lumen Technologies, Inc.

      

4.50%, 01/15/2029 (B)

      3,144,000        2,114,340  

5.13%, 12/15/2026 (A) (B)

      4,593,000        3,915,532  

5.38%, 06/15/2029 (A) (B)

      5,213,000        3,611,453  

Telecom Italia Capital SA

      

6.00%, 09/30/2034

      2,206,000        1,759,052  

6.38%, 11/15/2033

      2,243,000        1,883,784  
     

 

 

  
        37,526,685  
     

 

 

  
Electric Utilities - 1.0%  

Elwood Energy LLC

      

8.16%, 07/05/2026

      1,194,894        1,045,532  

NRG Energy, Inc.

      

3.38%, 02/15/2029 (B)

      1,599,000        1,316,618  

3.88%, 02/15/2032 (B)

      1,461,000        1,137,246  

5.75%, 01/15/2028

      976,000        929,747  

Vistra Operations Co. LLC

      

4.38%, 05/01/2029 (B)

      3,383,000        2,975,449  

5.00%, 07/31/2027 (B)

      4,312,000        4,057,937  

5.63%, 02/15/2027 (B)

      611,000        591,495  
     

 

 

  
        12,054,024  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.3%  

Sensata Technologies BV

      

4.00%, 04/15/2029 (B)

      2,530,000        2,267,652  

Sensata Technologies, Inc.

      

3.75%, 02/15/2031 (B)

      667,000        566,355  

4.38%, 02/15/2030 (B)

      1,069,000        967,872  
     

 

 

  
        3,801,879  
     

 

 

  
Energy Equipment & Services - 1.2%  

Archrock Partners LP / Archrock Partners Finance Corp.

      

6.25%, 04/01/2028 (B)

      3,967,000        3,768,650  

CSI Compressco LP / CSI Compressco Finance, Inc.

      

7.50%, 04/01/2025 (A) (B)

      431,000        404,717  

7.50%, 04/01/2025 (B)

      1,546,000        1,451,725  

PIK Rate 3.50%, Cash Rate
7.25%, 04/01/2026 (B) (F)

      3,997,963        3,387,314  

Sunnova Energy Corp.

      

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

      2,922,000        2,626,360  

USA Compression Partners LP / USA Compression Finance Corp.

      

6.88%, 09/01/2027

      3,259,000        3,160,415  
     

 

 

  
        14,799,181  
     

 

 

  
Entertainment - 0.8%  

Carnival Holdings Bermuda Ltd.

      

10.38%, 05/01/2028 (B)

      1,225,000        1,324,531  

CDI Escrow Issuer, Inc.

      

5.75%, 04/01/2030 (B)

      4,117,000        3,905,222  

Netflix, Inc.

      

4.88%, 04/15/2028

      1,748,000        1,741,445  

4.88%, 06/15/2030 (A) (B)

      1,249,000        1,233,512  

5.38%, 11/15/2029 (B)

      984,000        992,994  

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

      

6.63%, 03/01/2030 (B)

      775,000        692,176  
     

 

 

  
        9,889,880  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Equity Real Estate Investment Trusts - 3.0%  

HAT Holdings I LLC / HAT Holdings II LLC

      

3.38%, 06/15/2026 (B)

      $   4,945,000        $   4,388,687  

6.00%, 04/15/2025 (B)

      1,212,000        1,185,227  

Iron Mountain Information Management Services, Inc.

      

5.00%, 07/15/2032 (B)

      2,443,000        2,116,474  

Iron Mountain, Inc.

      

4.50%, 02/15/2031 (B)

      881,000        754,920  

5.25%, 03/15/2028 (B)

      4,992,000        4,725,427  

iStar, Inc.

      

5.50%, 02/15/2026

      5,248,000        5,287,360  

MPT Operating Partnership LP / MPT Finance Corp.

      

3.50%, 03/15/2031

      4,019,000        2,813,250  

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

      

5.88%, 10/01/2028 (B)

      1,350,000        1,241,937  

7.50%, 06/01/2025 (B)

      3,573,000        3,622,129  

SBA Communications Corp.

      

3.13%, 02/01/2029

      3,735,000        3,164,227  

3.88%, 02/15/2027

      1,912,000        1,765,942  

VICI Properties LP / VICI Note Co., Inc.

      

3.88%, 02/15/2029 (B)

      1,731,000        1,559,710  

4.63%, 06/15/2025 (B)

      1,364,000        1,320,037  

5.75%, 02/01/2027 (B)

      1,358,000        1,350,871  
     

 

 

  
        35,296,198  
     

 

 

  
Food & Staples Retailing - 1.0%  

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

      

3.25%, 03/15/2026 (B)

      1,240,000        1,145,450  

3.50%, 03/15/2029 (B)

      4,595,000        3,963,187  

4.63%, 01/15/2027 (B)

      4,299,000        4,075,667  

7.50%, 03/15/2026 (B)

      1,067,000        1,094,180  

Rite Aid Corp.

      

8.00%, 11/15/2026 (B)

      3,055,000        1,703,163  
     

 

 

  
        11,981,647  
     

 

 

  
Food Products - 2.2%  

Darling Ingredients, Inc.

      

5.25%, 04/15/2027 (B)

      600,000        585,150  

6.00%, 06/15/2030 (B)

      1,769,000        1,760,102  

Kraft Heinz Foods Co.

      

5.00%, 06/04/2042

      959,000        915,668  

6.88%, 01/26/2039

      1,374,000        1,558,619  

Pilgrim’s Pride Corp.

      

3.50%, 03/01/2032 (B)

      2,870,000        2,335,462  

5.88%, 09/30/2027 (B)

      6,358,000        6,308,980  

Post Holdings, Inc.

      

4.50%, 09/15/2031 (B)

      2,950,000        2,539,714  

4.63%, 04/15/2030 (B)

      1,647,000        1,449,360  

5.50%, 12/15/2029 (B)

      8,268,000        7,662,338  

5.63%, 01/15/2028 (B)

      1,347,000        1,303,734  
     

 

 

  
        26,419,127  
     

 

 

  
Health Care Equipment & Supplies - 0.4%  

Medline Borrower LP

      

3.88%, 04/01/2029 (B)

      5,315,000        4,533,961  
     

 

 

  
Health Care Providers & Services - 5.3%  

Acadia Healthcare Co., Inc.

      

5.00%, 04/15/2029 (B)

      4,807,000        4,519,589  

AdaptHealth LLC

      

4.63%, 08/01/2029 (B)

      705,000        613,385  
 

 

Transamerica Funds

     Page    3         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

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

AdaptHealth LLC (continued)

      

5.13%, 03/01/2030 (A) (B)

      $   973,000        $   866,002  

6.13%, 08/01/2028 (B)

      3,972,000        3,757,599  

CHS / Community Health Systems, Inc.

      

5.25%, 05/15/2030 (B)

      3,807,000        3,071,944  

6.88%, 04/15/2029 (B)

      674,000        422,409  

8.00%, 03/15/2026 (B)

      5,683,000        5,529,843  

DaVita, Inc.

      

3.75%, 02/15/2031 (B)

      6,361,000        4,973,030  

4.63%, 06/01/2030 (B)

      4,139,000        3,484,210  

Encompass Health Corp.

      

4.50%, 02/01/2028

      1,686,000        1,573,797  

4.63%, 04/01/2031

      638,000        561,553  

4.75%, 02/01/2030

      927,000        849,744  

5.75%, 09/15/2025

      4,174,000        4,142,711  

HCA, Inc.

      

5.38%, 02/01/2025

      3,103,000        3,113,431  

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

      4,091,000        4,165,711  

7.50%, 11/06/2033

      441,000        486,718  

Molina Healthcare, Inc.

      

4.38%, 06/15/2028 (B)

      4,554,000        4,205,847  

Tenet Healthcare Corp.

      

4.25%, 06/01/2029

      3,886,000        3,460,114  

4.88%, 01/01/2026

      1,897,000        1,847,621  

5.13%, 11/01/2027

      2,487,000        2,394,235  

6.13%, 10/01/2028 (A)

      6,241,000        5,804,130  

6.13%, 06/15/2030 (B)

      3,193,000        3,098,008  
     

 

 

  
        62,941,631  
     

 

 

  
Hotels, Restaurants & Leisure - 8.5%  

1011778 BC ULC / New Red Finance, Inc.

      

3.88%, 01/15/2028 (B)

      2,008,000        1,835,272  

4.00%, 10/15/2030 (B)

      3,173,000        2,679,408  

Boyd Gaming Corp.

      

4.75%, 12/01/2027 (A)

      309,000        293,756  

4.75%, 06/15/2031 (A) (B)

      910,000        818,827  

Boyne USA, Inc.

      

4.75%, 05/15/2029 (B)

      4,440,000        4,021,923  

Caesars Entertainment, Inc.

      

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

      6,529,000        5,582,295  

6.25%, 07/01/2025 (B)

      3,693,000        3,676,041  

7.00%, 02/15/2030 (B) (H)

      478,000        490,036  

Carnival Corp.

      

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

      3,225,000        2,547,750  

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

      1,588,000        1,445,080  

10.50%, 02/01/2026 (B)

      1,638,000        1,713,201  

10.50%, 06/01/2030 (A) (B)

      5,537,000        5,329,362  

Hilton Domestic Operating Co., Inc.

      

4.88%, 01/15/2030

      3,109,000        2,930,920  

5.75%, 05/01/2028 (B)

      493,000        487,212  

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

      

4.88%, 07/01/2031 (B)

      5,142,000        4,459,040  

5.00%, 06/01/2029 (B)

      1,165,000        1,041,918  

International Game Technology PLC

      

4.13%, 04/15/2026 (B)

      1,429,000        1,353,627  

5.25%, 01/15/2029 (A) (B)

      780,000        743,271  

6.25%, 01/15/2027 (B)

      1,213,000        1,213,000  

6.50%, 02/15/2025 (B)

      2,272,000        2,294,720  

Lions Gate Capital Holdings LLC

      

5.50%, 04/15/2029 (B)

      3,305,000        2,140,847  

MGM Resorts International

      

4.63%, 09/01/2026

      942,000        887,354  

4.75%, 10/15/2028

      2,858,000        2,583,051  

5.50%, 04/15/2027

      4,203,000        4,048,301  

5.75%, 06/15/2025

      4,915,000        4,853,038  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Hotels, Restaurants & Leisure (continued)  

MGM Resorts International (continued)

      

6.75%, 05/01/2025

      $   995,000        $   1,001,797  

NCL Corp. Ltd.

      

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

      7,783,000        6,899,469  

Royal Caribbean Cruises Ltd.

      

4.25%, 07/01/2026 (A) (B)

      1,192,000        1,034,060  

5.38%, 07/15/2027 (B)

      2,377,000        2,067,710  

5.50%, 04/01/2028 (A) (B)

      1,904,000        1,637,440  

8.25%, 01/15/2029 (B)

      341,000        356,345  

11.50%, 06/01/2025 (B)

      861,000        923,422  

11.63%, 08/15/2027 (B)

      700,000        742,836  

Scientific Games International, Inc.

      

7.00%, 05/15/2028 (B)

      3,390,000        3,358,907  

Station Casinos LLC

      

4.50%, 02/15/2028 (B)

      5,333,000        4,801,033  

Travel & Leisure Co.

      

4.50%, 12/01/2029 (B)

      3,812,000        3,278,846  

5.65%, 04/01/2024

      2,062,000        2,045,896  

6.00%, 04/01/2027

      4,641,000        4,553,981  

Viking Cruises Ltd.

      

5.88%, 09/15/2027 (A) (B)

      5,359,000        4,564,689  

6.25%, 05/15/2025 (B)

      4,052,000        3,688,039  

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

      1,701,000        1,473,474  
     

 

 

  
        101,897,194  
     

 

 

  
Household Durables - 1.2%  

Beazer Homes USA, Inc.

      

5.88%, 10/15/2027 (A)

      2,476,000        2,209,830  

6.75%, 03/15/2025

      3,196,000        3,128,883  

7.25%, 10/15/2029

      3,316,000        3,063,155  

Century Communities, Inc.

      

6.75%, 06/01/2027

      1,598,000        1,575,941  

KB Home

      

7.25%, 07/15/2030

      1,840,000        1,834,455  

Meritage Homes Corp.

      

6.00%, 06/01/2025

      2,124,000        2,135,491  
     

 

 

  
        13,947,755  
     

 

 

  
Household Products - 0.9%  

Central Garden & Pet Co.

      

4.13%, 04/30/2031 (B)

      3,119,000        2,616,389  

Energizer Holdings, Inc.

      

6.50%, 12/31/2027 (A) (B)

      3,601,000        3,511,875  

Spectrum Brands, Inc.

      

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

      4,084,000        3,292,643  

5.50%, 07/15/2030 (B)

      1,539,000        1,397,920  
     

 

 

  
        10,818,827  
     

 

 

  
Independent Power & Renewable Electricity Producers - 1.2%  

Calpine Corp.

      

3.75%, 03/01/2031 (B)

      3,671,000        3,060,492  

4.50%, 02/15/2028 (B)

      2,830,000        2,611,423  

5.00%, 02/01/2031 (B)

      1,198,000        1,024,967  

5.13%, 03/15/2028 (B)

      2,084,000        1,888,833  

5.25%, 06/01/2026 (B)

      1,526,000        1,476,691  

Clearway Energy Operating LLC

      

3.75%, 02/15/2031 (B)

      2,217,000        1,868,820  

4.75%, 03/15/2028 (B)

      2,443,000        2,304,238  
     

 

 

  
        14,235,464  
     

 

 

  
Insurance - 1.4%  

Global Atlantic Finance Co.

      

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

      3,645,000        3,137,893  
 

 

Transamerica Funds

     Page    4         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

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

Hartford Financial Services Group, Inc.

      

3-Month LIBOR + 2.13%,
6.73% (C), 02/12/2067 (B)

      $   5,077,000        $   4,342,104  

Lincoln National Corp.

      

3-Month LIBOR + 2.36%,
7.01% (C), 05/17/2066

      4,344,000        3,476,286  

Ohio National Financial Services, Inc.

      

5.80%, 01/24/2030 (A) (B)

      5,541,000        5,261,454  
     

 

 

  
        16,217,737  
     

 

 

  
IT Services - 1.0%  

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

      

6.00%, 11/01/2029 (B)

      4,062,000        3,594,870  

Gartner, Inc.

      

3.63%, 06/15/2029 (B)

      326,000        292,748  

3.75%, 10/01/2030 (B)

      1,745,000        1,546,506  

4.50%, 07/01/2028 (B)

      3,333,000        3,166,317  

Rackspace Technology Global, Inc.

      

3.50%, 02/15/2028 (A) (B)

      5,748,000        3,482,713  
     

 

 

  
        12,083,154  
     

 

 

  
Leisure Products - 0.2%  

Mattel, Inc.

      

5.45%, 11/01/2041

      2,583,000        2,211,448  
     

 

 

  
Life Sciences Tools & Services - 0.1%  

Charles River Laboratories International, Inc.

      

3.75%, 03/15/2029 (A) (B)

      660,000        587,434  

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

      660,000        582,274  
     

 

 

  
        1,169,708  
     

 

 

  
Machinery - 2.0%  

Allison Transmission, Inc.

      

3.75%, 01/30/2031 (B)

      2,792,000        2,349,312  

Chart Industries, Inc.

      

7.50%, 01/01/2030 (B)

      435,000        444,244  

9.50%, 01/01/2031 (B)

      508,000        530,093  

Madison IAQ LLC

      

4.13%, 06/30/2028 (B)

      2,453,000        2,167,023  

5.88%, 06/30/2029 (B)

      767,000        608,415  

Smyrna Ready Mix Concrete LLC

      

6.00%, 11/01/2028 (B)

      7,129,000        6,485,412  

SPX FLOW, Inc.

      

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

      5,281,000        4,344,166  

Vertiv Group Corp.

      

4.13%, 11/15/2028 (B)

      3,399,000        2,944,373  

Wabash National Corp.

      

4.50%, 10/15/2028 (B)

      4,877,000        4,289,565  
     

 

 

  
        24,162,603  
     

 

 

  
Media - 11.0%  

Adelphia Communications Corp.

      

9.25%, 10/01/2049 (J) (K) (L) (M)

      1,305,000        91  

10.25%, 06/15/2049 - 11/01/2049 (J) (K) (L) (M) (N)

      1,460,000        102  

Arches Buyer, Inc.

      

4.25%, 06/01/2028 (B)

      3,814,000        3,203,760  

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

      2,463,000        2,074,486  

CCO Holdings LLC / CCO Holdings Capital Corp.

      

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

      5,545,000        4,463,036  

4.50%, 08/15/2030 (B)

      4,451,000        3,805,605  

4.50%, 05/01/2032

      3,975,000        3,289,312  
     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)

      $   7,694,000        $   6,685,369  

5.00%, 02/01/2028 (B)

      4,251,000        3,966,396  

5.38%, 06/01/2029 (B)

      1,794,000        1,659,450  

Clear Channel Outdoor Holdings, Inc.

      

5.13%, 08/15/2027 (B)

      5,106,000        4,662,033  

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

      1,668,000        1,349,912  

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

      1,123,000        955,370  

CSC Holdings LLC

      

4.50%, 11/15/2031 (B)

      1,778,000        1,306,119  

4.63%, 12/01/2030 (B)

      842,000        497,877  

5.00%, 11/15/2031 (B)

      1,505,000        902,865  

5.38%, 02/01/2028 (B)

      1,942,000        1,629,338  

5.75%, 01/15/2030 (B)

      9,448,000        5,975,860  

6.50%, 02/01/2029 (B)

      2,516,000        2,187,159  

7.50%, 04/01/2028 (A) (B)

      2,569,000        1,883,398  

Diamond Sports Group LLC / Diamond Sports Finance Co.

      

5.38%, 08/15/2026 (B)

      10,476,000        772,605  

6.63%, 08/15/2027 (B)

      609,000        12,180  

Directv Financing LLC / Directv Financing Co-Obligor, Inc.

      

5.88%, 08/15/2027 (B)

      5,951,000        5,390,446  

DISH DBS Corp.

      

5.00%, 03/15/2023

      1,612,000        1,608,904  

5.25%, 12/01/2026 (B)

      2,989,000        2,575,920  

5.75%, 12/01/2028 (B)

      3,059,000        2,503,060  

7.38%, 07/01/2028

      2,449,000        1,758,713  

7.75%, 07/01/2026

      2,590,000        2,103,494  

DISH Network Corp.

      

11.75%, 11/15/2027 (B)

      3,669,000        3,813,192  

Gray Escrow II, Inc.

      

5.38%, 11/15/2031 (B)

      5,629,000        4,265,783  

Gray Television, Inc.

      

4.75%, 10/15/2030 (B)

      4,827,000        3,559,912  

7.00%, 05/15/2027 (A) (B)

      4,283,000        3,896,374  

iHeartCommunications, Inc.

      

6.38%, 05/01/2026

      3,326,000        3,177,660  

8.38%, 05/01/2027 (A)

      4,588,759        4,100,286  

LCPR Senior Secured Financing DAC

      

6.75%, 10/15/2027 (B)

      5,563,000        5,386,973  

Sinclair Television Group, Inc.

      

5.50%, 03/01/2030 (A) (B)

      5,395,000        4,300,894  

Sirius XM Radio, Inc.

      

4.13%, 07/01/2030 (B)

      2,064,000        1,767,403  

5.00%, 08/01/2027 (B)

      250,000        237,317  

5.50%, 07/01/2029 (B)

      2,467,000        2,311,949  

TEGNA, Inc.

      

4.63%, 03/15/2028

      2,359,000        2,214,034  

4.75%, 03/15/2026 (B)

      1,223,000        1,181,867  

Univision Communications, Inc.

      

6.63%, 06/01/2027 (B)

      4,399,000        4,311,020  

UPC Broadband Finco BV

      

4.88%, 07/15/2031 (B)

      3,157,000        2,777,434  

UPC Holding BV

      

5.50%, 01/15/2028 (B)

      2,314,000        2,111,525  

Virgin Media Finance PLC

      

5.00%, 07/15/2030 (B)

      3,549,000        2,978,995  

VZ Secured Financing BV

      

5.00%, 01/15/2032 (B)

      10,109,000        8,599,398  

Ziggo Bond Co. BV

      

6.00%, 01/15/2027 (B)

      2,487,000        2,352,155  
     

 

 

  
        130,567,031  
     

 

 

  
Metals & Mining - 3.9%  

Big River Steel LLC / BRS Finance Corp.

      

6.63%, 01/31/2029 (B)

      2,348,000        2,302,809  
 

 

Transamerica Funds

     Page    5         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Metals & Mining (continued)  

Constellium SE

      

5.63%, 06/15/2028 (B)

      $   6,339,000        $   6,009,372  

5.88%, 02/15/2026 (B)

      6,910,000        6,815,787  

FMG Resources August Pty. Ltd.

      

5.88%, 04/15/2030 (B)

      4,672,000        4,555,200  

6.13%, 04/15/2032 (B)

      1,149,000        1,120,275  

Freeport-McMoRan, Inc.

      

4.13%, 03/01/2028

      2,057,000        1,950,756  

4.25%, 03/01/2030

      1,417,000        1,323,916  

4.38%, 08/01/2028

      4,277,000        4,075,613  

4.63%, 08/01/2030

      1,027,000        983,374  

Mineral Resources Ltd.

      

8.13%, 05/01/2027 (B)

      4,307,000        4,339,303  

8.50%, 05/01/2030 (B)

      4,878,000        5,039,559  

New Gold, Inc.

      

7.50%, 07/15/2027 (B)

      4,918,000        4,568,325  

Novelis Corp.

      

3.25%, 11/15/2026 (B)

      595,000        538,665  

3.88%, 08/15/2031 (B)

      612,000        516,528  

4.75%, 01/30/2030 (B)

      1,977,000        1,789,185  
     

 

 

  
        45,928,667  
     

 

 

  
Oil, Gas & Consumable Fuels - 11.4%  

Antero Midstream Partners LP / Antero Midstream Finance Corp.

      

5.38%, 06/15/2029 (B)

      3,410,000        3,171,160  

7.88%, 05/15/2026 (B)

      3,875,000        3,976,719  

Callon Petroleum Co.

      

6.38%, 07/01/2026

      1,021,000        996,802  

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

      2,036,000        1,969,830  

8.00%, 08/01/2028 (A) (B)

      813,000        812,561  

8.25%, 07/15/2025

      4,645,000        4,641,093  

Cheniere Energy Partners LP

      

4.00%, 03/01/2031

      4,372,000        3,922,384  

Cheniere Energy, Inc.

      

4.63%, 10/15/2028

      1,621,000        1,544,246  

Chord Energy Corp.

      

6.38%, 06/01/2026 (B)

      3,432,000        3,380,520  

Civitas Resources, Inc.

      

5.00%, 10/15/2026 (B)

      2,080,000        1,947,254  

Comstock Resources, Inc.

      

5.88%, 01/15/2030 (B)

      3,059,000        2,667,846  

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.

      

8.00%, 04/01/2029 (B)

      5,557,000        5,673,586  

CrownRock LP / CrownRock Finance, Inc.

      

5.00%, 05/01/2029 (B)

      223,000        207,067  

5.63%, 10/15/2025 (B)

      6,411,000        6,250,725  

DCP Midstream Operating LP

      

5.38%, 07/15/2025

      4,083,000        4,074,732  

DT Midstream, Inc.

      

4.13%, 06/15/2029 (B)

      2,010,000        1,788,960  

4.38%, 06/15/2031 (B)

      535,000        467,976  

eG Global Finance PLC

      

6.75%, 02/07/2025 (B)

      3,832,000        3,551,574  

8.50%, 10/30/2025 (B)

      368,000        346,840  

EQM Midstream Partners LP

      

6.00%, 07/01/2025 (B)

      554,000        545,419  

6.50%, 07/01/2027 (B)

      1,538,000        1,510,331  

Genesis Energy LP / Genesis Energy Finance Corp.

      

8.88%, 04/15/2030

      1,981,000        2,015,667  

Hess Midstream Operations LP

      

4.25%, 02/15/2030 (B)

      272,000        238,220  

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

      3,131,000        2,948,448  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Oil, Gas & Consumable Fuels (continued)  

Holly Energy Partners LP / Holly Energy Finance Corp.

      

6.38%, 04/15/2027 (B)

      $   2,913,000        $   2,884,598  

Ithaca Energy North Sea PLC

      

9.00%, 07/15/2026 (B)

      4,500,000        4,420,407  

Kinder Morgan, Inc.

      

8.05%, 10/15/2030

      2,486,000        2,796,936  

Moss Creek Resources Holdings, Inc.

      

7.50%, 01/15/2026 (B)

      853,000        788,138  

NuStar Logistics LP

      

5.63%, 04/28/2027

      3,359,000        3,223,733  

5.75%, 10/01/2025

      944,000        934,097  

6.00%, 06/01/2026

      531,000        520,784  

Occidental Petroleum Corp.

      

6.13%, 01/01/2031

      871,000        908,590  

6.20%, 03/15/2040

      2,345,000        2,367,124  

6.45%, 09/15/2036

      6,446,000        6,782,546  

6.60%, 03/15/2046

      860,000        911,600  

6.63%, 09/01/2030

      2,228,000        2,365,351  

7.15%, 05/15/2028

      4,012,000        4,132,360  

Parkland Corp.

      

4.50%, 10/01/2029 (B)

      1,499,000        1,285,830  

4.63%, 05/01/2030 (B)

      855,000        734,777  

5.88%, 07/15/2027 (B)

      2,354,000        2,258,192  

PDC Energy, Inc.

      

5.75%, 05/15/2026

      2,434,000        2,342,390  

6.13%, 09/15/2024

      2,602,000        2,587,377  

SM Energy Co.

      

6.50%, 07/15/2028

      512,000        488,390  

6.63%, 01/15/2027 (A)

      2,965,000        2,893,988  

6.75%, 09/15/2026

      3,319,000        3,260,917  

Southwestern Energy Co.

      

4.75%, 02/01/2032

      1,410,000        1,237,275  

5.38%, 03/15/2030

      1,857,000        1,727,010  

Summit Midstream Holdings LLC / Summit Midstream Finance Corp.

      

5.75%, 04/15/2025 (A)

      4,578,000        3,937,080  

8.50%, 10/15/2026 (B)

      1,675,000        1,631,031  

Summit Midstream Partners LP

      

Fixed until 01/30/2023,
12.18% (C), 03/03/2023 (D)

      4,423,000        3,273,020  

Targa Resources Partners LP / Targa Resources Partners Finance Corp.

      

4.00%, 01/15/2032

      2,747,000        2,397,985  

4.88%, 02/01/2031

      3,857,000        3,622,726  

5.00%, 01/15/2028

      3,140,000        3,062,568  

5.50%, 03/01/2030

      2,086,000        2,034,735  

Western Midstream Operating LP

      

5.30%, 03/01/2048

      4,085,000        3,574,375  

5.45%, 04/01/2044

      2,246,000        1,976,952  
     

 

 

  
        136,012,842  
     

 

 

  
Paper & Forest Products - 0.8%  

Domtar Corp.

      

6.75%, 10/01/2028 (B)

      3,785,000        3,477,961  

Glatfelter Corp.

      

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

      7,827,000        5,478,900  
     

 

 

  
        8,956,861  
     

 

 

  
Personal Products - 0.5%  

Coty, Inc.

      

5.00%, 04/15/2026 (B)

      2,265,000        2,168,738  

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

      4,328,000        4,266,542  
     

 

 

  
        6,435,280  
     

 

 

  
 

 

Transamerica Funds

     Page    6         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Pharmaceuticals - 1.0%  

Bausch Health Americas, Inc.

      

8.50%, 01/31/2027 (B)

      $   3,188,000        $   1,680,809  

9.25%, 04/01/2026 (A) (B)

      1,637,000        1,204,439  

Bausch Health Cos., Inc.

      

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

      2,008,000        902,782  

5.25%, 01/30/2030 (B)

      1,394,000        613,316  

5.50%, 11/01/2025 (A) (B)

      1,346,000        1,140,466  

7.00%, 01/15/2028 (B)

      3,255,000        1,483,677  

9.00%, 12/15/2025 (A) (B)

      1,353,000        1,058,614  

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

      

4.13%, 04/30/2028 (B)

      2,786,000        2,529,827  

5.13%, 04/30/2031 (B)

      1,694,000        1,529,326  
     

 

 

  
        12,143,256  
     

 

 

  
Real Estate Management & Development - 0.2%  

Cushman & Wakefield US Borrower LLC

      

6.75%, 05/15/2028 (B)

      2,676,000        2,583,223  
     

 

 

  
Road & Rail - 1.3%  

Hertz Corp.

      

4.63%, 12/01/2026 (B)

      593,000        527,770  

5.00%, 12/01/2029 (B)

      3,927,000        3,210,323  

Uber Technologies, Inc.

      

4.50%, 08/15/2029 (B)

      3,022,000        2,690,524  

7.50%, 09/15/2027 (B)

      4,966,000        5,042,327  

8.00%, 11/01/2026 (B)

      3,386,000        3,450,072  
     

 

 

  
        14,921,016  
     

 

 

  
Software - 1.4%  

Crowdstrike Holdings, Inc.

      

3.00%, 02/15/2029 (A)

      4,095,000        3,514,427  

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

      

4.63%, 05/01/2028 (B)

      5,217,000        4,193,112  

NCR Corp.

      

5.13%, 04/15/2029 (B)

      5,254,000        4,576,051  

5.25%, 10/01/2030 (B)

      1,709,000        1,478,047  

5.75%, 09/01/2027 (B)

      1,278,000        1,240,110  

6.13%, 09/01/2029 (A) (B)

      2,085,000        2,064,150  
     

 

 

  
        17,065,897  
     

 

 

  
Specialty Retail - 1.0%  

Bath & Body Works, Inc.

      

5.25%, 02/01/2028

      743,000        701,849  

6.75%, 07/01/2036

      1,960,000        1,764,000  

6.88%, 11/01/2035

      1,468,000        1,337,796  

7.50%, 06/15/2029 (A)

      3,085,000        3,129,702  

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

      522,000        560,017  

Staples, Inc.

      

7.50%, 04/15/2026 (B)

      5,296,000        4,705,761  
     

 

 

  
        12,199,125  
     

 

 

  
Technology Hardware, Storage & Peripherals - 0.3%  

Western Digital Corp.

      

4.75%, 02/15/2026

      3,292,000        3,178,854  
     

 

 

  
Trading Companies & Distributors - 1.7%  

Boise Cascade Co.

      

4.88%, 07/01/2030 (B)

      4,950,000        4,447,651  

Herc Holdings, Inc.

      

5.50%, 07/15/2027 (B)

      6,775,000        6,487,063  

United Rentals North America, Inc.

      

3.75%, 01/15/2032

      2,679,000        2,306,860  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Trading Companies & Distributors (continued)  

United Rentals North America, Inc. (continued)

 

4.00%, 07/15/2030

      $   3,533,000        $   3,168,527  

6.00%, 12/15/2029 (B)

      4,097,000        4,158,455  
     

 

 

  
        20,568,556  
     

 

 

  
Wireless Telecommunication Services - 1.2%  

Altice France SA

      

5.13%, 07/15/2029 (B)

      506,000        395,591  

5.50%, 10/15/2029 (B)

      3,432,000        2,701,813  

8.13%, 02/01/2027 (B)

      2,933,000        2,749,453  

Sprint LLC

      

7.63%, 03/01/2026

      1,427,000        1,509,419  

T-Mobile USA, Inc.

      

3.38%, 04/15/2029

      3,160,000        2,880,230  

Vmed O2 Financing I PLC

      

4.25%, 01/31/2031 (B)

      2,322,000        1,941,262  

4.75%, 07/15/2031 (B)

      2,529,000        2,149,701  
     

 

 

  
        14,327,469  
     

 

 

  

Total Corporate Debt Securities
(Cost $1,290,495,256)

 

      1,144,910,541  
     

 

 

  
LOAN ASSIGNMENTS - 0.2%  
Communications Equipment - 0.2%  

Avaya, Inc.

      

Term Loan B,

      

1-Month LIBOR + 4.25%,
8.71% (C), 12/15/2027 (E)

      5,009,865        1,319,263  

Term Loan B2,

      

1-Month LIBOR + 4.00%,
8.46% (C), 12/15/2027 (E)

      2,625,000        735,000  
     

 

 

  

Total Loan Assignments
(Cost $7,639,916)

 

      2,054,263  
     

 

 

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

Intelsat SA (J) (K) (M)

      31,634        695,948  
     

 

 

  
Electric Utilities - 0.0% (O)  

Homer City Generation LLC (E) (J) (K) (M)

      270,659        2,706  
     

 

 

  
Oil, Gas & Consumable Fuels - 0.0% (O)  

Ultra Resources, Inc. (I) (J) (K) (M)

      3,226        0  
     

 

 

  
Software - 0.0% (O)  

ASG WT Corp. (J) (K) (M)

      1,265        141,440  
     

 

 

  

Total Common Stocks
(Cost $16,880,061)

 

      840,094  
     

 

 

  
WARRANT - 0.0% (O)  
Construction & Engineering - 0.0% (O)  

Abengoa Abenewco 2 SA, (B) (F) (I) (J) (K) (M) (P)

      

Exercise Price $0.00,

      

Expiration Date 10/26/2024

      2,023,470        0  
     

 

 

  

Total Warrant
(Cost $377,756)

 

      0  
  

 

 

  
     Principal      Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.4%  

U.S. Treasury Bills

      

4.27% (Q), 03/23/2023

      $  6,867,200        6,824,592  
 

 

Transamerica Funds

     Page    7         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)  

U.S. Treasury Bills (continued)

      

4.45% (Q), 02/14/2023

      $   4,524,700        $   4,517,713  

4.48% (Q), 02/21/2023

      9,006,100        8,984,073  

4.65% (Q), 04/20/2023

      9,101,200        9,011,860  
     

 

 

  

Total Short-Term U.S. Government Obligations
(Cost $29,340,918)

 

      29,338,238  
     

 

 

  
     Shares      Value  
OTHER INVESTMENT COMPANY - 9.4%  
Securities Lending Collateral - 9.4%  

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

      112,827,010        112,827,010  
     

 

 

  

Total Other Investment Company
(Cost $112,827,010)

 

      112,827,010  
     

 

 

  
     Principal      Value  
REPURCHASE AGREEMENT - 0.2%  

Fixed Income Clearing Corp., 1.80% (Q), dated 01/31/2023, to be repurchased at $2,084,340 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $2,125,982.

      $  2,084,235        $   2,084,235  
     

 

 

  

Total Repurchase Agreement
(Cost $2,084,235)

 

      2,084,235  
     

 

 

  

Total Investments
(Cost $1,459,645,152)

 

      1,292,054,381  

Net Other Assets (Liabilities) - (8.3)%

         (99,038,844 ) 
     

 

 

  

Net Assets - 100.0%

         $  1,193,015,537  
     

 

 

  
 

 

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

    $ —        $ 1,144,910,348      $ 193      $ 1,144,910,541  

Loan Assignments

      —          2,054,263        —          2,054,263  

Common Stocks

      —          —          840,094        840,094  

Warrant

      —          —          0        0  

Short-Term U.S. Government Obligations

      —          29,338,238        —          29,338,238  

Other Investment Company

      112,827,010        —          —          112,827,010  

Repurchase Agreement

      —          2,084,235        —          2,084,235  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $     112,827,010      $     1,178,387,084      $     840,287      $     1,292,054,381  
  

 

 

     

 

 

     

 

 

     

 

 

  

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 $114,081,633, collateralized by cash collateral of $112,827,010 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,660,595. 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 January 31, 2023, the total value of 144A securities is $804,059,133, representing 67.4% of the Fund’s net assets.
(C)      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.
(D)      Perpetual maturity. The date displayed is the next call date.

 

Transamerica Funds

     Page    8         

Transamerica High Yield Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

 

(E)      Restricted securities. At January 31, 2023, the value of such securities held by the Fund are as follows:

 

Investments

   

Description

    Acquisition
Date		      Acquisition
Cost		      Value      Value as
Percentage of
Net Assets		  

Corporate Debt Securities

   

Eagle Intermediate Global Holding BV / Eagle US Finance LLC

7.50%, 05/01/2025

      04/20/2018 - 05/10/2021      $ 6,850,291      $ 4,592,070        0.4 % 

Corporate Debt Securities

   

Avaya, Inc.

6.13%, 09/15/2028

      09/11/2020 - 09/27/2021        7,334,695        2,170,990        0.1  

Loan Assignments

   

Avaya, Inc.

Term Loan B

1-Month LIBOR + 4.25%,

8.71%, 12/15/2027

      09/25/2020        5,017,356        1,319,263        0.1  

Loan Assignments

   

Avaya, Inc.

Term Loan B2

1-Month LIBOR + 4.00%,

8.46%, 12/15/2027

      02/17/2021        2,625,000        735,000        0.1  

Common Stocks

   

Homer City Generation LLC

      01/10/2011 - 03/24/2017        13,906,767        2,706        0.0 (O) 
        

 

 

     

 

 

     

 

 

  

Total

          $     35,734,109      $     8,820,029        0.7 % 
        

 

 

     

 

 

     

 

 

  

 

(F)      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.
(G)      Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At January 31, 2023, the value of this security is $10,117, representing less than 0.1% of the Fund’s net assets.
(H)      When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after January 31, 2023. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)      Securities deemed worthless.
(J)      Securities are Level 3 of the fair value hierarchy.
(K)      Fair valued as determined in good faith in accordance with procedures established by the Board. At January 31, 2023, the total value of securities is $840,287, representing 0.1% of the Fund’s net assets.
(L)      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 $193, representing less than 0.1% of the Fund’s net assets.
(M)      Non-income producing securities.
(N)      Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.
(O)      Percentage rounds to less than 0.1% or (0.1)%.
(P)      Security in default; partial receipt of dividends declared during the last 12 months. At January 31, 2023, the value of this security is $0, representing less than 0.1% of the Fund’s net assets.
(Q)      Rates disclosed reflect the yields at January 31, 2023.
(R)      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.
(S)      Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

 

CMT

    Constant Maturity Treasury

LIBOR

    London Interbank Offered Rate

 

Transamerica Funds

     Page    9         

Transamerica High Yield Bond

 

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica High Yield Bond (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.

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.

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.

 

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Transamerica High Yield Bond

 

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

Warrants: Warrants 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 warrants are priced at zero. Warrants 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.

 

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