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, | 5,028,000 | 5,160,185 | ||||||
Fixed until 09/15/2023 (D), | 1,717,000 | 1,718,717 | ||||||
Fixed until 06/15/2024 (D), | 3,262,000 | 3,212,026 | ||||||
Citigroup, Inc. | ||||||||
Fixed until 09/12/2024 (D), | 6,834,000 | 6,472,579 | ||||||
| Principal | Value | |||||||
| CORPORATE DEBT SECURITIES (continued) | ||||||||
| Banks (continued) | ||||||||
Deutsche Bank AG | ||||||||
Fixed until 10/14/2030, | $ 1,594,000 | $ 1,242,680 | ||||||
Fixed until 10/30/2025 (D), | 1,400,000 | 1,165,106 | ||||||
Fixed until 11/10/2032, | 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), | 4,647,000 | 4,391,415 | ||||||
Lloyds Banking Group PLC | ||||||||
Fixed until 06/27/2024 (D), | 2,830,000 | 2,757,835 | ||||||
Fixed until 08/15/2032, | 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, | $ 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, | 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, | 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, | 4,411,000 | 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 | 2,659,000 | 2,393,100 | ||||||
4.75%, 03/15/2026 | 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 | 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, | 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 |
| 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%, | $ 3,191,897 | $ 3,186,576 | ||||||
Trident TPI Holdings, Inc. | ||||||||
Term Loan, | ||||||||
3-Month Term SOFR + 4.50%, | 2,546,383 | 2,538,955 | ||||||
|
| |||||||
| 9,913,792 | ||||||||
|
| |||||||
Total Loan Assignments |
| 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 |
| 3,863,290 | ||||||
|
| |||||||
| RIGHTS - 0.0% (P) | ||||||||
| Diversified Telecommunication Services - 0.0% (P) | ||||||||
Intelsat Jackson Holdings SA (J) | 14 | 72 | ||||||
|
| |||||||
Total Rights |
| 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 |
| 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 |
| 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 |
| 44,935,808 | ||||||
|
| |||||||
Total Investments |
| 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. | 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.
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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.
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