Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES - 94.0% | ||||||||
Automobile Components - 4.2% | ||||||||
Clarios Global LP/Clarios US Finance Co. | ||||||||
6.25%, 05/15/2026 (A) | $ 316,000 | $ 315,428 | ||||||
8.50%, 05/15/2027 (A) | 196,000 | 196,759 | ||||||
Dana Financing Luxembourg SARL | ||||||||
5.75%, 04/15/2025 (A) | 287,000 | 286,096 | ||||||
Dana, Inc. | ||||||||
4.25%, 09/01/2030 | 185,000 | 161,758 | ||||||
4.50%, 02/15/2032 | 377,000 | 324,129 | ||||||
5.63%, 06/15/2028 (B) | 489,000 | 473,172 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
4.88%, 03/15/2027 | 130,000 | 125,521 | ||||||
5.00%, 07/15/2029 | 265,000 | 247,873 | ||||||
9.50%, 05/31/2025 | 149,000 | 151,265 | ||||||
ZF North America Capital, Inc. | ||||||||
4.75%, 04/29/2025 (A) | 150,000 | 147,704 | ||||||
7.13%, 04/14/2030 (A) | 150,000 | 158,247 | ||||||
|
| |||||||
2,587,952 | ||||||||
|
| |||||||
Automobiles - 1.9% | ||||||||
Ford Motor Co. | ||||||||
6.10%, 08/19/2032 | 13,000 | 13,000 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.00%, 11/13/2030 | 400,000 | 356,838 | ||||||
6.95%, 03/06/2026 | 220,000 | 225,035 | ||||||
7.35%, 11/04/2027 | 516,000 | 543,736 | ||||||
|
| |||||||
1,138,609 | ||||||||
|
| |||||||
Banks - 4.4% | ||||||||
Barclays PLC | ||||||||
Fixed until 11/02/2025, | 200,000 | 206,491 | ||||||
Citigroup, Inc. | ||||||||
Fixed until 12/10/2025 (D), | 318,000 | 297,108 | ||||||
Fixed until 09/12/2024 (D), | 135,000 | 133,060 | ||||||
Deutsche Bank AG | ||||||||
Fixed until 11/10/2032, | 200,000 | 203,896 | ||||||
Intesa Sanpaolo SpA | ||||||||
Fixed until 06/01/2031, | 800,000 | 661,875 | ||||||
Fixed until 11/21/2032, | 200,000 | 219,109 | ||||||
JPMorgan Chase & Co. | ||||||||
Fixed until 02/01/2025 (D), | 210,000 | 204,717 | ||||||
Lloyds Banking Group PLC | ||||||||
Fixed until 08/15/2032, | 200,000 | 226,294 | ||||||
UniCredit SpA | ||||||||
Fixed until 06/30/2030, | 600,000 | 562,330 | ||||||
|
| |||||||
2,714,880 | ||||||||
|
| |||||||
Beverages - 1.3% | ||||||||
Primo Water Holdings, Inc. | ||||||||
4.38%, 04/30/2029 (A) | 845,000 | 769,110 | ||||||
|
|
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Building Products - 3.5% | ||||||||
Boise Cascade Co. | ||||||||
4.88%, 07/01/2030 (A) | $ 862,000 | $ 799,479 | ||||||
Builders FirstSource, Inc. | ||||||||
4.25%, 02/01/2032 (A) | 168,000 | 150,957 | ||||||
5.00%, 03/01/2030 (A) | 151,000 | 144,777 | ||||||
6.38%, 06/15/2032 (A) | 308,000 | 314,055 | ||||||
Camelot Return Merger Sub, Inc. | ||||||||
8.75%, 08/01/2028 (A) | 191,000 | 195,745 | ||||||
Cornerstone Building Brands, Inc. | ||||||||
6.13%, 01/15/2029 (A) | 600,000 | 532,500 | ||||||
|
| |||||||
2,137,513 | ||||||||
|
| |||||||
Capital Markets - 1.1% | ||||||||
LPL Holdings, Inc. | ||||||||
4.00%, 03/15/2029 (A) | 457,000 | 421,196 | ||||||
4.63%, 11/15/2027 (A) | 271,000 | 260,889 | ||||||
|
| |||||||
682,085 | ||||||||
|
| |||||||
Chemicals - 0.3% | ||||||||
ASP Unifrax Holdings, Inc. | ||||||||
5.25%, 09/30/2028 (A) | 57,000 | 37,562 | ||||||
Avient Corp. | ||||||||
7.13%, 08/01/2030 (A) | 118,000 | 121,030 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. | ||||||||
5.13%, 04/01/2029 (A) | 76,000 | 29,654 | ||||||
|
| |||||||
188,246 | ||||||||
|
| |||||||
Commercial Services & Supplies - 7.0% | ||||||||
Ashtead Capital, Inc. | ||||||||
4.00%, 05/01/2028 (A) | 200,000 | 189,254 | ||||||
Avis Budget Car Rental LLC/Avis Budget | ||||||||
5.75%, 07/15/2027 (A) | 468,000 | 454,230 | ||||||
8.00%, 02/15/2031 (A) | 340,000 | 339,291 | ||||||
Benteler International AG | ||||||||
10.50%, 05/15/2028 (A) | 200,000 | 213,900 | ||||||
Covanta Holding Corp. | ||||||||
4.88%, 12/01/2029 (A) | 137,000 | 119,093 | ||||||
5.00%, 09/01/2030 | 414,000 | 353,869 | ||||||
Garda World Security Corp. | ||||||||
4.63%, 02/15/2027 (A) | 196,000 | 185,212 | ||||||
6.00%, 06/01/2029 (A) | 76,000 | 66,743 | ||||||
GFL Environmental, Inc. | ||||||||
6.75%, 01/15/2031 (A) | 85,000 | 86,908 | ||||||
Herc Holdings, Inc. | ||||||||
5.50%, 07/15/2027 (A) | 452,000 | 443,516 | ||||||
Hertz Corp. | ||||||||
4.63%, 12/01/2026 (A) | 206,000 | 185,530 | ||||||
5.00%, 12/01/2029 (A) | 537,000 | 428,172 | ||||||
Stericycle, Inc. | ||||||||
5.38%, 07/15/2024 (A) | 302,000 | 300,867 | ||||||
United Rentals North America, Inc. | ||||||||
3.75%, 01/15/2032 | 156,000 | 136,993 | ||||||
4.00%, 07/15/2030 | 446,000 | 407,809 | ||||||
6.00%, 12/15/2029 (A) | 280,000 | 283,718 | ||||||
WW International, Inc. | ||||||||
4.50%, 04/15/2029 (A) | 244,000 | 117,120 | ||||||
|
| |||||||
4,312,225 | ||||||||
|
| |||||||
Communications Equipment - 1.0% | ||||||||
CommScope, Inc. | ||||||||
4.75%, 09/01/2029 (A) | 207,000 | 137,607 |
Transamerica Funds | Page 1 |
Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Communications Equipment (continued) | ||||||||
6.00%, 03/01/2026 (A) | $ 491,000 | $ 425,294 | ||||||
8.25%, 03/01/2027 (A) | 138,000 | 62,392 | ||||||
|
| |||||||
625,293 | ||||||||
|
| |||||||
Construction & Engineering - 3.1% | ||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
4.63%, 08/01/2029 - 04/01/2030 (A) | 45,000 | 40,738 | ||||||
6.63%, 01/15/2028 (A) | 345,000 | 341,378 | ||||||
Beazer Homes USA, Inc. | ||||||||
6.75%, 03/15/2025 | 12,000 | 11,993 | ||||||
7.25%, 10/15/2029 | 245,000 | 246,073 | ||||||
Century Communities, Inc. | ||||||||
6.75%, 06/01/2027 | 576,000 | 580,383 | ||||||
KB Home | ||||||||
4.80%, 11/15/2029 | 70,000 | 66,003 | ||||||
7.25%, 07/15/2030 | 259,000 | 266,144 | ||||||
Meritage Homes Corp. | ||||||||
5.13%, 06/06/2027 | 123,000 | 120,694 | ||||||
6.00%, 06/01/2025 | 223,000 | 222,474 | ||||||
|
| |||||||
1,895,880 | ||||||||
|
| |||||||
Construction Materials - 0.6% | ||||||||
Smyrna Ready Mix Concrete LLC | ||||||||
6.00%, 11/01/2028 (A) | 177,000 | 172,706 | ||||||
8.88%, 11/15/2031 (A) | 135,000 | 141,805 | ||||||
Summit Materials LLC/Summit Materials Finance Corp. | ||||||||
7.25%, 01/15/2031 (A) | 50,000 | 51,987 | ||||||
|
| |||||||
366,498 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail - 0.5% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP | ||||||||
4.63%, 01/15/2027 (A) | 293,000 | 284,636 | ||||||
|
| |||||||
Containers & Packaging - 5.1% | ||||||||
ARD Finance SA | ||||||||
PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 (A) (E) | 200,000 | 96,638 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||||
3.25%, 09/01/2028 (A) | 400,000 | 349,549 | ||||||
Cascades, Inc./Cascades USA, Inc. | ||||||||
5.13%, 01/15/2026 (A) (B) | 365,000 | 358,613 | ||||||
5.38%, 01/15/2028 (A) | 100,000 | 97,799 | ||||||
Graphic Packaging International LLC | ||||||||
3.50%, 03/15/2028 - 03/01/2029 (A) | 476,000 | 432,952 | ||||||
3.75%, 02/01/2030 (A) | 156,000 | 139,380 | ||||||
4.13%, 08/15/2024 | 349,000 | 345,497 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
7.88%, 08/15/2026 (A) | 71,000 | 71,828 | ||||||
9.25%, 04/15/2027 (A) | 35,000 | 33,783 | ||||||
OI European Group BV | ||||||||
4.75%, 02/15/2030 (A) | 49,000 | 45,350 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
7.25%, 05/15/2031 (A) | 65,000 | 65,813 | ||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | ||||||||
4.00%, 10/15/2027 (A) | 127,000 | 118,428 | ||||||
Sealed Air Corp. | ||||||||
5.13%, 12/01/2024 (A) | 425,000 | 422,875 | ||||||
6.88%, 07/15/2033 (A) | 150,000 | 156,524 |
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Containers & Packaging (continued) | ||||||||
Sealed Air Corp./Sealed Air Corp. US | ||||||||
7.25%, 02/15/2031 (A) | $ 170,000 | $ 177,712 | ||||||
Trivium Packaging Finance BV | ||||||||
5.50%, 08/15/2026 (A) | 200,000 | 195,151 | ||||||
|
| |||||||
3,107,892 | ||||||||
|
| |||||||
Diversified REITs - 3.6% | ||||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
5.25%, 06/01/2025 | 350,000 | 348,561 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
3.38%, 06/15/2026 (A) | 459,000 | 428,336 | ||||||
3.75%, 09/15/2030 (A) | 423,000 | 348,558 | ||||||
6.00%, 04/15/2025 (A) | 125,000 | 123,935 | ||||||
8.00%, 06/15/2027 (A) | 150,000 | 155,139 | ||||||
Iron Mountain Information Management Services, Inc. | ||||||||
5.00%, 07/15/2032 (A) | 157,000 | 141,607 | ||||||
SBA Communications Corp. | ||||||||
3.13%, 02/01/2029 | 552,000 | 491,976 | ||||||
3.88%, 02/15/2027 | 151,000 | 144,152 | ||||||
|
| |||||||
2,182,264 | ||||||||
|
| |||||||
Diversified Telecommunication Services - 0.8% | ||||||||
Iliad Holding SASU | ||||||||
6.50%, 10/15/2026 (A) | 400,000 | 393,316 | ||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/2034 | 98,000 | 91,861 | ||||||
6.38%, 11/15/2033 | 19,000 | 18,417 | ||||||
|
| |||||||
503,594 | ||||||||
|
| |||||||
Electric Utilities - 2.0% | ||||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc. | ||||||||
4.50%, 08/15/2028 (A) | 1,345,000 | 1,252,879 | ||||||
|
| |||||||
Electrical Equipment - 1.0% | ||||||||
Energizer Holdings, Inc. | ||||||||
4.38%, 03/31/2029 (A) | 152,000 | 137,592 | ||||||
6.50%, 12/31/2027 (A) | 488,000 | 485,780 | ||||||
|
| |||||||
623,372 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.5% | ||||||||
Sensata Technologies, Inc. | ||||||||
4.38%, 02/15/2030 (A) | 319,000 | 294,035 | ||||||
|
| |||||||
Energy Equipment & Services - 1.3% | ||||||||
CSI Compressco LP/CSI Compressco Finance, Inc. | ||||||||
7.50%, 04/01/2025 (A) | 143,000 | 143,000 | ||||||
Sunnova Energy Corp. | ||||||||
5.88%, 09/01/2026 (A) | 372,000 | 308,760 | ||||||
11.75%, 10/01/2028 (A) (B) | 431,000 | 373,231 | ||||||
|
| |||||||
824,991 | ||||||||
|
| |||||||
Financial Services - 0.8% | ||||||||
Macquarie Airfinance Holdings Ltd. | ||||||||
8.13%, 03/30/2029 (A) | 400,000 | 415,917 | ||||||
United Wholesale Mortgage LLC | ||||||||
5.50%, 04/15/2029 (A) | 87,000 | 82,166 | ||||||
|
| |||||||
498,083 | ||||||||
|
| |||||||
Food Products - 3.5% | ||||||||
Chobani LLC/Chobani Finance Corp., Inc. | ||||||||
7.63%, 07/01/2029 (A) | 325,000 | 328,784 | ||||||
Darling Ingredients, Inc. | ||||||||
5.25%, 04/15/2027 (A) | 654,000 | 642,634 |
Transamerica Funds | Page 2 |
Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Food Products (continued) | ||||||||
Darling Ingredients, Inc. (continued) | ||||||||
6.00%, 06/15/2030 (A) | $ 227,000 | $ 225,653 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.88%, 05/15/2027 | 77,000 | 75,260 | ||||||
Post Holdings, Inc. | ||||||||
4.50%, 09/15/2031 (A) | 27,000 | 24,257 | ||||||
4.63%, 04/15/2030 (A) | 621,000 | 571,156 | ||||||
5.50%, 12/15/2029 (A) | 79,000 | 76,364 | ||||||
5.63%, 01/15/2028 (A) | 238,000 | 234,205 | ||||||
|
| |||||||
2,178,313 | ||||||||
|
| |||||||
Health Care Equipment & Supplies - 0.7% | ||||||||
Kedrion SpA | ||||||||
6.50%, 09/01/2029 (A) | 286,000 | 255,255 | ||||||
Medline Borrower LP | ||||||||
3.88%, 04/01/2029 (A) | 203,000 | 183,544 | ||||||
|
| |||||||
438,799 | ||||||||
|
| |||||||
Health Care Providers & Services - 5.5% | ||||||||
AdaptHealth LLC | ||||||||
4.63%, 08/01/2029 (A) | 5,000 | 3,925 | ||||||
5.13%, 03/01/2030 (A) | 187,000 | 146,795 | ||||||
6.13%, 08/01/2028 (A) | 240,000 | 210,115 | ||||||
Charles River Laboratories International, Inc. | ||||||||
3.75%, 03/15/2029 (A) | 280,000 | 254,160 | ||||||
4.00%, 03/15/2031 (A) | 52,000 | 46,214 | ||||||
DaVita, Inc. | ||||||||
3.75%, 02/15/2031 (A) | 154,000 | 126,964 | ||||||
4.63%, 06/01/2030 (A) | 247,000 | 218,556 | ||||||
Encompass Health Corp. | ||||||||
4.50%, 02/01/2028 | 217,000 | 207,268 | ||||||
4.63%, 04/01/2031 | 5,000 | 4,594 | ||||||
4.75%, 02/01/2030 | 280,000 | 264,112 | ||||||
HCA, Inc. | ||||||||
3.50%, 09/01/2030 | 115,000 | 104,261 | ||||||
5.88%, 02/15/2026 | 166,000 | 167,561 | ||||||
Heartland Dental LLC/Heartland Dental Finance Corp. | ||||||||
10.50%, 04/30/2028 (A) | 367,000 | 386,348 | ||||||
Molina Healthcare, Inc. | ||||||||
4.38%, 06/15/2028 (A) | 197,000 | 184,620 | ||||||
Tenet Healthcare Corp. | ||||||||
4.25%, 06/01/2029 | 244,000 | 226,522 | ||||||
5.13%, 11/01/2027 | 178,000 | 173,782 | ||||||
6.13%, 10/01/2028 - 06/15/2030 | 513,000 | 511,379 | ||||||
6.25%, 02/01/2027 | 117,000 | 116,696 | ||||||
|
| |||||||
3,353,872 | ||||||||
|
| |||||||
Hotel & Resort REITs - 1.1% | ||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | ||||||||
5.88%, 10/01/2028 (A) | 174,000 | 169,432 | ||||||
7.50%, 06/01/2025 (A) | 483,000 | 484,876 | ||||||
|
| |||||||
654,308 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure - 5.7% | ||||||||
1011778 BC ULC/New Red Finance, Inc. | ||||||||
3.88%, 01/15/2028 (A) | 63,000 | 59,324 | ||||||
4.00%, 10/15/2030 (A) | 238,000 | 212,626 | ||||||
Boyne USA, Inc. | ||||||||
4.75%, 05/15/2029 (A) | 706,000 | 643,764 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
4.88%, 01/15/2030 | 606,000 | 584,170 | ||||||
5.38%, 05/01/2025 (A) | 150,000 | 149,473 |
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | ||||||||
4.88%, 07/01/2031 (A) | $ 596,000 | $ 528,533 | ||||||
5.00%, 06/01/2029 (A) | 214,000 | 197,757 | ||||||
NCL Corp. Ltd. | ||||||||
5.88%, 03/15/2026 (A) | 312,000 | 304,395 | ||||||
Travel & Leisure Co. | ||||||||
4.50%, 12/01/2029 (A) | 170,000 | 155,107 | ||||||
5.65%, 04/01/2024 | 270,000 | 269,422 | ||||||
6.60%, 10/01/2025 | 383,000 | 387,868 | ||||||
|
| |||||||
3,492,439 | ||||||||
|
| |||||||
Household Durables - 0.6% | ||||||||
Newell Brands, Inc. | ||||||||
4.88%, 06/01/2025 | 398,000 | 390,489 | ||||||
|
| |||||||
Household Products - 0.3% | ||||||||
Central Garden & Pet Co. | ||||||||
4.13%, 04/30/2031 (A) | 233,000 | 205,898 | ||||||
|
| |||||||
Independent Power & Renewable Electricity Producers - 2.3% | ||||||||
Calpine Corp. | ||||||||
4.50%, 02/15/2028 (A) | 166,000 | 157,763 | ||||||
5.00%, 02/01/2031 (A) | 287,000 | 260,396 | ||||||
Clearway Energy Operating LLC | ||||||||
3.75%, 02/15/2031 (A) | 170,000 | 147,368 | ||||||
4.75%, 03/15/2028 (A) | 916,000 | 872,139 | ||||||
|
| |||||||
1,437,666 | ||||||||
|
| |||||||
Insurance - 1.9% | ||||||||
Constellation Insurance, Inc. | ||||||||
6.80%, 01/24/2030 (A) | 400,000 | 396,058 | ||||||
Global Atlantic Finance Co. | ||||||||
Fixed until 07/15/2026, | 119,000 | 105,938 | ||||||
7.95%, 06/15/2033 (A) | 176,000 | 195,365 | ||||||
Hartford Financial Services Group, Inc. | ||||||||
3-Month Term SOFR + 2.39%, | 191,000 | 165,134 | ||||||
HUB International Ltd. | ||||||||
7.25%, 06/15/2030 (A) | 90,000 | 92,941 | ||||||
7.38%, 01/31/2032 (A) | 50,000 | 51,275 | ||||||
Lincoln National Corp. | ||||||||
3-Month Term SOFR + 2.62%, | 243,000 | 184,041 | ||||||
|
| |||||||
1,190,752 | ||||||||
|
| |||||||
Internet & Catalog Retail - 0.8% | ||||||||
Uber Technologies, Inc. | ||||||||
6.25%, 01/15/2028 (A) | 70,000 | 70,392 | ||||||
8.00%, 11/01/2026 (A) | 407,000 | 414,420 | ||||||
|
| |||||||
484,812 | ||||||||
|
| |||||||
IT Services - 0.3% | ||||||||
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. | ||||||||
6.00%, 11/01/2029 (A) | 231,000 | 211,490 | ||||||
|
| |||||||
Machinery - 4.1% | ||||||||
Advanced Drainage Systems, Inc. | ||||||||
5.00%, 09/30/2027 (A) | 920,000 | 887,147 | ||||||
6.38%, 06/15/2030 (A) | 31,000 | 31,257 |
Transamerica Funds | Page 3 |
Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Machinery (continued) | ||||||||
Chart Industries, Inc. | ||||||||
7.50%, 01/01/2030 (A) | $ 168,000 | $ 172,901 | ||||||
GrafTech Global Enterprises, Inc. | ||||||||
9.88%, 12/15/2028 (A) (B) | 60,000 | 44,835 | ||||||
Madison IAQ LLC | ||||||||
4.13%, 06/30/2028 (A) | 221,000 | 203,087 | ||||||
5.88%, 06/30/2029 (A) | 314,000 | 279,511 | ||||||
SPX Flow, Inc. | ||||||||
8.75%, 04/01/2030 (A) | 309,000 | 304,282 | ||||||
Wabash National Corp. | ||||||||
4.50%, 10/15/2028 (A) | 647,000 | 587,737 | ||||||
|
| |||||||
2,510,757 | ||||||||
|
| |||||||
Media - 10.4% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.25%, 02/01/2031 - 01/15/2034 (A) | 147,000 | 123,676 | ||||||
4.50%, 06/01/2033 (A) | 40,000 | 32,758 | ||||||
4.75%, 02/01/2032 (A) | 479,000 | 408,914 | ||||||
5.00%, 02/01/2028 (A) | 175,000 | 165,217 | ||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
7.75%, 04/15/2028 (A) (B) | 69,000 | 59,896 | ||||||
9.00%, 09/15/2028 (A) | 286,000 | 297,726 | ||||||
CSC Holdings LLC | ||||||||
4.50%, 11/15/2031 (A) | 418,000 | 299,942 | ||||||
5.75%, 01/15/2030 (A) | 501,000 | 265,530 | ||||||
DISH DBS Corp. | ||||||||
5.25%, 12/01/2026 (A) | 98,000 | 77,294 | ||||||
5.75%, 12/01/2028 (A) | 39,000 | 26,369 | ||||||
7.75%, 07/01/2026 | 125,000 | 73,653 | ||||||
DISH Network Corp. | ||||||||
11.75%, 11/15/2027 (A) | 51,000 | 53,126 | ||||||
Gray Television, Inc. | ||||||||
4.75%, 10/15/2030 (A) | 455,000 | 357,739 | ||||||
5.38%, 11/15/2031 (A) | 376,000 | 295,668 | ||||||
7.00%, 05/15/2027 (A) | 62,000 | 60,605 | ||||||
iHeartCommunications, Inc. | ||||||||
5.25%, 08/15/2027 (A) | 150,000 | 116,358 | ||||||
6.38%, 05/01/2026 | 555,000 | 476,687 | ||||||
8.38%, 05/01/2027 | 283,000 | 175,308 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
5.13%, 07/15/2029 (A) | 600,000 | 526,320 | ||||||
6.75%, 10/15/2027 (A) | 180,000 | 174,855 | ||||||
Nexstar Media, Inc. | ||||||||
4.75%, 11/01/2028 (A) | 23,000 | 21,067 | ||||||
5.63%, 07/15/2027 (A) | 317,000 | 308,754 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.13%, 09/01/2026 (A) | 60,000 | 55,947 | ||||||
4.13%, 07/01/2030 (A) | 473,000 | 413,284 | ||||||
Sunrise FinCo I BV | ||||||||
4.88%, 07/15/2031 (A) | 200,000 | 176,030 | ||||||
TEGNA, Inc. | ||||||||
4.63%, 03/15/2028 | 460,000 | 429,240 | ||||||
4.75%, 03/15/2026 (A) | 34,000 | 33,079 | ||||||
Univision Communications, Inc. | ||||||||
6.63%, 06/01/2027 (A) | 245,000 | 242,384 | ||||||
7.38%, 06/30/2030 (A) | 9,000 | 8,836 | ||||||
8.00%, 08/15/2028 (A) | 72,000 | 73,230 | ||||||
VZ Secured Financing BV | ||||||||
5.00%, 01/15/2032 (A) | 674,000 | 589,651 | ||||||
|
| |||||||
6,419,143 | ||||||||
|
|
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Metals & Mining - 4.1% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
6.75%, 03/15/2026 (A) | $ 173,000 | $ 174,811 | ||||||
Enviri Corp. | ||||||||
5.75%, 07/31/2027 (A) | 723,000 | 679,601 | ||||||
Mineral Resources Ltd. | ||||||||
8.13%, 05/01/2027 (A) | 245,000 | 247,450 | ||||||
8.50%, 05/01/2030 (A) | 140,000 | 144,033 | ||||||
9.25%, 10/01/2028 (A) | 26,000 | 27,382 | ||||||
New Gold, Inc. | ||||||||
7.50%, 07/15/2027 (A) | 563,000 | 559,867 | ||||||
Novelis Corp. | ||||||||
3.25%, 11/15/2026 (A) | 42,000 | 39,323 | ||||||
3.88%, 08/15/2031 (A) | 12,000 | 10,421 | ||||||
4.75%, 01/30/2030 (A) | 658,000 | 610,521 | ||||||
|
| |||||||
2,493,409 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts - 0.2% | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||
5.25%, 10/01/2025 (A) | 127,000 | 124,817 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 1.3% | ||||||||
Cheniere Energy Partners LP | ||||||||
4.00%, 03/01/2031 | 196,000 | 177,570 | ||||||
DCP Midstream Operating LP | ||||||||
5.38%, 07/15/2025 | 121,000 | 121,151 | ||||||
Hess Midstream Operations LP | ||||||||
5.13%, 06/15/2028 (A) | 225,000 | 218,286 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
5.50%, 03/01/2030 | 270,000 | 268,538 | ||||||
|
| |||||||
785,545 | ||||||||
|
| |||||||
Paper & Forest Products - 0.4% | ||||||||
Glatfelter Corp. | ||||||||
4.75%, 11/15/2029 (A) (B) | 306,000 | 221,085 | ||||||
|
| |||||||
Personal Care Products - 0.7% | ||||||||
Coty, Inc. | ||||||||
5.00%, 04/15/2026 (A) | 221,000 | 216,721 | ||||||
6.50%, 04/15/2026 (A) | 95,000 | 94,870 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | ||||||||
6.63%, 07/15/2030 (A) | 86,000 | 87,885 | ||||||
|
| |||||||
399,476 | ||||||||
|
| |||||||
Pharmaceuticals - 0.9% | ||||||||
Grifols SA | ||||||||
4.75%, 10/15/2028 (A) (B) | 462,000 | 395,587 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
5.13%, 04/30/2031 (A) | 212,000 | 181,413 | ||||||
|
| |||||||
577,000 | ||||||||
|
| |||||||
Professional Services - 0.3% | ||||||||
Gartner, Inc. | ||||||||
3.75%, 10/01/2030 (A) | 53,000 | 47,489 | ||||||
4.50%, 07/01/2028 (A) | 159,000 | 151,956 | ||||||
|
| |||||||
199,445 | ||||||||
|
| |||||||
Real Estate Management & Development - 0.4% | ||||||||
Cushman & Wakefield US Borrower LLC | ||||||||
6.75%, 05/15/2028 (A) | 148,000 | 146,301 | ||||||
8.88%, 09/01/2031 (A) | 81,000 | 84,855 | ||||||
|
| |||||||
231,156 | ||||||||
|
|
Transamerica Funds | Page 4 |
Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
Principal | Value | |||||||
CORPORATE DEBT SECURITIES (continued) | ||||||||
Software - 0.7% | ||||||||
Crowdstrike Holdings, Inc. | ||||||||
3.00%, 02/15/2029 | $ 36,000 | $ 32,175 | ||||||
MSCI, Inc. | ||||||||
3.63%, 09/01/2030 (A) | 232,000 | 208,505 | ||||||
Rackspace Technology Global, Inc. | ||||||||
3.50%, 02/15/2028 (A) | 51,000 | 19,973 | ||||||
UKG, Inc. | ||||||||
6.88%, 02/01/2031 (A) (F) | 150,000 | 151,687 | ||||||
|
| |||||||
412,340 | ||||||||
|
| |||||||
Specialized REITs - 1.1% | ||||||||
Iron Mountain, Inc. | ||||||||
4.50%, 02/15/2031 (A) | 15,000 | 13,468 | ||||||
5.25%, 03/15/2028 (A) | 684,000 | 663,387 | ||||||
7.00%, 02/15/2029 (A) | 16,000 | 16,401 | ||||||
|
| |||||||
693,256 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.4% | ||||||||
NCR Voyix Corp. | ||||||||
5.00%, 10/01/2028 (A) | 75,000 | 70,708 | ||||||
5.13%, 04/15/2029 (A) | 267,000 | 251,300 | ||||||
5.25%, 10/01/2030 (A) | 9,000 | 8,259 | ||||||
Western Digital Corp. | ||||||||
4.75%, 02/15/2026 | 544,000 | 530,675 | ||||||
|
| |||||||
860,942 | ||||||||
|
| |||||||
Wireless Telecommunication Services - 1.3% | ||||||||
Vmed O2 UK Financing I PLC | ||||||||
4.75%, 07/15/2031 (A) | 891,000 | 798,539 | ||||||
|
| |||||||
Total Corporate Debt Securities |
| 57,755,785 | ||||||
|
| |||||||
LOAN ASSIGNMENT - 0.1% | ||||||||
Containers & Packaging - 0.1% | ||||||||
Trident TPI Holdings, Inc. | ||||||||
Term Loan, | ||||||||
3-Month Term SOFR + 4.50%, | 77,513 | 77,277 | ||||||
|
| |||||||
Total Loan Assignment |
| 77,277 | ||||||
|
|
Shares | Value | |||||||
OTHER INVESTMENT COMPANY - 2.1% | ||||||||
Securities Lending Collateral - 2.1% | ||||||||
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 5.30% (G) | 1,286,743 | $ 1,286,743 | ||||||
|
| |||||||
Total Other Investment Company |
| 1,286,743 | ||||||
|
| |||||||
Principal | Value | |||||||
REPURCHASE AGREEMENT - 5.1% | ||||||||
Fixed Income Clearing Corp., 2.50% (G), dated 01/31/2024, to be repurchased at $3,115,727 on 02/01/2024. Collateralized by a U.S. Government Obligation, 1.88%, due 06/30/2026, and with a value of $3,177,822. | $ 3,115,510 | 3,115,510 | ||||||
|
| |||||||
Total Repurchase Agreement | 3,115,510 | |||||||
|
| |||||||
Total Investments |
| 62,235,315 | ||||||
Net Other Assets (Liabilities) - (1.3)% | (795,659 | ) | ||||||
|
| |||||||
Net Assets - 100.0% | $ 61,439,656 | |||||||
|
|
Transamerica Funds | Page 5 |
Transamerica High Yield ESG
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2024
(unaudited)
INVESTMENT VALUATION:
Valuation Inputs (H)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Debt Securities | $ | — | $ | 57,755,785 | $ | — | $ | 57,755,785 | ||||||||
Loan Assignment | — | 77,277 | — | 77,277 | ||||||||||||
Other Investment Company | 1,286,743 | — | — | 1,286,743 | ||||||||||||
Repurchase Agreement | — | 3,115,510 | — | 3,115,510 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,286,743 | $ | 60,948,572 | $ | — | $ | 62,235,315 | ||||||||
|
|
|
|
|
|
|
|
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
(A) | Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2024, the total value of 144A securities is $44,056,571, representing 71.7% of the Fund’s net assets. | |
(B) | All or a portion of the securities are on loan. The total value of all securities on loan is $1,733,006, collateralized by cash collateral of $1,286,743 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $481,580. 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. | |
(C) | Floating or variable rate securities. The rates disclosed are as of January 31, 2024. 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. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately. | |
(F) | When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after January 31, 2024. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement. | |
(G) | Rates disclosed reflect the yields at January 31, 2024. | |
(H) | There were no transfers in or out of Level 3 during the period ended January 31, 2024. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs. |
PORTFOLIO ABBREVIATIONS:
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
Transamerica Funds | Page 6 |
Transamerica High Yield ESG
NOTES TO SCHEDULE OF INVESTMENTS
At January 31, 2024
(unaudited)
INVESTMENT VALUATION
Transamerica High Yield ESG (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 January 31, 2024, 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 Funds’ 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.
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.
Transamerica Funds | Page 7 |