Transamerica Bond (IDITX) NPORT-P Transamerica High Yield Muni (Jul 2020 report)

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 0.8%
Construction & Engineering - 0.4%
CalAtlantic Group, Inc.
5.88%, 11/15/2024		$  350,000		$  372,262
Food & Staples Retailing - 0.3%
Ingles Markets, Inc.
5.75%, 06/15/2023		301,000		305,515
Oil, Gas & Consumable Fuels - 0.1%
Marathon Petroleum Corp.
5.13%, 04/01/2024		40,000		40,784
Total Corporate Debt Securities (Cost $679,822)				718,561
MUNICIPAL GOVERNMENT OBLIGATIONS - 93.8%
Alabama - 1.0%
County of Perry, General Obligation Unlimited
Series A,
5.50%, 12/01/2040		50,000		49,803
Series B,
7.38%, 12/01/2030		345,000		347,215
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds,
Series A,
6.00%, 05/01/2040 (A)		500,000		509,545
				906,563
Arizona - 2.0%
Arizona Industrial Development Authority, Revenue Bonds,
Series B,
3.82%, 07/01/2044		400,000		404,824
Industrial Development Authority of the City of Phoenix, Revenue Bonds,
4.63%, 07/01/2026 (A)		600,000		635,052
Industrial Development Authority of the County of Pima, Revenue Bonds,
6.95%, 07/01/2041		150,000		150,331
La Paz County Industrial Development Authority, Revenue Bonds,
5.88%, 06/15/2048 (A)		500,000		514,155
Maricopa County Industrial Development Authority, Revenue Bonds,
5.00%, 07/01/2036		110,000		123,878
				1,828,240
Arkansas - 0.0% (B)
Saline County Property Owners Improvement District No. 49, General Obligation Limited,
Series A,
5.75%, 02/01/2036		15,000		15,014
California - 5.7%
California County Tobacco Securitization Agency, Revenue Bonds
5.88%, 06/01/2035		175,000		175,154
Series A,
5.88%, 06/01/2043		40,000		40,035

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds
4.00%, 08/15/2020 (A)		$   250,000		$   250,293
Series A,
5.50%, 06/01/2038 (A)		700,000		739,144
California Public Finance Authority, Revenue Bonds,
5.00%, 06/15/2049 (A)		250,000		254,385
California Statewide Communities Development Authority, Revenue Bonds
Series A,
5.25%, 12/01/2056 (A)		500,000		543,460
Series B,
6.00%, 12/01/2024		210,000		221,800
California Statewide Financing Authority, Revenue Bonds
Series A,
5.63%, 05/01/2029		20,000		20,068
Series B,
6.00%, 05/01/2037		55,000		55,188
Cypress School District, General Obligation Unlimited,
Zero Coupon, 08/01/2050 (C)		100,000		102,063
Golden State Tobacco Securitization Corp., Revenue Bonds,
Series A-1,
5.00%, 06/01/2047		2,000,000		2,043,780
Palomar Health, Revenue Bonds,
5.00%, 11/01/2028		45,000		54,426
Tobacco Securitization Authority of Northern California, Revenue Bonds,
Series A-1,
4.75%, 06/01/2023		50,000		50,070
Upland Community Facilities District, Special Tax,
Series A,
3.50%, 09/01/2049		600,000		614,904
				5,164,770
Colorado - 7.8%
Aerotropolis Regional Transportation Authority, Revenue Bonds,
5.00%, 12/01/2051		290,000		294,219
Brighton Crossing Metropolitan District No. 4, General Obligation Limited,
Series A,
5.00%, 12/01/2047		500,000		510,740
Bromley Park Metropolitan District No. 2, General Obligation Limited,
Series B,
6.38%, 12/15/2047		937,000		956,218
Colorado Health Facilities Authority, Revenue Bonds,
Series A,
5.00%, 09/15/2053		250,000		267,883
Colorado International Center Metropolitan District No. 14, General Obligation Limited,
5.88%, 12/01/2046		1,000,000		1,050,400
Denver Connection West Metropolitan District, General Obligation Limited,
Series A,
5.38%, 08/01/2047		500,000		512,625

The notes are an integral part of this report. Transamerica Funds Page    1

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Denver International Business Center Metropolitan District No. 1, General Obligation Limited,
6.00%, 12/01/2048		$   500,000		$   512,910
High Plains Metropolitan District, General Obligation Unlimited,
NATL,
4.00%, 12/01/2047		390,000		432,151
Painted Prairie Metropolitan District No. 2, General Obligation Limited,
5.25%, 12/01/2048		2,000,000		2,039,820
Park 70 Metropolitan District, General Obligation Unlimited,
AGM,
4.00%, 12/01/2048		250,000		280,068
Public Authority for Colorado Energy, Revenue Bonds,
6.50%, 11/15/2038		60,000		94,919
Town of Frisco Marina Enterprise Revenue, Revenue Bonds,
5.00%, 12/01/2048		150,000		163,662
				7,115,615
Connecticut - 1.7%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
Series A,
5.00%, 01/01/2055 (A)		500,000		521,340
Series B-1,
3.25%, 01/01/2027 (A)		275,000		275,817
Series J,
5.00%, 07/01/2037 - 07/01/2042		715,000		751,010
South Central Connecticut Regional Water Authority, Revenue Bonds,
AGM,
4.50%, 08/01/2038		10,000		10,025
				1,558,192
Delaware - 1.0%
Delaware State Economic Development Authority, Revenue Bonds,
5.00%, 08/01/2054		835,000		938,966
District of Columbia - 0.2%
District of Columbia, Revenue Bonds,
Series B,
5.00%, 07/01/2048		100,000		113,841
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds
6.50%, 05/15/2033		10,000		11,282
Series A,
Zero Coupon, 06/15/2046		100,000		20,358
				145,481
Florida - 2.2%
City of Tampa, Revenue Bonds,
Series A,
Zero Coupon, 09/01/2053		2,000,000		560,720
County of Lake, Revenue Bonds,
5.00%, 01/15/2054 (A)		825,000		853,240
Northern Palm Beach County Improvement District, Special Assessment
4.50%, 08/01/2031		50,000		50,964
5.13%, 08/01/2022		10,000		10,266

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Santa Rosa Bay Bridge Authority, Revenue Bonds,
ACA-CBI, NATL-IBC,
Zero Coupon, 07/01/2020		$   5,583		$   5,583
Sarasota National Community Development District, Special Assessment,
5.30%, 05/01/2039		25,000		25,018
St. Johns County Industrial Development Authority, Revenue Bonds,
Series A,
Fixed until 08/01/2024, 4.13%, 08/01/2047 (D)		500,000		514,920
				2,020,711
Georgia - 0.0% (B)
Atlanta Development Authority, Revenue Bonds,
Series A, ACA,
6.25%, 07/01/2036		20,000		20,004
Hawaii - 0.4%
State of Hawaii, General Obligation Unlimited,
5.00%, 06/01/2026		30,000		30,109
State of Hawaii Department of Transportation, Revenue Bonds,
5.63%, 11/15/2027		295,000		295,215
				325,324
Idaho - 1.8%
Idaho Housing & Finance Association, Revenue Bonds
Series A,
5.00%, 06/01/2035		285,000		316,937
6.00%, 07/01/2049 - 07/01/2054 (A)		1,155,000		1,337,848
				1,654,785
Illinois - 13.1%
Chicago Board of Education, General Obligation Unlimited
Series A,
5.50%, 12/01/2039		25,000		25,448
Series A, AGM,
5.00%, 12/01/2035		550,000		634,628
City of Chicago, General Obligation Unlimited
7.52%, 01/01/2040		205,000		241,740
Series A,
5.00%, 01/01/2044		1,000,000		1,091,340
Series B,
5.43%, 01/01/2042		1,450,000		1,434,398
6.21%, 01/01/2032		250,000		268,387
Series C,
Zero Coupon, 01/01/2024		145,000		131,612
5.00%, 01/01/2026 - 01/01/2038		1,010,000		1,079,327
City of Chicago Waterworks Revenue, Revenue Bonds,
5.00%, 11/01/2026		40,000		43,372
Cook County Community College District No. 508, General Obligation Unlimited,
5.50%, 12/01/2038		500,000		516,400
Cook County School District No. 132, General Obligation Limited,
Series A, AGM,
4.20%, 12/01/2027		361,000		424,821

The notes are an integral part of this report. Transamerica Funds Page    2

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		$   440,000		$   457,081
Series A,
5.00%, 11/01/2049		750,000		759,915
Lombard Public Facilities Corp., Revenue Bonds,
Series A-2, ACA-CBI,
5.50%, 01/01/2025 (A)		50,000		50,244
Metropolitan Pier & Exposition Authority, Revenue Bonds,
Series B,
5.00%, 06/15/2052		45,000		45,832
Southern Illinois University, Certificate of Participation
Series A-1, BAM,
4.50%, 02/15/2031 - 02/15/2032		125,000		126,252
Southern Illinois University, Revenue Bonds
Series A, AGM,
4.50%, 04/01/2027		25,000		25,043
Series A, NATL,
Zero Coupon, 04/01/2026 - 04/01/2027		175,000		146,833
Series B1,
4.00%, 04/01/2035		20,000		18,955
State of Illinois, General Obligation Unlimited
4.13%, 03/01/2028		30,000		30,691
5.00%, 07/01/2021 - 08/01/2021		30,000		30,829
5.10%, 06/01/2033 (C)		680,000		685,202
6.63%, 02/01/2035		25,000		28,169
6.75%, 03/01/2029		115,000		130,281
7.10%, 07/01/2035		155,000		181,499
7.35%, 07/01/2035		20,000		23,320
Series A,
5.00%, 12/01/2034 - 05/01/2041		635,000		703,417
Village of Oak Lawn, General Obligation Unlimited
Series A,
3.35%, 12/01/2026		315,000		321,675
5.23%, 12/01/2024		600,000		594,474
Village of Rosemont, General Obligation Unlimited,
Series A, AGC,
6.00%, 12/01/2035		15,000		19,197
Western Illinois Economic Development Authority, Revenue Bonds,
4.00%, 06/01/2036		1,480,000		1,500,557
Western Illinois University, Certificate of Participation
6.00%, 10/01/2025		15,000		15,000
6.38%, 10/01/2029		30,000		30,001
Will County Community High School District No. 210, General Obligation Unlimited
Series A,
3.25%, 01/01/2030		45,000		45,573
3.38%, 01/01/2033		25,000		25,248
5.00%, 01/01/2027		55,000		58,912
				11,945,673
Indiana - 2.2%
East Chicago Sanitary District, Revenue Bonds,
4.00%, 07/15/2031		1,320,000		1,451,697

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Hamilton County Redevelopment Commission, Tax Allocation,
5.00%, 02/01/2025		$   65,000		$   65,075
Indiana Finance Authority, Revenue Bonds
5.00%, 10/01/2044		420,000		444,087
6.00%, 12/01/2026		60,000		56,669
Series A,
4.00%, 11/15/2026		15,000		15,414
				2,032,942
Iowa - 0.6%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A,
6.50%, 06/01/2023		95,000		95,078
Series C,
5.38%, 06/01/2038		145,000		146,989
5.50%, 06/01/2042		100,000		101,372
5.63%, 06/01/2046		215,000		217,950
				561,389
Kansas - 0.2%
Kansas Rural Water Finance Authority, Revenue Bonds,
4.25%, 03/01/2038		25,000		25,351
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds,
NATL,
Zero Coupon, 12/01/2027		175,000		129,782
				155,133
Kentucky - 0.1%
Edmonson County Industrial Building Revenue, Revenue Bonds,
5.00%, 03/01/2027		20,000		20,007
Kentucky Area Development Districts, Certificate of Participation,
Series M,
5.35%, 12/01/2028		25,000		25,011
				45,018
Louisiana - 1.1%
Louisiana Public Facilities Authority, Revenue Bonds,
5.00%, 05/15/2024		30,000		34,646
Parish of St. James, Revenue Bonds,
Series 2,
6.35%, 07/01/2040 (A)		500,000		596,450
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds,
Series A,
4.00%, 07/01/2043		330,000		371,501
				1,002,597
Massachusetts - 0.6%
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 10/01/2049		500,000		533,770
Series I,
5.00%, 07/01/2023		20,000		22,182
				555,952

The notes are an integral part of this report. Transamerica Funds Page    3

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan - 1.7%
County of Wayne, Revenue Bonds,
9.25%, 12/01/2025		$   240,000		$   244,622
Dearborn Brownfield Redevelopment Authority, General Obligation Limited,
Series A, AGC,
5.50%, 05/01/2039		25,000		25,092
Detroit Local Development Finance Authority, Tax Allocation,
Series A, ACA-CBI,
5.50%, 05/01/2021		25,000		25,037
Michigan Finance Authority, Revenue Bonds,
Series B,
5.00%, 07/01/2021		50,000		51,356
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A,
5.13%, 06/01/2022		500,000		500,485
5.25%, 06/01/2022		15,000		15,015
6.00%, 06/01/2034 - 06/01/2048		690,000		690,166
				1,551,773
Minnesota - 4.3%
City of Deephaven, Revenue Bonds,
Series A,
5.25%, 07/01/2037		80,000		87,089
City of Ham Lake, Revenue Bonds,
Series A,
4.00%, 07/01/2028		375,000		395,974
City of International Falls, Revenue Bonds,
5.65%, 12/01/2022		65,000		64,253
City of Minneapolis, Revenue Bonds,
Series A,
5.00%, 07/01/2047		200,000		207,228
City of Morris, Revenue Bonds,
2.55%, 08/01/2020		65,000		65,000
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
4.50%, 07/01/2028		550,000		563,744
5.00%, 07/01/2036 - 12/01/2050		1,765,000		1,829,151
Series B,
5.25%, 04/01/2043		400,000		405,412
Township of Baytown, Revenue Bonds
Series A,
4.00%, 08/01/2041		200,000		202,338
4.25%, 08/01/2046		120,000		122,160
				3,942,349
Mississippi - 0.0% (B)
Mississippi Development Bank, Revenue Bonds,
Series A,
3.25%, 06/01/2021		25,000		25,081
Mississippi Home Corp., Revenue Bonds,
Series 3A, GNMA,
5.55%, 08/20/2049		5,000		5,107
				30,188
Missouri - 0.1%
Health & Educational Facilities Authority, Revenue Bonds,
4.25%, 12/01/2042 (A) (E)		75,000		81,980

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Montana - 0.2%
City of Forsyth, Revenue Bonds,
Series A,
Fixed until 03/01/2031, 3.90% (D)		$   135,000		$   144,330
Lewistown Special Improvement District No. 2005, Special Assessment,
4.60%, 07/01/2022		25,000		25,014
				169,344
Nevada - 0.2%
City of Reno, Special Assessment,
7.25%, 12/01/2025		40,000		40,033
County of Clark, Special Assessment,
4.00%, 08/01/2022		165,000		168,284
				208,317
New Jersey - 3.1%
Essex County Improvement Authority, Revenue Bonds
Series A,
5.00%, 12/01/2035 (F) (G)		500,000		450,000
5.13%, 12/01/2045 (F) (G)		30,000		27,000
New Jersey Economic Development Authority, Revenue Bonds
Series A,
5.13%, 09/01/2052 (A)		760,000		781,067
Series B,
6.50%, 04/01/2031 (E)		10,000		10,531
New Jersey Health Care Facilities Financing Authority, Revenue Bonds,
5.00%, 07/01/2030		40,000		46,373
Tobacco Settlement Financing Corp., Revenue Bonds,
Series B,
5.00%, 06/01/2046		1,320,000		1,490,082
				2,805,053
New Mexico - 0.5%
Artesia Hospital District, General Obligation Unlimited,
4.00%, 08/01/2023		400,000		404,632
New York - 6.4%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds,
Series A,
5.00%, 08/01/2052		500,000		519,715
City of Elmira City, General Obligation Limited,
4.00%, 05/27/2021		790,000		791,477
New York City Industrial Development Agency, Revenue Bonds
FGIC,
CPI + 0.89%, 1.01% (D), 03/01/2027		20,000		18,595
NATL,
4.75%, 03/01/2046		135,000		135,049
5.00%, 03/01/2036		85,000		85,034
New York Counties Tobacco Trust I, Revenue Bonds,
Series B,
6.50%, 06/01/2035		15,000		15,008
New York Counties Tobacco Trust IV, Revenue Bonds
Series A,
5.00%, 06/01/2038 - 06/01/2045		315,000		315,053

The notes are an integral part of this report. Transamerica Funds Page    4

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York Counties Tobacco Trust VI, Revenue Bonds
Series A-2B,
5.00%, 06/01/2045		$   850,000		$   896,444
Series C,
3.75%, 06/01/2045		1,760,000		1,628,299
New York State Dormitory Authority, Revenue Bonds,
AMBAC,
5.25%, 07/01/2025		100,000		118,374
Port Authority of New York & New Jersey, Revenue Bonds
AGM-CR,
6.50%, 12/01/2028		50,000		50,809
NATL,
5.75%, 12/01/2022		660,000		663,788
Village of Brewster, General Obligation Unlimited,
5.00%, 05/01/2033		50,000		65,675
Yonkers Economic Development Corp., Revenue Bonds,
5.00%, 10/15/2054		465,000		483,391
				5,786,711
Ohio - 5.5%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series B-2, Class 2,
5.00%, 06/01/2055		1,700,000		1,873,434
Series B-3, Class 2,
Zero Coupon, 06/01/2057		2,000,000		289,100
Cardinal Local School District, Certificate of Participation,
5.25%, 04/01/2038		1,410,000		1,288,515
City of Cleveland, Revenue Bonds,
5.38%, 09/15/2027 (E)		20,000		20,011
Cleveland-Cuyahoga County Port Authority, Revenue Bonds,
Series A,
7.05%, 11/15/2040 (A) (E)		95,000		95,110
County of Greene, Revenue Bonds,
Series A, ACA,
5.10%, 09/01/2029		100,000		100,043
County of Hamilton, Revenue Bonds,
5.00%, 01/01/2036		100,000		104,817
County of Montgomery, Revenue Bonds,
6.00%, 04/01/2038 (A)		2,000,000		1,208,520
				4,979,550
Oregon - 2.3%
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2040		1,000,000		1,233,630
Series B,
6.75%, 06/15/2022 (A)		100,000		101,748
Warm Springs Reservation Confederated Tribe, Revenue Bonds,
Series B,
5.00%, 11/01/2039 (A)		600,000		729,012
				2,064,390
Pennsylvania - 0.4%
Cumberland County Municipal Authority, Revenue Bonds,
5.00%, 01/01/2039		150,000		162,958

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Dallas Area Municipal Authority, Revenue Bonds,
5.00%, 05/01/2048		$   115,000		$   126,102
Montgomery County Industrial Development Authority, Revenue Bonds,
Series A,
4.25%, 01/15/2029		60,000		62,575
Susquehanna Area Regional Airport Authority, Revenue Bonds,
Series B,
9.88%, 01/01/2034		10,000		13,607
				365,242
Puerto Rico - 12.7%
Children’s Trust Fund, Revenue Bonds
5.38%, 05/15/2033		20,000		20,114
5.50%, 05/15/2039		55,000		55,314
5.63%, 05/15/2043		45,000		45,212
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		105,171
AGM,
5.13%, 07/01/2030		275,000		276,785
AGM-CR,
4.50%, 07/01/2023		75,000		75,080
5.00%, 07/01/2028		30,000		30,186
Series A, AGC-ICC,
5.00%, 07/01/2022 - 07/01/2033		620,000		623,951
5.25%, 07/01/2030		55,000		55,415
5.50%, 07/01/2029		245,000		270,683
Series A, AGM,
4.13%, 07/01/2023 - 07/01/2024		50,000		50,902
5.00%, 07/01/2035		265,000		272,224
5.38%, 07/01/2025		200,000		205,000
Series A-4, AGM,
5.00%, 07/01/2031		170,000		170,632
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		401,740
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		160,000		161,411
5.38%, 07/01/2028		30,000		30,253
5.50%, 07/01/2032		145,000		146,235
5.75%, 07/01/2037		650,000		656,084
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		195,000		196,209
5.13%, 07/01/2047		390,000		390,090
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		770,000		769,992
5.00%, 07/01/2027		210,000		211,384
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		320,000		320,134
3.65%, 07/01/2024		210,000		210,052
Series RR, AGC,
5.00%, 07/01/2028		270,000		271,674
Series SS, AGM,
5.00%, 07/01/2030		110,000		110,646
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		266,556
Series TT, AGM-CR,

The notes are an integral part of this report. Transamerica Funds Page    5

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
5.00%, 07/01/2027		$   25,000		$   25,165
Series UU, AGC,
4.25%, 07/01/2027		365,000		365,135
5.00%, 07/01/2026		165,000		166,087
Series UU, AGM,
5.00%, 07/01/2021 - 07/01/2024		390,000		392,399
Series VV, AGM,
5.25%, 07/01/2027		70,000		76,334
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		55,000		55,341
Series AA, AGC-ICC,
5.00%, 07/01/2035		85,000		85,370
Series AA-1, AGM,
4.95%, 07/01/2026		175,000		176,005
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		290,000		318,314
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		83,291
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		580,000		583,610
Series E, AGM,
5.50%, 07/01/2023		150,000		160,365
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		305,000		307,010
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,020
5.00%, 07/01/2030		30,000		30,176
Series M, AGC-ICC,
5.00%, 07/01/2032		160,000		160,747
Series N, AGC,
5.25%, 07/01/2036		120,000		131,958
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		265,000		291,569
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		140,000		140,427
5.00%, 08/01/2021 - 08/01/2030		990,000		995,738
Series A, AGM-CR,
4.75%, 08/01/2025		60,000		60,151
Puerto Rico Public Buildings Authority, Revenue Bonds
Series I, AGC-ICC,
5.00%, 07/01/2036		290,000		291,073
Series K, AGM,
5.25%, 07/01/2027		190,000		191,509
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		66,799
				11,583,722
South Carolina - 0.4%
County of Lancaster, Special Assessment, Series A,
3.13%, 12/01/2022		350,000		349,678
Tennessee - 0.1%
Tennessee Housing Development Agency, Revenue Bonds,
3.05%, 07/01/2027		95,000		105,782
Texas - 6.2%
Bexar County Health Facilities Development Corp., Revenue Bonds,
5.00%, 07/15/2042		700,000		727,895

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Cameron Education Corp., Revenue Bonds,
Series A, ACA,
5.25%, 08/15/2036		$   40,000		$   40,030
City of Dallas, Revenue Bonds,
AGC,
5.25%, 08/15/2034		35,000		35,124
Harris County-Houston Sports Authority, Revenue Bonds,
NATL,
Zero Coupon, 11/15/2023		10,000		9,200
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 07/01/2046 - 01/01/2055		1,950,000		1,862,758
Series A,
3.38%, 08/15/2021 (A)		495,000		495,520
Series A1,
5.00%, 07/01/2046		5,000		4,865
Series B,
4.25%, 07/01/2036		815,000		654,958
Series D,
6.00%, 07/01/2026		95,000		88,719
Newark Higher Education Finance Corp., Revenue Bonds,
5.00%, 06/15/2048		50,000		50,908
Port Beaumont Navigation District Dock and Wharf Facility Revenue, Revenue Bonds,
4.00%, 01/01/2050 (A)		1,000,000		1,003,180
Pottsboro Higher Education Finance Corp., Revenue Bonds,
Series A,
5.00%, 08/15/2036		435,000		455,014
Texas State Student Housing Corp., Revenue Bonds,
6.75%, 07/01/2021		5,000		5,000
Van Alstyne Economic Development Corp., Revenue Bonds,
4.00%, 08/15/2031		240,000		242,179
				5,675,350
U.S. Virgin Islands - 0.0% (B)
Virgin Islands Public Finance Authority, Revenue Bonds,
NATL,
4.00%, 10/01/2020		5,000		5,012
Utah - 0.5%
Utah Charter School Finance Authority, Revenue Bonds,
5.00%, 04/15/2030 (A)		420,000		420,176
Virginia - 0.8%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds,
Series A, ACA,
5.50%, 07/15/2035 (H)		50,000		50,032
Buena Vista Public Service Authority, Revenue Bonds
Series A,
5.13%, 01/01/2023		20,000		20,030
6.00%, 01/01/2027		50,000		50,070

The notes are an integral part of this report. Transamerica Funds Page    6

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Virginia (continued)
Henrico County Economic Development Authority, Revenue Bonds, Series C,
5.00%, 12/01/2047		$  375,000		$   379,560
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1,
5.00%, 06/01/2047		190,000		190,034
				689,726
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A,
7.47%, 06/01/2047		90,000		93,620
Wisconsin - 6.6%
Public Finance Authority, Revenue Bonds
5.00%, 04/01/2022 (E)		25,000		25,600
5.00%, 04/01/2050 (A)		135,000		143,385
5.00%, 06/15/2053		200,000		227,896
Series A,
5.00%, 06/15/2049 (A)		90,000		90,859
Series A, AGM,
4.00%, 07/01/2059		1,000,000		1,091,070
5.00%, 07/01/2054 - 07/01/2058		2,145,000		2,505,114
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039		500,000		468,525
Class B,
4.38%, 07/01/2038		850,000		775,370
Class C,
7.00%, 07/01/2043		750,000		668,137
				5,995,956
Total Municipal Government Obligations (Cost $83,675,547)				85,300,920
REPURCHASE AGREEMENT - 5.2%
Fixed Income Clearing Corp., 0.00% (I), dated 07/31/2020, to be repurchased at $4,766,097 on 08/03/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2023, and with a value of $4,861,437.		$4,766,097		4,766,097
Total Repurchase Agreement (Cost $4,766,097)				4,766,097
Total Investments (Cost $89,121,466)				90,785,578
Net Other Assets (Liabilities) - 0.2%				222,227
Net Assets - 100.0%				$91,007,805

The notes are an integral part of this report. Transamerica Funds Page    7

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	718,561	$	—	$	718,561
Municipal Government Obligations		—		85,300,920		—		85,300,920
Repurchase Agreement		—		4,766,097		—		4,766,097
Total Investments	$	—	$	90,785,578	$	—	$	90,785,578

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 July 31, 2020, the total value of 144A securities is $12,231,530, representing 13.4% of the Fund’s net assets.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of July 31, 2020; the maturity dates disclosed are the ultimate maturity dates.
(D)	Floating or variable rate securities. The rates disclosed are as of July 31, 2020. 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.
(E)	Restricted securities. At July 31, 2020, 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
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042		09/10/2019	$	78,020	$	81,980		0.1	%
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		10,531		0.0	(B)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015		20,062		20,011		0.0	(B)
Municipal Government Obligations	Cleveland-Cuyahoga County Port Authority Revenue Bonds Series A 7.05%, 11/15/2040		04/11/2014		92,766		95,110		0.1
Municipal Government Obligations	Public Finance Authority Revenue Bonds 5.00%, 04/01/2022		05/01/2017		25,171		25,600		0.0	(B)
Total				$	226,554	$	233,232		0.2	%

(F)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At July 31, 2020, the total value of such securities is $477,000, representing 0.5% of the Fund’s net assets.
(G)	Non-income producing securities.
(H)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At July 31, 2020, the value of this security is $50,032, representing 0.1% of the Fund’s net assets.
(I)	Rate disclosed reflects the yield at July 31, 2020.
(J)	There were no transfers in or out of Level 3 during the period ended July 31, 2020. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
GNMA	Government National Mortgage Association
NATL	National Public Finance Guarantee Corp.

The notes are an integral part of this report. Transamerica Funds Page    8

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

PORTFOLIO ABBREVIATIONS:

CBI	Certificates of Bond Insurance
CPI	Consumer Price Index
CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate

The notes are an integral part of this report. Transamerica Funds Page    9

Transamerica High Yield Muni

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

INVESTMENT VALUATION

All investments in securities are recorded at their estimated fair value. The Fund values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Fund 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 the Fund’s own assumptions used in determining the fair value of 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 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, 2020, 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.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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.

The notes are an integral part of this report. Transamerica Funds Page    10