Transamerica Bond (IDITX) NPORT-P Transamerica Multi-Managed Balanced (Jul 2020 report)

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 59.7%
Aerospace & Defense - 0.7%
General Dynamics Corp.		12,553		$  1,842,027
Northrop Grumman Corp.		8,533		2,773,310
Raytheon Technologies Corp.		53,414		3,027,506
				7,642,843
Airlines - 0.1%
Delta Air Lines, Inc.		22,702		566,869
Southwest Airlines Co.		29,433		909,185
				1,476,054
Auto Components - 0.1%
Magna International, Inc.		21,559		995,379
Automobiles - 0.1%
General Motors Co.		41,683		1,037,490
Banks - 1.8%
Bank of America Corp.		139,391		3,468,048
Citigroup, Inc.		142,051		7,103,971
Citizens Financial Group, Inc.		51,819		1,285,629
KeyCorp		175,183		2,103,948
Regions Financial Corp.		136,340		1,480,652
Truist Financial Corp.		11,827		443,040
Wells Fargo & Co.		139,908		3,394,168
				19,279,456
Beverages - 0.7%
Coca-Cola Co.		93,326		4,408,720
Constellation Brands, Inc., Class A		18,029		3,212,768
				7,621,488
Biotechnology - 1.6%
AbbVie, Inc.		78,783		7,477,295
Alexion Pharmaceuticals, Inc. (A)		17,411		1,784,453
Amgen, Inc.		4,676		1,144,077
Biogen, Inc. (A)		6,473		1,778,068
Gilead Sciences, Inc.		3,025		210,328
Regeneron Pharmaceuticals, Inc. (A)		4,357		2,753,929
Vertex Pharmaceuticals, Inc. (A)		9,274		2,522,528
				17,670,678
Building Products - 0.6%
Carrier Global Corp.		60,941		1,660,033
Masco Corp.		40,913		2,338,587
Trane Technologies PLC		18,429		2,061,652
				6,060,272
Capital Markets - 1.8%
BlackRock, Inc.		7,463		4,291,300
Charles Schwab Corp.		33,766		1,119,343
Goldman Sachs Group, Inc.		7,842		1,552,402
MarketAxess Holdings, Inc.		1,780		919,726
Morgan Stanley		82,797		4,047,117
MSCI, Inc.		2,579		969,652
S&P Global, Inc.		12,177		4,264,994
State Street Corp.		25,588		1,632,259
T. Rowe Price Group, Inc.		4,728		652,937
				19,449,730

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.0%
Air Products & Chemicals, Inc.		5,181		$   1,485,030
Celanese Corp.		16,383		1,592,428
Dow, Inc.		31,664		1,300,124
DuPont de Nemours, Inc.		18,663		998,097
Eastman Chemical Co.		35,321		2,636,006
Linde PLC		9,019		2,210,647
LyondellBasell Industries NV, Class A		11,968		748,239
				10,970,571
Commercial Services & Supplies - 0.1%
Cintas Corp.		2,506		756,486
Communications Equipment - 0.2%
Cisco Systems, Inc.		44,119		2,078,005
Motorola Solutions, Inc.		2,338		326,852
				2,404,857
Consumer Finance - 0.3%
American Express Co.		15,494		1,445,900
Capital One Financial Corp.		34,023		2,170,668
				3,616,568
Containers & Packaging - 0.3%
Avery Dennison Corp.		11,816		1,339,226
Crown Holdings, Inc. (A)		17,207		1,231,677
Packaging Corp. of America		4,711		452,821
WestRock Co.		20,856		560,192
				3,583,916
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		9,378		135,981
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		51,943		10,169,401
Voya Financial, Inc.		4,505		222,547
				10,391,948
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		133,259		7,659,727
Electric Utilities - 1.4%
Duke Energy Corp.		16,872		1,429,733
Entergy Corp.		35,427		3,724,441
FirstEnergy Corp.		13,505		391,645
NextEra Energy, Inc.		26,089		7,323,182
Southern Co.		20,449		1,116,720
Xcel Energy, Inc.		17,578		1,213,585
				15,199,306
Electrical Equipment - 0.6%
Eaton Corp. PLC		46,841		4,362,302
Emerson Electric Co.		25,159		1,560,110
				5,922,412
Electronic Equipment, Instruments & Components - 0.1%
TE Connectivity, Ltd.		8,176		728,236
Entertainment - 0.8%
Electronic Arts, Inc. (A)		4,234		599,619
Netflix, Inc. (A)		15,919		7,782,481
				8,382,100
Equity Real Estate Investment Trusts - 1.2%
Camden Property Trust		16,959		1,540,047

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Equinix, Inc.		4,747		$   3,728,674
Equity Lifestyle Properties, Inc.		9,842		672,405
Mid-America Apartment Communities, Inc.		10,566		1,259,362
Prologis, Inc.		35,471		3,739,353
Realty Income Corp.		5,048		303,132
Sun Communities, Inc.		3,236		485,173
UDR, Inc.		7,009		253,726
Ventas, Inc.		18,601		713,534
				12,695,406
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		11,275		3,670,351
Kroger Co.		27,511		957,107
				4,627,458
Food Products - 0.4%
Conagra Brands, Inc.		11,800		441,910
Mondelez International, Inc., Class A		75,610		4,195,599
				4,637,509
Health Care Equipment & Supplies - 1.9%
ABIOMED, Inc. (A)		1,062		318,536
Baxter International, Inc.		39,617		3,422,116
Becton Dickinson & Co.		6,578		1,850,654
Boston Scientific Corp. (A)		50,535		1,949,135
DexCom, Inc. (A)		1,672		728,223
Edwards Lifesciences Corp. (A)		10,453		819,620
Intuitive Surgical, Inc. (A)		1,890		1,295,482
Medtronic PLC		68,978		6,654,997
Zimmer Biomet Holdings, Inc.		30,103		4,059,691
				21,098,454
Health Care Providers & Services - 1.7%
Anthem, Inc.		8,392		2,297,730
Cigna Corp.		18,531		3,200,118
DaVita, Inc. (A)		8,998		786,335
McKesson Corp.		23,474		3,524,856
UnitedHealth Group, Inc.		28,281		8,562,921
				18,371,960
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Holdings, Inc.		18,119		1,359,831
Yum! Brands, Inc.		20,599		1,875,539
				3,235,370
Household Durables - 0.2%
Lennar Corp., Class A		35,520		2,569,872
Household Products - 1.2%
Kimberly-Clark Corp.		20,319		3,089,301
Procter & Gamble Co.		76,805		10,070,671
				13,159,972
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		45,341		6,772,585
Insurance - 1.2%
Allstate Corp.		36,521		3,447,217
American International Group, Inc.		20,726		666,134
Aon PLC, Class A		10,286		2,110,893
Arch Capital Group, Ltd. (A)		5,665		174,199
Everest Re Group, Ltd.		1,045		228,635
Hartford Financial Services Group, Inc.		18,880		799,002
Marsh & McLennan Cos., Inc.		12,162		1,418,089

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
MetLife, Inc.		7,590		$   287,281
Progressive Corp.		38,393		3,468,424
				12,599,874
Interactive Media & Services - 3.4%
Alphabet, Inc., Class A (A)		8,015		11,925,919
Alphabet, Inc., Class C (A)		7,151		10,604,647
Facebook, Inc., Class A (A)		57,284		14,531,233
				37,061,799
Internet & Direct Marketing Retail - 3.5%
Amazon.com, Inc. (A)		11,224		35,520,368
Booking Holdings, Inc. (A)		1,645		2,734,204
				38,254,572
IT Services - 3.9%
Accenture PLC, Class A		20,926		4,703,746
Automatic Data Processing, Inc.		21,879		2,907,938
FleetCor Technologies, Inc. (A)		2,058		532,137
International Business Machines Corp.		31,643		3,890,191
Leidos Holdings, Inc.		27,805		2,645,924
Mastercard, Inc., Class A		38,655		11,926,227
PayPal Holdings, Inc. (A)		47,673		9,347,245
Visa, Inc., Class A		30,386		5,785,494
				41,738,902
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (A)		3,489		1,333,356
Thermo Fisher Scientific, Inc.		19,228		7,959,431
				9,292,787
Machinery - 1.0%
Cummins, Inc.		16,870		3,260,296
Deere & Co.		8,845		1,559,462
Parker-Hannifin Corp.		15,914		2,847,333
Snap-on, Inc.		5,535		807,391
Stanley Black & Decker, Inc.		15,745		2,414,023
				10,888,505
Media - 1.4%
Altice USA, Inc., Class A (A)		24,959		673,643
Charter Communications, Inc., Class A (A)		12,035		6,980,300
Comcast Corp., Class A		137,507		5,885,300
Discovery, Inc., Class A (A) (C)		50,969		1,075,446
Discovery, Inc., Class C (A)		55,662		1,054,795
				15,669,484
Metals & Mining - 0.1%
Newmont Corp.		18,903		1,308,088
Multi-Utilities - 0.4%
CenterPoint Energy, Inc.		27,046		514,145
CMS Energy Corp.		26,535		1,703,016
DTE Energy Co.		14,094		1,629,689
Sempra Energy		7,094		882,919
				4,729,769
Multiline Retail - 0.4%
Dollar Tree, Inc. (A)		13,727		1,281,416
Target Corp.		26,656		3,355,457
				4,636,873
Oil, Gas & Consumable Fuels - 1.5%
Cabot Oil & Gas Corp.		11,386		212,918
Cheniere Energy, Inc. (A)		14,406		712,809

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.		58,845		$   4,939,449
Diamondback Energy, Inc.		20,488		816,652
EOG Resources, Inc.		55,499		2,600,128
Exxon Mobil Corp.		27,957		1,176,430
Kinder Morgan, Inc.		52,188		735,851
Phillips 66		34,881		2,163,320
Pioneer Natural Resources Co.		25,797		2,500,245
Williams Cos., Inc.		28,789		550,734
				16,408,536
Pharmaceuticals - 2.5%
Bristol-Myers Squibb Co.		108,427		6,360,328
Eli Lilly & Co.		36,105		5,426,221
Johnson & Johnson		42,237		6,156,465
Merck & Co., Inc.		99,388		7,974,893
Pfizer, Inc.		34,359		1,322,134
				27,240,041
Professional Services - 0.1%
Verisk Analytics, Inc.		3,888		733,705
Road & Rail - 0.8%
CSX Corp.		33,588		2,396,168
Kansas City Southern		3,121		536,344
Lyft, Inc., Class A (A)		10,918		319,133
Norfolk Southern Corp.		26,372		5,068,962
Union Pacific Corp.		4,810		833,814
				9,154,421
Semiconductors & Semiconductor Equipment - 3.1%
Advanced Micro Devices, Inc. (A)		43,860		3,396,080
Analog Devices, Inc.		36,478		4,189,498
Applied Materials, Inc.		16,374		1,053,339
Intel Corp.		23,312		1,112,682
Lam Research Corp.		9,532		3,595,089
Microchip Technology, Inc.		12,752		1,297,261
Micron Technology, Inc. (A)		38,536		1,928,919
NVIDIA Corp.		12,237		5,195,708
NXP Semiconductors NV		23,738		2,789,927
Qorvo, Inc. (A)		14,231		1,823,703
QUALCOMM, Inc.		14,755		1,558,276
Texas Instruments, Inc.		46,669		5,952,631
				33,893,113
Software - 5.2%
Fortinet, Inc. (A)		3,400		470,220
Intuit, Inc.		16,256		4,980,351
Microsoft Corp.		210,562		43,167,316
salesforce.com, Inc. (A)		35,349		6,887,753
Workday, Inc., Class A (A)		5,343		966,655
				56,472,295
Specialty Retail - 2.3%
AutoZone, Inc. (A)		2,596		3,134,462
Best Buy Co., Inc.		39,341		3,917,970
Home Depot, Inc.		28,993		7,697,352
Lowe’s Cos., Inc.		39,951		5,949,103
Ross Stores, Inc.		17,255		1,547,256
TJX Cos., Inc.		48,299		2,511,065
				24,757,208
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		108,337		46,047,558
HP, Inc.		79,936		1,405,275
				47,452,833

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 0.5%
Carter’s, Inc.		14,390		$   1,132,781
NIKE, Inc., Class B		35,013		3,417,619
Ralph Lauren Corp.		8,453		602,699
				5,153,099
Tobacco - 0.8%
Altria Group, Inc.		96,105		3,954,721
Philip Morris International, Inc.		65,231		5,010,393
				8,965,114
Wireless Telecommunication Services - 0.4%
T-Mobile US, Inc. (A)		36,418		3,910,565
Total Common Stocks (Cost $406,768,105)				648,475,667
PREFERRED STOCKS - 0.0% (B)
Banks - 0.0% (B)
Citigroup Capital XIII,
3-Month LIBOR + 6.37%, 6.64% (D)		11,963		323,001
Electric Utilities - 0.0% (B)
SCE Trust III,
Series H, Fixed until 03/15/2024, 5.75% (D)		960		21,677
Total Preferred Stocks (Cost $351,477)				344,678
	Principal		Value
ASSET-BACKED SECURITIES - 2.9%
321 Henderson Receivables VI LLC
Series 2010-1A, Class A,
5.56%, 07/15/2059 (E)		$  269,629		302,940
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1R,
3-Month LIBOR + 0.93%, 1.20% (D), 07/18/2027 (E)		785,691		778,588
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A,
2.94%, 05/25/2029 (E)		298,025		297,874
BXG Receivables Note Trust
Series 2015-A, Class A,
2.88%, 05/02/2030 (E)		323,845		322,038
CIFC Funding, Ltd.
Series 2013-2A, Class A1LR,
3-Month LIBOR + 1.21%, 1.48% (D), 10/18/2030 (E)		1,975,000		1,948,766
Diamond Resorts Owner Trust
Series 2019-1A, Class A,
2.89%, 02/20/2032 (E)		276,693		280,127
ICG CLO, Ltd.
Series 2014-1A, Class A1R,
3-Month LIBOR + 1.22%, 1.49% (D), 01/20/2030 (E)		668,469		654,705
JG Wentworth XXII LLC
Series 2010-3A, Class A,
3.82%, 12/15/2048 (E)		499,316		524,081

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JGWPT XXVIII LLC
Series 2013-1A, Class A,
3.22%, 04/15/2067 (E)		$   840,335		$   916,461
Laurel Road Prime Student Loan Trust
Series 2018-B, Class A2FX,
3.54%, 05/26/2043 (E)		402,660		408,753
Longfellow Place CLO, Ltd.
Series 2013-1A, Class ARR,
3-Month LIBOR + 1.34%, 1.62% (D), 04/15/2029 (E)		1,159,029		1,149,979
Mill City Mortgage Loan Trust
Series 2016-1, Class A1,
2.50% (D), 04/25/2057 (E)		133,486		134,448
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		92,039		92,103
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		94,511		94,464
Series 2019-1A, Class A,
2.89%, 11/20/2036 (E)		293,256		302,286
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (E)		1,800,000		1,780,937
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (E)		1,946,000		1,950,775
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (E)		100,000		100,147
Octagon Investment Partners 33, Ltd.
Series 2017-1A, Class A1,
3-Month LIBOR + 1.19%, 1.46% (D), 01/20/2031 (E)		800,000		787,119
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (E)		1,066,000		1,065,777
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (E)		2,150,000		2,150,184
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		625,969		624,721
Series 2018-A, Class A,
3.10%, 11/08/2030 (E)		92,134		93,631
Series 2018-A, Class B,
3.35%, 11/08/2030 (E)		75,382		75,702
Series 2019-A, Class A,
3.06%, 04/09/2038 (E)		546,447		557,277
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1R2,
3-Month LIBOR + 1.10%, 1.37% (D), 07/20/2030 (E)		2,000,000		1,964,470
Sierra Timeshare Receivables Funding LLC
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		130,149		130,735
SolarCity LMC LLC
Series 2014-2, Class A,
4.02%, 07/20/2044 (E)		368,565		366,632
SPS Servicer Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.32%, 10/15/2052 (E)		1,040,000		1,031,722
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		184,509		185,852
Series 2015-4, Class A1B,
2.75% (D), 04/25/2055 (E)		250,577		252,129

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		$   214,088		$   215,530
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		308,593		313,249
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		252,948		256,585
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		593,216		606,006
Series 2016-3, Class A1,
2.25% (D), 04/25/2056 (E)		255,366		257,183
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		555,620		561,248
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		765,935		787,139
Series 2017-2, Class A1,
2.75% (D), 04/25/2057 (E)		794,667		811,131
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		339,646		348,411
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		928,718		961,706
Series 2018-3, Class A1,
3.75% (D), 05/25/2058 (E)		1,340,823		1,444,404
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		872,304		924,595
Series 2019-1, Class A1,
3.75% (D), 03/25/2058 (E)		180,571		194,241
VB-S1 Issuer LLC
Series 2018-1A, Class C,
3.41%, 02/15/2048 (E)		1,155,000		1,189,501
VSE VOI Mortgage LLC
Series 2016-A, Class A,
2.54%, 07/20/2033 (E)		119,561		119,115
Welk Resorts LLC
Series 2017-AA, Class A,
2.82%, 06/15/2033 (E)		477,963		477,010
Wellfleet CLO, Ltd.
Series 2016-2A, Class A1R,
3-Month LIBOR + 1.14%, 1.41% (D), 10/20/2028 (E)		808,064		801,442
Total Asset-Backed Securities (Cost $31,351,199)				31,593,919
CORPORATE DEBT SECURITIES - 13.6%
Aerospace & Defense - 0.3%
BAE Systems PLC
3.40%, 04/15/2030 (E)		356,000		401,385
Boeing Co.
3.50%, 03/01/2039		1,202,000		1,111,676
5.15%, 05/01/2030		737,000		804,103
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025 (E)		312,000		346,642
L3 Harris Technologies, Inc.
2.90%, 12/15/2029		414,000		460,001
				3,123,807
Airlines - 0.3%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		639,444		601,429
Delta Air Lines Pass-Through Trust
6.82%, 02/10/2024		1,039,906		1,019,534
JetBlue Pass-Through Trust
2.75%, 11/15/2033		731,965		688,259

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
United Airlines Pass-Through Trust
3.75%, 03/03/2028		$   717,478		$   662,310
US Airways Pass-Through Trust
5.38%, 05/15/2023		608,873		500,978
				3,472,510
Auto Components - 0.0% (B)
BorgWarner, Inc.
3.38%, 03/15/2025 (C)		321,000		349,100
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		422,000		459,280
6.25%, 10/02/2043		112,000		133,394
				592,674
Banks - 2.1%
Banco Santander SA
2.75%, 05/28/2025		1,000,000		1,056,278
Bank of America Corp.
Fixed until 06/19/2040, 2.68% (D), 06/19/2041, MTN		632,000		672,987
Fixed until 01/23/2025, 3.37% (D), 01/23/2026		1,936,000		2,136,902
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		1,097,000		1,239,492
Barclays Bank PLC
10.18%, 06/12/2021 (E)		633,000		679,880
Barclays PLC
5.20%, 05/12/2026		349,000		396,705
BNP Paribas SA
Fixed until 06/09/2025, 2.22% (D), 06/09/2026 (E)		325,000		338,505
CIT Group, Inc.
4.13%, 03/09/2021		70,000		70,262
Citigroup, Inc.
Fixed until 10/27/2027, 3.52% (D), 10/27/2028		1,824,000		2,055,825
Commerzbank AG
8.13%, 09/19/2023 (E)		1,117,000		1,290,672
Credit Agricole SA
3.25%, 01/14/2030 (E)		1,316,000		1,446,702
Credit Suisse AG
2.80%, 04/08/2022		269,000		279,550
Danske Bank A/S
Fixed until 12/20/2024, 3.24% (D), 12/20/2025 (E)		939,000		1,006,876
Discover Bank
3.45%, 07/27/2026		1,163,000		1,273,065
ING Groep NV
Fixed until 07/01/2025, 1.40% (D), 07/01/2026 (E)		573,000		582,838
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (E)		420,000		441,990
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (D), 05/13/2031		943,000		1,027,105
Fixed until 04/22/2040, 3.11% (D), 04/22/2041		929,000		1,053,417
4.13%, 12/15/2026		841,000		985,497

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (D), 11/07/2023		$   303,000			$   316,859
Fixed until 07/09/2024, 3.87% (D), 07/09/2025		466,000			513,355
Macquarie Bank, Ltd.
3.62%, 06/03/2030 (E)		628,000			672,240
National Australia Bank, Ltd.
Fixed until 08/02/2029, 3.93% (D), 08/02/2034 (E)		282,000			318,153
Truist Financial Corp.
1.95%, 06/05/2030, MTN		577,000			608,159
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		1,368,000			1,550,296
Fixed until 06/15/2024 (F), 5.90% (D)		340,000			345,950
					22,359,560
Beverages - 0.5%
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030		563,000			645,960
4.15%, 01/23/2025		316,000			360,600
4.44%, 10/06/2048		504,000			605,730
4.75%, 01/23/2029		662,000			814,734
Constellation Brands, Inc.
3.15%, 08/01/2029		335,000			370,857
3.70%, 12/06/2026		152,000			175,427
Keurig Dr. Pepper, Inc.
3.20%, 05/01/2030		913,000			1,036,381
Pernod Ricard SA
4.45%, 01/15/2022 (E)		385,000			406,056
5.75%, 04/07/2021 (E)		543,000			562,535
					4,978,280
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		403,000			449,836
4.05%, 11/21/2039 (E)		344,000			423,271
Amgen, Inc.
2.20%, 02/21/2027		571,000			609,421
Biogen, Inc.
2.25%, 05/01/2030		359,000			374,777
Gilead Sciences, Inc.
4.15%, 03/01/2047		177,000			242,956
					2,100,261
Building Products - 0.1%
Carrier Global Corp.
2.72%, 02/15/2030 (E)		665,000			702,783
Capital Markets - 0.7%
Credit Suisse Group Funding Guernsey, Ltd.			��
3.75%, 03/26/2025		772,000			853,777
3.80%, 06/09/2023		738,000			796,135
Goldman Sachs Group, Inc.
6.75%, 10/01/2037		732,000			1,099,612
Lazard Group LLC
4.50%, 09/19/2028		782,000			908,340
Morgan Stanley
Fixed until 01/22/2030, 2.70% (D), 01/22/2031, MTN		709,000			773,016
3.70%, 10/23/2024, MTN		1,260,000			1,407,962
5.00%, 11/24/2025		486,000			579,298
UBS AG
7.63%, 08/17/2022		1,047,000			1,172,514
					7,590,654

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 0.1%
Syngenta Finance NV
3.93%, 04/23/2021 (E)		$   828,000		$   836,303
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd.
2.25%, 09/29/2020 (E)		360,000		360,454
ERAC USA Finance LLC
2.70%, 11/01/2023 (E)		186,000		193,540
3.30%, 12/01/2026 (E)		368,000		391,048
3.85%, 11/15/2024 (E)		521,000		569,385
Waste Connections, Inc.
2.60%, 02/01/2030		503,000		551,182
				2,065,609
Communications Equipment - 0.1%
Nokia OYJ
3.38%, 06/12/2022		654,000		675,255
Construction & Engineering - 0.4%
SBA Tower Trust
1.88%, 07/15/2050 (E)		546,000		549,457
2.84%, 01/15/2050 (E)		2,715,000		2,833,413
3.17%, 04/09/2047 (E)		745,000		757,294
3.45%, 03/15/2048 (E)		345,000		361,667
				4,501,831
Construction Materials - 0.2%
CRH America Finance, Inc.
4.50%, 04/04/2048 (E)		575,000		665,385
LafargeHolcim Finance LLC
4.75%, 09/22/2046 (E)		780,000		930,891
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		373,000		416,223
4.25%, 12/15/2047		440,000		526,463
				2,538,962
Consumer Finance - 0.2%
Ally Financial, Inc.
3.88%, 05/21/2024		388,000		414,544
American Express Co.
4.05%, 12/03/2042		382,000		506,234
BMW US Capital LLC
2.80%, 04/11/2026 (E)		1,029,000		1,114,015
				2,034,793
Containers & Packaging - 0.0% (B)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.13%, 07/15/2023 (E)		405,000		411,197
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College
3.62%, 10/01/2037		65,000		81,837
Diversified Financial Services - 0.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.50%, 09/15/2023		640,000		650,878
6.50%, 07/15/2025		152,000		163,111

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Aviation Capital Group LLC
5.50%, 12/15/2024 (E)		$   1,296,000			$   1,327,600
Element Fleet Management Corp.
3.85%, 06/15/2025 (E)		494,000			519,986
					2,661,575
Diversified Telecommunication Services - 0.5%
AT&T, Inc.
3.40%, 05/15/2025 (G)		1,155,000			1,284,758
Hughes Satellite Systems Corp.
7.63%, 06/15/2021		410,000			430,500
Level 3 Financing, Inc.
3.40%, 03/01/2027 (E)		517,000			557,057
Sprint Capital Corp.
6.88%, 11/15/2028		135,000			175,055
Verizon Communications, Inc.
3.50%, 11/01/2024		1,491,000			1,661,929
5.50%, 03/16/2047		980,000			1,524,616
					5,633,915
Electric Utilities - 0.7%
Appalachian Power Co.
3.40%, 06/01/2025		809,000			899,515
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		117,000			156,148
DTE Electric Co.
4.30%, 07/01/2044		790,000			1,056,076
Duke Energy Corp.
3.75%, 04/15/2024 - 09/01/2046		1,486,000			1,755,379
Duke Energy Progress LLC
3.60%, 09/15/2047		848,000			1,053,352
Entergy Arkansas LLC
3.70%, 06/01/2024		192,000			212,207
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		834,000			881,441
5.30%, 06/01/2042		70,000			106,662
Pacific Gas & Electric Co.
2.50%, 02/01/2031		611,000	��		613,180
PacifiCorp
3.60%, 04/01/2024		506,000			553,952
5.75%, 04/01/2037		117,000			174,534
Public Service Electric & Gas Co.
3.00%, 05/15/2025, MTN		424,000			469,838
					7,932,284
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp.
2.80%, 02/15/2030		536,000			590,493
Arrow Electronics, Inc.
3.25%, 09/08/2024		232,000			247,768
3.88%, 01/12/2028		201,000			219,300
Keysight Technologies, Inc.
4.60%, 04/06/2027		724,000			855,825
					1,913,386
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp.
3.90%, 05/17/2028 (E)		802,000			885,441
Schlumberger Investment SA
3.65%, 12/01/2023		98,000			106,454
					991,895
Equity Real Estate Investment Trusts - 0.6%
American Tower Trust #1
3.65%, 03/15/2048 (E)		755,000			819,499

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
CyrusOne, LP / CyrusOne Finance Corp.
2.90%, 11/15/2024		$   514,000		$   553,316
Equinix, Inc.
5.38%, 05/15/2027		735,000		808,750
Healthcare Trust of America Holdings, LP
3.10%, 02/15/2030		447,000		471,358
Healthpeak Properties, Inc.
3.50%, 07/15/2029		377,000		425,229
Highwoods Realty, LP
3.05%, 02/15/2030		824,000		854,112
Life Storage, LP
4.00%, 06/15/2029		563,000		637,853
Prologis, LP
2.13%, 04/15/2027		268,000		287,354
Realty Income Corp.
3.25%, 01/15/2031		273,000		306,324
Service Properties Trust
5.00%, 08/15/2022		847,000		836,269
Weyerhaeuser Co.
4.00%, 04/15/2030		604,000		702,626
				6,702,690
Food & Staples Retailing - 0.2%
Sysco Corp.
3.30%, 07/15/2026		536,000		581,991
Walmart, Inc.
3.63%, 12/15/2047		1,046,000		1,387,319
				1,969,310
Food Products - 0.1%
Campbell Soup Co.
2.38%, 04/24/2030		801,000		848,458
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories
1.40%, 06/30/2030		310,000		318,538
Alcon Finance Corp.
2.75%, 09/23/2026 (E)		600,000		657,804
Boston Scientific Corp.
4.70%, 03/01/2049		655,000		924,594
DENTSPLY SIRONA, Inc.
3.25%, 06/01/2030		599,000		655,372
Stryker Corp.
1.95%, 06/15/2030		580,000		602,863
				3,159,171
Health Care Providers & Services - 0.4%
Anthem, Inc.
2.25%, 05/15/2030		526,000		556,890
Centene Corp.
3.38%, 02/15/2030		510,000		539,963
Cigna Corp.
2.40%, 03/15/2030		528,000		563,265
CVS Health Corp.
3.75%, 04/01/2030		753,000		883,435
HCA, Inc.
4.13%, 06/15/2029		235,000		275,057
5.25%, 04/15/2025		154,000		179,386
Health Care Service Corp.
2.20%, 06/01/2030 (E)		337,000		346,997
Quest Diagnostics, Inc.
4.20%, 06/30/2029		892,000		1,083,171
UnitedHealth Group, Inc.
2.00%, 05/15/2030		494,000		526,581
				4,954,745

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables - 0.1%
D.R. Horton, Inc.
4.38%, 09/15/2022		$   704,000		$   750,660
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc.
3.75%, 12/01/2027		610,000		688,975
General Electric Co.
6.88%, 01/10/2039, MTN		392,000		509,095
				1,198,070
Insurance - 0.5%
American International Group, Inc.
4.20%, 04/01/2028		466,000		551,050
4.25%, 03/15/2029		540,000		641,541
Aon Corp.
2.80%, 05/15/2030		594,000		651,296
CNA Financial Corp.
3.90%, 05/01/2029		419,000		478,334
Five Corners Funding Trust II
2.85%, 05/15/2030 (E)		813,000		880,045
Markel Corp.
3.35%, 09/17/2029		823,000		903,614
Progressive Corp.
3.20%, 03/26/2030		300,000		351,297
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		1,056,000		1,193,183
				5,650,360
Interactive Media & Services - 0.2%
Baidu, Inc.
4.38%, 05/14/2024		940,000		1,038,794
Tencent Holdings, Ltd.
3.28%, 04/11/2024 (E)		742,000		791,889
				1,830,683
Internet & Direct Marketing Retail - 0.0% (B)
Expedia Group, Inc.
3.80%, 02/15/2028		512,000		507,016
IT Services - 0.1%
Fidelity National Information Services, Inc.
3.75%, 05/21/2029		414,000		495,976
Fiserv, Inc.
3.50%, 07/01/2029		701,000		811,265
				1,307,241
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc.
5.30%, 02/01/2044		295,000		433,618
Machinery - 0.1%
Oshkosh Corp.
3.10%, 03/01/2030		153,000		159,999
Xylem, Inc.
1.95%, 01/30/2028		397,000		412,692
				572,691
Media - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, 03/01/2050		377,000		456,831
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (E)		300,000		294,000

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 (E) (F)		$   738,000		$   743,535
NBCUniversal Media LLC
4.45%, 01/15/2043		571,000		767,620
				2,261,986
Metals & Mining - 0.1%
Anglo American Capital PLC
4.00%, 09/11/2027 (E)		852,000		947,933
4.75%, 04/10/2027 (E)		230,000		264,655
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		140,000		148,837
				1,361,425
Multi-Utilities - 0.1%
Black Hills Corp.
4.25%, 11/30/2023		587,000		642,340
CMS Energy Corp.
3.88%, 03/01/2024		65,000		71,282
4.88%, 03/01/2044		141,000		194,336
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		158,000		165,128
				1,073,086
Oil, Gas & Consumable Fuels - 1.0%
BP Capital Markets PLC
3.12%, 05/04/2026		1,328,000		1,457,913
Energy Transfer Operating, LP
4.90%, 02/01/2024		356,000		381,355
5.15%, 02/01/2043		559,000		533,234
5.95%, 10/01/2043		499,000		505,812
Enterprise Products Operating LLC
4.25%, 02/15/2048		1,353,000		1,546,843
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024		772,000		848,956
Nexen, Inc.
5.88%, 03/10/2035		10,000		14,431
Noble Energy, Inc.
3.25%, 10/15/2029		368,000		413,828
Occidental Petroleum Corp.
5.55%, 03/15/2026		1,184,000		1,188,144
Petroleos Mexicanos
6.50%, 01/23/2029		385,000		355,702
6.84%, 01/23/2030 (E)		892,000		829,560
6.88%, 08/04/2026		340,000		338,405
7.69%, 01/23/2050 (E)		95,000		83,534
Plains All American Pipeline, LP / PAA Finance Corp.
3.55%, 12/15/2029		426,000		420,808
Sabine Pass Liquefaction LLC
4.20%, 03/15/2028		352,000		387,443
Shell International Finance BV
2.50%, 09/12/2026		813,000		885,817
3.75%, 09/12/2046		351,000		427,260
Williams Cos., Inc.
5.40%, 03/04/2044		97,000		116,012
7.88%, 09/01/2021		93,000		100,004
				10,835,061
Pharmaceuticals - 0.4%
AstraZeneca PLC
2.38%, 06/12/2022		551,000		569,577
4.00%, 01/17/2029		197,000		240,785
4.38%, 08/17/2048		451,000		641,188

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Bayer US Finance II LLC
4.38%, 12/15/2028 (E)		$  516,000		$  610,101
Bristol-Myers Squibb Co.
3.20%, 06/15/2026		309,000		350,951
Merck & Co., Inc.
3.40%, 03/07/2029		349,000		412,423
Takeda Pharmaceutical Co., Ltd.
5.00%, 11/26/2028		691,000		867,878
Upjohn, Inc.
2.30%, 06/22/2027 (E)		311,000		326,823
Zoetis, Inc.
2.00%, 05/15/2030		377,000		398,949
				4,418,675
Professional Services - 0.1%
Equifax, Inc.
2.60%, 12/01/2024		436,000		465,519
Experian Finance PLC
2.75%, 03/08/2030 (E)		682,000		749,431
				1,214,950
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (E)		964,000		852,861
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		38,000		40,280
3.75%, 04/01/2024		35,000		38,797
CSX Corp.
3.80%, 11/01/2046 - 04/15/2050		620,000		774,461
				1,706,399
Semiconductors & Semiconductor Equipment - 0.5%
Intel Corp.
2.88%, 05/11/2024		489,000		529,184
KLA Corp.
3.30%, 03/01/2050		494,000		553,424
Lam Research Corp.
1.90%, 06/15/2030		418,000		442,940
3.75%, 03/15/2026		585,000		676,780
Micron Technology, Inc.
2.50%, 04/24/2023		267,000		278,754
NVIDIA Corp.
2.85%, 04/01/2030		527,000		590,190
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 05/01/2030 (E)		256,000		282,505
QUALCOMM, Inc.
3.25%, 05/20/2027 - 05/20/2050		1,086,000		1,260,639
Sensata Technologies, Inc., Co.
4.38%, 02/15/2030 (E)		403,000		430,682
Xilinx, Inc.
2.38%, 06/01/2030		574,000		622,038
				5,667,136
Software - 0.2%
Adobe, Inc.
2.15%, 02/01/2027		521,000		566,760
Infor, Inc.
1.75%, 07/15/2025 (E)		595,000		613,326
Intuit, Inc.
1.35%, 07/15/2027		435,000		445,726
Microsoft Corp.
3.30%, 02/06/2027		863,000		1,000,181
				2,625,993

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
2.65%, 05/11/2050		$  375,000		$  413,818
2.85%, 02/23/2023		719,000		762,262
Dell International LLC / EMC Corp.
6.02%, 06/15/2026 (E)		520,000		609,739
Hewlett Packard Enterprise Co.
4.45%, 10/02/2023		476,000		522,480
Seagate HDD Cayman
4.13%, 01/15/2031 (E)		101,000		108,424
Western Digital Corp.
4.75%, 02/15/2026		855,000		928,846
				3,345,569
Tobacco - 0.2%
Altria Group, Inc.
3.40%, 05/06/2030		476,000		532,013
BAT Capital Corp.
3.22%, 08/15/2024		935,000		1,010,355
4.91%, 04/02/2030		447,000		539,235
				2,081,603
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV
3.13%, 07/16/2022		407,000		424,870
4.38%, 07/16/2042		300,000		385,445
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		1,542,000		1,567,495
3.72%, 07/15/2043 (E)		160,000		167,176
Sprint Corp.
7.25%, 09/15/2021		200,000		211,250
7.88%, 09/15/2023		390,000		452,400
T-Mobile USA, Inc.
3.88%, 04/15/2030 (E)		719,000		823,435
				4,032,071
Total Corporate Debt Securities (Cost $135,984,608)				148,057,138
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.0% (B)
Brazil Government International Bond
4.25%, 01/07/2025 (C)		330,000		355,575
Chile - 0.1%
Chile Government International Bond
3.50%, 01/25/2050		400,000		487,200
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		250,569
4.50%, 01/28/2026		850,000		944,562
				1,195,131
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		610,000		705,074
5.38%, 10/17/2023 (E)		115,000		129,174
				834,248
Mexico - 0.1%
Mexico Government International Bond
3.75%, 01/11/2028		1,126,000		1,207,962
Panama - 0.0% (B)
Panama Government International Bond
3.88%, 03/17/2028		315,000		365,006

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Peru - 0.0% (B)
Peru Government International Bond
7.35%, 07/21/2025		$   125,000		$   162,188
Poland - 0.0% (B)
Republic of Poland Government International Bond
3.00%, 03/17/2023		275,000		292,368
Qatar - 0.0% (B)
Qatar Government International Bond
3.88%, 04/23/2023 (E)		200,000		215,866
Saudi Arabia - 0.1%
Saudi Government International Bond
2.38%, 10/26/2021 (E)		455,000		463,017
Total Foreign Government Obligations (Cost $5,116,162)				5,578,561
MORTGAGE-BACKED SECURITIES - 3.6%
BB-UBS Trust
Series 2012-SHOW, Class XA,
0.60% (D), 11/05/2036 (E)		3,045,000		73,514
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,071,459
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		1,070,000		757,437
BBCMS Mortgage Trust
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (E)		1,600,000		1,654,359
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		78,006		83,816
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		238,737
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		162,051		166,619
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		504,435		529,956
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		1,310,000		1,435,032
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		37,991		37,830
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		104,514
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (E)		1,150,000		1,228,632
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,630,588
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		2,680,000		2,865,862
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		520,000		520,685
Commercial Mortgage Pass-Through Certificates Trust
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (E)		830,000		806,396
CSMC Trust
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 0.84% (D), 12/27/2035 (E)		261,428		260,481

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Fontainebleau Miami Beach Trust
Series 2019-FBLU, Class B,
3.45%, 12/10/2036 (E)		$   1,250,000		$   1,240,586
GS Mortgage Securities Trust
Series 2013-G1, Class A2,
3.56% (D), 04/10/2031 (E)		675,000		666,036
Houston Galleria Mall Trust
Series 2015-HGLR, Class A1A2,
3.09%, 03/05/2037 (E)		700,000		712,196
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		2,066,705		1,581,262
Series 2013-C13, Class B,
4.08% (D), 01/15/2046		950,000		985,650
MetLife Securitization Trust
Series 2019-1A, Class A1A,
3.75% (D), 04/25/2058 (E)		209,838		221,783
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		320,000		330,894
Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class A,
2.20%, 09/13/2031 (E)		3,050,000		3,035,904
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (D), 07/26/2048 (E)		233,452		233,498
Motel 6 Trust
Series 2017-MTL6, Class C,
1-Month LIBOR + 1.40%, 1.57% (D), 08/15/2034 (E)		2,226,793		2,132,145
Nationstar Mortgage Loan Trust
Series 2013-A, Class A,
3.75% (D), 12/25/2052 (E)		154,070		158,890
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		80,258		85,887
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		194,711		208,877
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		148,782		159,072
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		363,689		388,346
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		259,001		277,141
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		256,456		270,024
Series 2016-4A, Class A1,
3.75% (D), 11/25/2056 (E)		314,211		334,970
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		731,139		789,095
Series 2017-2A, Class A3,
4.00% (D), 03/25/2057 (E)		626,055		674,847
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		1,033,885		1,110,791
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		859,470		922,036
Series 2018-1A, Class A1A,
4.00% (D), 12/25/2057 (E)		356,442		381,460
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		1,997,483		2,115,391
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		1,934,765		2,026,587

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
One Market Plaza Trust
Series 2017-1MKT, Class A,
3.61%, 02/10/2032 (E)		$   1,373,000		$   1,424,473
Palisades Center Trust
Series 2016-PLSD, Class A,
2.71%, 04/13/2033 (E)		950,000		745,290
Queens Center Mortgage Trust
Series 2013-QCA, Class D,
3.47% (D), 01/11/2037 (E)		410,000		316,526
UBS-BAMLL Trust
Series 2012-WRM, Class A,
3.66%, 06/10/2030 (E)		560,000		566,904
Total Mortgage-Backed Securities (Cost $39,172,134)				38,562,478
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited,
6.60%, 08/01/2042		45,000		77,520
State of California, General Obligation Unlimited
7.30%, 10/01/2039		290,000		493,673
7.60%, 11/01/2040		480,000		901,056
7.70%, 11/01/2030		340,000		345,865
University of California, Revenue Bonds,
Series AD,
4.86%, 05/15/2112		40,000		61,483
				1,879,597
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds,
Series A,
6.64%, 04/01/2057		35,000		53,218
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds,
Series F,
7.41%, 01/01/2040		54,000		95,254
New York - 0.0% (B)
Metropolitan Transportation Authority, Revenue Bonds,
Series E,
6.81%, 11/15/2040		45,000		59,528
New York City Water & Sewer System, Revenue Bonds,
Series CC,
5.88%, 06/15/2044		45,000		76,061
New York State Dormitory Authority, Revenue Bonds,
Series H,
5.39%, 03/15/2040		40,000		57,491
Port Authority of New York & New Jersey, Revenue Bonds,
Series 181,
4.96%, 08/01/2046		70,000		98,893
				291,973
Total Municipal Government Obligations (Cost $1,923,551)				2,320,042

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

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.7%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		$   222,308		$   253,404
5.50%, 06/01/2041		83,931		96,835
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		979,343		1,052,337
3.01%, 07/25/2025		2,408,000		2,662,579
3.06% (D), 08/25/2024		1,820,000		1,975,255
3.49%, 01/25/2024		1,298,000		1,416,421
3.53% (D), 07/25/2023		1,000,000		1,082,591
Federal National Mortgage Association
3.33% (D), 10/25/2023		144,685		154,370
3.50%, 07/01/2028 - 11/01/2028		253,331		270,895
12-Month LIBOR + 1.52%, 3.53% (D), 02/01/2043		41,558		42,140
4.00%, 04/01/2026 - 06/01/2042		74,788		81,976
4.50%, 02/01/2025 - 06/01/2026		129,018		137,194
5.00%, 04/01/2039 - 11/01/2039		1,039,174		1,194,202
5.50%, 10/01/2036 - 12/01/2041		782,341		913,400
6.00%, 08/01/2036 - 06/01/2041		1,030,562		1,214,161
6.50%, 05/01/2040		95,767		110,461
Government National Mortgage Association, Interest Only STRIPS
0.74% (D), 02/16/2053		451,021		18,015
Uniform Mortgage-Backed Security
2.00%, TBA (H)		12,653,000		13,147,971
2.50%, TBA (H)		6,322,000		6,639,737
3.00%, TBA (H)		24,403,000		25,814,752
3.50%, TBA (H)		20,182,000		21,282,550
4.00%, TBA (H)		3,820,000		4,058,153
Total U.S. Government Agency Obligations (Cost $82,489,754)				83,619,399
U.S. GOVERNMENT OBLIGATIONS - 9.7%
U.S. Treasury - 8.5%
U.S. Treasury Bond
2.00%, 02/15/2050 (C)		2,135,000		2,565,086
2.25%, 08/15/2046		2,031,000		2,519,630
2.38%, 11/15/2049 (C)		1,205,000		1,559,345
2.50%, 02/15/2045 - 05/15/2046		7,240,000		9,349,231
2.75%, 08/15/2047 (C)		1,308,900		1,786,853
2.75%, 11/15/2047		1,540,000		2,106,070
2.88%, 08/15/2045 - 05/15/2049		1,208,600		1,665,638
3.00%, 05/15/2042 (C)		476,000		657,475
3.00%, 08/15/2048 - 02/15/2049		2,087,400		3,000,277
3.13%, 02/15/2042 - 05/15/2048		3,617,600		5,091,697
3.50%, 02/15/2039		2,329,000		3,381,053
3.63%, 02/15/2044		6,938,000		10,551,451
4.50%, 02/15/2036 (C)		2,035,500		3,173,392
4.75%, 02/15/2037		1,790,000		2,909,659
5.25%, 02/15/2029		2,129,000		2,982,679
U.S. Treasury Note
0.13%, 05/31/2022		865,000		865,101
0.25%, 05/31/2025 (C)		747,000		748,663
0.63%, 05/15/2030 (C)		4,150,000		4,184,367
1.13%, 06/30/2021		1,895,000		1,912,099
1.50%, 08/15/2026		575,000		615,430
1.50%, 02/15/2030 (C)		4,545,100		4,960,373
1.63%, 11/15/2022 - 08/15/2029 (C)		5,840,000		6,340,987
1.75%, 11/30/2021		3,514,000		3,589,359
2.13%, 06/30/2022		554,000		575,165
2.25%, 11/15/2025 (C)		525,100		579,989
2.25%, 11/15/2027		1,205,500		1,365,088
2.38%, 01/31/2023 - 05/15/2029		2,212,100		2,495,965
2.50%, 01/31/2024 - 05/15/2024		4,055,000		4,409,095
2.63%, 12/15/2021 - 02/15/2029 (C)		984,500		1,113,201

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.88%, 05/15/2028 - 08/15/2028		$   3,920,300		$   4,655,878
3.13%, 11/15/2028		939,500		1,142,850
				92,853,146
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		2,314,319		2,815,316
2.50%, 01/15/2029		2,756,930		3,607,902
U.S. Treasury Inflation-Indexed Note
0.63%, 01/15/2024		6,110,649		6,494,746
				12,917,964
Total U.S. Government Obligations (Cost $90,925,734)				105,771,110
COMMERCIAL PAPER - 5.6%
Banks - 0.9%
Bedford Row Funding Corp.
0.22% (I), 09/02/2020		638,000		637,875
DNB Bank ASA
0.22% (I), 10/07/2020		2,500,000		2,498,976
Manhattan Asset Funding Co. LLC
0.25% (I), 09/01/2020		3,500,000		3,499,247
Sumitomo Mitsui Brokerage Corp.
0.21% (I), 10/29/2020		2,762,000		2,760,566
				9,396,664
Capital Markets - 0.4%
Cedar Springs Capital Co. LLC
0.30% (I), 08/20/2020		3,750,000		3,749,406
Commercial Services & Supplies - 0.1%
Charta LLC
0.22% (I), 10/14/2020 - 10/19/2020		1,460,000		1,459,306
Diversified Financial Services - 3.5%
Atlantic Asset Securitization LLC
0.22% (I), 09/10/2020		2,200,000		2,199,462
Barton Capital Corp.
0.27% (I), 09/10/2020		3,150,000		3,149,055
Cancara Asset Securitisation LLC
0.24% (I), 10/01/2020		2,200,000		2,199,105
Chariot Funding LLC
0.23% (I), 10/05/2020		6,200,000		6,197,425
Crown Point Capital Co.
0.32% (I), 08/20/2020		3,000,000		2,999,493
Jupiter Securitization Co. LLC
0.30% (I), 08/04/2020		3,750,000		3,749,906
Le Fayette Asset Securitization LLC
0.25% (I), 08/14/2020		3,610,000		3,609,674
Lexington Parker Capital Co. LLC
0.17% (I), 08/18/2020		1,350,000		1,349,892
0.33% (I), 08/10/2020		1,000,000		999,918
LMA Americas LLC
0.24% (I), 10/08/2020		3,500,000		3,498,413
Mont Blanc Capital Corp.
0.28% (I), 08/04/2020		850,000		849,980
0.29% (I), 08/13/2020		2,750,000		2,749,734
Sheffield Receivable
0.25% (I), 09/01/2020		3,750,000		3,749,193
Starbird Funding Corp.
0.23% (I), 09/02/2020		800,000		799,837
				38,101,087

The notes are an integral part of this report. Transamerica Funds Page    11

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Equity Real Estate Investment Trusts - 0.3%
Simon Property Group, Inc.
0.25% (I), 09/04/2020		$   3,750,000		$   3,749,115
Oil, Gas & Consumable Fuels - 0.4%
Exxon Mobil Corp.
0.30% (I), 08/19/2020		2,800,000		2,799,580
Total Capital Canada, Ltd.
0.66% (I), 08/04/2020		1,166,000		1,165,937
				3,965,517
Total Commercial Paper (Cost $60,421,095)				60,421,095
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%
U.S. Treasury Bill
0.11% (I), 08/06/2020		400,000		399,994
0.14% (I), 10/01/2020		3,956,000		3,955,095
0.17% (I), 09/10/2020		6,304,000		6,302,840
Total Short-Term U.S. Government Obligations (Cost $10,657,929)				10,657,929

	Shares		Value
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.12% (I)		7,240,538		$   7,240,538
Total Other Investment Company (Cost $7,240,538)				7,240,538
	Principal		Value
REPURCHASE AGREEMENT - 1.7%
Fixed Income Clearing Corp., 0.00% (I), dated 07/31/2020, to be repurchased at $18,579,845 on 08/03/2020. Collateralized by a U.S. Government Obligation, 2.38%, due 02/29/2024, and with a value of $18,951,496.		$  18,579,845		18,579,845
Total Repurchase Agreement (Cost $18,579,845)				18,579,845
Total Investments (Cost $890,982,131)				1,161,222,399
Net Other Assets (Liabilities) - (6.9)%				(75,209,863	)
Net Assets - 100.0%				$  1,086,012,536

FUTURES CONTRACTS:

Long Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount			Value			Unrealized Appreciation			Unrealized Depreciation
S&P 500® E-Mini Index	73		09/18/2020		$	11,330,331		$	11,911,775		$	581,444		$	—

The notes are an integral part of this report. Transamerica Funds Page    12

Transamerica Multi-Managed Balanced

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
Common Stocks	$	648,475,667	$	—	$	—	$	648,475,667
Preferred Stocks		344,678		—		—		344,678
Asset-Backed Securities		—		31,593,919		—		31,593,919
Corporate Debt Securities		—		148,057,138		—		148,057,138
Foreign Government Obligations		—		5,578,561		—		5,578,561
Mortgage-Backed Securities		—		38,562,478		—		38,562,478
Municipal Government Obligations		—		2,320,042		—		2,320,042
U.S. Government Agency Obligations		—		83,619,399		—		83,619,399
U.S. Government Obligations		—		105,771,110		—		105,771,110
Commercial Paper		—		60,421,095		—		60,421,095
Short-Term U.S. Government Obligations		—		10,657,929		—		10,657,929
Other Investment Company		7,240,538		—		—		7,240,538
Repurchase Agreement		—		18,579,845		—		18,579,845
Total Investments	$	656,060,883	$	505,161,516	$	—	$	1,161,222,399
Other Financial Instruments
Futures Contracts (K)	$	581,444	$	—	$	—	$	581,444
Total Other Financial Instruments	$	581,444	$	—	$	—	$	581,444

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $23,583,285, collateralized by cash collateral of $7,240,538 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $16,831,918. 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.
(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)	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 $102,650,921, representing 9.5% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Restricted security. At July 31, 2020, 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
Corporate Debt Securities	AT&T, Inc. 3.40%, 05/15/2025		04/23/2015 - 10/20/2016	$	1,164,736	$	1,284,758		0.1	%

(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after July 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Rates disclosed reflect the yields 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.
(K)	Derivative instruments are valued at unrealized appreciation (depreciation).

The notes are an integral part of this report. Transamerica Funds Page    13

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

The notes are an integral part of this report. Transamerica Funds Page    14

Transamerica Multi-Managed Balanced

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 and derivative instruments.

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, 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:

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.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. 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 would be categorized in Level 3.

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.

Foreign government obligations: Foreign government obligations are normally valued 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. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

The notes are an integral part of this report. Transamerica Funds Page    15

Transamerica Multi-Managed Balanced

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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.

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.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued 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. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values 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 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.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

The notes are an integral part of this report. Transamerica Funds Page    16