Transamerica Bond (IDITX) NPORT-P Transamerica Multi-Managed Balanced (Jan 2021 report)

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At January 31, 2021

(unaudited)

	Shares		Value
COMMON STOCKS - 59.1%
Aerospace & Defense - 0.6%
General Dynamics Corp.		7,635		$  1,119,902
Northrop Grumman Corp.		8,228		2,358,227
Raytheon Technologies Corp.		51,509		3,437,195
				6,915,324
Air Freight & Logistics - 0.3%
FedEx Corp.		15,176		3,571,520
Airlines - 0.2%
Delta Air Lines, Inc.		21,892		831,020
Southwest Airlines Co.		28,384		1,247,193
				2,078,213
Auto Components - 0.1%
Magna International, Inc.		20,790		1,460,498
Automobiles - 1.2%
General Motors Co.		40,197		2,037,184
Tesla, Inc. (A)		16,131		12,800,432
				14,837,616
Banks - 1.9%
Bank of America Corp.		125,072		3,708,385
Citigroup, Inc.		75,543		4,380,738
KeyCorp		168,936		2,848,261
Regions Financial Corp.		131,477		2,236,424
Truist Financial Corp.		50,018		2,399,863
US Bancorp		60,960		2,612,136
Wells Fargo & Co.		173,744		5,191,471
				23,377,278
Beverages - 0.7%
Coca-Cola Co.		113,772		5,478,122
Constellation Brands, Inc., Class A		12,382		2,611,735
				8,089,857
Biotechnology - 1.5%
AbbVie, Inc.		75,530		7,740,314
Alexion Pharmaceuticals, Inc. (A)		20,983		3,217,323
Amgen, Inc.		2,374		573,155
Biogen, Inc. (A)		6,242		1,764,052
Regeneron Pharmaceuticals, Inc. (A)		4,201		2,116,632
Vertex Pharmaceuticals, Inc. (A)		12,277		2,812,415
				18,223,891
Building Products - 0.6%
Masco Corp.		44,088		2,394,419
Trane Technologies PLC		32,230		4,620,171
				7,014,590
Capital Markets - 1.9%
Goldman Sachs Group, Inc.		14,788		4,010,062
Intercontinental Exchange, Inc.		31,991		3,530,207
MarketAxess Holdings, Inc.		1,716		927,944
Morgan Stanley		87,418		5,861,377
MSCI, Inc.		1,026		405,578
S&P Global, Inc.		18,268		5,790,956
State Street Corp.		35,665		2,496,550
T. Rowe Price Group, Inc.		4,559		713,392
				23,736,066

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.1%
Air Products & Chemicals, Inc.		4,997		$   1,333,000
Celanese Corp.		8,041		982,208
DuPont de Nemours, Inc.		16,807		1,335,316
Eastman Chemical Co.		34,061		3,349,900
Linde PLC		8,698		2,134,489
LyondellBasell Industries NV, Class A		11,541		989,756
PPG Industries, Inc.		23,221		3,128,101
				13,252,770
Commercial Services & Supplies - 0.1%
Cintas Corp.		2,417		768,896
Communications Equipment - 0.2%
Cisco Systems, Inc.		50,649		2,257,932
Motorola Solutions, Inc.		2,254		377,658
				2,635,590
Consumer Finance - 0.3%
Capital One Financial Corp.		31,928		3,328,813
Containers & Packaging - 0.3%
Avery Dennison Corp.		2,026		305,663
Crown Holdings, Inc. (A)		12,949		1,167,353
Packaging Corp. of America		4,544		610,986
WestRock Co.		31,596		1,309,022
				3,393,024
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		50,091		11,414,236
Voya Financial, Inc.		8,526		472,852
				11,887,088
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.		95,383		5,222,219
Electric Utilities - 0.8%
Exelon Corp.		25,225		1,048,351
NextEra Energy, Inc.		93,284		7,543,877
Xcel Energy, Inc.		26,120		1,671,419
				10,263,647
Electrical Equipment - 0.3%
Eaton Corp. PLC		35,622		4,192,709
Entertainment - 0.9%
Netflix, Inc. (A)		15,618		8,314,867
Walt Disney Co. (A)		19,466		3,273,597
				11,588,464
Equity Real Estate Investment Trusts - 1.0%
Camden Property Trust		16,354		1,670,561
Equinix, Inc.		4,578		3,387,537
Equity Lifestyle Properties, Inc.		9,491		577,432
Mid-America Apartment Communities, Inc.		10,189		1,352,590
Prologis, Inc.		34,240		3,533,568
Public Storage		2,193		499,171
Realty Income Corp.		4,868		287,504
Sun Communities, Inc.		3,121		446,709
UDR, Inc.		6,759		259,883
Ventas, Inc.		17,937		826,358
				12,841,313

Transamerica Funds Page    1

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing - 0.3%
Costco Wholesale Corp.		7,186		$   2,532,562
Kroger Co.		27,867		961,411
				3,493,973
Food Products - 0.4%
Mondelez International, Inc., Class A		78,576		4,356,253
Health Care Equipment & Supplies - 1.9%
Abbott Laboratories		17,045		2,106,592
ABIOMED, Inc. (A)		1,025		356,956
Baxter International, Inc.		38,205		2,935,290
Becton Dickinson & Co.		6,603		1,728,599
Boston Scientific Corp. (A)		80,887		2,866,635
DexCom, Inc. (A)		2,186		819,422
Edwards Lifesciences Corp. (A)		8,427		695,902
Intuitive Surgical, Inc. (A)		1,545		1,155,104
Medtronic PLC		58,008		6,458,031
Zimmer Biomet Holdings, Inc.		26,675		4,099,147
				23,221,678
Health Care Providers & Services - 1.6%
Anthem, Inc.		5,975		1,774,455
Centene Corp. (A)		7,440		448,632
Cigna Corp.		19,731		4,282,614
McKesson Corp.		19,359		3,377,565
UnitedHealth Group, Inc.		27,271		9,097,060
				18,980,326
Hotels, Restaurants & Leisure - 0.4%
Hilton Worldwide Holdings, Inc.		17,474		1,771,689
Royal Caribbean Cruises, Ltd.		4,368		283,920
Yum! Brands, Inc.		23,310		2,365,732
				4,421,341
Household Durables - 0.3%
D.R. Horton, Inc.		3,213		246,758
Lennar Corp., Class A		37,878		3,149,556
				3,396,314
Household Products - 1.0%
Kimberly-Clark Corp.		24,015		3,172,381
Procter & Gamble Co.		69,536		8,915,211
				12,087,592
Industrial Conglomerates - 0.5%
Honeywell International, Inc.		33,170		6,480,423
Insurance - 1.1%
Allstate Corp.		21,136		2,265,356
American International Group, Inc.		19,987		748,313
Chubb, Ltd.		16,361		2,383,307
Hartford Financial Services Group, Inc.		41,257		1,981,161
Marsh & McLennan Cos., Inc.		8,069		886,864
Progressive Corp.		45,440		3,961,914
Prudential Financial, Inc.		8,843		692,230
				12,919,145
Interactive Media & Services - 3.5%
Alphabet, Inc., Class A (A)		8,760		16,007,674
Alphabet, Inc., Class C (A)		7,025		12,896,073
Facebook, Inc., Class A (A)		54,688		14,127,551
				43,031,298

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 3.2%
Amazon.com, Inc. (A)		11,049		$   35,425,304
Booking Holdings, Inc. (A)		1,586		3,083,707
				38,509,011
IT Services - 3.4%
Accenture PLC, Class A		32,346		7,825,144
Booz Allen Hamilton Holding Corp.		12,734		1,084,555
FleetCor Technologies, Inc. (A)		1,985		481,859
International Business Machines Corp.		20,249		2,411,858
Leidos Holdings, Inc.		26,814		2,843,893
Mastercard, Inc., Class A		34,282		10,843,054
PayPal Holdings, Inc. (A)		36,189		8,479,445
Visa, Inc., Class A		39,141		7,563,998
				41,533,806
Life Sciences Tools & Services - 1.0%
Illumina, Inc. (A)		5,259		2,242,648
Thermo Fisher Scientific, Inc.		17,752		9,048,195
Waters Corp. (A)		1,587		420,031
				11,710,874
Machinery - 1.3%
Cummins, Inc.		6,936		1,625,937
Deere & Co.		19,033		5,496,730
Parker-Hannifin Corp.		13,068		3,457,924
Snap-on, Inc.		6,654		1,197,654
Stanley Black & Decker, Inc.		20,890		3,624,206
				15,402,451
Media - 1.1%
Altice USA, Inc., Class A (A)		24,070		856,170
Charter Communications, Inc., Class A (A)		8,399		5,102,896
Comcast Corp., Class A		141,902		7,034,082
				12,993,148
Metals & Mining - 0.1%
Newmont Corp.		18,229		1,086,448
Multi-Utilities - 0.8%
Ameren Corp.		29,429		2,140,077
CMS Energy Corp.		25,589		1,455,502
DTE Energy Co.		13,591		1,613,524
Public Service Enterprise Group, Inc.		30,286		1,709,039
Sempra Energy		20,999		2,598,836
				9,516,978
Multiline Retail - 0.3%
Dollar Tree, Inc. (A)		16,096		1,636,319
Target Corp.		11,415		2,068,056
				3,704,375
Oil, Gas & Consumable Fuels - 1.4%
Cabot Oil & Gas Corp.		10,980		201,264
Cheniere Energy, Inc. (A)		13,892		879,780
Chevron Corp.		55,684		4,744,277
ConocoPhillips		29,298		1,172,799
Diamondback Energy, Inc.		19,757		1,120,024
EOG Resources, Inc.		44,012		2,242,852
Kinder Morgan, Inc.		50,327		708,604
Phillips 66		25,611		1,736,426
Pioneer Natural Resources Co.		23,769		2,873,672
Williams Cos., Inc.		92,479		1,963,329
				17,643,027

Transamerica Funds Page    2

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		9,078		$   2,148,309
Pharmaceuticals - 2.2%
Bristol-Myers Squibb Co.		110,203		6,769,770
Eli Lilly & Co.		35,341		7,349,868
Johnson & Johnson		36,781		6,000,085
Merck & Co., Inc.		69,697		5,371,548
Pfizer, Inc.		19,925		715,307
				26,206,578
Professional Services - 0.1%
Verisk Analytics, Inc.		3,750		688,125
Road & Rail - 0.8%
CSX Corp.		12,848		1,101,780
Lyft, Inc., Class A (A)		19,326		859,234
Norfolk Southern Corp.		23,988		5,676,041
Union Pacific Corp.		11,777		2,325,604
				9,962,659
Semiconductors & Semiconductor Equipment - 3.6%
Advanced Micro Devices, Inc. (A)		43,990		3,767,304
Analog Devices, Inc.		35,177		5,182,627
Applied Materials, Inc.		61,415		5,937,602
Intel Corp.		34,999		1,942,795
Lam Research Corp.		9,200		4,452,340
Microchip Technology, Inc.		13,740		1,870,151
Micron Technology, Inc. (A)		16,311		1,276,662
NVIDIA Corp.		11,800		6,131,162
NXP Semiconductors NV		22,891		3,673,319
Qorvo, Inc. (A)		7,026		1,200,603
QUALCOMM, Inc.		8,166		1,276,182
Texas Instruments, Inc.		43,224		7,161,785
				43,872,532
Software - 5.0%
Fortinet, Inc. (A)		3,279		474,635
Intuit, Inc.		14,688		5,305,746
Microsoft Corp.		205,925		47,766,363
salesforce.com, Inc. (A)		27,747		6,258,614
Workday, Inc., Class A (A)		7,007		1,594,303
				61,399,661
Specialty Retail - 2.1%
AutoZone, Inc. (A)		3,013		3,369,649
Best Buy Co., Inc.		34,099		3,710,653
Home Depot, Inc.		24,894		6,741,793
Lowe’s Cos., Inc.		43,659		7,284,504
O’Reilly Automotive, Inc. (A)		3,654		1,554,667
TJX Cos., Inc.		49,047		3,140,970
				25,802,236
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		386,169		50,958,861
Seagate Technology PLC		45,088		2,981,219
				53,940,080
Textiles, Apparel & Luxury Goods - 0.5%
Carter’s, Inc.		17,200		1,514,288
NIKE, Inc., Class B		37,167		4,965,140
				6,479,428

	Shares		Value
COMMON STOCKS (continued)
Tobacco - 0.7%
Altria Group, Inc.		92,679		$   3,807,253
Philip Morris International, Inc.		60,499		4,818,746
				8,625,999
Wireless Telecommunication Services - 0.5%
T-Mobile US, Inc. (A)		44,085		5,558,237
Total Common Stocks (Cost $415,048,831)				717,851,691
PREFERRED STOCKS - 0.0% (B)
Banks - 0.0% (B)
Citigroup Capital XIII,
3-Month LIBOR + 6.37%, 6.57% (C)		11,963		335,802
Electric Utilities - 0.0% (B)
SCE Trust III,
Series H, Fixed until 03/15/2024, 5.75% (C)		960		23,347
Total Preferred Stocks (Cost $351,477)				359,149
	Principal		Value
ASSET-BACKED SECURITIES - 3.1%
321 Henderson Receivables VI LLC
Series 2010-1A, Class A,
5.56%, 07/15/2059 (D)		$  250,286		279,091
BlueMountain CLO, Ltd.
Series 2015-2A, Class A1R,
3-Month LIBOR + 0.93%, 1.15% (C), 07/18/2027 (D)		647,458		647,600
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A,
2.94%, 05/25/2029 (D)		252,889		259,463
BXG Receivables Note Trust
Series 2015-A, Class A,
2.88%, 05/02/2030 (D)		275,030		275,238
CIFC Funding, Ltd.
Series 2013-2A, Class A1LR,
3-Month LIBOR + 1.21%, 1.44% (C), 10/18/2030 (D)		1,975,000		1,976,959
Diamond Resorts Owner Trust
Series 2019-1A, Class A,
2.89%, 02/20/2032 (D)		234,904		244,055
ICG CLO, Ltd.
Series 2014-1A, Class A1R,
3-Month LIBOR + 1.22%, 1.44% (C), 01/20/2030 (D)		668,469		667,138
JG Wentworth XXII LLC
Series 2010-3A, Class A,
3.82%, 12/15/2048 (D)		455,431		479,194
JGWPT XXVIII LLC
Series 2013-1A, Class A,
3.22%, 04/15/2067 (D)		801,067		867,778
Laurel Road Prime Student Loan Trust
Series 2018-B, Class A2FX,
3.54%, 05/26/2043 (D)		287,918		295,450

Transamerica Funds Page    3

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Longfellow Place CLO, Ltd.
Series 2013-1A, Class ARR,
3-Month LIBOR + 1.34%, 1.58% (C), 04/15/2029 (D)		$   1,154,271		$   1,153,192
Mill City Mortgage Loan Trust
Series 2016-1, Class A1,
2.50% (C), 04/25/2057 (D)		89,930		90,501
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (D)		71,310		71,616
Series 2016-1A, Class A,
2.25%, 12/20/2033 (D)		77,523		78,501
Series 2019-1A, Class A,
2.89%, 11/20/2036 (D)		222,717		229,840
New Residential Advance Receivables Trust
Series 2020-APT1, Class AT1,
1.03%, 12/16/2052 (D)		1,875,000		1,875,152
Series 2020-T1, Class AT1,
1.43%, 08/15/2053 (D)		900,000		904,876
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (D)		2,846,000		2,860,658
Series 2020-T3, Class AT3,
1.32%, 10/15/2052 (D)		100,000		100,427
Octagon Investment Partners 33, Ltd.
Series 2017-1A, Class A1,
3-Month LIBOR + 1.19%, 1.41% (C), 01/20/2031 (D)		800,000		800,034
Ocwen Master Advance Receivables Trust
Series 2020-T1, Class AT1,
1.28%, 08/15/2052 (D)		3,216,000		3,234,678
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (D)		497,536		505,323
Series 2018-A, Class A,
3.10%, 11/08/2030 (D)		74,018		76,428
Series 2018-A, Class B,
3.35%, 11/08/2030 (D)		60,560		62,519
Series 2019-A, Class A,
3.06%, 04/09/2038(D)		479,887		501,920
Palmer Square CLO, Ltd.
Series 2015-2A, Class A1R2,
3-Month LIBOR + 1.10%, 1.32% (C), 07/20/2030 (D)		2,000,000		1,997,564
Sierra Timeshare Receivables Funding LLC
Series 2016-2A, Class A,
2.33%, 07/20/2033 (D)		105,233		105,454
Series 2020-2A, Class A,
1.33%, 07/20/2037 (D)		567,137		572,494
SolarCity LMC LLC
Series 2014-2, Class A,
4.02%, 07/20/2044 (D)		356,012		362,857
SPS Servicer Advance Receivables Trust II
Series 2020-T1, Class AT1,
1.28%, 11/15/2052 (D)		481,000		483,453
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (C), 03/25/2054 (D)		54,348		54,436
Series 2015-4, Class A1B,
2.75% (C), 04/25/2055 (D)		83,249		83,360
Series 2015-5, Class A1B,
2.75% (C), 05/25/2055 (D)		108,430		108,800

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2015-6, Class A1B,
2.75% (C), 04/25/2055 (D)		$   200,373		$   201,952
Series 2016-1, Class A1B,
2.75% (C), 02/25/2055 (D)		142,758		143,916
Series 2016-2, Class A1A,
2.75% (C), 08/25/2055 (D)		409,262		413,657
Series 2016-3, Class A1,
2.25% (C), 04/25/2056 (D)		166,578		167,517
Series 2016-4, Class A1,
2.25% (C), 07/25/2056 (D)		406,797		411,530
Series 2017-1, Class A1,
2.75% (C), 10/25/2056 (D)		593,089		604,100
Series 2017-2, Class A1,
2.75% (C), 04/25/2057 (D)		632,868		644,928
Series 2017-3, Class A1,
2.75% (C), 07/25/2057 (D)		272,733		278,638
Series 2017-4, Class A1,
2.75% (C), 06/25/2057 (D)		1,002,269		1,035,385
Series 2017-6, Class A1,
2.75% (C), 10/25/2057 (D)		550,236		566,518
Series 2018-1, Class A1,
3.00% (C), 01/25/2058 (D)		793,100		818,962
Series 2018-3, Class A1,
3.75% (C), 05/25/2058 (D)		1,190,247		1,270,156
Series 2018-4, Class A1,
3.00% (C), 06/25/2058 (D)		2,192,999		2,327,942
Series 2019-1, Class A1,
3.75% (C), 03/25/2058 (D)		1,282,098		1,377,523
Series 2020-4, Class A1,
1.75%, 10/25/2060 (D)		1,783,726		1,831,108
VB-S1 Issuer LLC
Series 2018-1A, Class C,
3.41%, 02/15/2048 (D)		1,155,000		1,193,093
VSE VOI Mortgage LLC
Series 2016-A, Class A,
2.54%, 07/20/2033 (D)		95,946		96,527
Welk Resorts LLC
Series 2017-AA, Class A,
2.82%, 06/15/2033 (D)		388,104		396,395
Wellfleet CLO, Ltd.
Series 2016-2A, Class A1R,
3-Month LIBOR + 1.14%, 1.36% (C), 10/20/2028 (D)		784,885		785,060
Total Asset-Backed Securities (Cost $36,449,316)				36,870,956
CORPORATE DEBT SECURITIES - 14.9%
Aerospace & Defense - 0.3%
BAE Systems PLC
3.40%, 04/15/2030 (D)		599,000		667,434
Boeing Co.
3.50%, 03/01/2039		1,202,000		1,187,407
5.15%, 05/01/2030		934,000		1,107,823
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025		312,000		348,039
L3 Harris Technologies, Inc.
2.90%, 12/15/2029		414,000		451,410
				3,762,113
Airlines - 0.3%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		622,152		615,084
Delta Air Lines Pass-Through Trust
6.82%, 02/10/2024		961,370		990,569

Transamerica Funds Page    4

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
JetBlue Pass-Through Trust
2.75%, 11/15/2033		$   713,895		$   708,111
United Airlines Pass-Through Trust
3.75%, 03/03/2028		690,813		709,703
US Airways Pass-Through Trust
5.38%, 05/15/2023		589,704		577,562
				3,601,029
Auto Components - 0.0% (B)
BorgWarner, Inc.
3.38%, 03/15/2025 (E)		321,000		352,855
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		601,000		664,027
6.25%, 10/02/2043		159,000		214,647
				878,674
Banks - 2.1%
Australia & New Zealand Banking Group, Ltd.
Fixed until 11/25/2030, 2.57% (C), 11/25/2035 (D)		807,000		804,039
Banco Santander SA
2.75%, 12/03/2030		600,000		605,325
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (C), 02/13/2031, MTN		2,308,000		2,403,523
Fixed until 06/19/2040, 2.68% (C), 06/19/2041, MTN		632,000		629,865
Fixed until 12/20/2027, 3.42% (C), 12/20/2028		1,097,000		1,228,692
Barclays Bank PLC
10.18%, 06/12/2021 (D)		633,000		654,886
Barclays PLC
5.20%, 05/12/2026		1,029,000		1,190,429
CIT Group, Inc.
4.13%, 03/09/2021		70,000		70,035
Citigroup, Inc.
Fixed until 10/27/2027, 3.52% (C), 10/27/2028		2,004,000		2,247,371
Commerzbank AG
8.13%, 09/19/2023 (D)		1,117,000		1,292,983
Credit Agricole SA
3.25%, 01/14/2030 (D) (E)		1,316,000		1,419,729
Danske Bank A/S
Fixed until 12/20/2024, 3.24% (C), 12/20/2025 (D)		939,000		1,008,515
Discover Bank
4.65%, 09/13/2028		1,090,000		1,288,924
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (D)		420,000		457,231
JPMorgan Chase & Co.
Fixed until 02/04/2031, 1.95% (C), 02/04/2032		566,000		564,997
Fixed until 05/13/2030, 2.96% (C), 05/13/2031		1,664,000		1,778,241
Fixed until 04/22/2040, 3.11% (C), 04/22/2041		1,188,000		1,281,084
4.13%, 12/15/2026		841,000		979,606
Macquarie Bank, Ltd.
3.62%, 06/03/2030 (D)		1,257,000		1,358,411

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Natwest Group PLC
Fixed until 08/28/2030, 3.03% (C), 11/28/2035		$   679,000		$   682,089
UniCredit SpA
Fixed until 09/22/2025, 2.57% (C), 09/22/2026 (D)		1,298,000		1,315,162
Wells Fargo & Co.
Fixed until 03/15/2026 (F), 3.90% (C)		335,000		335,000
4.10%, 06/03/2026, MTN		1,368,000		1,562,530
Fixed until 06/15/2024 (F), 5.90% (C)		513,000		541,409
				25,700,076
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		316,000		357,148
4.44%, 10/06/2048		504,000		602,629
4.75%, 01/23/2029		870,000		1,053,903
Constellation Brands, Inc.
3.15%, 08/01/2029		335,000		367,983
3.70%, 12/06/2026		152,000		172,846
Keurig Dr. Pepper, Inc.
3.20%, 05/01/2030		913,000		1,011,779
				3,566,288
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		403,000		443,712
4.05%, 11/21/2039		733,000		853,365
Amgen, Inc.
2.20%, 02/21/2027		571,000		603,883
Biogen, Inc.
2.25%, 05/01/2030		359,000		368,780
Gilead Sciences, Inc.
4.15%, 03/01/2047		177,000		210,913
				2,480,653
Building Products - 0.1%
Carrier Global Corp.
2.72%, 02/15/2030		879,000		928,939
Capital Markets - 0.9%
Credit Suisse Group AG
3.75%, 03/26/2025		772,000		853,231
3.80%, 06/09/2023		738,000		793,887
Deutsche Bank AG
Fixed until 11/24/2025, 2.13% (C), 11/24/2026		435,000		440,781
Fixed until 01/14/2031, 3.73% (C), 01/14/2032		726,000		722,348
Goldman Sachs Group, Inc.
6.75%, 10/01/2037		865,000		1,278,545
Intercontinental Exchange, Inc.
1.85%, 09/15/2032		1,123,000		1,102,784
Lazard Group LLC
4.50%, 09/19/2028		782,000		926,730
Morgan Stanley
Fixed until 01/22/2030, 2.70% (C), 01/22/2031, MTN		1,042,000		1,106,194
3.70%, 10/23/2024, MTN		1,260,000		1,398,425
5.00%, 11/24/2025		486,000		573,655
UBS AG
7.63%, 08/17/2022		1,047,000		1,155,748
				10,352,328

Transamerica Funds Page    5

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 0.1%
Nutrition & Biosciences, Inc.
2.30%, 11/01/2030 (D)		$   664,000		$   676,320
Syngenta Finance NV
3.93%, 04/23/2021 (D)		828,000		831,498
				1,507,818
Commercial Services & Supplies - 0.2%
Ashtead Capital, Inc.
4.25%, 11/01/2029 (D)		414,000		455,487
ERAC USA Finance LLC
2.70%, 11/01/2023 (D)		186,000		196,024
3.30%, 12/01/2026 (D)		780,000		864,762
3.85%, 11/15/2024 (D)		521,000		579,868
Waste Connections, Inc.
2.60%, 02/01/2030		503,000		534,096
				2,630,237
Communications Equipment - 0.1%
Nokia OYJ
3.38%, 06/12/2022		654,000		675,255
Construction & Engineering - 0.4%
Quanta Services, Inc.
2.90%, 10/01/2030		499,000		532,700
SBA Tower Trust
1.88%, 07/15/2050 (D)		746,000		776,624
2.84%, 01/15/2050 (D)		2,715,000		2,908,700
3.17%, 04/09/2047 (D)		745,000		750,801
3.45%, 03/15/2048 (D)		345,000		366,510
				5,335,335
Construction Materials - 0.1%
CRH America Finance, Inc.
4.50%, 04/04/2048 (D)		575,000		709,606
LafargeHolcim Finance LLC
4.75%, 09/22/2046 (D)		780,000		930,409
				1,640,015
Consumer Finance - 0.4%
Ally Financial, Inc.
3.88%, 05/21/2024		617,000		673,058
American Express Co.
4.05%, 12/03/2042		382,000		472,160
BMW US Capital LLC
2.80%, 04/11/2026 (D)		1,029,000		1,116,656
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		1,497,000		1,528,362
Volkswagen Group of America Finance LLC
1.63%, 11/24/2027 (D)		442,000		444,385
				4,234,621
Containers & Packaging - 0.0% (B)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.13%, 07/15/2023 (D)		15,000		15,186
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College
3.62%, 10/01/2037		65,000		79,913

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.75%, 01/30/2026		$   513,000		$   505,238
4.50%, 09/15/2023		640,000		692,812
6.50%, 07/15/2025		152,000		179,788
Aviation Capital Group LLC
1.95%, 01/30/2026 (D)		677,000		671,790
5.50%, 12/15/2024 (D)		1,296,000		1,463,331
Element Fleet Management Corp.
3.85%, 06/15/2025 (D)		494,000		526,625
				4,039,584
Diversified Telecommunication Services - 0.4%
Hughes Satellite Systems Corp.
7.63%, 06/15/2021		410,000		418,848
Level 3 Financing, Inc.
3.40%, 03/01/2027 (D)		741,000		811,891
Sprint Capital Corp.
6.88%, 11/15/2028		135,000		173,668
Verizon Communications, Inc.
1.68%, 10/30/2030 (D)		1,668,000		1,623,293
2.99%, 10/30/2056 (D)		1,410,000		1,346,463
				4,374,163
Electric Utilities - 0.7%
Appalachian Power Co.
3.40%, 06/01/2025		809,000		885,910
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		117,000		145,291
DTE Electric Co.
4.30%, 07/01/2044		1,273,000		1,588,252
Duke Energy Corp.
3.75%, 04/15/2024 - 09/01/2046		1,486,000		1,632,002
Duke Energy Progress LLC
3.60%, 09/15/2047		1,237,000		1,420,291
Entergy Arkansas LLC
3.70%, 06/01/2024		192,000		210,561
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		834,000		868,593
5.30%, 06/01/2042		70,000		98,773
Pacific Gas & Electric Co.
2.50%, 02/01/2031		611,000		607,091
PacifiCorp
3.60%, 04/01/2024		833,000		907,447
5.75%, 04/01/2037		117,000		161,665
Public Service Electric & Gas Co.
3.00%, 05/15/2025, MTN		424,000		462,324
				8,988,200
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp.
2.80%, 02/15/2030		536,000		579,915
Arrow Electronics, Inc.
3.25%, 09/08/2024		232,000		250,554
3.88%, 01/12/2028		201,000		225,990
Keysight Technologies, Inc.
4.60%, 04/06/2027		724,000		861,528
Sensata Technologies, Inc.
4.38%, 02/15/2030 (D)		403,000		433,729
				2,351,716
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp.
3.90%, 05/17/2028 (D)		1,007,000		1,129,095
Schlumberger Investment SA
3.65%, 12/01/2023		98,000		105,961
				1,235,056

Transamerica Funds Page    6

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 0.9%
Agree, LP
2.90%, 10/01/2030		$   303,000		$   319,814
American Tower Trust #1
3.65%, 03/15/2048 (D)		755,000		820,560
Corporate Office Properties, LP
2.25%, 03/15/2026		314,000		325,952
CyrusOne, LP / CyrusOne Finance Corp.
2.90%, 11/15/2024		706,000		752,377
Equinix, Inc.
5.38%, 05/15/2027		735,000		797,787
Federal Realty Investment Trust
1.25%, 02/15/2026		588,000		595,052
Healthcare Trust of America Holdings, LP
3.10%, 02/15/2030		689,000		744,420
Healthpeak Properties, Inc.
3.50%, 07/15/2029		377,000		424,482
Highwoods Realty, LP
3.05%, 02/15/2030		1,107,000		1,162,047
Life Storage, LP
4.00%, 06/15/2029		563,000		647,295
Mid-America Apartments, LP
1.70%, 02/15/2031		364,000		357,746
National Retail Properties, Inc.
2.50%, 04/15/2030		603,000		621,614
Realty Income Corp.
3.25%, 01/15/2031		273,000		303,613
Simon Property Group, LP
1.75%, 02/01/2028		628,000		630,558
VEREIT Operating Partnership, LP
2.20%, 06/15/2028		801,000		818,653
Weyerhaeuser Co.
4.00%, 04/15/2030		778,000		906,161
WP Carey, Inc.
2.40%, 02/01/2031		256,000		261,566
				10,489,697
Food & Staples Retailing - 0.3%
7-Eleven, Inc.
1.80%, 02/10/2031 (D) (G)		1,194,000		1,182,281
Sysco Corp.
3.30%, 07/15/2026		755,000		835,321
Walmart, Inc.
3.63%, 12/15/2047		1,233,000		1,478,664
				3,496,266
Food Products - 0.1%
Campbell Soup Co.
2.38%, 04/24/2030		801,000		830,680
Cargill, Inc.
1.70%, 02/02/2031		487,000		485,821
				1,316,501
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories
1.40%, 06/30/2030		310,000		307,686
Alcon Finance Corp.
2.75%, 09/23/2026 (D)		600,000		655,440
Boston Scientific Corp.
4.70%, 03/01/2049		655,000		862,884
Danaher Corp.
2.60%, 10/01/2050		618,000		603,839

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
DENTSPLY SIRONA, Inc.
3.25%, 06/01/2030		$   814,000		$   893,554
Smith & Nephew PLC
2.03%, 10/14/2030		640,000		642,235
				3,965,638
Health Care Providers & Services - 0.6%
Anthem, Inc.
2.25%, 05/15/2030		526,000		542,202
Centene Corp.
3.00%, 10/15/2030		875,000		915,206
3.38%, 02/15/2030		510,000		534,225
Cigna Corp.
2.40%, 03/15/2030		664,000		692,232
CVS Health Corp.
2.70%, 08/21/2040		434,000		423,127
3.75%, 04/01/2030		967,000		1,106,621
HCA, Inc.
4.13%, 06/15/2029		351,000		404,189
5.25%, 04/15/2025		230,000		268,133
Health Care Service Corp.
2.20%, 06/01/2030 (D)		735,000		761,858
Quest Diagnostics, Inc.
4.20%, 06/30/2029		1,088,000		1,299,290
UnitedHealth Group, Inc.
2.00%, 05/15/2030		666,000		687,124
				7,634,207
Household Durables - 0.1%
D.R. Horton, Inc.
4.38%, 09/15/2022		704,000		741,213
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc.
3.75%, 12/01/2027		610,000		694,427
General Electric Co.
6.88%, 01/10/2039, MTN		574,000		824,180
				1,518,607
Insurance - 0.5%
Allianz SE
Fixed until 11/17/2025 (F), 3.50% (C) (D)		600,000		605,628
American International Group, Inc.
4.20%, 04/01/2028		466,000		545,500
4.25%, 03/15/2029		540,000		639,643
Markel Corp.
3.35%, 09/17/2029		1,173,000		1,304,817
Pacific LifeCorp
3.35%, 09/15/2050 (D)		356,000		382,370
Prudential Financial, Inc.
Fixed until 07/01/2030, 3.70% (C), 10/01/2050		1,106,000		1,158,535
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		1,311,000		1,491,722
				6,128,215
Interactive Media & Services - 0.2%
Alphabet, Inc.
1.10%, 08/15/2030		636,000		615,193
Baidu, Inc.
4.38%, 05/14/2024		940,000		1,035,657
Tencent Holdings, Ltd.
3.28%, 04/11/2024 (D)		742,000		788,375
				2,439,225

Transamerica Funds Page    7

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Internet & Direct Marketing Retail - 0.1%
Expedia Group, Inc.
3.80%, 02/15/2028		$   512,000		$   545,307
IT Services - 0.1%
Fidelity National Information Services, Inc.
3.75%, 05/21/2029		801,000		921,185
Fiserv, Inc.
3.50%, 07/01/2029		701,000		789,194
				1,710,379
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc.
5.30%, 02/01/2044		295,000		416,159
Machinery - 0.0% (B)
Xylem, Inc.
1.95%, 01/30/2028		397,000		413,567
Media - 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, 03/01/2050		377,000		427,834
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (D)		300,000		306,375
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 (D) (F)		738,000		739,845
NBCUniversal Media LLC
4.45%, 01/15/2043		746,000		938,599
ViacomCBS, Inc.
4.20%, 05/19/2032 (E)		588,000		695,635
				3,108,288
Metals & Mining - 0.2%
Anglo American Capital PLC
4.00%, 09/11/2027 (D)		1,063,000		1,224,619
4.75%, 04/10/2027 (D)		230,000		272,573
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		1,088,000		1,136,548
				2,633,740
Multi-Utilities - 0.1%
Black Hills Corp.
4.25%, 11/30/2023		587,000		642,306
CMS Energy Corp.
3.88%, 03/01/2024		65,000		70,763
4.88%, 03/01/2044		141,000		180,233
Public Service Enterprise Group, Inc.
2.65%, 11/15/2022		158,000		163,927
				1,057,229
Oil, Gas & Consumable Fuels - 1.1%
Boardwalk Pipelines, LP
3.40%, 02/15/2031		390,000		405,138
BP Capital Markets PLC
3.12%, 05/04/2026		1,328,000		1,442,168
Chevron USA, Inc.
3.25%, 10/15/2029		368,000		414,992
Energy Transfer Operating, LP
4.90%, 02/01/2024		356,000		389,892
5.15%, 02/01/2043		559,000		572,992
5.95%, 10/01/2043		499,000		554,195
7.60%, 02/01/2024		397,000		452,172
Enterprise Products Operating LLC
4.25%, 02/15/2048		1,353,000		1,518,171

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners, LP
4.15%, 02/01/2024		$   772,000		$   842,455
Occidental Petroleum Corp.
5.55%, 03/15/2026		1,184,000		1,244,680
Petroleos Mexicanos
6.50%, 01/23/2029		385,000		383,614
6.84%, 01/23/2030		892,000		896,460
6.88%, 08/04/2026		340,000		363,800
7.69%, 01/23/2050		95,000		89,820
Pioneer Natural Resources Co.
2.15%, 01/15/2031		871,000		860,101
Plains All American Pipeline, LP / PAA Finance Corp.
3.55%, 12/15/2029		637,000		662,400
Sabine Pass Liquefaction LLC
4.20%, 03/15/2028		352,000		399,167
Shell International Finance BV
2.50%, 09/12/2026		813,000		877,612
3.75%, 09/12/2046		351,000		401,751
Williams Cos., Inc.
5.40%, 03/04/2044		97,000		117,769
7.88%, 09/01/2021		93,000		96,993
				12,986,342
Pharmaceuticals - 0.5%
AstraZeneca PLC
2.38%, 06/12/2022		551,000		565,227
4.00%, 01/17/2029		197,000		231,641
4.38%, 08/17/2048		451,000		581,166
Bayer US Finance II LLC
4.38%, 12/15/2028 (D)		516,000		604,418
Bristol-Myers Squibb Co.
1.45%, 11/13/2030		612,000		600,331
3.20%, 06/15/2026		309,000		345,020
Merck & Co., Inc.
3.40%, 03/07/2029		349,000		399,168
Royalty Pharma PLC
2.20%, 09/02/2030 (D)		925,000		932,707
Takeda Pharmaceutical Co., Ltd.
5.00%, 11/26/2028		1,035,000		1,277,918
Viatris, Inc.
2.30%, 06/22/2027 (D)		311,000		327,466
Zoetis, Inc.
2.00%, 05/15/2030		377,000		381,899
				6,246,961
Professional Services - 0.2%
Equifax, Inc.
2.60%, 12/01/2024		879,000		937,181
Experian Finance PLC
2.75%, 03/08/2030 (D)		957,000		1,022,954
				1,960,135
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (D)		964,000		1,044,518
5.50%, 01/15/2026 (D)		415,000		469,239
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		38,000		39,892
3.75%, 04/01/2024		35,000		38,325
CSX Corp.
3.80%, 11/01/2046 - 04/15/2050		620,000		721,366
				2,313,340

Transamerica Funds Page    8

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom, Inc.
1.95%, 02/15/2028 (D) (E)		$   291,000		$   292,048
Intel Corp.
2.88%, 05/11/2024		489,000		525,176
KLA Corp.
3.30%, 03/01/2050		494,000		541,332
Lam Research Corp.
1.90%, 06/15/2030		418,000		426,781
3.75%, 03/15/2026		585,000		666,065
Micron Technology, Inc.
2.50%, 04/24/2023		267,000		278,539
NVIDIA Corp.
2.85%, 04/01/2030		527,000		579,700
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 05/01/2030 (D)		656,000		731,715
QUALCOMM, Inc.
3.25%, 05/20/2027		599,000		677,150
3.25%, 05/20/2050 (E)		487,000		539,199
TSMC Global, Ltd.
1.38%, 09/28/2030 (D)		1,611,000		1,565,726
Xilinx, Inc.
2.38%, 06/01/2030		574,000		593,759
				7,417,190
Software - 0.2%
Adobe, Inc.
2.15%, 02/01/2027		521,000		555,596
Crowdstrike Holdings, Inc.
3.00%, 02/15/2029		140,000		141,663
Infor, Inc.
1.75%, 07/15/2025 (D)		595,000		613,913
Intuit, Inc.
1.35%, 07/15/2027		435,000		441,113
Microsoft Corp.
3.30%, 02/06/2027		863,000		979,979
				2,732,264
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
2.65%, 05/11/2050		375,000		376,824
2.85%, 02/23/2023		719,000		755,321
Dell International LLC / EMC Corp.
6.02%, 06/15/2026 (D)		520,000		627,033
Hewlett Packard Enterprise Co.
4.45%, 10/02/2023		476,000		522,245
Seagate HDD Cayman
4.13%, 01/15/2031 (D)		101,000		105,803
Western Digital Corp.
4.75%, 02/15/2026		1,505,000		1,668,669
				4,055,895
Tobacco - 0.2%
Altria Group, Inc.
3.40%, 05/06/2030		681,000		746,885
BAT Capital Corp.
2.26%, 03/25/2028		1,145,000		1,167,656
4.91%, 04/02/2030		560,000		661,879
				2,576,420
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV
3.13%, 07/16/2022		407,000		422,441
4.38%, 07/16/2042		300,000		362,102

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Crown Castle Towers LLC
3.22%, 05/15/2042 (D)		$   1,542,000		$   1,557,816
3.72%, 07/15/2043 (D)		160,000		167,192
Sprint Corp.
7.25%, 09/15/2021		200,000		206,600
7.88%, 09/15/2023		640,000		739,200
T-Mobile USA, Inc.
3.88%, 04/15/2030 (D)		987,000		1,116,653
				4,572,004
Total Corporate Debt Securities (Cost $171,042,151)				181,204,843
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.0% (B)
Brazil Government International Bond
4.25%, 01/07/2025		330,000		360,113
Chile - 0.1%
Chile Government International Bond
3.50%, 01/25/2050		400,000		439,160
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		252,040
4.50%, 01/28/2026 (E)		850,000		954,133
				1,206,173
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (D)		1,310,000		1,522,804
5.38%, 10/17/2023 (D)		115,000		129,334
				1,652,138
Mexico - 0.1%
Mexico Government International Bond
3.75%, 01/11/2028		1,126,000		1,252,923
Panama - 0.0% (B)
Panama Government International Bond
3.88%, 03/17/2028		315,000		355,953
Peru - 0.0% (B)
Peru Government International Bond
7.35%, 07/21/2025		125,000		158,751
Poland - 0.0% (B)
Republic of Poland Government International Bond
3.00%, 03/17/2023		275,000		290,067
Qatar - 0.0% (B)
Qatar Government International Bond
3.88%, 04/23/2023 (D)		200,000		214,500
Saudi Arabia - 0.1%
Saudi Government International Bond
2.38%, 10/26/2021 (D)		455,000		460,688
Total Foreign Government Obligations (Cost $5,930,351)				6,390,466
MORTGAGE-BACKED SECURITIES - 3.4%
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (D)		1,145,000		1,133,620
Series 2012-TFT, Class C,
3.47% (C), 06/05/2030 (D)		1,070,000		602,275

Transamerica Funds Page    9

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust, Interest Only STRIPS
Series 2012-SHOW, Class XA,
0.60% (C), 11/05/2036 (D)		$   3,045,000		$   65,159
BBCMS Trust
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (D)		1,600,000		1,657,212
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		78,006		84,838
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		241,752
Series 2015-GC27, Class B,
3.77%, 02/10/2048		1,250,000		1,351,048
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (C), 06/25/2058 (D)		90,900		92,598
Series 2018-RP1, Class A1,
3.00% (C), 09/25/2064 (D)		435,992		458,772
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (C), 08/10/2050		1,310,000		1,430,549
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (D)		5,397		5,393
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (D)		110,000		108,912
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (D)		1,150,000		1,219,785
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,637,640
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (D)		3,050,000		3,292,703
Series 2016-GCT, Class C,
3.46% (C), 08/10/2029 (D)		520,000		520,689
Commercial Mortgage Pass-Through Certificates Trust
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (D)		830,000		804,681
CSMC Trust
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 0.81% (C), 12/27/2035 (D)		137,408		137,200
Series 2021-RPL2, Class A1A,
1.11% (C), 01/25/2060 (D) (H)		2,230,000		2,229,999
Fontainebleau Miami Beach Trust
Series 2019-FBLU, Class B,
3.45%, 12/10/2036 (D)		1,250,000		1,315,194
GS Mortgage Securities Trust
Series 2013-G1, Class A2,
3.56% (C), 04/10/2031 (D)		675,000		673,844
Houston Galleria Mall Trust
Series 2015-HGLR, Class A1A2,
3.09%, 03/05/2037 (D)		700,000		719,944
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (D)		2,039,202		1,702,459
Series 2013-C13, Class B,
4.08% (C), 01/15/2046		950,000		1,000,031
MetLife Securitization Trust
Series 2019-1A, Class A1A,
3.75% (C), 04/25/2058 (D)		173,052		180,882
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		320,000		331,885

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class A,
2.20%, 09/13/2031 (D)		$   3,050,000		$   3,050,077
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
2.88% (C), 07/26/2048 (D)		195,795		195,724
Motel 6 Trust
Series 2017-MTL6, Class C,
1-Month LIBOR + 1.40%, 1.53% (C), 08/15/2034 (D)		934,024		934,040
Nationstar Mortgage Loan Trust
Series 2013-A, Class A,
3.75% (C), 12/25/2052 (D)		138,130		143,086
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (C), 01/25/2054 (D)		68,793		73,095
Series 2014-2A, Class A3,
3.75% (C), 05/25/2054 (D)		165,785		176,899
Series 2014-3A, Class AFX3,
3.75% (C), 11/25/2054 (D)		133,227		143,198
Series 2015-2A, Class A1,
3.75% (C), 08/25/2055 (D)		302,426		322,604
Series 2016-2A, Class A1,
3.75% (C), 11/26/2035 (D)		222,963		237,144
Series 2016-3A, Class A1B,
3.25% (C), 09/25/2056 (D)		225,642		238,855
Series 2016-4A, Class A1,
3.75% (C), 11/25/2056 (D)		277,114		296,561
Series 2017-1A, Class A1,
4.00% (C), 02/25/2057 (D)		641,657		691,832
Series 2017-2A, Class A3,
4.00% (C), 03/25/2057 (D)		1,449,338		1,557,581
Series 2017-3A, Class A1,
4.00% (C), 04/25/2057 (D)		906,129		966,293
Series 2017-4A, Class A1,
4.00% (C), 05/25/2057 (D)		725,630		777,490
Series 2018-1A, Class A1A,
4.00% (C), 12/25/2057 (D)		321,855		344,970
Series 2018-RPL1, Class A1,
3.50% (C), 12/25/2057 (D)		563,731		592,916
Series 2019-4A, Class A1B,
3.50% (C), 12/25/2058 (D)		1,735,180		1,833,361
Series 2019-5A, Class A1B,
3.50% (C), 08/25/2059 (D)		1,665,245		1,741,933
One Market Plaza Trust
Series 2017-1MKT, Class A,
3.61%, 02/10/2032 (D)		1,373,000		1,423,665
Palisades Center Trust
Series 2016-PLSD, Class A,
2.71%, 04/13/2033 (D)		950,000		876,375
Queens Center Mortgage Trust
Series 2013-QCA, Class D,
3.47% (C), 01/11/2037 (D)		410,000		383,343
UBS-BAMLL Trust
Series 2012-WRM, Class A,
3.66%, 06/10/2030 (D)		560,000		565,330
Total Mortgage-Backed Securities (Cost $41,765,671)				41,565,436
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Community College District, General Obligation Unlimited,
6.60%, 08/01/2042		45,000		74,182

Transamerica Funds Page    10

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
State of California, General Obligation Unlimited
7.30%, 10/01/2039		$   290,000		$   472,590
7.60%, 11/01/2040		480,000		857,986
University of California, Revenue Bonds,
Series AD,
4.86%, 05/15/2112		40,000		57,710
				1,462,468
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds,
Series A,
6.64%, 04/01/2057		35,000		52,291
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds,
Series F,
7.41%, 01/01/2040		54,000		90,302
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds,
Series E,
6.81%, 11/15/2040		45,000		64,221
New York City Water & Sewer System, Revenue Bonds,
Series CC,
5.88%, 06/15/2044		45,000		71,076
New York State Dormitory Authority, Revenue Bonds,
Series H,
5.39%, 03/15/2040		40,000		54,816
Port Authority of New York & New Jersey, Revenue Bonds,
Series 181,
4.96%, 08/01/2046		70,000		94,543
				284,656
Total Municipal Government Obligations (Cost $1,526,756)				1,889,717
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.9%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		200,015		230,453
5.50%, 06/01/2041		73,646		86,384
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.38%, 06/25/2030		2,547,000		2,571,203
2.89%, 06/25/2027		958,214		1,022,358
3.01%, 07/25/2025		2,408,000		2,649,952
3.06% (C), 08/25/2024		1,820,000		1,975,737
3.49%, 01/25/2024		1,298,000		1,404,967
3.53% (C), 07/25/2023		1,000,000		1,073,308
Federal National Mortgage Association
12-Month LIBOR + 1.52%, 2.57% (C), 02/01/2043		39,891		40,139
3.33% (C), 10/25/2023		132,534		140,285
3.50%, 07/01/2028 - 11/01/2028		217,037		236,618
4.00%, 04/01/2026 - 06/01/2042		59,289		65,058
4.50%, 02/01/2025 - 06/01/2026		99,623		105,626
5.00%, 04/01/2039 - 11/01/2039		898,399		1,029,794
5.50%, 10/01/2036 - 12/01/2041		690,390		809,735
6.00%, 08/01/2036 - 06/01/2041		911,572		1,093,904
6.50%, 05/01/2040		85,721		102,764

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS
0.71% (C), 02/16/2053		$   392,848		$   10,400
Uniform Mortgage-Backed Security
2.00%, TBA (G)		24,260,000		25,122,627
2.50%, TBA (G)		21,780,000		22,896,576
3.00%, TBA (G)		16,741,000		17,603,881
3.50%, TBA (G)		10,838,000		11,523,307
4.00%, TBA (G)		4,022,000		4,312,888
Total U.S. Government Agency Obligations (Cost $95,324,768)				96,107,964
U.S. GOVERNMENT OBLIGATIONS - 9.5%
U.S. Treasury - 8.3%
U.S. Treasury Bond
1.25%, 05/15/2050 (E)		6,627,000		5,709,575
2.00%, 02/15/2050		2,754,000		2,853,295
2.25%, 08/15/2046		2,031,000		2,218,312
2.50%, 02/15/2045 - 05/15/2046		7,240,000		8,280,181
2.75%, 08/15/2042 - 11/15/2047		2,848,000		3,404,854
2.75%, 08/15/2047 (E)		1,308,900		1,570,527
2.88%, 08/15/2045 (E)		1,070,000		1,306,152
2.88%, 05/15/2049		138,600		171,187
3.00%, 05/15/2042 (E)		476,000		589,924
3.00%, 08/15/2048 - 02/15/2049		2,087,400		2,628,558
3.13%, 02/15/2042 - 05/15/2048		3,617,600		4,569,068
3.63%, 02/15/2044		4,340,000		5,916,302
4.50%, 02/15/2036 (E)		2,035,500		2,909,493
5.25%, 02/15/2029		1,098,000		1,471,148
U.S. Treasury Note
0.13%, 12/31/2022		4,826,000		4,826,377
0.25%, 05/31/2025 - 08/31/2025		3,417,000		3,397,015
0.63%, 05/15/2030		4,150,000		3,993,727
0.63%, 08/15/2030 (E)		850,000		815,469
1.50%, 08/15/2026 - 02/15/2030		4,015,100		4,189,587
1.63%, 02/15/2026		2,252,000		2,383,161
1.63%, 05/15/2026 - 08/15/2029 (E)		3,174,000		3,352,711
1.75%, 07/31/2021 - 11/30/2021		11,069,000		11,210,985
1.75%, 05/15/2023 (E)		3,387,000		3,510,837
2.13%, 06/30/2021		4,163,000		4,197,800
2.13%, 06/30/2022 (E)		554,000		569,689
2.25%, 11/15/2025 (E)		2,153,100		2,340,487
2.25%, 11/15/2027		262,500		288,760
2.38%, 01/31/2023		709,100		740,816
2.50%, 01/31/2024 - 05/15/2024		4,055,000		4,354,403
2.63%, 12/15/2021		331,000		338,241
2.63%, 02/15/2029 (E)		653,500		741,033
2.88%, 05/15/2028 - 08/15/2028 (E)		3,920,300		4,496,886
3.13%, 11/15/2028 (E)		939,500		1,099,215
				100,445,775
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Indexed Bond
0.25%, 02/15/2050		1,610,414		1,869,065
1.75%, 01/15/2028		931,643		1,150,797
2.50%, 01/15/2029		3,170,316		4,180,483
U.S. Treasury Inflation-Indexed Note
0.13%, 07/15/2030		2,141,659		2,406,550
0.63%, 01/15/2024		4,476,814		4,838,923
				14,445,818
Total U.S. Government Obligations (Cost $108,100,744)				114,891,593

Transamerica Funds Page    11

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
COMMERCIAL PAPER - 5.8%
Banks - 2.5%
Concord Minutemen Capital Co.
0.23% (I), 02/18/2021		$   4,000,000		$   3,999,651
DnB Bank ASA
0.16% (I), 04/28/2021		3,610,000		3,608,759
Macquarie Bank, Ltd.
0.24% (I), 03/02/2021		4,400,000		4,399,480
Manhattan Asset Funding Co. LLC
0.20% (I), 03/02/2021		4,500,000		4,499,356
Natixis
0.20% (I), 04/01/2021		3,500,000		3,499,331
Skandinaviska Enskilda Banken AB
0.19% (I), 02/17/2021		4,800,000		4,799,747
Societe Generale SA
0.24% (I), 03/04/2021		3,350,000		3,349,586
Sumitomo Mitsui Brokerage Corp.
0.21% (I), 02/11/2021		2,762,000		2,761,905
				30,917,815
Capital Markets - 0.0% (B)
Cedar Springs Capital Co. LLC
0.18% (I), 03/19/2021		360,000		359,917
Commercial Services & Supplies - 0.1%
Charta LLC
0.17% (I), 04/14/2021		1,100,000		1,099,622
Diversified Financial Services - 3.2%
Anglesea Funding PLC
0.20% (I), 02/04/2021		4,000,000		3,999,913
Chariot Funding LLC
0.20% (I), 04/05/2021		2,100,000		2,099,330
Jupiter Securitization Co. LLC
0.18% (I), 02/08/2021		2,750,000		2,749,895
Le Fayette Asset Securitization LLC
0.19% (I), 02/19/2021		3,800,000		3,799,650
LMA SA / LMA Americas LLC
0.18% (I), 02/04/2021 - 04/06/2021		4,266,000		4,265,156
Mont Blanc Capital Corp.
0.25% (I), 03/16/2021		4,465,000		4,464,030
Old Line Funding LLC
0.17% (I), 04/13/2021		4,550,000		4,548,419
Ridgefield Funding Co.
0.24% (I), 03/08/2021		3,750,000		3,749,347
Sheffield Receivable
0.18% (I), 02/04/2021		3,000,000		2,999,935
0.22% (I), 03/02/2021		1,188,000		1,187,830
Victory Receivables Corp.
0.20% (I), 04/01/2021		4,500,000		4,498,752
				38,362,257
Total Commercial Paper (Cost $70,736,446)				70,739,611
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%
U.S. Treasury Bill
0.07% (I), 03/11/2021		6,304,000		6,303,684
0.09% (I), 02/04/2021 (E)		400,000		399,998
0.09% (I), 04/01/2021		3,956,000		3,955,595
Total Short-Term U.S. Government Obligations (Cost $10,658,891)				10,659,277

	Shares		Value
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.06% (I)		7,976,655		$   7,976,655
Total Other Investment Company (Cost $7,976,655)				7,976,655
	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.00% (I), dated 01/29/2021, to be repurchased at $15,986,800 on 02/01/2021. Collateralized by U.S. Government Obligations, 1.50%, due 02/28/2023, and with a total value of $16,306,679.		$  15,986,800		15,986,800
Total Repurchase Agreement (Cost $15,986,800)				15,986,800
Total Investments (Cost $980,898,857)				1,302,494,158
Net Other Assets (Liabilities) - (7.3)%				(88,324,907	)
Net Assets - 100.0%				$  1,214,169,251

Transamerica Funds Page    12

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

FUTURES CONTRACTS:

Long Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation			Unrealized Depreciation
2-Year U.S. Treasury Note		22		03/31/2021		$	4,862,227		$	4,861,484		$	—		$	(743	)
S&P 500® E-Mini Index		71		03/19/2021			13,249,487			13,153,460			—			(96,027	)
Total Futures Contracts												$	—		$	(96,770	)

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	$	717,851,691		$	—	$	—	$	717,851,691
Preferred Stocks		359,149			—		—		359,149
Asset-Backed Securities		—			36,870,956		—		36,870,956
Corporate Debt Securities		—			181,204,843		—		181,204,843
Foreign Government Obligations		—			6,390,466		—		6,390,466
Mortgage-Backed Securities		—			41,565,436		—		41,565,436
Municipal Government Obligations		—			1,889,717		—		1,889,717
U.S. Government Agency Obligations		—			96,107,964		—		96,107,964
U.S. Government Obligations		—			114,891,593		—		114,891,593
Commercial Paper		—			70,739,611		—		70,739,611
Short-Term U.S. Government Obligations		—			10,659,277		—		10,659,277
Other Investment Company		7,976,655			—		—		7,976,655
Repurchase Agreement		—			15,986,800		—		15,986,800
Total Investments	$	726,187,495		$	576,306,663	$	—	$	1,302,494,158
LIABILITIES
Other Financial Instruments
Futures Contracts (K)	$	(96,770	)	$	—	$	—	$	(96,770	)
Total Other Financial Instruments	$	(96,770	)	$	—	$	—	$	(96,770	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Floating or variable rate securities. The rates disclosed are as of January 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, the total value of 144A securities is $121,212,543, representing 10.0% of the Fund’s net assets.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $37,088,685, collateralized by cash collateral of $7,976,655 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $29,874,920. 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.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after January 31, 2021. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At January 31, 2021, the value of the security is $2,229,999, representing 0.2% of the Fund’s net assets.
(I)	Rates disclosed reflect the yields at January 31, 2021.
(J)	There were no transfers in or out of Level 3 during the period ended January 31, 2021. 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).

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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(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

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Transamerica Multi-Managed Balanced

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2021

(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 January 31, 2021, 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.

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.

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Transamerica Multi-Managed Balanced

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

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 actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

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.

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