Transamerica Total Return

SCHEDULE OF INVESTMENTS

At January 31, 2021

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 10.2%
ABFC Trust
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 0.83% (A), 06/25/2034		$  132,858		$  130,272
Anchorage Capital CLO 16, Ltd.
Series 2020-16A, Class A,
3-Month LIBOR + 1.40%, 1.60% (A), 10/20/2031 (B)		1,300,000		1,303,206
Apres Static CLO, Ltd.
Series 2019-1A, Class A1R,
3-Month LIBOR + 1.07%, 0.00% (A), 10/15/2028 (B)		1,723,844		1,724,204
Aqueduct European CLO
Series 2017-1A, Class AR,
0.64% (A), 07/20/2030 (B) (C)		EUR  1,700,000		2,063,034
Aurium CLO II DAC
Series 2A, Class AR,
3-Month EURIBOR + 0.68%, 0.68% (A), 10/13/2029 (B)		1,726,644		2,095,143
Barings Euro CLO
Series 2016-1A, Class A1R,
3-Month EURIBOR + 0.68%, 0.68% (A), 07/27/2030 (B)		1,586,755		1,926,145
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.98%, 1.11% (A), 03/25/2035		$  751,175		750,420
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.65%, 0.78% (A), 12/25/2035		2,275,693		2,274,953
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 0.79% (A), 02/25/2036		421,898		421,462
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 0.37% (A), 12/25/2036		2,694,453		2,510,187
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 0.24% (A), 04/25/2031		56,057		119,568
Bear Stearns Asset-Backed Securities Trust
Series 2002-2, Class A1,
1-Month LIBOR + 0.66%, 0.79% (A), 10/25/2032		2,541		2,524
BlueMountain CLO, Ltd.
Series 2013-2A, Class A1R,
3-Month LIBOR + 1.18%, 1.40% (A), 10/22/2030 (B)		1,499,990		1,500,161
BlueMountain Fuji CLO II DAC
Series 2017-2A, Class AR,
3-Month EURIBOR + 0.65%, 0.00% (A), 07/15/2030 (B) (C)		EUR  1,400,000		1,698,969
C-BASS Trust
Series 2007-CB1, Class AF1A,
1-Month LIBOR + 0.07%, 0.20% (A), 01/25/2037		$  307,852		123,111

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CBAM, Ltd.
Series 2018-8A, Class A1,
3-Month LIBOR + 1.12%, 1.34% (A), 10/20/2029 (B)		$   1,600,000		$   1,599,962
CIFC Funding, Ltd.
Series 2015-5A, Class A1R,
3-Month LIBOR + 0.86%, 1.08% (A), 10/25/2027 (B)		1,768,294		1,768,719
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
Series 2004-OPT1, Class M3,
1-Month LIBOR + 0.95%, 1.08% (A), 10/25/2034		1,437,685		1,428,250
Citigroup Mortgage Loan Trust, Inc.
Series 2007-FS1, Class 1A1,
4.40% (A), 10/25/2037 (B)		604,974		637,658
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.52% (A), 10/25/2046		358,703		356,096
Series 2006-2, Class M1,
1-Month LIBOR + 0.60%, 0.73% (A), 06/25/2036		400,000		394,338
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A,
3.47%, 05/17/2027 (B)		446,757		448,852
CWABS, Inc. Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 0.59% (A), 05/25/2036		1,500,000		1,484,467
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 0.27% (A), 02/25/2037		714,318		678,770
Denali Capital CLO X LLC
Series 2013-1A, Class A1LR,
3-Month LIBOR + 1.05%, 1.27% (A), 10/26/2027 (B)		876,956		877,167
Dorchester Park CLO DAC
Series 2015-1A, Class AR,
3-Month LIBOR + 0.90%, 1.12% (A), 04/20/2028 (B)		1,354,011		1,354,313
Dryden XXV Senior Loan Fund
Series 2012-25A, Class ARR,
3-Month LIBOR + 0.90%, 1.14% (A), 10/15/2027 (B)		1,218,326		1,218,581
Evergreen Credit Card Trust
Series 2019-2, Class A,
1.90%, 09/16/2024 (B)		2,000,000		2,052,933
First Franklin Mortgage Loan Trust
Series 2004-FFH3, Class M2,
1-Month LIBOR + 0.93%, 1.06% (A), 10/25/2034		1,383,804		1,370,591
Series 2006-FF14, Class A6,
1-Month LIBOR + 0.31%, 0.44% (A), 10/25/2036		2,000,000		1,671,498
Flagship CLO VIII, Ltd.
Series 2014-8A, Class ARR,
3-Month LIBOR + 0.85%, 1.07% (A), 01/16/2026 (B)		321,204		321,272

Transamerica Funds Page    1

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Gulf Stream Meridian 2, Ltd.
Series 2020-IIA, Class A1A2,
3-Month LIBOR + 1.40%, 1.64% (A), 10/15/2029 (B)		$   1,300,000		$   1,301,738
Home Equity Asset Trust
Series 2002-1, Class A4,
1-Month LIBOR + 0.60%, 0.73% (A), 11/25/2032		1,026		947
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A, Class 1A,
1-Month LIBOR + 0.22%, 0.35% (A), 04/25/2037		390,834		333,209
JMP Credit Advisors CLO IIIR, Ltd.
Series 2014-1RA, Class A,
3-Month LIBOR + 0.85%, 1.07% (A), 01/17/2028 (B)		1,112,456		1,112,652
JPMorgan Mortgage Acquisition Trust
Series 2007-CH3, Class A5,
1-Month LIBOR + 0.26%, 0.39% (A), 03/25/2037		3,147,189		3,103,121
KVK CLO, Ltd.
Series 2013-1A, Class AR,
3-Month LIBOR + 0.90%, 1.13% (A), 01/14/2028 (B)		856,360		856,536
LoanCore Issuer, Ltd.
Series 2018-CRE1, Class A,
1-Month LIBOR + 1.13%, 1.26% (A), 05/15/2028 (B)		867,697		867,704
LP Credit Card ABS Master Trust
Series 2018-1, Class A,
1-Month LIBOR + 1.55%, 1.74% (A), 08/20/2024 (B)		1,232,428		1,277,430
Merrill Lynch Mortgage Investors Trust
Series 2006-FM1, Class A2C,
1-Month LIBOR + 0.16%, 0.47% (A), 04/25/2037		1,513,744		1,023,399
MF1, Ltd.
Series 2020-FL4, Class A,
1-Month LIBOR + 1.70%, 1.83% (A), 11/15/2035 (B)		1,600,000		1,605,361
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 02/25/2037		112,145		87,130
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		166,405		107,387
Mountain Hawk III CLO, Ltd.
Series 2014-3A, Class AR,
3-Month LIBOR + 1.20%, 1.42% (A), 04/18/2025 (B)		39,296		39,305
Mountain View CLO, Ltd.
Series 2014-1A, Class ARR,
3-Month LIBOR + 0.80%, 1.04% (A), 10/15/2026 (B)		462,265		462,362
New Century Home Equity Loan Trust
Series 2006-1, Class A2B,
1-Month LIBOR + 0.18%, 0.31% (A), 05/25/2036		45,863		43,562

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Octagon Investment Partners XXIII, Ltd.
Series 2015-1A, Class A1R,
3-Month LIBOR + 0.85%, 1.09% (A), 07/15/2027 (B)		$   703,132		$   703,279
Option One Mortgage Loan Trust
Series 2007-4, Class 2A4,
1-Month LIBOR + 0.31%, 0.44% (A), 04/25/2037		3,881,712		2,723,876
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2005-WCW2, Class M2,
1-Month LIBOR + 0.80%, 0.93% (A), 07/25/2035		395,110		394,250
Popular ABS Mortgage Pass-Through Trust
Series 2006-A, Class M1,
1-Month LIBOR + 0.39%, 0.52% (A), 02/25/2036		304,317		301,413
Santander Drive Auto Receivables Trust
Series 2020-2, Class A2A,
0.62%, 05/15/2023		759,619		760,494
Securitized Asset-Backed Receivables LLC Trust
Series 2007-HE1, Class A2A,
1-Month LIBOR + 0.06%, 0.19% (A), 12/25/2036		59,213		18,502
SLM Student Loan Trust
Series 2005-4, Class A3,
3-Month LIBOR + 0.12%, 0.34% (A), 01/25/2027		582,302		579,861
Sound Point CLO XII, Ltd.
Series 2016-2A, Class AR2,
3-Month LIBOR + 1.05%, 1.27% (A), 10/20/2028 (B)		2,000,000		2,000,222
Sound Point CLO, Ltd.
Series 2015-3A, Class AR,
3-Month LIBOR + 0.89%, 1.11% (A), 01/20/2028 (B)		412,534		412,626
Specialty Underwriting & Residential Finance Trust
Series 2004-BC2, Class M1,
1-Month LIBOR + 0.83%, 0.96% (A), 05/25/2035		1,594,828		1,581,029
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC1, Class A6,
1-Month LIBOR + 0.27%, 0.40% (A), 03/25/2036		740,519		697,465
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 1.37% (A), 01/17/2026 (B)		96,386		96,407
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 1.39% (A), 01/17/2026 (B)		96,386		96,392
Telos CLO, Ltd.
Series 2014-5A, Class A1R,
3-Month LIBOR + 0.95%, 1.17% (A), 04/17/2028 (B)		1,185,476		1,185,737
Tralee CLO, Ltd.
Series 2018-5A, Class A1,
3-Month LIBOR + 1.11%, 1.33% (A), 10/20/2028 (B)		2,290,021		2,290,532

Transamerica Funds Page    2

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		$   2,163		$   2,240
Series 2004-20C, Class 1,
4.34%, 03/01/2024		20,093		20,779
Venture XII CLO, Ltd.
Series 2012-12A, Class ARR,
3-Month LIBOR + 0.80%, 1.02% (A), 02/28/2026 (B)		958,673		958,754
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2005-4, Class M2,
1-Month LIBOR + 0.72%, 0.85% (A), 12/25/2035		4,549,036		4,529,899
WhiteHorse X, Ltd.
Series 2015-10A, Class A1R,
3-Month LIBOR + 0.93%, 1.15% (A), 04/17/2027 (B)		361,806		362,006
Total Asset-Backed Securities (Cost $ 61,986,070)				68,244,432
CORPORATE DEBT SECURITIES - 35.9%
Aerospace & Defense - 0.5%
BAE Systems PLC
1.90%, 02/15/2031 (B)		1,400,000		1,394,999
Boeing Co.
2.75%, 02/01/2026		1,900,000		1,988,986
				3,383,985
Airlines - 0.7%
Delta Air Lines Pass-Through Trust
2.00%, 12/10/2029		1,552,165		1,553,967
Latam Airlines Pass-Through Trust
4.20%, 08/15/2029		1,147,755		1,084,629
United Airlines Pass-Through Trust
5.88%, 04/15/2029		1,561,320		1,743,229
				4,381,825
Automobiles - 1.0%
BMW Finance NV
2.25%, 08/12/2022 (B)		1,700,000		1,747,994
Nissan Motor Co., Ltd.
2.65%, 03/17/2026 (D)		EUR  1,300,000		1,682,778
4.81%, 09/17/2030 (B)		$  1,600,000		1,780,912
Volkswagen Bank GmbH
2.50%, 07/31/2026, MTN (D)		EUR  1,200,000		1,626,234
				6,837,918
Banks - 7.1%
AIB Group PLC
4.75%, 10/12/2023 (B)		$  1,900,000		2,085,003
Bank of America Corp.
Fixed until 09/25/2024, 0.98% (A), 09/25/2025, MTN		1,500,000		1,511,727
3-Month LIBOR + 0.79%, 1.02% (A), 03/05/2024, MTN		1,000,000		1,009,970
Banque Federative du Credit Mutuel SA
3-Month LIBOR + 0.96%, 1.18% (A), 07/20/2023 (B)		2,200,000		2,237,808
Barclays Bank PLC
7.63%, 11/21/2022		805,000		894,584
10.18%, 06/12/2021 (B)		1,840,000		1,903,619

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023, MTN (D)		GBP  600,000		$   843,534
3.68%, 01/10/2023		$  1,100,000		1,131,505
BBVA USA
3-Month LIBOR + 0.73%, 0.95% (A), 06/11/2021		1,800,000		1,803,395
BNP Paribas SA
Fixed until 09/30/2027, 1.90% (A), 09/30/2028 (B)		1,600,000		1,628,609
Citigroup, Inc.
3-Month LIBOR + 1.43%, 1.66% (A), 09/01/2023		500,000		508,997
Fixed until 06/03/2030, 2.57% (A), 06/03/2031 (E)		1,800,000		1,872,094
Discover Bank
4.20%, 08/08/2023		1,800,000		1,963,447
JPMorgan Chase & Co.
Fixed until 06/01/2027, 2.18% (A), 06/01/2028		1,800,000		1,883,430
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,942,915
Lloyds Banking Group PLC
4.00%, 03/07/2025, MTN		AUD  2,000,000		1,683,577
Fixed until 06/27/2025 (F), 4.95% (A) (D)		EUR  500,000		653,041
Fixed until 06/27/2023 (F), 7.63% (A) (D)		GBP  700,000		1,040,629
Mizuho Financial Group, Inc.
Fixed until 07/10/2030, 2.20% (A), 07/10/2031		$  1,500,000		1,528,850
Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,276,838
Natwest Group PLC
Fixed until 08/15/2021 (F), 8.63% (A)		800,000		828,000
NatWest Markets PLC
0.63%, 03/02/2022, MTN (D)		EUR  1,700,000		2,080,030
Societe Generale SA
4.25%, 09/14/2023 (B)		$  1,800,000		1,957,861
Standard Chartered PLC
Fixed until 01/14/2026, 1.46% (A), 01/14/2027 (B)		1,600,000		1,598,984
Sumitomo Mitsui Financial Group, Inc.
1.47%, 07/08/2025		1,600,000		1,636,517
Synchrony Bank
3.65%, 05/24/2021		1,700,000		1,712,608
UniCredit SpA
7.83%, 12/04/2023 (B)		4,100,000		4,814,954
Virgin Money PLC
Fixed until 09/25/2025, 4.00% (A), 09/25/2026, MTN (D)		GBP  100,000		149,803
Wells Fargo & Co.
Fixed until 06/02/2027, 2.39% (A), 06/02/2028, MTN		$  1,800,000		1,898,110
				47,080,439
Beverages - 0.7%
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 06/01/2060		1,500,000		1,829,641
Bacardi, Ltd.
4.45%, 05/15/2025 (B)		1,200,000		1,361,834
Suntory Holdings, Ltd.
2.55%, 06/28/2022 (B)		1,600,000		1,642,723
				4,834,198

Transamerica Funds Page    3

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 2.2%
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 1.46% (A), 06/12/2024 (B)		$   1,800,000		$   1,835,130
Fixed until 12/18/2024 (F), 6.25% (A) (B)		400,000		437,496
Credit Suisse Group Funding Guernsey, Ltd.
3.80%, 09/15/2022		1,000,000		1,053,140
Deutsche Bank AG
3.95%, 02/27/2023		1,900,000		2,017,176
4.25%, 02/04/2021 - 10/14/2021		4,600,000		4,667,326
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.17%, 1.39% (A), 05/15/2026		1,600,000		1,632,446
Intercontinental Exchange, Inc.
1.85%, 09/15/2032		1,100,000		1,080,198
Nomura Holdings, Inc.
2.68%, 07/16/2030		1,200,000		1,254,861
UBS AG
7.63%, 08/17/2022		600,000		662,320
				14,640,093
Chemicals - 0.6%
Nutrition & Biosciences, Inc.
2.30%, 11/01/2030 (B)		1,600,000		1,629,687
Syngenta Finance NV
3.93%, 04/23/2021 (B)		1,200,000		1,205,070
5.18%, 04/24/2028 (B)		1,300,000		1,405,273
				4,240,030
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.72%, 12/01/2022 (B)		272,468		261,572
PIK Rate 1.00%, Cash Rate 6.72%, 12/01/2026 (B) (G)		2,023,048		308,515
Odebrecht Oil & Gas Finance, Ltd.
Zero Coupon, 03/01/2021 (B) (F)		266,175		1,863
			571,950
Consumer Finance - 2.5%
Capital One Financial Corp.
4.25%, 04/30/2025		1,500,000		1,700,376
Daimler Finance North America LLC
2.55%, 08/15/2022 (B)		2,100,000		2,166,671
3.35%, 05/04/2021 (B)		1,600,000		1,612,181
Ford Motor Credit Co. LLC
3-Month EURIBOR + 0.73%, 0.22% (A), 11/15/2023, MTN		EUR  1,400,000		1,625,350
3-Month LIBOR + 1.24%, 1.46% (A), 02/15/2023		$  1,200,000		1,168,500
1.74%, 07/19/2024, MTN		EUR  1,500,000		1,804,881
5.88%, 08/02/2021		$  900,000		916,875
Harley-Davidson Financial Services, Inc.
3.55%, 05/21/2021 (B)		1,700,000		1,716,017
Hyundai Capital America
0.80%, 01/08/2024 (B)		1,700,000		1,694,512
Nissan Motor Acceptance Corp.
3-Month LIBOR + 0.69%, 0.94% (A), 09/28/2022 (B)		1,600,000		1,592,379
2.60%, 09/28/2022 (B)		500,000		513,059
				16,510,801
Diversified Financial Services - 1.4%
BGC Partners, Inc.
5.38%, 07/24/2023		1,500,000		1,633,697

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
GE Capital Funding LLC
4.40%, 05/15/2030 (B)		$   1,800,000		$   2,079,868
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		1,600,000		1,643,217
4.13%, 07/15/2023 (B)		1,800,000		1,924,783
Tayarra, Ltd.
3.63%, 02/15/2022		1,004,874		1,020,841
Washington Prime Group, LP
6.45%, 08/15/2024		1,000,000		705,210
				9,007,616
Diversified Telecommunication Services - 0.9%
AT&T, Inc.
2.25%, 02/01/2032		1,500,000		1,479,427
2.75%, 06/01/2031		1,800,000		1,878,638
Verizon Communications, Inc.
3.38%, 02/15/2025		2,590,000		2,847,962
				6,206,027
Electric Utilities - 2.6%
Alabama Power Co.
1.45%, 09/15/2030		700,000		691,819
Enel Finance International NV
2.65%, 09/10/2024 (B)		1,800,000		1,909,498
Evergy, Inc.
2.45%, 09/15/2024		1,600,000		1,692,090
FirstEnergy Corp.
3.35%, 07/15/2022		1,500,000		1,528,200
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		1,500,000		1,562,217
Pacific Gas & Electric Co.
3-Month LIBOR + 1.38%, 1.60% (A), 11/15/2021		1,600,000		1,603,853
1.75%, 06/16/2022		900,000		902,417
3.15%, 01/01/2026		1,800,000		1,927,565
3.75%, 02/15/2024 (H)		1,700,000		1,823,414
PPL Capital Funding, Inc.
3.50%, 12/01/2022		2,000,000		2,093,277
Southern Power Co.
0.90%, 01/15/2026		1,700,000		1,698,160
				17,432,510
Entertainment - 0.3%
Walt Disney Co.
3.60%, 01/13/2051		1,500,000		1,704,485
Equity Real Estate Investment Trusts - 3.9%
Agree, LP
2.90%, 10/01/2030		1,600,000		1,688,788
Alexandria Real Estate Equities, Inc.
1.88%, 02/01/2033		1,300,000		1,266,741
American Tower Corp.
2.40%, 03/15/2025		1,800,000		1,901,590
3.38%, 05/15/2024		2,200,000		2,382,150
Boston Properties, LP
3.40%, 06/21/2029		1,600,000		1,769,325
Crown Castle International Corp.
3.70%, 06/15/2026		1,700,000		1,906,258
Digital Realty Trust, LP
2.75%, 02/01/2023		1,400,000		1,466,211
Federal Realty Investment Trust
3.50%, 06/01/2030		600,000		663,310
Healthcare Trust of America Holdings, LP
2.00%, 03/15/2031		1,400,000		1,386,915
Mid-America Apartments, LP
1.70%, 02/15/2031		1,500,000		1,474,229

Transamerica Funds Page    4

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
National Retail Properties, Inc.
3.50%, 10/15/2027		$   1,600,000		$   1,776,035
Omega Healthcare Investors, Inc.
3.38%, 02/01/2031		1,600,000		1,664,719
Service Properties Trust
4.35%, 10/01/2024		1,600,000		1,571,280
Spirit Realty, LP
4.00%, 07/15/2029		1,500,000		1,674,098
VEREIT Operating Partnership, LP
3.40%, 01/15/2028		1,500,000		1,648,809
Welltower, Inc.
2.75%, 01/15/2031 (I)		1,500,000		1,579,621
			25,820,079
Food & Staples Retailing - 0.3%
Auchan Holding SA
2.88%, 01/29/2026, MTN (D)		EUR  1,500,000		2,027,841
Food Products - 0.2%
ConAgra Brands, Inc.
1.38%, 11/01/2027		$  1,600,000		1,597,641
Health Care Providers & Services - 0.9%
Anthem, Inc.
2.38%, 01/15/2025		1,900,000		2,016,192
Cigna Corp.
3-Month LIBOR + 0.89%, 1.13% (A), 07/15/2023		1,100,000		1,112,516
CVS Health Corp.
3.63%, 04/01/2027		2,300,000		2,599,826
				5,728,534
Hotels, Restaurants & Leisure - 1.4%
Choice Hotels International, Inc.
3.70%, 12/01/2029		1,400,000		1,524,278
GLP Capital, LP / GLP Financing II, Inc.
5.30%, 01/15/2029		2,400,000		2,810,767
Marriott International, Inc.
2.13%, 10/03/2022		1,600,000		1,621,724
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023 (B)		1,500,000		1,511,250
5.50%, 03/01/2025 (B)		1,800,000		1,858,500
				9,326,519
Household Durables - 0.3%
D.R. Horton, Inc.
4.38%, 09/15/2022		1,800,000		1,895,146
Insurance - 0.8%
Ambac LSNI LLC
3-Month LIBOR + 5.00%, 6.00% (A), 02/12/2023 (B)		1,828,440		1,835,297
Empower Finance, LP
1.36%, 09/17/2027 (B)		1,600,000		1,609,072
Guardian Life Global Funding
1.25%, 11/19/2027 (B)		1,600,000		1,596,901
				5,041,270
Internet & Direct Marketing Retail - 0.3%
Expedia Group, Inc.
6.25%, 05/01/2025 (B)		1,500,000		1,733,473
IT Services - 0.2%
Amdocs, Ltd.
2.54%, 06/15/2030 (I)		1,500,000		1,544,713

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.46%, 07/23/2022		$   600,000		$   630,306
Oil, Gas & Consumable Fuels - 0.8%
Boardwalk Pipelines, LP
3.40%, 02/15/2031		1,200,000		1,246,578
Chevron Corp.
2.24%, 05/11/2030		1,800,000		1,883,636
Continental Resources, Inc.
5.00%, 09/15/2022 (I)		327,000		327,409
Marathon Oil Corp.
2.80%, 11/01/2022		340,000		348,709
Shell International Finance BV
2.75%, 04/06/2030		1,600,000		1,726,309
				5,532,641
Pharmaceuticals - 1.1%
Bayer US Finance II LLC
3-Month LIBOR + 1.01%, 1.23% (A), 12/15/2023 (B)		2,200,000		2,229,741
Takeda Pharmaceutical Co., Ltd.
2.05%, 03/31/2030		1,000,000		1,008,167
Teva Pharmaceutical Finance II BV
4.50%, 03/01/2025		EUR  1,100,000		1,397,378
Teva Pharmaceutical Finance III BV
6.00%, 04/15/2024		$  1,100,000		1,158,465
Utah Acquisition Sub, Inc.
3.15%, 06/15/2021		1,800,000		1,813,999
				7,607,750
Professional Services - 0.3%
Equifax, Inc.
3-Month LIBOR + 0.87%, 1.09% (A), 08/15/2021		2,100,000		2,105,538
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC
5.41%, 07/13/2044 (D)		GBP  750,814		1,383,501
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom, Inc.
3.46%, 09/15/2026		$  1,917,000		2,108,966
3.50%, 02/15/2041 (B)		1,700,000		1,714,232
4.30%, 11/15/2032		1,400,000		1,614,749
5.00%, 04/15/2030		500,000		595,386
Micron Technology, Inc.
4.98%, 02/06/2026		1,800,000		2,107,516
NXP BV / NXP Funding LLC
4.88%, 03/01/2024 (B)		1,900,000		2,134,013
				10,274,862
Software - 0.8%
Citrix Systems, Inc.
3.30%, 03/01/2030		1,400,000		1,505,691
Oracle Corp.
3.85%, 04/01/2060		1,300,000		1,499,187
VMware, Inc.
2.95%, 08/21/2022		2,400,000		2,486,181
				5,491,059

Transamerica Funds Page    5

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.6%
Dell International LLC / EMC Corp.
5.45%, 06/15/2023 (B)		$   2,200,000		$   2,416,423
Hewlett Packard Enterprise Co.
3-Month LIBOR + 0.72%, 0.96% (A), 10/05/2021		1,500,000		1,500,330
			3,916,753
Tobacco - 0.5%
BAT International Finance PLC
1.67%, 03/25/2026		1,500,000		1,522,317
Imperial Brands Finance PLC
3.13%, 07/26/2024 (B)		1,700,000		1,813,661
3.75%, 07/21/2022 (B)		297,000		308,868
			3,644,846
Wireless Telecommunication Services - 1.1%
Altice France SA
5.88%, 02/01/2027 (B)		EUR  1,200,000		1,561,133
7.38%, 05/01/2026 (B)		$  900,000		943,209
T-Mobile USA, Inc.
2.55%, 02/15/2031 (B)		1,400,000		1,433,992
3.75%, 04/15/2027 (B)		1,600,000		1,798,096
Vodafone Group PLC
3-Month LIBOR + 0.99%, 1.21% (A), 01/16/2024		1,700,000		1,727,355
			7,463,785
Total Corporate Debt Securities (Cost $ 229,516,911)				239,598,134
FOREIGN GOVERNMENT OBLIGATIONS - 6.6%
Brazil - 3.7%
Brazil Letras do Tesouro Nacional
Zero Coupon, 04/01/2021 - 10/01/2021		BRL  137,800,000		25,000,777
Israel - 0.3%
Israel Government International Bond
3.88%, 07/03/2050		$  1,900,000		2,251,272
Japan - 0.8%
Japan Bank for International Cooperation
2.88%, 07/21/2027		1,700,000		1,904,527
Japan Finance Organization for Municipalities
3.38%, 09/27/2023 (B)		2,900,000		3,118,950
			5,023,477
Kuwait - 0.2%
Kuwait International Government Bond
2.75%, 03/20/2022 (D)		1,400,000		1,433,264
Peru - 0.9%
Peru Government International Bond
5.94%, 02/12/2029 (B)		PEN  6,200,000		2,085,307
5.94%, 02/12/2029 (D)		2,000,000		672,680
6.15%, 08/12/2032 (D)		2,000,000		655,402
6.35%, 08/12/2028 (D)		1,000,000		344,741
8.20%, 08/12/2026 (D)		5,600,000		2,073,865
			5,831,995

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Qatar - 0.7%
Qatar Government International Bond
3.38%, 03/14/2024 (D)		$  2,100,000		$   2,269,760
4.00%, 03/14/2029 (D)		2,100,000		2,464,875
			4,734,635
Total Foreign Government Obligations (Cost $ 43,369,561)				44,275,420
MORTGAGE-BACKED SECURITIES - 8.4%
1211 Avenue of the Americas Trust
Series 2015-1211, Class A1A1,
3.90%, 08/10/2035 (B)		1,600,000		1,785,989
A10 Bridge Asset Financing LLC
Series 2020-C, Class A,
2.02%, 08/15/2040 (B)		1,366,857		1,367,004
Alternative Loan Trust
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.54%, 0.67% (A), 08/25/2035		853,031		585,167
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		102,573		90,966
Series 2006-J8, Class A2,
6.00%, 02/25/2037		129,536		81,506
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 0.32% (A), 09/20/2046		413,302		369,722
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.34%, 0.47% (A), 07/25/2046		130,699		171,125
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.34%, 0.47% (A), 11/25/2036		65,630		73,169
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		154,156		120,331
Series 2007-HY4, Class 1A1,
2.84% (A), 06/25/2037		238,937		214,952
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,263,907		665,758
Ashford Hospitality Trust
Series 2018-AHT1, Class A,
1-Month LIBOR + 1.00%, 1.13% (A), 06/15/2035 (B)		2,200,000		2,189,027
Banc of America Funding Trust
Series 2005-D, Class A1,
3.27% (A), 05/25/2035		78,241		81,300
Series 2006-4, Class A12,
6.00%, 07/25/2036		645,433		609,234
Series 2006-J, Class 4A1,
3.37% (A), 01/20/2047		17,762		16,926
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
3.21% (A), 11/25/2036		638,439		491,151
Series 2006-6, Class 32A1,
3.11% (A), 11/25/2036		155,988		103,303
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
3.08% (A), 08/25/2033		85,883		86,735
Series 2003-8, Class 2A1,
2.31% (A), 01/25/2034		3,067		3,172
Series 2003-8, Class 4A1,
2.74% (A), 01/25/2034		27,873		28,704
Series 2006-4, Class 1A1,
3.35% (A), 10/25/2036		24,595		24,811

Transamerica Funds Page    6

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Structured Products, Inc. Trust
Series 2007-R6, Class 1A1,
2.92% (A), 01/26/2036		$   72,722		$   59,038
Benchmark Mortgage Trust
Series 2019-B9, Class A5,
4.02%, 03/15/2052		1,600,000		1,881,622
BFLD Trust
Series 2020-EYP, Class A,
1-Month LIBOR + 1.15%, 1.28% (A), 10/15/2035 (B)		1,300,000		1,312,997
CGMS Commercial Mortgage Trust
Series 2017-MDRA, Class A,
3.66%, 07/10/2030 (B)		1,900,000		1,941,702
Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-3A, Class A1,
1-Month LIBOR + 0.25%, 0.38% (A), 08/25/2035 (B)		35,737		36,410
CHL Mortgage Pass-Through Trust
Series 2004-12, Class 12A1,
3.06% (A), 08/25/2034		15,349		14,934
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2,
1-Year CMT + 2.15%, 2.29% (A), 09/25/2035		19,557		20,176
Series 2009-3, Class 5A3,
6.00% (A), 02/25/2037 (B)		653,050		652,623
CitiMortgage Alternative Loan Trust
Series 2006-A7, Class 1A9,
1-Month LIBOR + 0.65%, 0.78% (A), 12/25/2036		917,210		745,860
COMM Mortgage Trust
Series 2015-CR26, Class ASB,
3.37%, 10/10/2048		1,295,789		1,379,843
Series 2016-787S, Class A,
3.55%, 02/10/2036 (B)		1,400,000		1,545,270
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
0.72% (A), 03/25/2032 (B)		172		162
Series 2003-AR15, Class 2A1,
3.26% (A), 06/25/2033		126,728		126,704
Series 2003-AR28, Class 2A1,
3.14% (A), 12/25/2033		661,480		651,941
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-6, Class 2A3,
5.50%, 12/25/2035		178,606		175,152
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA4, Class 1A8,
6.25%, 08/25/2037		107,286		71,456
First Horizon Mortgage Pass-Through Trust
Series 2005-AR3, Class 2A1,
3.20% (A), 08/25/2035		9,196		7,850
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1,
2.93% (A), 09/25/2035		11,217		11,647
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
3.03% (A), 12/19/2035		118,833		82,612
Series 2006-6, Class 5A1A,
3.09% (A), 08/19/2036		37,114		38,057

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Hawksmoor Mortgages
Series 2019-1A, Class A,
SONIA + 1.05%, 1.10% (A), 05/25/2053 (B)		GBP  5,580,686		$   7,673,890
Hilton USA Trust
Series 2016-SFP, Class A,
2.83%, 11/05/2035 (B)		$  1,700,000		1,701,908
IndyMac INDX Mortgage Loan Trust
Series 2005-AR11, Class A3,
2.99% (A), 08/25/2035		672,191		606,868
JPMorgan Alternative Loan Trust
Series 2006-A2, Class 1A1,
1-Month LIBOR + 0.36%, 0.49% (A), 05/25/2036		771,972		730,480
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-LAQ, Class A,
1-Month LIBOR + 1.00%, 1.13% (A), 06/15/2032 (B)		1,294,220		1,293,391
Series 2018-PHH, Class A,
1-Month LIBOR + 0.91%, 2.41% (A), 06/15/2035 (B)		1,744,354		1,746,181
Ludgate Funding PLC
Series 2007-1, Class A2A,
3-Month GBP LIBOR + 0.16%, 0.19% (A), 01/01/2061 (D)		GBP  1,270,572		1,665,485
Manhattan West Mortgage Trust
Series 2020-1MW, Class A,
2.13%, 09/10/2039 (B)		$  1,500,000		1,563,737
MASTR Alternative Loan Trust
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.40%, 0.53% (A), 03/25/2036		87,939		4,814
Mill City Mortgage Loan Trust
Series 2019-GS2, Class M2,
3.25% (A), 08/25/2059 (B)		1,600,000		1,716,032
Morgan Stanley Capital I Trust
Series 2014-CPT, Class AM,
3.40% (A), 07/13/2029 (B)		1,400,000		1,407,501
One New York Plaza Trust
Series 2020-1NYP, Class A,
1-Month LIBOR + 0.95%, 1.08% (A), 01/15/2026 (B)		1,000,000		1,005,001
RALI Trust
Series 2008-QR1, Class 1A1,
1-Month LIBOR + 1.40%, 1.53% (A), 08/25/2036		88,932		88,495
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		70,551		70,691
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 0.47% (A), 06/25/2035 (B)		243,289		229,913
RFMSI Trust
Series 2003-S9, Class A1,
6.50%, 03/25/2032		419		439
RMAC Securities No. 1 PLC
Series 2007-NS1X, Class A2B,
3-Month LIBOR + 0.15%, 0.37% (A), 06/12/2044 (D)		1,549,951		1,466,051
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 0.90% (A), 12/20/2034		452,057		455,079

Transamerica Funds Page    7

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust (continued)
Series 2007-1, Class 1A1,
2.35% (A), 01/20/2047		$  134,557		$  103,148
Series 2007-3, Class 2AA1,
3.20% (A), 07/20/2037		775,674		713,665
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 0.89% (A), 10/20/2027		3,189		3,119
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
2.62% (A), 09/25/2034		78,089		79,423
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 1.90% (A), 01/25/2035		60,301		55,937
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.50%, 0.63% (A), 07/19/2035		8,138		7,850
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.50%, 0.63% (A), 07/19/2035		8,908		8,558
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.50%, 0.63% (A), 07/19/2035		22,787		22,863
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.56%, 0.69% (A), 02/25/2036		185,710		176,597
Structured Asset Mortgage Investments Trust
Series 2002-AR3, Class A1,
1-Month LIBOR + 0.66%, 0.79% (A), 09/19/2032		2,558		2,533
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-22A, Class 2A1,
2.48% (A), 06/25/2033		57,604		56,317
Towd Point Mortgage Funding
Series 2019-A13A, Class A1,
SONIA + 0.90%, 0.95% (A), 07/20/2045 (B)		GBP  4,957,792		6,799,529
Series 2019-GR4A, Class A1,
3-Month LIBOR + 1.03%, 1.06% (A), 10/20/2051 (B)		1,611,656		2,214,758
UBS Commercial Mortgage Trust
Series 2019-C17, Class A4,
2.92%, 10/15/2052		$  1,300,000		1,408,090
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR9, Class 2A,
2.78% (A), 09/25/2033		129,419		126,589
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR1, Class 2A4,
3.68% (A), 03/25/2036		615,640		576,773
Total Mortgage-Backed Securities (Cost $ 54,006,718)				55,697,813
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%
Florida - 0.2%
State Board of Administration Finance Corp., Revenue Bonds,
Series A,
1.26%, 07/01/2025		1,600,000		1,645,536

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois - 0.5%
City of Chicago, General Obligation Unlimited,
Series B,
7.75%, 01/01/2042		$   170,000		$   191,755
State of Illinois, General Obligation Unlimited
6.63%, 02/01/2035		1,500,000		1,805,220
7.35%, 07/01/2035		1,015,000		1,270,729
			3,267,704
New York - 0.2%
New York State Urban Development Corp., Revenue Bonds,
1.83%, 03/15/2029		1,200,000		1,239,948
Total Municipal Government Obligations (Cost $ 5,616,309)				6,153,188
U.S. GOVERNMENT AGENCY OBLIGATIONS - 22.1%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.35%, 2.01% (A), 09/01/2035		7,344		7,652
1-Year CMT + 2.22%, 2.35% (A), 11/01/2033		10,853		10,851
1-Year CMT + 2.26%, 2.38% (A), 01/01/2036		489,656		491,285
12-Month LIBOR + 1.87%, 2.45% (A), 09/01/2035		39,027		39,270
3.50%, 07/01/2026 - 03/01/2027		474,393		505,241
1-Year CMT + 2.23%, 3.52% (A), 03/01/2034		27,226		28,740
4.50%, 08/01/2025		1,490		1,617
Federal Home Loan Mortgage Corp. REMIC
6.50%, 04/15/2029		655		727
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 1.70% (A), 10/25/2044		103,884		105,350
12-MTA + 1.40%, 1.90% (A), 07/25/2044		100,188		100,002
6.50%, 07/25/2043		7,223		8,928
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 0.50% (A), 09/25/2042		100,377		100,683
12-MTA + 1.20%, 1.82% (A), 03/01/2044 - 10/01/2044		306,652		308,900
12-Month LIBOR + 1.25%, 2.15% (A), 07/01/2035		20,881		21,578
1-Year CMT + 2.04%, 2.29% (A), 09/01/2035		47,248		48,106
1-Year CMT + 2.27%, 2.40% (A), 11/01/2033		10,387		10,394
1-Year CMT + 2.19%, 2.44% (A), 01/01/2026		1,143		1,148
1-Year CMT + 2.22%, 3.04% (A), 01/01/2028		6,076		6,057
3.50%, 02/01/2026 - 06/01/2049		19,209,336		20,425,357
12-Month LIBOR + 1.71%, 3.71% (A), 03/01/2034		31,168		32,692
4.50%, 12/01/2024		53,833		56,475
5.00%, 08/01/2026 - 10/01/2029		224,849		242,191
6.00%, 07/01/2035 - 06/01/2040		676,746		805,725

Transamerica Funds Page    8

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC
6.30%, 10/17/2038		$   23,205		$   23,203
Federal National Mortgage Association REMIC, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 7.10%, 6.97% (A), 07/25/2034		232,034		44,397
Government National Mortgage Association
1-Month LIBOR + 0.60%, 0.75% (A), 08/20/2065 - 10/20/2065		2,725,236		2,743,053
1-Month LIBOR + 0.95%, 1.10% (A), 12/20/2066		1,017,004		1,035,596
1-Month LIBOR + 1.00%, 1.15% (A), 12/20/2065		4,088,324		4,173,776
1-Year CMT + 1.50%, 2.88% (A), 05/20/2024		6,051		6,200
3.00%, 11/15/2049		661,359		691,880
4.00%, 03/15/2050		751,374		800,654
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 6.43% (A), 10/16/2033		117,553		12,181
(1.00) * 1-Month LIBOR + 6.60%, 6.47% (A), 08/16/2033 - 09/20/2034		753,681		74,136
Uniform Mortgage-Backed Security
2.00%, TBA (C)		72,300,000		74,336,023
2.50%, TBA (C)		20,500,000		21,532,086
3.00%, TBA (C)		9,400,000		9,888,176
3.50%, TBA (C)		7,600,000		8,084,203
5.00%, TBA (C)		700,000		733,557
Total U.S. Government Agency Obligations (Cost $146,946,230)				147,538,090
U.S. GOVERNMENT OBLIGATIONS - 27.1%
U.S. Treasury - 27.1%
U.S. Treasury Bond
1.38%, 11/15/2040		23,600,000		22,431,063
1.38%, 08/15/2050 (I) (J)		14,000,000		12,462,188
1.63%, 11/15/2050 (J)		1,300,000		1,230,734
2.88%, 08/15/2045 (I) (J)		7,800,000		9,521,484
2.88%, 05/15/2049 (J)		8,400,000		10,374,984
3.00%, 02/15/2048 (I) (J)		7,800,000		9,802,406
3.13%, 08/15/2044 (J)		10,800,000		13,689,844
4.25%, 05/15/2039 (I) (J)		900,000		1,294,277
4.38%, 11/15/2039 (J)		4,900,000		7,173,906
4.63%, 02/15/2040 (J)		700,000		1,055,523
U.S. Treasury Note
1.75%, 06/30/2024 (I) (J) (K)		4,200,000		4,415,414
1.88%, 07/31/2022 (L) (M)		900,000		923,660
1.88%, 08/31/2022 (J) (K) (L) (M)		4,000,000		4,110,625
2.00%, 12/31/2021 (I) (J)		60,100,000		61,142,359
2.00%, 10/31/2022 (I) (L)		400,000		413,063
2.25%, 08/15/2027 (J) (M)		4,800,000		5,278,500
2.38%, 05/15/2029 (J)		4,600,000		5,130,797
2.63%, 02/15/2029 (J)		9,500,000		10,772,481
Total U.S. Government Obligations (Cost $173,760,786)				181,223,308

	Shares			Value
COMMON STOCK - 0.0% (N)
Household Durables - 0.0% (N)
Urbi Desarrollos Urbanos SAB de CV (O)		381			$   169
Total Common Stock (Cost $417,098)					169
	Principal			Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.0%
Japan - 1.0%
Japan Treasury Discount Bill
0.00% (P), 03/22/2021		JPY  690,000,000			6,588,267
Total Short-Term Foreign Government Obligation (Cost $6,638,929)					6,588,267
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%
U.S. Treasury Bill
0.08% (P), 02/04/2021 (I)		$  3,800,000			3,799,986
0.09% (P), 02/23/2021 (I) (L)		2,300,000			2,299,937
Total Short-Term U.S. Government Obligations (Cost $6,099,827)					6,099,923
	Shares			Value
OTHER INVESTMENT COMPANY - 3.2%
Securities Lending Collateral - 3.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.06% (P)		21,335,466			21,335,466
Total Other Investment Company (Cost $21,335,466)					21,335,466
	Principal			Value
REPURCHASE AGREEMENTS - 3.7%
Citigroup Global Markets, Inc., 0.07% (P), dated 01/29/2021, to be repurchased at $24,000,140 on 02/01/2021. Collateralized by a U.S. Government Obligation, 1.38%, due 11/15/2040, and with a value of $24,310,933.		$  24,000,000			24,000,000
Fixed Income Clearing Corp., 0.00% (P), dated 01/29/2021, to be repurchased at $799,920 on 02/01/2021. Collateralized by a U.S. Government Obligation, 2.50%, due 03/31/2023, and with a value of $815,998.		799,920			799,920
Total Repurchase Agreements (Cost $24,799,920)					24,799,920
Total Investments Before Securities Sold Short (Cost $774,493,825)					801,554,130
TBA SHORT COMMITMENTS - (1.9)%
U.S. GOVERNMENT AGENCY OBLIGATION - (1.9)%
Uniform Mortgage-Backed Security
2.00%, TBA (C)		(700,000	)		(722,149	)

Transamerica Funds Page    9

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

	Principal			Value
TBA SHORT COMMITMENTS (continued)
U.S. GOVERNMENT AGENCY OBLIGATION (continued)
Uniform Mortgage-Backed Security (continued)
2.50%, TBA (C)		$   (6,100,000	)		$   (6,424,539	)
3.00%, TBA (C)		(5,400,000	)		(5,683,816	)
Total U.S. Government Agency Obligations (Proceeds $(12,779,313))					(12,830,504	)
Total TBA Short Commitments (Proceeds $(12,779,313))					(12,830,504	)
Net Other Assets (Liabilities), Net of Securities Sold Short - (18.1)%					(120,642,747	)
Net Assets - 100.0%					$  668,080,879

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:

Description	Counterparty		Floating Rate Index		Pay/Receive Floating Rate		Exercise Rate			Expiration Date		Notional Amount/ Number of Contracts			Premiums (Received)				Value
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.02	%		03/04/2021		USD	1,300,000		$	(4,062	)		$	(1,739	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.02			02/04/2021		USD	2,900,000			(7,250	)			(214	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.02			02/04/2021		USD	1,100,000			(2,664	)			(102	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.04			02/11/2021		USD	2,900,000			(4,758	)			(314	)
Total																$	(18,734	)		$	(2,369	)
															Premiums (Received)				Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS																$	(18,734	)		$	(2,369	)

CENTRALLY CLEARED SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection ^(Q)

Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at January 31, 2021 (R)			Notional Amount (S)			Value (T)				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
General Electric Co., 2.70%, 10/09/2022		1.00	%		Quarterly		12/20/2023		0.52	%		USD	600,000		$	9,056			$	(17,054	)		$	26,110
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2024		0.62			USD	200,000			2,893				(401	)			3,294
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2024		0.69			USD	700,000			9,174				(7,479	)			16,653
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		06/20/2021		0.21			USD	1,000,000			4,199				1,335				2,864
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		12/20/2021		0.26			USD	1,400,000			10,598				3,543				7,055
Rolls-Royce Holdings PLC, 2.13%, 06/18/2021		1.00			Quarterly		12/20/2024		3.01			EUR	1,300,000			(113,519	)			(5,396	)			(108,123	)
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022		0.23			EUR	700,000			10,545				(7,361	)			17,906
Total															$	(67,054	)		$	(32,813	)		$	(34,241	)

Transamerica Funds Page    10

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Credit Default Swap Agreements on Credit Indices - Buy Protection ^(U)

Reference Obligation	Fixed Rate Payable			Payment Frequency	Maturity Date	Notional Amount (S)		Value (T)				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
North America High Yield Index - Series 35		5.00	%	Quarterly	12/20/2025		USD    1,600,000		$	(136,513	)		$	(112,119	)		$	(24,394	)

Credit Default Swap Agreements on Credit Indices - Sell Protection ^(Q)

Reference Obligation	Fixed Rate Receivable			Payment Frequency	Maturity Date	Notional Amount (S)		Value (T)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Markit iTraxx® Europe Crossover - Series 34		5.00	%	Quarterly	12/20/2025		EUR      3,847,974		$	514,479		$	498,573		$	15,906
Markit iTraxx® Europe Index - Series 34		1.00		Quarterly	12/20/2025		EUR    10,700,000			321,198			265,263			55,935
North America Investment Grade Index - Series 35		1.00		Quarterly	12/20/2025		USD      6,300,000			139,993			119,101			20,892
Total									$	975,670		$	882,937		$	92,733

Interest Rate Swap Agreements

Floating Rate Index	Pay/Receive Fixed Rate		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		Receive		2.80	%		Quarterly/Semi-Annually		08/22/2023		USD	6,700,000		$	524,085			$	(159	)		$	524,244
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		09/24/2026		JPY	252,000,000			(9,150	)			284				(9,434	)
6-Month JPY-LIBOR		Receive		0.04			Semi-Annually		03/10/2038		JPY	78,000,000			(29,919	)			—				(29,919	)
6-Month JPY-LIBOR		Receive		0.04			Semi-Annually		03/10/2038		JPY	78,000,000			(29,391	)			—				(29,391	)
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/18/2026		JPY	560,000,000			(7,715	)			(201	)			(7,514	)
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000			(2,974	)			—				(2,974	)
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000			(3,079	)			—				(3,079	)
6-Month JPY-LIBOR		Receive		0.07			Semi-Annually		09/18/2026		JPY	350,000,000			(5,865	)			—				(5,865	)
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/20/2026		JPY	104,000,000			(2,875	)			—				(2,875	)
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/13/2026		JPY	210,000,000			(6,211	)			—				(6,211	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		09/13/2026		JPY	420,000,000			(13,053	)			—				(13,053	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		08/28/2039		JPY	90,000,000			(32,105	)			(106	)			(31,999	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	650,000,000			(208,794	)			46,652				(255,446	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	410,000,000			(131,330	)			5,978				(137,308	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	1,120,000,000			(197,393	)			(39,357	)			(158,036	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	2,260,000,000			(401,147	)			(62,576	)			(338,571	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		09/20/2027		JPY	840,000,000			(175,983	)			(22,270	)			(153,713	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/20/2028		JPY	300,000,000			(65,294	)			15,130				(80,424	)
6-Month JPY-LIBOR		Receive		0.38			Semi-Annually		06/18/2028		JPY	740,000,000			201,058				31,679				169,379
6-Month JPY-LIBOR		Pay		0.45			Semi-Annually		03/20/2029		JPY	440,000,000			(154,847	)			(24,499	)			(130,348	)
6-Month JPY-LIBOR		Pay		0.71			Semi-Annually		10/31/2038		JPY	260,000,000			(186,258	)			14,674				(200,932	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		03/20/2038		JPY	522,000,000			(417,694	)			12,947				(430,641	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		12/20/2038		JPY	767,200,000			(600,743	)			36,783				(637,526	)
6-Month JPY-LIBOR		Pay		0.79			Semi-Annually		11/12/2038		JPY	60,000,000			(51,029	)			181				(51,210	)
6-Month JPY-LIBOR		Pay		0.80			Semi-Annually		10/22/2038		JPY	90,000,000			(79,331	)			239				(79,570	)
12-Month GBP-SONIA		Pay		0.50			Annually		06/16/2051		GBP	7,600,000			(65,214	)			(596,084	)			530,870
BRL-CDI		Pay		2.85			Maturity		01/03/2022		BRL	24,100,000			13,321				(122	)			13,443
BRL-CDI		Pay		2.86			Maturity		01/03/2022		BRL	16,000,000			8,155				—				8,155
BRL-CDI		Pay		2.86			Maturity		01/03/2022		BRL	8,400,000			4,608				(364	)			4,972
BRL-CDI		Pay		2.86			Maturity		01/03/2022		BRL	9,100,000			5,053				(9	)			5,062
BRL-CDI		Pay		2.87			Maturity		01/03/2022		BRL	5,200,000			2,657				—				2,657
BRL-CDI		Pay		2.87			Maturity		01/03/2022		BRL	9,000,000			4,531				—				4,531
BRL-CDI		Pay		2.88			Maturity		01/03/2022		BRL	2,000,000			924				—				924
BRL-CDI		Receive		3.35			Maturity		01/03/2022		BRL	2,300,000			343				—				343
BRL-CDI		Receive		3.35			Maturity		01/03/2022		BRL	50,700,000			8,489				(1,903	)			10,392
BRL-CDI		Receive		3.36			Maturity		01/03/2022		BRL	300,800,000			272,973				64,101				208,872
Total														$	(1,831,197	)		$	(519,002	)		$	(1,312,195	)

Transamerica Funds Page    11

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

OVER-THE-COUNTER SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection ^(Q)

Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at January 31, 2021 (R)			Notional Amount (S)			Value (T)				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		GSI		1.00	%		Quarterly		06/20/2024		1.76	%		USD	1,900,000		$	(45,912	)		$	(51,274	)		$	5,362
Russian Foreign Bond - Eurobond, 7.50%, 03/31/2030		GSI		1.00			Quarterly		12/20/2024		0.76			USD	1,500,000			15,416				7,171				8,245
Total																	$	(30,496	)		$	(44,103	)		$	13,607
																								Value
OTC Swap Agreements, at value (Assets)																									$	15,416
OTC Swap Agreements, at value (Liabilities)																									$	(45,912	)

FUTURES CONTRACTS:

Long Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation			Unrealized Depreciation
10-Year U.S. Treasury Note		431		03/22/2021		$	59,380,147		$	59,060,469		$	—		$	(319,678	)
German Euro BUXL		2		03/08/2021			546,003			537,117			—			(8,886	)
Total												$	—		$	(328,564	)

Short Futures Contracts

Description	Number of Contracts			Expiration Date		Notional Amount				Value				Unrealized Appreciation			Unrealized Depreciation
5-Year U.S. Treasury Note		(113	)		03/31/2021		$	(14,220,286	)		$	(14,223,875	)		$	—		$	(3,589	)
30-Year U.S. Treasury Bond		(45	)		03/22/2021			(7,857,709	)			(7,592,344	)			265,365			—
German Euro Bund		(2	)		03/08/2021			(431,002	)			(430,203	)			799			—
U.K. Gilt		(5	)		03/29/2021			(919,091	)			(918,480	)			611			—
Total															$	266,775		$	(3,589	)
Total Futures Contracts															$	266,775		$	(332,153	)

Transamerica Funds Page    12

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		03/10/2021		USD	31,484		MXN	632,000		783		—
BCLY		03/22/2021		USD	1,434,133		JPY	148,873,024		12,102		—
BNP		02/02/2021		USD	1,706,266		EUR	1,409,000		—		(3,697	)
BNP		04/05/2021		USD	7,412,080		BRL	37,600,000		552,633		—
BOA		02/19/2021		USD	30,235,839		GBP	22,924,000		—		(1,176,195	)
CITI		02/02/2021		USD	1,741,204		AUD	2,249,000		22,386		—
CITI		02/02/2021		EUR	1,417,000		USD	1,738,281		—		(18,608	)
CITI		02/24/2021		USD	669,076		PEN	2,410,881		6,269		—
CITI		03/24/2021		USD	1,696,856		PEN	6,132,778		10,999		—
CITI		04/05/2021		USD	6,039,505		BRL	34,000,000		—		(163,186	)
CITI		07/08/2021		USD	809,998		PEN	2,940,048		2,175		—
DUB		02/02/2021		USD	3,599,564		BRL	19,401,649		53,709		—
DUB		02/02/2021		BRL	19,401,649		USD	3,543,098		2,757		—
DUB		03/02/2021		BRL	19,401,649		USD	3,596,940		—		(53,957	)
DUB		03/15/2021		USD	367,384		PEN	1,316,336		5,514		—
HSBC		02/02/2021		USD	3,543,098		BRL	19,401,649		—		(2,757	)
HSBC		02/02/2021		BRL	19,401,649		USD	3,620,000		—		(74,145	)
HSBC		02/19/2021		USD	264,523		JPY	27,763,198		—		(574	)
HSBC		02/19/2021		GBP	513,000		USD	701,059		1,889		—
HSBC		03/22/2021		USD	5,211,789		JPY	541,126,976		42,958		—
HSBC		03/24/2021		CLP	1,604,412,000		USD	2,188,000		—		(3,207	)
JPM		04/05/2021		USD	6,144,998		BRL	31,200,000		453,117		—
JPM		10/04/2021		USD	6,153,846		BRL	35,000,000		—		(158,972	)
SCB		02/02/2021		USD	19,632,826		EUR	16,035,000		172,735		—
SCB		02/19/2021		GBP	6,046,000		USD	8,075,433		209,210		—
SCB		03/02/2021		USD	19,482,942		EUR	16,027,000		20,478		—
Total									$	1,569,714	$	(1,655,298	)

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(V)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	68,244,432		$	—	$	68,244,432
Corporate Debt Securities		—			239,598,134			—		239,598,134
Foreign Government Obligations		—			44,275,420			—		44,275,420
Mortgage-Backed Securities		—			55,697,813			—		55,697,813
Municipal Government Obligations		—			6,153,188			—		6,153,188
U.S. Government Agency Obligations		—			147,538,090			—		147,538,090
U.S. Government Obligations		—			181,223,308			—		181,223,308
Common Stock		169			—			—		169
Short-Term Foreign Government Obligation		—			6,588,267			—		6,588,267
Short-Term U.S. Government Obligations		—			6,099,923			—		6,099,923
Other Investment Company		21,335,466			—			—		21,335,466
Repurchase Agreements		—			24,799,920			—		24,799,920
Total Investments	$	21,335,635		$	780,218,495		$	—	$	801,554,130
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	1,022,135		$	—	$	1,022,135
Centrally Cleared Interest Rate Swap Agreements		—			1,046,197			—		1,046,197
Over-the-Counter Credit Default Swap Agreements		—			15,416			—		15,416
Futures Contracts (W)		266,775			—			—		266,775
Forward Foreign Currency Contracts (W)		—			1,569,714			—		1,569,714
Total Other Financial Instruments	$	266,775		$	3,653,462		$	—	$	3,920,237
LIABILITIES
Securities Sold Short
U.S. Government Agency Obligation	$	—		$	(12,830,504	)	$	—	$	(12,830,504	)
Total Securities Sold Short	$	—		$	(12,830,504	)	$	—	$	(12,830,504	)
Other Financial Instruments
Over-the-Counter Interest Rate Swaptions Written	$	—		$	(2,369	)	$	—	$	(2,369	)
Centrally Cleared Credit Default Swap Agreements		—			(250,032	)		—		(250,032	)
Centrally Cleared Interest Rate Swap Agreements		—			(2,877,394	)		—		(2,877,394	)
Over-the-Counter Credit Default Swap Agreements		—			(45,912	)		—		(45,912	)
Futures Contracts (W)		(332,153	)		—			—		(332,153	)
Forward Foreign Currency Contracts (W)		—			(1,655,298	)		—		(1,655,298	)
Total Other Financial Instruments	$	(332,153	)	$	(4,831,005	)	$	—	$	(5,163,158	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	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.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, the total value of 144A securities is $156,267,287, representing 23.4% of the Fund’s net assets.
(C)	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.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2021, the total value of Regulation S securities is $24,533,514, representing 3.7% of the Fund’s net assets.

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(E) Restricted security. At January 31, 2021, 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	Citigroup, Inc. Fixed until 06/03/2030, 2.57%, 06/03/2031		05/26/2020	$	1,800,000	$	1,872,094		0.3	%

(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(H)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At January 31, 2021, the value of this security is $1,823,414, representing 0.3% of the Fund’s net assets.
(I)	All or a portion of the securities are on loan. The total value of all securities on loan is $96,257,316, collateralized by cash collateral of $21,335,466 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $76,889,249. 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.
(J)	Securities are subject to sale-buyback transactions. The average amount of sale buy-backs outstanding during the period ended January 31, 2021 was $267,875 at a weighted average interest rate of 0.09%.
(K)	All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $413,981.
(L)	All or a portion of these securities have been segregated by the custodian as collateral for open over-the-counter swaptions, swap agreements and forward foreign currency contracts. The total value of such securities is $1,443,989.
(M)	All or a portion of these securities have been segregated by the custodian as collateral for centrally cleared swap agreements. The total value of such securities is $3,219,336.
(N)	Percentage rounds to less than 0.1% or (0.1)%.
(O)	Non-income producing security.
(P)	Rates disclosed reflect the yields at January 31, 2021.
(Q)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
(R)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(S)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(T)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(U)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
(V)	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.
(W)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
PEN	Peruvian Sol
USD	United States Dollar

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2021

(unaudited)

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
DUB	Deutsche Bank AG
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank

PORTFOLIO ABBREVIATIONS:

BRL-CDI	Brazil Interbank Deposit Rate
BUXL	Bundesanleihen (German Long-Term Debt)
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
MTN	Medium Term Note
SONIA	Sterling Overnight Interbank Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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Transamerica Total Return

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:

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 Total Return

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.

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.

Short-term notes: The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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

Restricted securities: Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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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