NPORT-EX 2 NPORT_I0DK_23417237_0123.htm FOR VALIDATION PURPOSES ONLY - [447377.I0DK]

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

     Shares      Value  
COMMON STOCKS - 59.0%              
Aerospace & Defense - 0.9%              

General Dynamics Corp.

      297        $  69,219  

Howmet Aerospace, Inc.

      830        33,773  

Raytheon Technologies Corp.

      5,851        584,222  

Textron, Inc.

      3,096        225,544  
     

 

 

  
        912,758  
     

 

 

  
Air Freight & Logistics - 0.6%              

United Parcel Service, Inc., Class B

      3,311        613,297  
     

 

 

  
Airlines - 0.1%              

Southwest Airlines Co.

      1,674        59,879  
     

 

 

  
Auto Components - 0.1%              

Magna International, Inc. (A)

      1,585        102,930  
     

 

 

  
Automobiles - 0.8%              

Tesla, Inc. (B)

      4,843        838,904  
     

 

 

  
Banks - 2.5%              

Bank of America Corp.

      14,189        503,426  

Citigroup, Inc.

      3,646        190,394  

Fifth Third Bancorp

      5,146        186,748  

SVB Financial Group (B)

      177        53,532  

Truist Financial Corp.

      7,802        385,341  

US Bancorp

      11,071        551,336  

Wells Fargo & Co.

      15,203        712,564  
     

 

 

  
        2,583,341  
     

 

 

  
Beverages - 1.4%              

Coca-Cola Co.

      12,158        745,528  

Constellation Brands, Inc., Class A

      1,102        255,135  

Monster Beverage Corp. (B)

      709        73,793  

PepsiCo, Inc.

      2,300        393,346  
     

 

 

  
        1,467,802  
     

 

 

  
Biotechnology - 1.9%              

AbbVie, Inc.

      5,322        786,325  

Biogen, Inc. (B)

      745        216,721  

BioMarin Pharmaceutical, Inc. (B)

      563        64,942  

Neurocrine Biosciences, Inc. (B)

      529        58,682  

Regeneron Pharmaceuticals, Inc. (B)

      510        386,820  

Sarepta Therapeutics, Inc. (B)

      575        71,858  

Vertex Pharmaceuticals, Inc. (B)

      1,145        369,949  
     

 

 

  
        1,955,297  
     

 

 

  
Building Products - 0.5%              

Masco Corp.

      2,845        151,354  

Trane Technologies PLC

      2,357        422,186  
     

 

 

  
        573,540  
     

 

 

  
Capital Markets - 1.0%              

Ameriprise Financial, Inc.

      339        118,691  

CME Group, Inc.

      1,944        343,427  

Morgan Stanley

      3,069        298,706  

Raymond James Financial, Inc.

      1,570        177,049  

State Street Corp.

      1,604        146,493  
     

 

 

  
        1,084,366  
     

 

 

  
Chemicals - 1.3%              

Air Products & Chemicals, Inc.

      388        124,358  

Celanese Corp.

      401        49,403  
     Shares      Value  
COMMON STOCKS (continued)              
Chemicals (continued)              

Dow, Inc.

      1,688        $   100,183  

DuPont de Nemours, Inc.

      1,383        102,273  

Eastman Chemical Co.

      2,116        186,568  

Linde PLC

      1,419        469,604  

LyondellBasell Industries NV, Class A

      520        50,279  

PPG Industries, Inc.

      1,890        246,342  
     

 

 

  
        1,329,010  
     

 

 

  
Commercial Services & Supplies - 0.1%              

Cintas Corp.

      184        81,648  
     

 

 

  
Communications Equipment - 0.1%              

Motorola Solutions, Inc.

      541        139,042  
     

 

 

  
Construction Materials - 0.0% (C)              

Martin Marietta Materials, Inc.

      139        49,990  
     

 

 

  
Consumer Finance - 0.9%              

American Express Co.

      3,208        561,175  

Capital One Financial Corp.

      515        61,285  

S&P Global, Inc.

      867        325,073  
     

 

 

  
        947,533  
     

 

 

  
Containers & Packaging - 0.0% (C)              

Avery Dennison Corp.

      252        47,739  
     

 

 

  
Diversified Financial Services - 1.2%              

Berkshire Hathaway, Inc., Class B (B)

      2,958        921,476  

Intercontinental Exchange, Inc.

      2,744        295,117  
     

 

 

  
        1,216,593  
     

 

 

  
Diversified Telecommunication Services - 0.0% (C)              

AT&T, Inc.

      945        19,250  
     

 

 

  
Electric Utilities - 0.9%              

FirstEnergy Corp.

      1,392        57,002  

NextEra Energy, Inc.

      8,288        618,534  

PG&E Corp. (B)

      14,731        234,223  
     

 

 

  
            909,759  
     

 

 

  
Electrical Equipment - 0.4%              

Eaton Corp. PLC

      2,299        372,921  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.1%  

Corning, Inc.

      2,323        80,399  

TE Connectivity Ltd.

      602        76,544  
     

 

 

  
        156,943  
     

 

 

  
Energy Equipment & Services - 0.1%              

Baker Hughes Co.

      3,296        104,615  
     

 

 

  
Entertainment - 0.4%              

Netflix, Inc. (B)

      1,092        386,415  

Walt Disney Co. (B)

      823        89,287  
     

 

 

  
        475,702  
     

 

 

  
Equity Real Estate Investment Trusts - 1.6%              

Camden Property Trust

      380        46,820  

Equinix, Inc.

      268        197,819  

Equity LifeStyle Properties, Inc.

      1,843        132,290  

Host Hotels & Resorts, Inc.

      1,569        29,576  

Prologis, Inc.

      3,696        477,819  

SBA Communications Corp.

      1,021        303,778  

Sun Communities, Inc.

      963        151,056  
 

 

Transamerica Funds

     Page    1         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)              
Equity Real Estate Investment Trusts (continued)              

UDR, Inc.

      3,358        $  143,017  

Ventas, Inc.

      4,559        236,202  
     

 

 

  
        1,718,377  
     

 

 

  
Food & Staples Retailing - 0.5%              

Costco Wholesale Corp.

      971        496,317  
     

 

 

  
Food Products - 0.2%              

Mondelez International, Inc., Class A

      2,857        186,962  
     

 

 

  
Health Care Equipment & Supplies - 1.5%              

Abbott Laboratories

      3,245        358,735  

Baxter International, Inc.

      3,928        179,470  

Boston Scientific Corp. (B)

      6,157        284,761  

Dexcom, Inc. (B)

      719        76,998  

Intuitive Surgical, Inc. (B)

      1,340        329,224  

Medtronic PLC

      2,900        242,701  

Zimmer Biomet Holdings, Inc.

      649        82,644  
     

 

 

  
        1,554,533  
     

 

 

  
Health Care Providers & Services - 2.0%              

Centene Corp. (B)

      2,859        217,970  

CVS Health Corp.

      984        86,809  

Elevance Health, Inc.

      757        378,492  

Humana, Inc.

      336        171,931  

McKesson Corp.

      444        168,134  

UnitedHealth Group, Inc.

      2,152        1,074,257  
     

 

 

  
        2,097,593  
     

 

 

  
Hotels, Restaurants & Leisure - 1.6%              

Booking Holdings, Inc. (B)

      171        416,231  

Chipotle Mexican Grill, Inc. (B)

      187        307,873  

Domino’s Pizza, Inc.

      235        82,955  

Expedia Group, Inc. (B)

      1,461        166,992  

Marriott International, Inc., Class A

      1,200        209,016  

McDonald’s Corp.

      1,173        313,660  

Royal Caribbean Cruises Ltd. (A) (B)

      386        25,067  

Yum! Brands, Inc.

      1,331        173,709  
     

 

 

  
        1,695,503  
     

 

 

  
Household Durables - 0.2%              

Lennar Corp., Class A

      1,605        164,352  

Toll Brothers, Inc.

      1,400        83,286  
     

 

 

  
        247,638  
     

 

 

  
Household Products - 1.0%              

Colgate-Palmolive Co.

      4,565        340,229  

Kimberly-Clark Corp.

      1,347        175,124  

Procter & Gamble Co.

      3,590        511,144  
     

 

 

  
        1,026,497  
     

 

 

  
Industrial Conglomerates - 0.7%              

Honeywell International, Inc.

      3,305        689,026  
     

 

 

  
Insurance - 1.2%              

Aon PLC, Class A

      380        121,098  

Globe Life, Inc.

      1,037        125,322  

Progressive Corp.

      3,956        539,401  

Prudential Financial, Inc.

      684        71,779  

Travelers Cos., Inc.

      2,218        423,904  
     

 

 

  
        1,281,504  
     

 

 

  
Interactive Media & Services - 2.9%              

Alphabet, Inc., Class A (B)

      12,958        1,280,769  
     Shares      Value  
COMMON STOCKS (continued)              
Interactive Media & Services (continued)              

Alphabet, Inc., Class C (B)

      9,543        $  953,059  

Meta Platforms, Inc., Class A (B)

      5,109        761,088  
     

 

 

  
        2,994,916  
     

 

 

  
Internet & Direct Marketing Retail - 1.8%              

Amazon.com, Inc. (B)

      18,107        1,867,375  
     

 

 

  
IT Services - 2.6%              

Accenture PLC, Class A

      2,047        571,215  

Affirm Holdings, Inc. (A) (B)

      925        14,976  

Block, Inc. (B)

      498        40,697  

Cognizant Technology Solutions Corp., Class A

      1,413        94,318  

FleetCor Technologies, Inc. (B)

      1,101        229,900  

Mastercard, Inc., Class A

      2,839        1,052,133  

Visa, Inc., Class A (A)

      3,295        758,542  
     

 

 

  
        2,761,781  
     

 

 

  
Life Sciences Tools & Services - 1.0%              

Danaher Corp.

      1,342        354,798  

Thermo Fisher Scientific, Inc.

      1,283        731,733  
     

 

 

  
        1,086,531  
     

 

 

  
Machinery - 1.2%              

Deere & Co.

      1,176        497,260  

Dover Corp.

      973        147,730  

Ingersoll Rand, Inc.

      719        40,264  

Otis Worldwide Corp.

      2,768        227,613  

Parker-Hannifin Corp.

      1,082        352,732  
     

 

 

  
        1,265,599  
     

 

 

  
Media - 0.8%              

Charter Communications, Inc., Class A (B)

      779        299,378  

Comcast Corp., Class A

      12,940        509,189  
     

 

 

  
        808,567  
     

 

 

  
Metals & Mining - 0.2%              

Freeport-McMoRan, Inc.

      2,172        96,915  

Nucor Corp.

      672        113,581  
     

 

 

  
        210,496  
     

 

 

  
Multi-Utilities - 0.8%              

Ameren Corp.

      1,811        157,321  

CenterPoint Energy, Inc.

      6,166        185,720  

Dominion Energy, Inc.

      573        36,466  

Public Service Enterprise Group, Inc.

      3,689        228,460  

Sempra Energy

      1,696        271,920  
     

 

 

  
        879,887  
     

 

 

  
Multiline Retail - 0.1%              

Target Corp.

      314        54,052  
     

 

 

  
Oil, Gas & Consumable Fuels - 2.9%              

Chevron Corp.

      1,449        252,155  

ConocoPhillips

      5,344        651,273  

Coterra Energy, Inc.

      2,186        54,716  

Diamondback Energy, Inc.

      2,629        384,150  

EOG Resources, Inc.

      2,877        380,483  

Exxon Mobil Corp.

      10,219        1,185,506  

Marathon Oil Corp.

      3,661        100,568  

Phillips 66

      427        42,815  
     

 

 

  
        3,051,666  
     

 

 

  
 

 

Transamerica Funds

     Page    2         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)              
Pharmaceuticals - 2.3%              

Bristol-Myers Squibb Co.

      8,393        $   609,751  

Eli Lilly & Co.

      1,765        607,425  

Johnson & Johnson

      3,266        533,730  

Merck & Co., Inc.

      4,035        433,399  

Pfizer, Inc.

      4,044        178,583  
     

 

 

  
        2,362,888  
     

 

 

  
Professional Services - 0.2%              

Booz Allen Hamilton Holding Corp.

      539        51,011  

Leidos Holdings, Inc.

      1,577        155,871  
     

 

 

  
        206,882  
     

 

 

  
Road & Rail - 0.7%              

CSX Corp.

      3,775        116,723  

Norfolk Southern Corp.

      1,266        311,195  

Uber Technologies, Inc. (B)

      2,105        65,108  

Union Pacific Corp.

      1,125        229,714  
     

 

 

  
        722,740  
     

 

 

  
Semiconductors & Semiconductor Equipment - 3.6%  

Advanced Micro Devices, Inc. (B)

      5,159        387,699  

Analog Devices, Inc.

      2,953        506,351  

Broadcom, Inc.

      193        112,907  

Lam Research Corp.

      981        490,598  

Microchip Technology, Inc.

      1,534        119,069  

NVIDIA Corp.

      3,836        749,439  

NXP Semiconductors NV

      2,948        543,346  

Qorvo, Inc. (B)

      273        29,664  

QUALCOMM, Inc.

      207        27,575  

Teradyne, Inc.

      1,542        156,821  

Texas Instruments, Inc.

      3,790        671,626  
     

 

 

  
        3,795,095  
     

 

 

  
Software - 5.0%              

Adobe, Inc. (B)

      1,443        534,401  

Cadence Design Systems, Inc. (B)

      479        87,575  

DocuSign, Inc. (B)

      683        41,417  

Intuit, Inc.

      933        394,351  

Microsoft Corp.

      14,976        3,711,202  

Oracle Corp.

      2,784        246,273  

Salesforce, Inc. (B)

      276        46,360  

Workday, Inc., Class A (B)

      893        162,017  
     

 

 

  
        5,223,596  
     

 

 

  
Specialty Retail - 2.1%              

AutoNation, Inc. (B)

      788        99,855  

AutoZone, Inc. (B)

      137        334,123  

Best Buy Co., Inc.

      2,664        236,350  

Burlington Stores, Inc. (B)

      550        126,407  

Home Depot, Inc.

      1,141        369,878  

Lowe’s Cos., Inc.

      3,080        641,410  

O’Reilly Automotive, Inc. (B)

      307        243,251  

TJX Cos., Inc.

      2,395        196,055  
     

 

 

  
        2,247,329  
     

 

 

  
Technology Hardware, Storage & Peripherals - 4.0%  

Apple, Inc.

      27,273        3,935,221  

Seagate Technology Holdings PLC

      3,458        234,383  
     

 

 

  
        4,169,604  
     

 

 

  
Textiles, Apparel & Luxury Goods - 0.3%              

NIKE, Inc., Class B

      2,788        354,996  
     

 

 

  
     Shares      Value  
COMMON STOCKS (continued)              
Tobacco - 0.4%              

Altria Group, Inc.

      3,220        $   145,029  

Philip Morris International, Inc.

      2,173        226,513  
     

 

 

  
        371,542  
     

 

 

  
Wireless Telecommunication Services - 0.3%              

T-Mobile US, Inc. (B)

      2,015        300,860  
     

 

 

  

Total Common Stocks
(Cost $42,075,249)

         61,773,211  
     

 

 

  
PREFERRED STOCKS - 0.1%              
Banks - 0.1%              

Citigroup Capital XIII,

      

3-Month LIBOR + 6.37%, 11.17% (D)

      2,950        84,724  
     

 

 

  
Electric Utilities - 0.0% (C)              

SCE Trust III,

      

Series H, Fixed until 03/15/2024,
5.75% (A) (D)

      320        7,152  
     

 

 

  

Total Preferred Stocks
(Cost $94,058)

         91,876  
     

 

 

  
     Principal      Value  
ASSET-BACKED SECURITIES - 2.5%              

Accelerated LLC

      

Series 2021-1H, Class A,

      

1.35%, 10/20/2040 (E)

      $  47,534        43,357  

BRE Grand Islander Timeshare Issuer LLC

      

Series 2017-1A, Class A,

      

2.94%, 05/25/2029 (E)

      16,782        16,255  

BXG Receivables Note Trust

      

Series 2015-A, Class A,

      

2.88%, 05/02/2030 (E)

      10,468        10,062  

CIFC Funding Ltd.

      

Series 2013-2A, Class A1L2,

      

3-Month LIBOR + 1.00%,
5.79% (D), 10/18/2030 (E)

      347,764        345,200  

GoodLeap Sustainable Home Solutions Trust

      

Series 2021-4GS, Class A,

      

1.93%, 07/20/2048 (E)

      82,620        63,087  

Series 2022-1GS, Class A,

      

2.70%, 01/20/2049 (E)

      227,167        188,248  

JGWPT XXVI LLC

      

Series 2012-2A, Class A,

      

3.84%, 10/15/2059 (E)

      110,486        101,073  

JGWPT XXVIII LLC

      

Series 2013-1A, Class A,

      

3.22%, 04/15/2067 (E)

      114,718        101,001  

Laurel Road Prime Student Loan Trust

      

Series 2018-B, Class A2FX,

      

3.54%, 05/26/2043 (E)

      6,768        6,644  

New Residential Advance Receivables Trust

      

Series 2020-T1, Class AT1,

      

1.43%, 08/15/2053 (E)

      330,000        319,931  

NRZ Advance Receivables Trust

      

Series 2020-T2, Class AT2,

      

1.48%, 09/15/2053 (E)

      330,000        319,431  
 

 

Transamerica Funds

     Page    3         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
ASSET-BACKED SECURITIES (continued)              

Octagon Investment Partners 33 Ltd.

 

   

Series 2017-1A, Class A1,

      

3-Month LIBOR + 1.19%,
6.00% (D), 01/20/2031 (E)

      $  200,000        $  198,592  

Orange Lake Timeshare Trust

      

Series 2016-A, Class A,

      

2.61%, 03/08/2029 (E)

      26,820        25,802  

Series 2019-A, Class A,

      

3.06%, 04/09/2038 (E)

      51,434        49,506  

Palmer Square CLO Ltd.

      

Series 2015-2A, Class A1R2,

      

3-Month LIBOR + 1.10%,
5.91% (D), 07/20/2030 (E)

      237,311        235,534  

Sierra Timeshare Receivables Funding LLC

      

Series 2021-1A, Class A,

      

0.99%, 11/20/2037 (E)

      71,166        66,301  

Towd Point Mortgage Trust

      

Series 2017-1, Class A1,

      

2.75% (D), 10/25/2056 (E)

      12,074        11,894  

Series 2017-3, Class A1,

      

2.75% (D), 07/25/2057 (E)

      11,613        11,307  

Series 2017-6, Class A1,

      

2.75% (D), 10/25/2057 (E)

      23,162        22,125  

Series 2018-1, Class A1,

      

3.00% (D), 01/25/2058 (E)

      37,183        35,986  

Series 2018-3, Class A1,

      

3.75% (D), 05/25/2058 (E)

      88,462        84,910  

Series 2018-4, Class A1,

      

3.00% (D), 06/25/2058 (E)

      129,189        120,314  

Series 2020-4, Class A1,

      

1.75%, 10/25/2060 (E)

      121,585        108,925  

Trafigura Securitisation Finance PLC

      

Series 2021-1A, Class A2,

      

1.08%, 01/15/2025 (E)

      130,000        117,902  

Welk Resorts LLC

      

Series 2017-AA, Class A,

      

2.82%, 06/15/2033 (E)

      21,363        21,268  
     

 

 

  

Total Asset-Backed Securities
(Cost $2,796,707)

         2,624,655  
     

 

 

  
CORPORATE DEBT SECURITIES - 14.2%              
Aerospace & Defense - 0.2%              

Boeing Co.

      

3.50%, 03/01/2039

      91,000        70,674  

5.15%, 05/01/2030

      85,000        85,484  

Huntington Ingalls Industries, Inc.

      

2.04%, 08/16/2028

      108,000        91,184  
     

 

 

  
     247,342  
     

 

 

  
Air Freight & Logistics - 0.1%              

GXO Logistics, Inc.

      

2.65%, 07/15/2031

      153,000        119,893  
     

 

 

  
Airlines - 0.1%              

American Airlines Pass-Through Trust

      

3.20%, 12/15/2029

      45,460        40,433  

United Airlines Pass-Through Trust

      

3.75%, 03/03/2028

      53,498        49,873  
     

 

 

  
     90,306  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Auto Components - 0.1%              

Aptiv PLC / Aptiv Corp.

      

3.25%, 03/01/2032

      $  54,000        $  46,499  

BorgWarner, Inc.

      

3.38%, 03/15/2025

      36,000        34,762  
     

 

 

  
     81,261  
     

 

 

  
Automobiles - 0.3%              

Ford Motor Co.

      

4.35%, 12/08/2026 (A)

      63,000        61,318  

General Motors Co.

      

6.25%, 10/02/2043

      15,000        14,877  

Stellantis Finance US, Inc.

      

6.38%, 09/12/2032 (E)

      200,000        208,202  
     

 

 

  
     284,397  
     

 

 

  
Banks - 1.8%              

Bank of America Corp.

      

Fixed until 04/24/2027,
3.71% (D), 04/24/2028

      71,000        67,617  

Fixed until 04/27/2032,
4.57% (D), 04/27/2033

      196,000        188,897  

Barclays PLC

      

Fixed until 11/02/2025,
7.33% (D), 11/02/2026

      203,000        212,998  

Citigroup, Inc.

      

Fixed until 10/27/2027,
3.52% (D), 10/27/2028

      219,000        204,791  

Commerzbank AG

      

8.13%, 09/19/2023 (E)

      255,000        257,338  

Intesa Sanpaolo SpA

      

5.02%, 06/26/2024 (E)

      65,000        63,395  

Fixed until 11/21/2032,
8.25% (D), 11/21/2033 (E)

      200,000        218,262  

JPMorgan Chase & Co.

      

Fixed until 04/22/2026,
1.58% (D), 04/22/2027

      106,000        95,151  

Fixed until 02/01/2027,
3.78% (D), 02/01/2028

      59,000        56,629  

Fixed until 09/14/2032,
5.72% (D), 09/14/2033 (A)

      175,000        180,043  

Truist Financial Corp.

      

5.12% (D), 01/26/2034

      129,000        130,294  

Wells Fargo & Co.

      

Fixed until 07/25/2027,
4.81% (D), 07/25/2028

      172,000        171,362  

Fixed until 06/15/2024 (F),
5.90% (D)

      40,000        39,050  
     

 

 

  
     1,885,827  
     

 

 

  
Beverages - 0.1%              

Anheuser-Busch InBev Worldwide, Inc.

      

4.44%, 10/06/2048

      90,000        82,559  

Constellation Brands, Inc.

      

3.15%, 08/01/2029

      63,000        57,382  

3.70%, 12/06/2026

      16,000        15,436  
     

 

 

  
     155,377  
     

 

 

  
Biotechnology - 0.2%              

AbbVie, Inc.

      

3.20%, 05/14/2026

      47,000        45,068  

4.05%, 11/21/2039

      40,000        35,895  

Amgen, Inc.

      

2.00%, 01/15/2032

      40,000        32,309  
 

 

Transamerica Funds

     Page    4         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Biotechnology (continued)              

CSL Finance PLC

 

   

4.63%, 04/27/2042 (E)

      $  48,000        $  45,851  

Gilead Sciences, Inc.

      

4.15%, 03/01/2047

      24,000        21,280  
     

 

 

  
     180,403  
     

 

 

  
Building Products - 0.3%              

Carlisle Cos., Inc.

      

2.20%, 03/01/2032

      77,000        61,298  

3.75%, 12/01/2027

      72,000        68,949  

Carrier Global Corp.

      

2.72%, 02/15/2030

      42,000        36,607  

Owens Corning

      

7.00%, 12/01/2036

      114,000        129,469  
     

 

 

  
     296,323  
     

 

 

  
Capital Markets - 0.8%              

Credit Suisse Group AG

      

Fixed until 08/12/2032,
6.54% (D), 08/12/2033 (E)

      262,000        250,491  

Deutsche Bank AG

      

Fixed until 09/18/2030,
3.55% (D), 09/18/2031

      150,000        130,035  

Goldman Sachs Group, Inc.

      

Fixed until 02/24/2032,
3.10% (D), 02/24/2033

      149,000        127,295  

Morgan Stanley

      

Fixed until 12/10/2025,
0.99% (D), 12/10/2026

      35,000        31,125  

Fixed until 07/20/2032,
4.89% (D), 07/20/2033

      77,000        76,068  

Fixed until 02/01/2028,
5.12% (D), 02/01/2029

      69,000        69,639  

Northern Trust Corp.

      

6.13%, 11/02/2032

      118,000        129,434  
     

 

 

  
     814,087  
     

 

 

  
Chemicals - 0.1%              

International Flavors & Fragrances, Inc.

      

2.30%, 11/01/2030 (E)

      74,000        61,224  
     

 

 

  
Commercial Services & Supplies - 0.4%              

ADT Security Corp.

      

4.13%, 08/01/2029 (E)

      79,000        70,253  

Ashtead Capital, Inc.

      

4.25%, 11/01/2029 (E)

      200,000        186,268  

Triton Container International Ltd. / TAL International Container Corp.

      

3.25%, 03/15/2032

      160,000        130,298  
     

 

 

  
     386,819  
     

 

 

  
Construction & Engineering - 0.0% (C)              

Quanta Services, Inc.

      

2.90%, 10/01/2030

      56,000        47,973  
     

 

 

  
Consumer Finance - 0.5%              

Ally Financial, Inc.

      

8.00%, 11/01/2031

      110,000        120,465  

BMW US Capital LLC

      

2.80%, 04/11/2026 (E)

      65,000        61,624  

General Motors Financial Co., Inc.

      

5.00%, 04/09/2027

      70,000        69,242  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Consumer Finance (continued)              

Nissan Motor Acceptance Co. LLC

      

2.45%, 09/15/2028 (E)

      $  100,000        $  81,007  

Volkswagen Group of America Finance LLC

      

1.63%, 11/24/2027 (E)

      200,000        172,252  
     

 

 

  
     504,590  
     

 

 

  
Containers & Packaging - 0.1%              

Sonoco Products Co.

      

2.25%, 02/01/2027

      64,000        57,823  
     

 

 

  
Diversified Financial Services - 0.6%              

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

      

3.85%, 10/29/2041

      160,000        124,291  

4.45%, 04/03/2026

      150,000        145,276  

Aviation Capital Group LLC

      

1.95%, 01/30/2026 (E)

      49,000        43,565  

5.50%, 12/15/2024 (E)

      147,000        145,519  

Equitable Holdings, Inc.

      

5.59%, 01/11/2033

      127,000        129,690  
     

 

 

  
     588,341  
     

 

 

  
Diversified Telecommunication Services - 0.2%              

Sprint Capital Corp.

      

6.88%, 11/15/2028

      24,000        25,669  

Verizon Communications, Inc.

      

1.68%, 10/30/2030

      177,000        142,348  

2.99%, 10/30/2056

      105,000        69,407  
     

 

 

  
     237,424  
     

 

 

  
Electric Utilities - 0.5%              

Appalachian Power Co.

      

3.40%, 06/01/2025

      66,000        63,883  

Cleveland Electric Illuminating Co.

      

5.95%, 12/15/2036

      34,000        34,923  

DTE Electric Co.

      

4.30%, 07/01/2044

      101,000        92,237  

Duke Energy Corp.

      

3.75%, 04/15/2024 - 09/01/2046

      108,000        86,741  

Duke Energy Progress LLC

      

3.60%, 09/15/2047

      64,000        50,900  

Entergy Arkansas LLC

      

3.70%, 06/01/2024

      48,000        47,366  

Oncor Electric Delivery Co. LLC

      

5.30%, 06/01/2042

      20,000        21,055  

Pacific Gas & Electric Co.

      

2.50%, 02/01/2031

      69,000        55,540  

PacifiCorp

      

3.60%, 04/01/2024

      61,000        60,109  

5.75%, 04/01/2037

      20,000        21,420  

Public Service Electric & Gas Co.

      

3.00%, 05/15/2025

      49,000        47,252  
     

 

 

  
     581,426  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.2%  

Arrow Electronics, Inc.

      

2.95%, 02/15/2032

      85,000        70,319  

Keysight Technologies, Inc.

      

4.60%, 04/06/2027

      130,000        129,902  

Sensata Technologies, Inc.

      

4.38%, 02/15/2030 (E)

      50,000        45,270  
     

 

 

  
     245,491  
     

 

 

  
 

 

Transamerica Funds

     Page    5         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Energy Equipment & Services - 0.1%  

Schlumberger Holdings Corp.

      

3.90%, 05/17/2028 (E)

      $  90,000        $  85,746  

Schlumberger Investment SA

      

3.65%, 12/01/2023

      26,000        25,701  
     

 

 

  
     111,447  
     

 

 

  
Equity Real Estate Investment Trusts - 1.1%              

Broadstone Net Lease LLC

      

2.60%, 09/15/2031

      123,000        93,647  

Corporate Office Properties LP

      

2.00%, 01/15/2029

      25,000        19,770  

2.25%, 03/15/2026

      35,000        31,638  

Invitation Homes Operating Partnership LP

      

4.15%, 04/15/2032

      48,000        43,912  

Office Properties Income Trust

      

3.45%, 10/15/2031 (A)

      59,000        41,314  

Physicians Realty LP

      

2.63%, 11/01/2031

      94,000        76,963  

Realty Income Corp.

      

5.63%, 10/13/2032

      37,000        39,125  

SBA Tower Trust

      

1.63%, 05/15/2051 (E)

      110,000        95,920  

1.88%, 07/15/2050 (E)

      56,000        50,275  

2.84%, 01/15/2050 (E)

      300,000        283,486  

Simon Property Group LP

      

2.20%, 02/01/2031 (A)

      73,000        60,053  

Ventas Realty LP

      

3.25%, 10/15/2026

      86,000        80,882  

VICI Properties LP

      

4.95%, 02/15/2030 (A)

      118,000        114,032  

Weyerhaeuser Co.

      

4.00%, 04/15/2030

      122,000        114,869  
     

 

 

  
     1,145,886  
     

 

 

  
Food & Staples Retailing - 0.2%              

7-Eleven, Inc.

      

1.80%, 02/10/2031 (E)

      123,000        97,848  

Sysco Corp.

      

3.30%, 07/15/2026

      104,000        99,919  
     

 

 

  
     197,767  
     

 

 

  
Food Products - 0.4%              

Bunge Ltd. Finance Corp.

      

2.75%, 05/14/2031

      94,000        80,300  

Cargill, Inc.

      

5.13%, 10/11/2032 (E)

      49,000        50,812  

JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.

      

3.00%, 02/02/2029 (E)

      44,000        37,767  

Pilgrim’s Pride Corp.

      

3.50%, 03/01/2032 (E)

      102,000        83,003  

Viterra Finance BV

      

4.90%, 04/21/2027 (E)

      200,000        191,975  
     

 

 

  
     443,857  
     

 

 

  
Health Care Equipment & Supplies - 0.3%              

Alcon Finance Corp.

      

2.75%, 09/23/2026 (E)

      200,000        185,654  

GE HealthCare Technologies, Inc.

      

5.86%, 03/15/2030 (E)

      100,000        105,912  
     

 

 

  
     291,566  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Health Care Providers & Services - 0.5%              

Centene Corp.

      

3.00%, 10/15/2030

      $  80,000        $  68,400  

3.38%, 02/15/2030

      60,000        52,747  

Cigna Corp.

      

2.40%, 03/15/2030

      61,000        52,523  

CVS Health Corp.

      

2.70%, 08/21/2040

      50,000        35,942  

Elevance Health, Inc.

      

2.25%, 05/15/2030

      61,000        51,922  

5.13%, 02/15/2053

      49,000        48,896  

HCA, Inc.

      

4.13%, 06/15/2029

      28,000        26,557  

5.25%, 04/15/2025

      16,000        16,009  

5.50%, 06/15/2047

      50,000        47,295  

Laboratory Corp. of America Holdings

      

2.95%, 12/01/2029

      51,000        45,585  

Molina Healthcare, Inc.

      

4.38%, 06/15/2028 (E)

      16,000        14,777  

UnitedHealth Group, Inc.

      

6.05%, 02/15/2063

      71,000        82,490  
     

 

 

  
     543,143  
     

 

 

  
Hotels, Restaurants & Leisure - 0.2%              

Expedia Group, Inc.

      

2.95%, 03/15/2031

      6,000        5,034  

3.80%, 02/15/2028

      65,000        61,331  

Hyatt Hotels Corp.

      

1.80%, 10/01/2024

      41,000        38,857  

Warnermedia Holdings, Inc.

      

5.05%, 03/15/2042 (E)

      114,000        96,885  
     

 

 

  
     202,107  
     

 

 

  
Industrial Conglomerates - 0.1%              

General Electric Co.

      

4.13%, 10/09/2042

      48,000        40,843  

4.50%, 03/11/2044

      79,000        72,538  
     

 

 

  
     113,381  
     

 

 

  
Insurance - 0.5%              

Aon Corp. / Aon Global Holdings PLC

      

5.00%, 09/12/2032 (A)

      107,000        109,018  

Global Atlantic Finance Co.

      

3.13%, 06/15/2031 (E)

      159,000        122,289  

Ohio National Financial Services, Inc.

      

5.80%, 01/24/2030 (E)

      224,000        212,699  

6.63%, 05/01/2031 (E)

      45,000        43,804  

Prudential Financial, Inc.

      

Fixed until 07/01/2030,
3.70% (D), 10/01/2050

      94,000        80,931  
     

 

 

  
     568,741  
     

 

 

  
Interactive Media & Services - 0.3%              

Baidu, Inc.

      

4.38%, 05/14/2024 (A)

      200,000        197,772  

Tencent Holdings Ltd.

      

3.28%, 04/11/2024 (E)

      97,000        95,510  
     

 

 

  
     293,282  
     

 

 

  
IT Services - 0.0% (C)              

Rackspace Technology Global, Inc.

      

3.50%, 02/15/2028 (E)

      78,000        47,260  
     

 

 

  
Machinery - 0.1%              

CNH Industrial Capital LLC

      

5.45%, 10/14/2025

      95,000        96,504  
     

 

 

  
 

 

Transamerica Funds

     Page    6         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Media - 0.1%  

Charter Communications Operating LLC / Charter Communications Operating Capital

      

4.80%, 03/01/2050

      $   44,000        $   34,554  

Clear Channel Outdoor Holdings, Inc.

      

5.13%, 08/15/2027 (E)

      35,000        31,957  

Comcast Corp.

      

2.94%, 11/01/2056

      17,000        11,511  

NBCUniversal Media LLC

      

4.45%, 01/15/2043

      24,000        22,378  

Paramount Global

      

4.20%, 05/19/2032

      44,000        37,823  
     

 

 

  
     138,223  
     

 

 

  
Metals & Mining - 0.4%              

Anglo American Capital PLC

      

4.50%, 03/15/2028 (A) (E)

      200,000        194,938  

ArcelorMittal SA

      

6.55%, 11/29/2027

      101,000        105,342  

Freeport-McMoRan, Inc.

      

4.55%, 11/14/2024

      105,000        103,757  

Glencore Funding LLC

      

2.63%, 09/23/2031 (E)

      82,000        68,252  
     

 

 

  
     472,289  
     

 

 

  
Multi-Utilities - 0.1%              

Black Hills Corp.

      

4.25%, 11/30/2023

      71,000        70,555  

CMS Energy Corp.

      

3.88%, 03/01/2024

      17,000        16,726  

4.88%, 03/01/2044

      26,000        24,693  
     

 

 

  
     111,974  
     

 

 

  
Oil, Gas & Consumable Fuels - 1.0%              

Boardwalk Pipelines LP

      

3.40%, 02/15/2031

      46,000        40,983  

Chevron USA, Inc.

      

3.25%, 10/15/2029

      47,000        44,252  

Energy Transfer LP

      

4.90%, 02/01/2024

      41,000        40,838  

5.15%, 03/15/2045

      75,000        67,442  

5.55%, 02/15/2028

      43,000        43,698  

5.95%, 10/01/2043

      28,000        27,632  

Enterprise Products Operating LLC

      

4.25%, 02/15/2048

      104,000        89,243  

Kinder Morgan Energy Partners LP

      

4.15%, 02/01/2024

      52,000        51,533  

Occidental Petroleum Corp.

      

5.55%, 03/15/2026

      62,000        62,620  

ONEOK, Inc.

      

6.10%, 11/15/2032

      100,000        104,898  

Petroleos Mexicanos

      

6.84%, 01/23/2030

      139,000        120,591  

7.69%, 01/23/2050 (A)

      17,000        12,676  

Pioneer Natural Resources Co.

      

2.15%, 01/15/2031

      90,000        74,291  

Plains All American Pipeline LP / PAA Finance Corp.

      

3.55%, 12/15/2029

      52,000        46,560  

Sabine Pass Liquefaction LLC

      

4.20%, 03/15/2028

      41,000        39,547  

Shell International Finance BV

      

2.50%, 09/12/2026

      103,000        96,892  

3.75%, 09/12/2046

      30,000        25,471  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Oil, Gas & Consumable Fuels (continued)              

Williams Cos., Inc.

      

5.40%, 03/04/2044

      $   28,000        $   27,249  
     

 

 

  
     1,016,416  
     

 

 

  
Pharmaceuticals - 0.2%              

Astrazeneca Finance LLC

      

1.20%, 05/28/2026

      40,000        36,084  

AstraZeneca PLC

      

4.38%, 08/17/2048

      34,000        32,429  

Royalty Pharma PLC

      

2.20%, 09/02/2030

      77,000        62,609  

Viatris, Inc.

      

2.30%, 06/22/2027

      76,000        66,921  
     

 

 

  
     198,043  
     

 

 

  
Professional Services - 0.1%              

Equifax, Inc.

      

2.60%, 12/01/2024

      52,000        49,849  

5.10%, 12/15/2027

      79,000        80,065  
     

 

 

  
     129,914  
     

 

 

  
Road & Rail - 0.3%              

Avolon Holdings Funding Ltd.

      

2.88%, 02/15/2025 (E)

      121,000        113,438  

5.50%, 01/15/2026 (E)

      47,000        46,150  

Norfolk Southern Corp.

      

4.55%, 06/01/2053

      141,000        130,718  
     

 

 

  
     290,306  
     

 

 

  
Semiconductors & Semiconductor Equipment - 0.7%  

Advanced Micro Devices, Inc.

      

3.92%, 06/01/2032 (A)

      115,000        109,654  

Broadcom, Inc.

      

1.95%, 02/15/2028 (E)

      31,000        26,861  

3.50%, 02/15/2041 (E)

      57,000        43,420  

KLA Corp.

      

3.30%, 03/01/2050 (A)

      80,000        61,651  

Microchip Technology, Inc.

      

0.98%, 09/01/2024

      70,000        65,523  

NXP BV / NXP Funding LLC / NXP USA, Inc.

      

3.25%, 11/30/2051

      39,000        26,451  

3.40%, 05/01/2030

      75,000        67,023  

QUALCOMM, Inc.

      

3.25%, 05/20/2027

      48,000        46,188  

3.25%, 05/20/2050 (A)

      65,000        50,666  

Skyworks Solutions, Inc.

      

1.80%, 06/01/2026

      39,000        34,821  

TSMC Global Ltd.

      

1.38%, 09/28/2030 (E)

      200,000        160,006  
     

 

 

  
     692,264  
     

 

 

  

Software - 0.4%

      

Crowdstrike Holdings, Inc.

      

3.00%, 02/15/2029 (A)

      15,000        12,873  

Infor, Inc.

      

1.75%, 07/15/2025 (E)

      68,000        61,871  

Oracle Corp.

      

3.65%, 03/25/2041

      57,000        44,948  

6.90%, 11/09/2052

      91,000        104,583  

Take-Two Interactive Software, Inc.

      

3.55%, 04/14/2025

      114,000        110,374  

Workday, Inc.

      

3.50%, 04/01/2027

      104,000        99,382  
     

 

 

  
     434,031  
     

 

 

  
 

 

Transamerica Funds

     Page    7         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)              
Specialty Retail - 0.1%  

Lowe’s Cos., Inc.

      

3.75%, 04/01/2032 (A)

      $   80,000        $   74,002  
     

 

 

  
Technology Hardware, Storage & Peripherals - 0.0% (C)  

Apple, Inc.

      

2.65%, 05/11/2050

      40,000        28,169  

Western Digital Corp.

      

2.85%, 02/01/2029

      26,000        21,192  
     

 

 

  
     49,361  
     

 

 

  
Tobacco - 0.2%              

BAT Capital Corp.

      

2.26%, 03/25/2028

      128,000        109,858  

Philip Morris International, Inc.

      

5.63%, 11/17/2029

      77,000        80,244  
     

 

 

  
     190,102  
     

 

 

  
Wireless Telecommunication Services - 0.2%  

Sprint LLC

      

7.88%, 09/15/2023

      42,000        42,626  

T-Mobile USA, Inc.

      

3.88%, 04/15/2030

      135,000        126,082  
     

 

 

  
     168,708  
     

 

 

  

Total Corporate Debt Securities
(Cost $16,227,610)

 

      14,886,901  
     

 

 

  
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%  
Colombia - 0.2%              

Colombia Government International Bonds

      

4.50%, 01/28/2026

      200,000        190,909  
     

 

 

  
Mexico - 0.1%              

Mexico Government International Bonds

      

3.75%, 01/11/2028

      116,000        111,047  
     

 

 

  
Peru - 0.1%              

Peru Government International Bonds

      

7.35%, 07/21/2025

      100,000        105,230  
     

 

 

  

Total Foreign Government Obligations
(Cost $430,111)

 

      407,186  
     

 

 

  
MORTGAGE-BACKED SECURITIES - 2.2%              

Alternative Loan Trust

      

Series 2007-22, Class 2A16,

      

6.50%, 09/25/2037

      141,432        59,999  

BB-UBS Trust

      

Series 2012-TFT, Class A,

      

2.89%, 06/05/2030 (E)

      38,580        37,725  

CIM Trust

      

Series 2021-R6, Class A1,

      

1.43% (D), 07/25/2061 (E)

      174,200        155,546  

Citigroup Commercial Mortgage Trust

      

Series 2014-GC19, Class A3,

      

3.75%, 03/11/2047

      21,150        20,840  

Series 2014-GC19, Class A4,

      

4.02%, 03/11/2047

      65,000        63,897  

Series 2015-GC27, Class B,

      

3.77%, 02/10/2048

      157,700        145,546  

Citigroup Mortgage Loan Trust, Inc.

      

Series 2018-RP1, Class A1,

      

3.00% (D), 09/25/2064 (E)

      27,844        26,556  
     Principal      Value  
MORTGAGE-BACKED SECURITIES (continued)  

COMM Mortgage Trust

      

Series 2013-CR11, Class AM,

      

4.72% (D), 08/10/2050

      $  120,000        $  118,391  

Series 2015-3BP, Class A,

      

3.18%, 02/10/2035 (E)

      310,000        290,428  

CSMC Trust

      

Series 2021-RPL2, Class A1A,

      

1.11% (D), 01/25/2060 (E)

      149,434        125,058  

Series 2021-RPL6, Class A1,

      

2.00% (D), 10/25/2060 (E)

      130,391        116,312  

Fontainebleau Miami Beach Trust

      

Series 2019-FBLU, Class B,

      

3.45%, 12/10/2036 (E)

      150,000        141,393  

GMACM Mortgage Loan Trust

      

Series 2005-AR1, Class 3A,

      

0.00% (D), 03/18/2035

      10,680        9,458  

Impac CMB Trust

      

Series 2004-6, Class 1A1,

      

1-Month LIBOR + 0.80%,
5.31% (D), 10/25/2034

      12,551        12,032  

IndyMac INDX Mortgage Loan Trust

      

Series 2007-AR15, Class 2A1,

      

3.22% (D), 08/25/2037

      84,950        64,242  

Merrill Lynch Mortgage Investors Trust

      

Series 2003-F, Class A1,

      

1-Month LIBOR + 0.64%,
5.15% (D), 10/25/2028

      6,228        5,806  

Nationstar Mortgage Loan Trust

      

Series 2013-A, Class A,

      

3.75% (D), 12/25/2052 (E)

      26,296        24,370  

New Residential Mortgage Loan Trust

      

Series 2014-1A, Class A,

      

3.75% (D), 01/25/2054 (E)

      13,018        12,321  

Series 2014-2A, Class A3,

      

3.16% (D), 05/25/2054 (E)

      32,901        30,332  

Series 2014-3A, Class AFX3,

      

3.75% (D), 11/25/2054 (E)

      24,820        23,108  

Series 2016-3A, Class A1B,

      

3.25% (D), 09/25/2056 (E)

      21,293        19,666  

Series 2017-1A, Class A1,

      

4.00% (D), 02/25/2057 (E)

      45,423        43,108  

Series 2017-3A, Class A1,

      

4.00% (D), 04/25/2057 (E)

      76,897        73,259  

Series 2017-4A, Class A1,

      

4.00% (D), 05/25/2057 (E)

      26,160        24,534  

Series 2018-RPL1, Class A1,

      

3.50% (D), 12/25/2057 (E)

      29,185        27,863  

Series 2019-4A, Class A1B,

      

3.50% (D), 12/25/2058 (E)

      98,301        91,518  

Series 2019-5A, Class A1B,

      

3.50% (D), 08/25/2059 (E)

      86,446        81,253  

One Market Plaza Trust

      

Series 2017-1MKT, Class A,

      

3.61%, 02/10/2032 (E)

      195,000        183,254  

Structured Asset Mortgage Investments II Trust

      

Series 2003-AR4, Class A1,

      

1-Month LIBOR + 0.70%,
5.17% (D), 01/19/2034

      30,738        29,010  

Towd Point Mortgage Trust

      

Series 2021-1, Class A1,

      

2.25% (D), 11/25/2061 (E)

      157,716        143,289  

Series 2023-1, Class A1,

      

3.75%, 01/25/2063 (E)

      140,000        133,462  
     

 

 

  

Total Mortgage-Backed Securities
(Cost $2,597,238)

 

      2,333,576  
     

 

 

  
 

 

Transamerica Funds

     Page    8         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.8%  

Federal Home Loan Mortgage Corp.

      

12-Month LIBOR + 1.90%,
2.40% (D), 02/01/2041

      $  699        $  688  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates

      

1.38%, 06/25/2030

      245,000        203,397  

2.89%, 06/25/2027

      43,613        42,865  

3.01%, 07/25/2025

      188,000        181,942  

3.06% (D), 07/25/2023

      50,000        49,552  

3.06% (D), 08/25/2024

      394,170        384,604  

3.53% (D), 10/25/2023

      109,939        108,750  

Federal National Mortgage Association

      

12-Month LIBOR + 1.75%,
2.25% (D), 03/01/2041

      443        435  

3.33% (D), 10/25/2023

      18,823        18,490  

3.50%, 11/01/2028 - 01/01/2029

      31,061        30,424  

4.00%, 10/01/2025 - 07/01/2026

      5,577        5,538  

4.50%, 02/01/2025

      419        423  

5.00%, 04/01/2039 - 11/01/2039

      58,112        59,365  

5.50%, 09/01/2036 - 12/01/2041

      102,683        107,523  

6.00%, 05/01/2038 - 04/01/2040

      58,406        61,502  

6.50%, 05/01/2040

      15,921        16,880  

Government National Mortgage Association, Interest Only STRIPS

      

Series 2012-120, Class IO,

      

0.64% (D), 02/16/2053

      71,242        1,142  

Tennessee Valley Authority

      

5.88%, 04/01/2036

      79,000        91,116  

Uniform Mortgage-Backed Security

      

2.00%, TBA (G)

      1,477,000        1,287,361  

2.50%, TBA (G)

      2,607,000        2,301,085  

3.00%, TBA (G)

      1,819,000        1,661,281  

3.50%, TBA (G)

      1,898,000        1,787,815  

4.00%, TBA (G)

      1,188,000        1,145,724  

4.50%, TBA (G)

      712,000        702,461  
     

 

 

  

Total U.S. Government Agency Obligations
(Cost $10,331,121)

 

      10,250,363  
     

 

 

  
U.S. GOVERNMENT OBLIGATIONS - 10.9%  
U.S. Treasury - 10.1%              

U.S. Treasury Bonds

      

1.25%, 05/15/2050

      518,000        301,634  

1.88%, 02/15/2051 - 11/15/2051

      626,000        426,745  

2.00%, 02/15/2050

      301,000        213,216  

2.25%, 08/15/2046 - 02/15/2052

      377,000        282,159  

2.38%, 02/15/2042 - 05/15/2051

      454,000        362,174  

2.50%, 02/15/2045 - 05/15/2046

      355,000        284,303  

2.75%, 08/15/2042 - 11/15/2047

      632,500        533,373  

2.88%, 08/15/2045 - 05/15/2049

      356,300        305,079  

3.00%, 05/15/2042 - 08/15/2052

      330,700        290,713  

3.13%, 02/15/2042 - 05/15/2048

      293,500        266,944  

3.63%, 02/15/2044

      242,300        235,429  

4.00%, 11/15/2052

      115,000        122,026  

5.25%, 02/15/2029

      309,000        335,108  

U.S. Treasury Notes

      

0.13%, 05/31/2023

      93,000        91,620  

0.25%, 08/31/2025 (A)

      66,000        59,977  

0.63%, 05/15/2030 - 08/15/2030

      472,000        384,228  
     Principal      Value  
U.S. GOVERNMENT OBLIGATIONS (continued)  
U.S. Treasury (continued)              

U.S. Treasury Notes (continued)

      

0.88%, 06/30/2026

      $   199,000        $   180,352  

1.13%, 02/15/2031

      434,000        364,475  

1.25%, 11/30/2026

      243,000        221,291  

1.38%, 11/15/2031

      397,000        333,806  

1.50%, 08/15/2026 - 02/15/2030

      406,300        369,288  

1.63%, 02/15/2026 - 05/15/2031

      747,900        668,877  

1.88%, 02/15/2032

      462,100        404,374  

2.00%, 02/15/2025

      93,000        89,011  

2.13%, 05/15/2025 (A)

      110,000        105,265  

2.25%, 11/15/2025 - 11/15/2027

      315,300        298,892  

2.38%, 02/29/2024

      119,000        116,053  

2.50%, 08/15/2023 - 05/31/2024

      462,000        455,857  

2.75%, 05/15/2025 - 08/15/2032

      830,000        787,536  

2.88%, 08/15/2028 - 05/15/2032

      680,200        647,039  

3.13%, 11/15/2028

      195,500        190,185  

4.13%, 09/30/2027 - 11/15/2032

      772,800        809,346  
     

 

 

  
     10,536,375  
     

 

 

  
U.S. Treasury Inflation-Protected Securities - 0.8%  

U.S. Treasury Inflation-Protected Indexed Bonds

      

0.25%, 02/15/2050

      196,863        141,740  

1.75%, 01/15/2028

      102,329        103,906  

2.50%, 01/15/2029

      378,178        401,685  

U.S. Treasury Inflation-Protected Indexed Notes

      

0.13%, 07/15/2030

      203,210        186,457  
     

 

 

  
     833,788  
     

 

 

  

Total U.S. Government Obligations
(Cost $12,692,920)

 

      11,370,163  
     

 

 

  
COMMERCIAL PAPER - 7.5%              
Banks - 3.1%              

Australia & New Zealand Banking Group Ltd.

      

5.16% (H), 07/10/2023

      350,000        342,734  

Bedford Row Funding Corp.

      

4.65% (H), 02/07/2023

      475,000        474,588  

BofA Securities, Inc.

      

5.21% (H), 07/13/2023

      500,000        488,848  

Lloyds Bank PLC

      

4.65% (H), 02/03/2023

      450,000        449,837  

Mackinac Funding Co. LLC

      

4.81% (H), 03/01/2023

      485,000        483,205  

Macquarie Bank Ltd.

      

4.62% (H), 02/28/2023

      500,000        498,228  

Svenska Handelsbanken AB

      

5.06% (H), 07/24/2023

      500,000        488,308  
     

 

 

  
     3,225,748  
     

 

 

  
Diversified Financial Services - 3.2%              

Atlantic Asset Securitization LLC

      

4.74% (H), 02/15/2023

      500,000        499,062  

Chariot Funding LLC

      

5.15% (H), 07/13/2023

      450,000        439,972  

Collateralized Commercial Paper V Co. LLC

      

4.72% (H), 02/01/2023

      450,000        449,946  

Glencove Funding LLC

      

4.74% (H), 02/03/2023

      450,000        449,837  

Lexington Parker Capital Co. LLC

      

4.77% (H), 03/03/2023

      450,000        448,232  

Mont Blanc Capital Corp.

      

4.74% (H), 02/21/2023

      250,000        249,340  
 

 

Transamerica Funds

     Page    9         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
COMMERCIAL PAPER (continued)              
Diversified Financial Services (continued)              

Sheffield Receivables Co. LLC

 

   

4.83% (H), 03/06/2023

      $   500,000        $   497,818  

Victory Receivables Corp.

      

4.83% (H), 02/09/2023

      333,000        332,627  
     

 

 

  
     3,366,834  
     

 

 

  
Food Products - 0.5%              

Britannia Funding Co. LLC

      

4.79% (H), 02/07/2023

      475,000        474,586  
     

 

 

  
Health Care Providers & Services - 0.4%              

Columbia Funding Co. LLC

      

4.72% (H), 03/01/2023

      430,000        428,422  
     

 

 

  
Software - 0.3%              

Manhattan Asset Funding Co. LLC

      

5.20% (H), 07/10/2023

      350,000        342,320  
     

 

 

  

Total Commercial Paper
(Cost $7,837,870)

 

      7,837,910  
     

 

 

  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%  

U.S. Treasury Bills

      

4.28% (H), 03/09/2023

      232,000        230,964  

4.61% (H), 06/08/2023

      61,000        60,018  

4.66% (H), 06/08/2023

      540,000        531,303  

4.83% (H), 07/20/2023

      123,000        120,354  
     

 

 

  

Total Short-Term U.S. Government Obligations
(Cost $942,825)

 

      942,639  
     

 

 

  
     Shares      Value  
OTHER INVESTMENT COMPANY - 1.0%         
Securities Lending Collateral - 1.0%              

State Street Navigator Securities Lending Trust - Government Money Market Portfolio,
4.30% (H)

      1,008,681        1,008,681  
     

 

 

  

Total Other Investment Company
(Cost $1,008,681)

 

      1,008,681  
     

 

 

  

Total Investments
(Cost $97,034,390)

 

      113,527,161  

Net Other Assets (Liabilities) - (8.5)%

 

      (8,940,899 ) 
     

 

 

  

Net Assets - 100.0%

 

      $  104,586,262  
     

 

 

  

    

 

 

Transamerica Funds

     Page    10         

Transamerica Balanced II

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

FUTURES CONTRACTS:

 

Long Futures Contracts

 

 

Description

    Number of
Contracts		    Expiration
Date		    Notional
Amount		    Value    Unrealized
Appreciation		    Unrealized
Depreciation

S&P 500® E-Mini Index

    1        03/17/2023      $     192,727      $     204,500      $     11,773      $     —

INVESTMENT VALUATION:

 

Valuation Inputs (I)

 

     Level 1 -
Unadjusted
Quoted
Prices		      Level 2 -
Other
Significant
Observable
Inputs		      Level 3 -
Significant
Unobservable
Inputs		      Value  

ASSETS

 

Investments

 

Common Stocks

    $ 61,773,211      $ —        $     —        $ 61,773,211  

Preferred Stocks

      91,876        —          —          91,876  

Asset-Backed Securities

      —          2,624,655        —          2,624,655  

Corporate Debt Securities

      —          14,886,901        —          14,886,901  

Foreign Government Obligations

      —          407,186        —          407,186  

Mortgage-Backed Securities

      —          2,333,576        —          2,333,576  

U.S. Government Agency Obligations

      —          10,250,363        —          10,250,363  

U.S. Government Obligations

      —          11,370,163        —          11,370,163  

Commercial Paper

      —          7,837,910        —          7,837,910  

Short-Term U.S. Government Obligations

      —          942,639        —          942,639  

Other Investment Company

      1,008,681        —          —          1,008,681  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $     62,873,768      $     50,653,393      $ —        $     113,527,161  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments

 

Futures Contracts (J)

    $ 11,773      $ —        $ —        $ 11,773  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Financial Instruments

    $ 11,773      $ —        $ —        $ 11,773  
  

 

 

     

 

 

     

 

 

     

 

 

  

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

 

(A)      All or a portion of the securities are on loan. The total value of all securities on loan is $2,267,903, collateralized by cash collateral of $1,008,681 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,307,266. 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.
(B)      Non-income producing securities.
(C)      Percentage rounds to less than 0.1% or (0.1)%.
(D)      Floating or variable rate securities. The rates disclosed are as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)      Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2023, the total value of 144A securities is $8,988,046, representing 8.6% of the Fund’s net assets.
(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, 2023. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)      Rates disclosed reflect the yields at January 31, 2023.
(I)      There were no transfers in or out of Level 3 during the period ended January 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.
(J)      Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

 

LIBOR

    London Interbank Offered Rate

STRIPS

    Separate Trading of Registered Interest and Principal of Securities

TBA

    To Be Announced

 

Transamerica Funds

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Transamerica Balanced II

 

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica Balanced II (the “Fund”) is a series of the Transamerica Funds.

Effective September 8, 2022, TAM has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund’s Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. Generally Accepted Accounting Principles in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities.

Level 2 — Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM’s own assumptions used in determining the fair value of the Fund’s investments 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, 2023, 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.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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.

 

Transamerica Funds

     Page    12         

Transamerica Balanced II

 

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

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.

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.

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.

 

Transamerica Funds

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