NPORT-EX 2 NPORT_I3BF_66967882_0123.htm FOR VALIDATION PURPOSES ONLY - [447377.I3BF]

Transamerica Bond

 

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

     Principal      Value  
ASSET-BACKED SECURITIES - 12.6%  

321 Henderson Receivables VI LLC

      

Series 2010-1A, Class A,

      

5.56%, 07/15/2059 (A)

      $  432,234        $  421,749  

Accelerated LLC

      

Series 2021-1H, Class B,

      

1.90%, 10/20/2040 (A)

      3,273,970        2,900,927  

Series 2021-1H, Class D,

      

3.58%, 10/20/2040 (A)

      1,960,814        1,729,869  

Anchorage Capital CLO 16 Ltd.

      

Series 2020-16A, Class CR,

      

3-Month LIBOR + 2.40%,
7.20% (B), 01/19/2035 (A)

      2,700,000        2,576,121  

Anchorage Capital CLO 25 Ltd.

      

Series 2022-25A, Class C,

      

3-Month Term SOFR +
2.35%, 6.99% (B), 04/20/2035 (A)

      4,400,000        4,138,812  

Anchorage Capital CLO 9 Ltd.

      

Series 2016-9A, Class AR2,

      

3-Month LIBOR + 1.14%,
5.93% (B), 07/15/2032 (A)

      3,600,000        3,558,690  

Aqua Finance Trust

      

Series 2021-A, Class A,

      

1.54%, 07/17/2046 (A)

      2,447,732        2,196,692  

Battalion CLO XVI Ltd.

      

Series 2019-16A, Class CR,

      

3-Month LIBOR + 2.25%,
7.06% (B), 12/19/2032 (A)

      3,100,000        2,953,029  

Battalion CLO XXI Ltd.

      

Series 2021-21A, Class A,

      

3-Month LIBOR + 1.18%,
5.97% (B), 07/15/2034 (A)

      2,880,000        2,830,856  

Bavarian Sky UK 5 PLC

      

Series 2014-1A, Class A1A2,

      

3-Month LIBOR + 1.20%,
6.01% (B), 10/20/2034 (A)

      4,500,000        4,371,633  

BRE Grand Islander Timeshare Issuer LLC

      

Series 2017-1A, Class A,

      

2.94%, 05/25/2029 (A)

      96,499        93,463  

BXG Receivables Note Trust

      

Series 2015-A, Class A,

      

2.88%, 05/02/2030 (A)

      288,356        277,162  

Series 2020-A, Class A,

      

1.55%, 02/28/2036 (A)

      1,004,668        909,573  

CARS-DB4 LP

      

Series 2020-1A, Class A1,

      

2.69%, 02/15/2050 (A)

      1,098,082        1,037,303  

Series 2020-1A, Class A4,

      

3.19%, 02/15/2050 (A)

      5,961,169        5,628,845  

CARS-DB5 LP

      

Series 2021-1A, Class A3,

      

1.92%, 08/15/2051 (A)

      4,113,133        3,565,128  

Countrywide Asset-Backed Certificates

      

Series 2002-S3, Class A5,

      

4.93% (B), 05/25/2032

      6,731        5,220  

DataBank Issuer

      

Series 2021-1A, Class A2,

      

2.06%, 02/27/2051 (A)

      4,727,000        4,244,645  
     Principal      Value  
ASSET-BACKED SECURITIES (continued)  

Diamond Infrastructure Funding LLC

      

Series 2021-1A, Class A,

      

1.76%, 04/15/2049 (A)

      $   3,375,000        $   2,891,146  

Diamond Resorts Owner Trust

      

Series 2019-1A, Class A,

      

2.89%, 02/20/2032 (A)

      522,359        511,941  

ExteNet LLC

      

Series 2019-1A, Class A2,

      

3.20%, 07/26/2049 (A)

      2,765,000        2,607,968  

GoodLeap Sustainable Home Solutions Trust

      

Series 2021-4GS, Class A,

      

1.93%, 07/20/2048 (A)

      2,734,716        2,088,191  

Series 2021-5CS, Class A,

      

2.31%, 10/20/2048 (A)

      3,044,247        2,475,775  

Series 2022-1GS, Class A,

      

2.70%, 01/20/2049 (A)

      3,907,275        3,237,862  

GSAA Home Equity Trust

      

Series 2006-1, Class A3,

      

1-Month LIBOR + 0.66%,
5.17% (B), 01/25/2036

      972,543        431,944  

Hilton Grand Vacations Trust

      

Series 2018-AA, Class C,

      

4.00%, 02/25/2032 (A)

      460,692        441,342  

JG Wentworth XXI LLC

      

Series 2010-2A, Class A,

      

4.07%, 01/15/2048 (A)

      317,124        309,060  

JGWPT XXIII LLC

      

Series 2011-1A, Class A,

      

4.70%, 10/15/2056 (A)

      1,110,314        1,063,659  

Lehman XS Trust

      

Series 2005-8, Class 1A3,

      

1-Month LIBOR + 0.70%,
5.21% (B), 12/25/2035

      739,515        763,273  

Longfellow Place CLO Ltd.

      

Series 2013-1A, Class AR3,

      

3-Month LIBOR + 1.00%,
5.79% (B), 04/15/2029 (A)

      999,510        995,925  

MVW LLC

      

Series 2019-2A, Class B,

      

2.44%, 10/20/2038 (A)

      605,299        564,977  

Series 2021-1WA, Class C,

      

1.94%, 01/22/2041 (A)

      3,581,327        3,240,223  

MVW Owner Trust

      

Series 2019-1A, Class A,

      

2.89%, 11/20/2036 (A)

      1,047,632        995,457  

New Residential Advance Receivables Trust

      

Series 2020-T1, Class AT1,

      

1.43%, 08/15/2053 (A)

      13,300,000        12,894,190  

Series 2020-T1, Class BT1,

      

1.82%, 08/15/2053 (A)

      2,400,000        2,321,181  

Series 2020-T1, Class DT1,

      

3.01%, 08/15/2053 (A)

      3,390,000        3,275,127  

NRZ Advance Receivables Trust

      

Series 2020-T2, Class AT2,

      

1.48%, 09/15/2053 (A)

      20,909,042        20,239,390  

Series 2020-T2, Class CT2,

      

2.17%, 09/15/2053 (A)

      1,200,000        1,158,840  

Octagon 54 Ltd.

      

Series 2021-1A, Class A1,

      

3-Month LIBOR + 1.12%,
5.91% (B), 07/15/2034 (A)

      2,750,000        2,711,580  
 

 

Transamerica Funds

     Page    1         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
ASSET-BACKED SECURITIES (continued)  

Orange Lake Timeshare Trust

      

Series 2016-A, Class A,

      

2.61%, 03/08/2029 (A)

      $   154,416        $   148,559  

Series 2018-A, Class C,

      

3.74%, 11/08/2030 (A)

      344,204        332,822  

Series 2019-A, Class A,

      

3.06%, 04/09/2038 (A)

      270,704        260,556  

Series 2019-A, Class C,

      

3.61%, 04/09/2038 (A)

      270,703        257,117  

Pikes Peak CLO 4

      

Series 2019-4A, Class AR,

      

3-Month LIBOR + 1.20%,
5.99% (B), 07/15/2034 (A)

      4,395,000        4,332,714  

Santander Drive Auto Receivables Trust

      

Series 2021-2, Class D,

      

1.35%, 07/15/2027

      3,434,000        3,228,748  

Sierra Timeshare Receivables Funding LLC

      

Series 2018-3A, Class A,

      

3.69%, 09/20/2035 (A)

      419,104        415,461  

Series 2018-3A, Class D,

      

5.20%, 09/20/2035 (A)

      450,734        436,393  

Series 2019-1A, Class B,

      

3.42%, 01/20/2036 (A)

      316,989        305,747  

Series 2019-2A, Class A,

      

2.59%, 05/20/2036 (A)

      443,489        429,474  

Series 2019-2A, Class D,

      

4.54%, 05/20/2036 (A)

      449,970        424,638  

Series 2020-2A, Class A,

      

1.33%, 07/20/2037 (A)

      217,574        205,574  

Series 2020-2A, Class B,

      

2.32%, 07/20/2037 (A)

      1,056,576        989,773  

Series 2021-1A, Class C,

      

1.79%, 11/20/2037 (A)

      2,164,185        1,993,042  

Series 2021-1A, Class D,

      

3.17%, 11/20/2037 (A)

      1,499,966        1,372,274  

STORE Master Funding I LLC

      

Series 2015-1A, Class A2,

      

4.17%, 04/20/2045 (A)

      1,033,344        978,064  

Sunnova Helios V Issuer LLC

      

Series 2021-A, Class A,

      

1.80%, 02/20/2048 (A)

      2,366,483        1,960,779  

TICP CLO III-2 Ltd.

      

Series 2018-3R, Class B,

      

3-Month LIBOR + 1.35%,
6.16% (B), 04/20/2028 (A)

      1,250,000        1,241,234  

Towd Point Mortgage Trust

      

Series 2017-1, Class A1,

      

2.75% (B), 10/25/2056 (A)

      268,039        264,042  

Series 2017-3, Class A1,

      

2.75% (B), 07/25/2057 (A)

      250,030        243,433  

Series 2017-4, Class A1,

      

2.75% (B), 06/25/2057 (A)

      1,894,768        1,807,068  

Series 2017-6, Class A1,

      

2.75% (B), 10/25/2057 (A)

      1,797,673        1,717,127  

Series 2018-2, Class A1,

      

3.25% (B), 03/25/2058 (A)

      1,613,676        1,554,766  

Series 2018-4, Class A1,

      

3.00% (B), 06/25/2058 (A)

      2,983,423        2,778,487  

Series 2018-5, Class A1A,

      

3.25% (B), 07/25/2058 (A)

      974,647        938,806  

Series 2019-1, Class A1,

      

3.73% (B), 03/25/2058 (A)

      5,230,386        5,034,584  

Series 2020-4, Class A1,

      

1.75%, 10/25/2060 (A)

      7,992,096        7,159,877  

Vantage Data Centers Issuer LLC

      

Series 2020-1A, Class A2,

      

1.65%, 09/15/2045 (A)

      5,085,000        4,559,474  
     Principal      Value  
ASSET-BACKED SECURITIES (continued)  

VSE VOI Mortgage LLC

      

Series 2018-A, Class A,

      

3.56%, 02/20/2036 (A)

      $   299,565        $   291,041  

Welk Resorts LLC

      

Series 2019-AA, Class A,

      

2.80%, 06/15/2038 (A)

      635,522        614,467  

Wellfleet CLO Ltd.

      

Series 2015-1A, Class BR4,

      

3-Month LIBOR + 1.55%,
6.36% (B), 07/20/2029 (A)

      3,815,000        3,734,061  

Series 2016-2A, Class A2R,

      

3-Month LIBOR + 1.58%,
6.39% (B), 10/20/2028 (A)

      4,975,000        4,887,002  

Series 2017-2A, Class A2R,

      

3-Month LIBOR + 1.62%,
6.43% (B), 10/20/2029 (A)

      4,000,000        3,919,932  

Series 2022-1A, Class C,

      

3-Month Term SOFR + 2.85%,
7.51% (B), 04/15/2034 (A)

      2,500,000        2,375,603  
     

 

 

  
Total Asset-Backed Securities
(Cost $180,963,598)		           169,851,507  
     

 

 

  
CORPORATE DEBT SECURITIES - 46.2%              
Aerospace & Defense - 0.9%              

Boeing Co.

      

5.15%, 05/01/2030

      3,195,000        3,213,202  

5.93%, 05/01/2060

      3,758,000        3,805,547  

Embraer Netherlands Finance BV

      

6.95%, 01/17/2028 (A)

      2,343,000        2,418,960  

Huntington Ingalls Industries, Inc.

      

2.04%, 08/16/2028

      2,986,000        2,521,071  
     

 

 

  
     11,958,780  
     

 

 

  
Air Freight & Logistics - 0.2%              

GXO Logistics, Inc.

      

2.65%, 07/15/2031

      4,221,000        3,307,647  
     

 

 

  
Airlines - 0.5%              

American Airlines Pass-Through Trust

      

3.15%, 08/15/2033

      1,486,818        1,290,977  

Delta Air Lines Pass-Through Trust

      

3.20%, 10/25/2025

      1,655,000        1,637,309  

Delta Air Lines, Inc. / SkyMiles IP Ltd.

      

4.75%, 10/20/2028 (A)

      2,086,000        2,029,441  

United Airlines Pass-Through Trust

      

3.75%, 03/03/2028

      1,255,385        1,170,304  

4.15%, 02/25/2033

      1        1  
     

 

 

  
     6,128,032  
     

 

 

  
Auto Components - 0.1%              

Aptiv PLC / Aptiv Corp.

      

3.25%, 03/01/2032

      1,762,000        1,517,227  
     

 

 

  
Automobiles - 0.4%              

General Motors Co.

      

6.25%, 10/02/2043

      2,723,000        2,700,640  

Stellantis Finance US, Inc.

      

6.38%, 09/12/2032 (A)

      2,185,000        2,274,613  
     

 

 

  
     4,975,253  
     

 

 

  
Banks - 4.7%              

Bank of America Corp.

      

Fixed until 03/11/2031,
2.65% (B), 03/11/2032

      3,000,000        2,523,298  

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

      6,806,000        6,559,346  
 

 

Transamerica Funds

     Page    2         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

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

Barclays PLC

      

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

      $   6,090,000        $   6,389,939  

BBVA Bancomer SA

      

Fixed until 09/13/2029,
5.88% (B), 09/13/2034 (A)

      4,265,000        4,105,063  

BNP Paribas SA

      

Fixed until 11/17/2027 (C), 9.25% (A) (B)

      5,233,000        5,683,038  

BPCE SA

      

4.50%, 03/15/2025 (A) (D)

      3,992,000        3,885,159  

Citigroup, Inc.

      

Fixed until 12/10/2025 (C), 4.00% (B)

      3,111,000        2,877,980  

Commerzbank AG

      

8.13%, 09/19/2023 (A)

      4,661,000        4,703,737  

Intesa Sanpaolo SpA

      

Fixed until 11/21/2032,
8.25% (B), 11/21/2033 (A)

      7,981,000        8,709,766  

JPMorgan Chase & Co.

      

Fixed until 02/01/2025 (C), 4.60% (B)

      4,698,000        4,395,566  

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

      4,493,000        4,622,478  

Lloyds Banking Group PLC

      

Fixed until 06/27/2026 (C), 6.75% (B)

      2,567,000        2,506,324  

Truist Financial Corp.

      

5.12% (B), 01/26/2034

      4,073,000        4,113,855  

Wells Fargo & Co.

      

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

      2,561,000        2,551,499  
     

 

 

  
     63,627,048  
     

 

 

  
Beverages - 0.7%              

Anheuser-Busch InBev Worldwide, Inc.

      

4.44%, 10/06/2048

      1,089,000        998,962  

4.75%, 01/23/2029

      2,771,000        2,807,723  

Constellation Brands, Inc.

      

3.15%, 08/01/2029

      1,344,000        1,224,156  

3.70%, 12/06/2026

      771,000        743,825  

Primo Water Holdings, Inc.

      

4.38%, 04/30/2029 (A)

      3,655,000        3,188,037  
     

 

 

  
     8,962,703  
     

 

 

  
Biotechnology - 0.5%              

AbbVie, Inc.

      

3.20%, 05/14/2026

      1,193,000        1,143,973  

4.05%, 11/21/2039

      2,650,000        2,378,075  

Amgen, Inc.

      

2.00%, 01/15/2032

      1,419,000        1,146,148  

CSL Finance PLC

      

4.63%, 04/27/2042 (A) (D)

      2,278,000        2,175,990  
     

 

 

  
     6,844,186  
     

 

 

  
Building Products - 0.8%              

Builders FirstSource, Inc.

      

5.00%, 03/01/2030 (A)

      859,000        800,964  

Carlisle Cos., Inc.

      

2.20%, 03/01/2032

      2,572,000        2,047,525  

3.75%, 12/01/2027

      1,452,000        1,390,459  

Carrier Global Corp.

      

2.72%, 02/15/2030

      1,942,000        1,692,625  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Building Products (continued)              

Owens Corning

      

7.00%, 12/01/2036

      $   2,467,000        $   2,801,760  

Standard Industries, Inc.

      

3.38%, 01/15/2031 (A)

      2,179,000        1,730,823  
     

 

 

  
     10,464,156  
     

 

 

  
Capital Markets - 2.1%              

Credit Suisse AG

      

6.50%, 08/08/2023 (A)

      3,070,000        3,020,573  

Credit Suisse Group AG

      

Fixed until 08/21/2026 (C), 6.38% (A) (B)

      2,816,000        2,280,960  

Fixed until 11/15/2032,
9.02% (B), 11/15/2033 (A)

      2,324,000        2,608,279  

Deutsche Bank AG

      

Fixed until 05/24/2023,
4.30% (B), 05/24/2028

      4,232,000        4,127,573  

Goldman Sachs Group, Inc.

      

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

      5,681,000        4,853,441  

LPL Holdings, Inc.

      

4.00%, 03/15/2029 (A)

      3,175,000        2,832,733  

Morgan Stanley

      

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

      3,476,000        3,433,929  

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

      1,568,000        1,582,512  

Northern Trust Corp.

      

6.13%, 11/02/2032

      3,856,000        4,229,654  
     

 

 

  
     28,969,654  
     

 

 

  
Chemicals - 0.7%              

ASP Unifrax Holdings, Inc.

      

5.25%, 09/30/2028 (A)

      1,005,000        861,063  

International Flavors & Fragrances, Inc.

      

2.30%, 11/01/2030 (A)

      2,647,000        2,190,010  

Mosaic Co.

      

4.05%, 11/15/2027

      1,382,000        1,350,484  

NOVA Chemicals Corp.

      

4.88%, 06/01/2024 (A)

      2,800,000        2,759,036  

Nutrien Ltd.

      

4.20%, 04/01/2029

      2,011,000        1,945,716  
     

 

 

  
     9,106,309  
     

 

 

  
Commercial Services & Supplies - 1.0%              

ADT Security Corp.

      

4.13%, 08/01/2029 (A)

      2,728,000        2,425,956  

Ashtead Capital, Inc.

      

4.25%, 11/01/2029 (A)

      1,796,000        1,672,688  

5.55%, 05/30/2033 (A)

      2,013,000        2,016,271  

Stericycle, Inc.

      

3.88%, 01/15/2029 (A)

      1,868,000        1,657,402  

5.38%, 07/15/2024 (A)

      1,408,000        1,394,441  

Triton Container International Ltd. / TAL International Container Corp.

      

3.25%, 03/15/2032

      5,371,000        4,373,927  
     

 

 

  
     13,540,685  
     

 

 

  
Communications Equipment - 0.3%              

CommScope, Inc.

      

4.75%, 09/01/2029 (A)

      5,544,000        4,591,345  
     

 

 

  
Construction & Engineering - 0.6%              

Ashton Woods USA LLC / Ashton Woods Finance Co.

      

4.63%, 08/01/2029 - 04/01/2030 (A)

      2,660,000        2,218,716  
 

 

Transamerica Funds

     Page    3         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Construction & Engineering (continued)              

IHS Holding Ltd.

 

   

5.63%, 11/29/2026 (A)

      $   2,561,000        $   2,162,764  

IHS Netherlands Holdco BV

      

8.00%, 09/18/2027 (A)

      1,975,000        1,780,068  

Quanta Services, Inc.

      

2.90%, 10/01/2030

      2,043,000        1,750,144  
     

 

 

  
     7,911,692  
     

 

 

  
Construction Materials - 0.2%              

CRH America Finance, Inc.

      

3.40%, 05/09/2027 (A)

      2,580,000        2,437,687  

CRH America, Inc.

      

3.88%, 05/18/2025 (A)

      1,000,000        975,816  
     

 

 

  
     3,413,503  
     

 

 

  
Consumer Finance - 1.1%              

Ally Financial, Inc.

      

8.00%, 11/01/2031

      3,848,000        4,214,090  

BMW US Capital LLC

      

2.80%, 04/11/2026 (A)

      1,921,000        1,821,222  

Ford Motor Credit Co. LLC

      

3.38%, 11/13/2025

      4,705,000        4,409,996  

Nissan Motor Acceptance Co. LLC

      

2.45%, 09/15/2028 (A)

      3,359,000        2,721,023  

Volkswagen Group of America Finance LLC

      

1.63%, 11/24/2027 (A) (D)

      2,089,000        1,799,174  
     

 

 

  
     14,965,505  
     

 

 

  
Containers & Packaging - 1.1%              

Clydesdale Acquisition Holdings, Inc.

      

6.63%, 04/15/2029 (A)

      2,004,000        1,976,004  

Mauser Packaging Solutions Holding Co.

      

5.50%, 04/15/2024 (A)

      4,070,000        4,067,151  

7.88%, 08/15/2026 (A) (E)

      1,320,000        1,331,550  

Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC

      

4.00%, 10/15/2027 (A)

      3,570,000        3,204,075  

Sonoco Products Co.

      

2.25%, 02/01/2027

      2,168,000        1,958,769  

WRKCo, Inc.

      

3.90%, 06/01/2028 (D)

      2,405,000        2,279,696  
     

 

 

  
     14,817,245  
     

 

 

  
Diversified Financial Services - 2.9%              

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

      

3.85%, 10/29/2041

      3,574,000        2,776,350  

4.45%, 04/03/2026

      3,579,000        3,466,288  

Aviation Capital Group LLC

      

1.95%, 01/30/2026 (A)

      1,920,000        1,707,018  

3.50%, 11/01/2027 (A)

      1,507,000        1,347,126  

5.50%, 12/15/2024 (A)

      5,008,000        4,957,558  

Equitable Holdings, Inc.

      

5.59%, 01/11/2033

      4,014,000        4,099,015  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.

      

4.25%, 02/01/2027 (A)

      5,711,000        5,032,819  

Mexico Remittances Funding Fiduciary Estate Management SARL

      

4.88%, 01/15/2028 (A)

      6,098,000        5,626,029  

United Wholesale Mortgage LLC

      

5.50%, 11/15/2025 (A)

      4,725,000        4,419,598  

Virgin Media Secured Finance PLC

      

4.50%, 08/15/2030 (A)

      2,800,000        2,415,028  

5.50%, 05/15/2029 (A)

      3,940,000        3,635,210  
     

 

 

  
     39,482,039  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Diversified Telecommunication Services - 0.4%  

Axian Telecom

      

7.38%, 02/16/2027 (A)

      $   1,148,000        $   1,057,595  

Verizon Communications, Inc.

      

1.75%, 01/20/2031

      2,923,000        2,348,965  

4.13%, 03/16/2027

      2,134,000        2,104,231  
     

 

 

  
     5,510,791  
     

 

 

  
Electric Utilities - 0.9%              

Cleveland Electric Illuminating Co.

      

3.50%, 04/01/2028 (A)

      4,456,000        4,157,083  

EDP Finance BV

      

3.63%, 07/15/2024 (A)

      5,254,000        5,157,518  

NRG Energy, Inc.

      

3.38%, 02/15/2029 (A)

      598,000        492,394  

3.63%, 02/15/2031 (A)

      854,000        670,211  

Pacific Gas & Electric Co.

      

2.50%, 02/01/2031

      1,960,000        1,577,661  
     

 

 

  
     12,054,867  
     

 

 

  
Electronic Equipment, Instruments & Components - 0.4%  

Arrow Electronics, Inc.

      

2.95%, 02/15/2032

      2,776,000        2,296,537  

Keysight Technologies, Inc.

      

4.60%, 04/06/2027

      2,272,000        2,270,294  

Sensata Technologies, Inc.

      

3.75%, 02/15/2031 (A)

      210,000        178,313  

4.38%, 02/15/2030 (A)

      1,498,000        1,356,289  
     

 

 

  
     6,101,433  
     

 

 

  
Energy Equipment & Services - 0.2%  

Investment Energy Resources Ltd.

      

6.25%, 04/26/2029 (A)

      1,793,000        1,711,536  

Schlumberger Holdings Corp.

      

3.90%, 05/17/2028 (A)

      1,737,000        1,654,906  
     

 

 

  
     3,366,442  
     

 

 

  
Equity Real Estate Investment Trusts - 2.7%  

Broadstone Net Lease LLC

      

2.60%, 09/15/2031

      2,555,000        1,945,267  

Corporate Office Properties LP

      

2.00%, 01/15/2029

      879,000        695,114  

2.25%, 03/15/2026

      1,251,000        1,130,845  

EPR Properties

      

3.75%, 08/15/2029

      2,420,000        2,005,917  

HAT Holdings I LLC / HAT Holdings II LLC

      

3.38%, 06/15/2026 (A)

      1,830,000        1,624,125  

Invitation Homes Operating Partnership LP

      

4.15%, 04/15/2032

      1,602,000        1,465,552  

Iron Mountain, Inc.

      

5.25%, 03/15/2028 (A)

      3,028,000        2,866,305  

iStar, Inc.

      

4.25%, 08/01/2025

      708,000        702,690  

5.50%, 02/15/2026

      3,496,000        3,522,220  

Office Properties Income Trust

      

3.45%, 10/15/2031 (D)

      2,042,000        1,429,901  

Physicians Realty LP

      

2.63%, 11/01/2031

      2,095,000        1,715,281  

Realty Income Corp.

      

5.63%, 10/13/2032

      1,146,000        1,211,806  
 

 

Transamerica Funds

     Page    4         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Equity Real Estate Investment Trusts (continued)  

SBA Tower Trust

      

1.63%, 05/15/2051 (A)

      $   1,660,000        $   1,447,513  

2.84%, 01/15/2050 (A)

      6,883,000        6,504,123  

Simon Property Group LP

      

2.20%, 02/01/2031 (D)

      2,546,000        2,094,438  

VICI Properties LP

      

4.95%, 02/15/2030

      3,802,000        3,674,164  

Weyerhaeuser Co.

      

4.00%, 04/15/2030

      2,433,000        2,290,788  
     

 

 

  
     36,326,049  
     

 

 

  
Food & Staples Retailing - 0.9%              

7-Eleven, Inc.

      

1.80%, 02/10/2031 (A)

      3,318,000        2,639,494  

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP

      

4.63%, 01/15/2027 (A)

      3,613,000        3,425,305  

InRetail Consumer

      

3.25%, 03/22/2028 (A)

      3,042,000        2,626,889  

Sysco Corp.

      

5.95%, 04/01/2030

      2,815,000        3,015,535  
     

 

 

  
     11,707,223  
     

 

 

  
Food Products - 1.2%              

Bunge Ltd. Finance Corp.

      

1.63%, 08/17/2025

      2,035,000        1,873,263  

2.75%, 05/14/2031 (D)

      2,231,000        1,905,853  

Cargill, Inc.

      

5.13%, 10/11/2032 (A)

      1,530,000        1,586,578  

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

      

3.00%, 02/02/2029 (A)

      1,558,000        1,337,309  

Pilgrim’s Pride Corp.

      

3.50%, 03/01/2032 (A)

      3,473,000        2,826,154  

Post Holdings, Inc.

      

4.63%, 04/15/2030 (A)

      680,000        598,400  

5.50%, 12/15/2029 (A)

      1,504,000        1,393,826  

5.63%, 01/15/2028 (A)

      800,000        774,304  

Viterra Finance BV

      

4.90%, 04/21/2027 (A)

      4,158,000        3,991,148  
     

 

 

  
     16,286,835  
     

 

 

  
Health Care Equipment & Supplies - 0.7%              

Alcon Finance Corp.

      

2.75%, 09/23/2026 (A) (D)

      2,053,000        1,905,738  

5.75%, 12/06/2052 (A)

      1,424,000        1,526,716  

Boston Scientific Corp.

      

4.70%, 03/01/2049

      529,000        507,512  

GE HealthCare Technologies, Inc.

      

5.86%, 03/15/2030 (A)

      1,306,000        1,383,206  

Medline Borrower LP

      

3.88%, 04/01/2029 (A)

      1,483,000        1,265,073  

5.25%, 10/01/2029 (A) (D)

      489,000        414,652  

Stryker Corp.

      

1.95%, 06/15/2030

      2,312,000        1,943,876  
     

 

 

  
     8,946,773  
     

 

 

  
Health Care Providers & Services - 1.8%              

Centene Corp.

      

3.00%, 10/15/2030

      1,171,000        1,001,205  

3.38%, 02/15/2030

      3,806,000        3,345,931  

4.25%, 12/15/2027

      1,047,000        1,004,795  

CHS / Community Health Systems, Inc.

      

5.25%, 05/15/2030 (A)

      1,927,000        1,554,935  

8.00%, 03/15/2026 (A)

      425,000        413,546  

Cigna Corp.

      

2.40%, 03/15/2030

      3,032,000        2,610,635  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Health Care Providers & Services (continued)              

CVS Health Corp.

      

4.78%, 03/25/2038

      $   1,892,000        $   1,803,744  

Elevance Health, Inc.

      

2.25%, 05/15/2030

      2,121,000        1,805,343  

5.13%, 02/15/2053

      1,550,000        1,546,710  

HCA, Inc.

      

4.13%, 06/15/2029

      1,566,000        1,485,290  

7.50%, 11/06/2033

      1,031,000        1,137,882  

Laboratory Corp. of America Holdings

      

2.95%, 12/01/2029

      1,695,000        1,515,032  

Molina Healthcare, Inc.

      

4.38%, 06/15/2028 (A)

      1,151,000        1,063,006  

Tenet Healthcare Corp.

      

5.13%, 11/01/2027

      1,400,000        1,347,780  

UnitedHealth Group, Inc.

      

6.05%, 02/15/2063

      2,137,000        2,482,848  
     

 

 

  
     24,118,682  
     

 

 

  
Hotels, Restaurants & Leisure - 2.1%              

Boyd Gaming Corp.

      

4.75%, 12/01/2027 (D)

      849,000        807,117  

Boyne USA, Inc.

      

4.75%, 05/15/2029 (A)

      999,000        904,933  

Expedia Group, Inc.

      

2.95%, 03/15/2031

      229,000        192,143  

3.80%, 02/15/2028

      1,761,000        1,661,584  

GLP Capital LP / GLP Financing II, Inc.

      

4.00%, 01/15/2030

      2,357,000        2,129,253  

Hilton Domestic Operating Co., Inc.

      

3.75%, 05/01/2029 (A)

      3,099,000        2,752,253  

Hyatt Hotels Corp.

      

1.80%, 10/01/2024

      1,368,000        1,296,490  

International Game Technology PLC

      

6.50%, 02/15/2025 (A)

      2,792,000        2,819,920  

Marriott International, Inc.

      

2.75%, 10/15/2033

      2,387,000        1,930,773  

5.75%, 05/01/2025

      292,000        296,824  

MGM Resorts International

      

4.75%, 10/15/2028

      1,627,000        1,470,477  

5.75%, 06/15/2025

      753,000        743,507  

NCL Corp. Ltd.

      

5.88%, 03/15/2026 (A)

      2,716,000        2,368,433  

Royal Caribbean Cruises Ltd.

      

5.50%, 04/01/2028 (A)

      1,364,000        1,173,040  

Scientific Games International, Inc.

      

7.00%, 05/15/2028 (A)

      699,000        692,589  

7.25%, 11/15/2029 (A)

      796,000        798,109  

Viking Cruises Ltd.

      

5.88%, 09/15/2027 (A)

      4,525,000        3,854,305  

Warnermedia Holdings, Inc.

      

5.05%, 03/15/2042 (A)

      2,861,000        2,431,477  
     

 

 

  
     28,323,227  
     

 

 

  
Household Durables - 0.2%              

Century Communities, Inc.

      

3.88%, 08/15/2029 (A)

      2,383,000        2,003,281  

6.75%, 06/01/2027

      1,319,000        1,300,793  
     

 

 

  
     3,304,074  
     

 

 

  
Independent Power & Renewable Electricity Producers - 0.3%  

Calpine Corp.

      

3.75%, 03/01/2031 (A)

      4,515,000        3,764,130  
     

 

 

  
Industrial Conglomerates - 0.2%              

General Electric Co.

      

4.50%, 03/11/2044

      2,625,000        2,410,291  
     

 

 

  
 

 

Transamerica Funds

     Page    5         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Insurance - 2.0%  

Aon Corp. / Aon Global Holdings PLC

      

5.00%, 09/12/2032 (D)

      $   3,143,000        $   3,202,279  

AXA SA

      

8.60%, 12/15/2030

      3,593,000        4,430,361  

Cloverie PLC for Zurich Insurance Co. Ltd.

      

Fixed until 06/24/2026,
5.63% (B), 06/24/2046 (F)

      6,400,000        6,370,560  

Global Atlantic Finance Co.

      

Fixed until 07/15/2026,
4.70% (B), 10/15/2051 (A)

      5,907,000        5,085,193  

Muenchener Rueckversicherungs-Gesellschaft AG

      

Fixed until 11/23/2031,
5.88% (B), 05/23/2042 (A)

      1,800,000        1,838,250  

Ohio National Financial Services, Inc.

      

5.80%, 01/24/2030 (A)

      5,254,000        4,988,934  

6.63%, 05/01/2031 (A)

      1,451,000        1,412,450  
     

 

 

  
     27,328,027  
     

 

 

  
Interactive Media & Services - 0.3%              

Baidu, Inc.

      

4.38%, 05/14/2024 (D)

      2,436,000        2,408,870  

Tencent Holdings Ltd.

      

3.28%, 04/11/2024 (A)

      1,686,000        1,660,094  
     

 

 

  
     4,068,964  
     

 

 

  
IT Services - 0.1%              

Gartner, Inc.

      

4.50%, 07/01/2028 (A)

      413,000        392,346  

Rackspace Technology Global, Inc.

      

3.50%, 02/15/2028 (A)

      2,584,000        1,565,646  
     

 

 

  
     1,957,992  
     

 

 

  
Leisure Products - 0.0% (G)              

Mattel, Inc.

      

5.88%, 12/15/2027 (A)

      360,000        359,100  
     

 

 

  
Life Sciences Tools & Services - 0.1%              

Charles River Laboratories International, Inc.

      

4.00%, 03/15/2031 (A) (D)

      846,000        746,369  
     

 

 

  
Machinery - 0.2%              

CNH Industrial Capital LLC

      

5.45%, 10/14/2025

      2,905,000        2,950,988  
     

 

 

  
Marine - 0.2%              

MV24 Capital BV

      

6.75%, 06/01/2034 (A)

      3,233,288        3,078,090  
     

 

 

  
Media - 1.2%              

Charter Communications Operating LLC / Charter Communications Operating Capital

      

5.13%, 07/01/2049

      3,691,000        3,038,779  

Clear Channel Outdoor Holdings, Inc.

      

5.13%, 08/15/2027 (A)

      1,443,000        1,317,531  

7.50%, 06/01/2029 (A) (D)

      1,392,000        1,126,546  

Comcast Corp.

      

4.15%, 10/15/2028

      3,261,000        3,226,558  

CSC Holdings LLC

      

4.50%, 11/15/2031 (A)

      2,454,000        1,802,709  

4.63%, 12/01/2030 (A)

      1,217,000        719,615  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Media (continued)              

Diamond Sports Group LLC / Diamond Sports Finance Co.

      

5.38%, 08/15/2026 (A)

      $   1,040,000        $   76,700  

6.63%, 08/15/2027 (A)

      690,000        13,800  

Directv Financing LLC / Directv Financing Co-Obligor, Inc.

      

5.88%, 08/15/2027 (A)

      1,031,000        933,885  

DISH DBS Corp.

      

5.00%, 03/15/2023

      1,500,000        1,497,120  

Paramount Global

      

4.20%, 05/19/2032 (D)

      1,611,000        1,384,829  

VZ Secured Financing BV

      

5.00%, 01/15/2032 (A)

      1,617,000        1,375,529  
     

 

 

  
     16,513,601  
     

 

 

  
Metals & Mining - 0.8%              

ArcelorMittal SA

      

6.55%, 11/29/2027

      3,310,000        3,452,299  

Freeport-McMoRan, Inc.

      

3.88%, 03/15/2023

      4,245,000        4,230,567  

Glencore Funding LLC

      

2.63%, 09/23/2031 (A)

      2,750,000        2,288,957  

Novelis Corp.

      

3.25%, 11/15/2026 (A)

      236,000        213,655  

3.88%, 08/15/2031 (A)

      236,000        199,184  
     

 

 

  
     10,384,662  
     

 

 

  
Multi-Utilities - 0.3%              

Black Hills Corp.

      

3.15%, 01/15/2027

      1,874,000        1,763,367  

4.25%, 11/30/2023

      1,419,000        1,410,106  

Duke Energy Corp.

      

5.00%, 12/08/2027

      1,126,000        1,141,593  
     

 

 

  
     4,315,066  
     

 

 

  
Oil, Gas & Consumable Fuels - 4.0%              

Antero Midstream Partners LP / Antero Midstream Finance Corp.

      

5.38%, 06/15/2029 (A)

      1,175,000        1,092,702  

7.88%, 05/15/2026 (A)

      2,739,000        2,810,899  

Boardwalk Pipelines LP

      

3.40%, 02/15/2031

      1,514,000        1,348,878  

Cheniere Energy Partners LP

      

4.00%, 03/01/2031

      4,568,000        4,098,227  

4.50%, 10/01/2029

      1,735,000        1,628,471  

Chevron USA, Inc.

      

3.25%, 10/15/2029

      1,773,000        1,669,327  

Energy Transfer LP

      

6.00%, 06/15/2048

      4,602,000        4,495,762  

EnLink Midstream Partners LP

      

5.05%, 04/01/2045

      1,095,000        862,257  

EQM Midstream Partners LP

      

6.50%, 07/15/2048

      2,310,000        1,778,700  

Exxon Mobil Corp.

      

3.04%, 03/01/2026

      2,435,000        2,343,726  

NuStar Logistics LP

      

5.63%, 04/28/2027

      2,000,000        1,919,460  

5.75%, 10/01/2025

      950,000        940,034  

6.00%, 06/01/2026

      350,000        343,266  

Occidental Petroleum Corp.

      

5.55%, 03/15/2026

      5,870,000        5,928,700  

ONEOK Partners LP

      

4.90%, 03/15/2025

      1,134,000        1,128,860  

ONEOK, Inc.

      

6.10%, 11/15/2032

      3,448,000        3,616,897  
 

 

Transamerica Funds

     Page    6         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Oil, Gas & Consumable Fuels (continued)              

Petroleos Mexicanos

 

   

6.50%, 01/23/2029

      $   3,507,000        $   3,141,662  

6.84%, 01/23/2030

      2,838,000        2,462,146  

6.88%, 10/16/2025 (D)

      2,440,000        2,443,782  

7.69%, 01/23/2050

      1,593,000        1,187,775  

Pioneer Natural Resources Co.

      

2.15%, 01/15/2031

      2,518,000        2,078,502  

Plains All American Pipeline LP / PAA Finance Corp.

      

3.55%, 12/15/2029

      1,710,000        1,531,122  

Sabine Pass Liquefaction LLC

      

5.90%, 09/15/2037 (A)

      2,628,000        2,721,100  

Southwestern Energy Co.

      

5.38%, 03/15/2030

      655,000        609,150  

Targa Resources Partners LP / Targa Resources Partners Finance Corp.

      

4.00%, 01/15/2032

      1,442,000        1,258,789  
     

 

 

  
     53,440,194  
     

 

 

  
Pharmaceuticals - 0.7%              

Astrazeneca Finance LLC

      

1.20%, 05/28/2026

      2,543,000        2,294,076  

Bausch Health Cos., Inc.

      

5.00%, 02/15/2029 (A)

      970,000        436,520  

5.25%, 01/30/2030 - 02/15/2031 (A)

      3,724,000        1,642,502  

6.25%, 02/15/2029 (A)

      520,000        239,252  

7.00%, 01/15/2028 (A)

      617,000        281,238  

Bayer US Finance II LLC

      

4.38%, 12/15/2028 (A)

      1,559,000        1,511,116  

Royalty Pharma PLC

      

2.20%, 09/02/2030

      2,249,000        1,828,668  

Viatris, Inc.

      

2.30%, 06/22/2027

      1,187,000        1,045,203  
     

 

 

  
     9,278,575  
     

 

 

  
Professional Services - 0.4%              

Equifax, Inc.

      

2.60%, 12/01/2024

      2,854,000        2,735,974  

5.10%, 12/15/2027

      2,333,000        2,364,443  
     

 

 

  
     5,100,417  
     

 

 

  
Road & Rail - 0.9%              

Avolon Holdings Funding Ltd.

      

2.88%, 02/15/2025 (A)

      3,386,000        3,174,397  

5.50%, 01/15/2026 (A)

      4,641,000        4,557,055  

Norfolk Southern Corp.

      

4.55%, 06/01/2053

      4,510,000        4,181,104  
     

 

 

  
     11,912,556  
     

 

 

  
Semiconductors & Semiconductor Equipment - 1.3%  

Advanced Micro Devices, Inc.

      

3.92%, 06/01/2032 (D)

      3,311,000        3,157,089  

Broadcom, Inc.

      

1.95%, 02/15/2028 (A)

      1,219,000        1,056,270  

KLA Corp.

      

4.10%, 03/15/2029

      2,500,000        2,463,035  

Microchip Technology, Inc.

      

0.98%, 09/01/2024

      2,433,000        2,277,411  

QUALCOMM, Inc.

      

3.25%, 05/20/2027 - 05/20/2050

      3,126,000        2,746,982  

Skyworks Solutions, Inc.

      

1.80%, 06/01/2026

      1,359,000        1,213,372  

TSMC Global Ltd.

      

1.38%, 09/28/2030 (A)

      6,595,000        5,276,187  
     

 

 

  
     18,190,346  
     

 

 

  
     Principal      Value  
CORPORATE DEBT SECURITIES (continued)  
Software - 1.3%              

Crowdstrike Holdings, Inc.

      

3.00%, 02/15/2029 (D)

      $   583,000        $   500,344  

Infor, Inc.

      

1.75%, 07/15/2025 (A)

      2,364,000        2,150,920  

NCR Corp.

      

5.00%, 10/01/2028 (A)

      695,000        612,198  

5.13%, 04/15/2029 (A)

      897,000        781,256  

5.25%, 10/01/2030 (A)

      2,183,000        1,887,991  

Oracle Corp.

      

3.65%, 03/25/2041

      2,412,000        1,902,026  

6.90%, 11/09/2052

      2,744,000        3,153,579  

Take-Two Interactive Software, Inc.

      

3.55%, 04/14/2025

      3,675,000        3,558,103  

Workday, Inc.

      

3.50%, 04/01/2027

      3,475,000        3,320,685  
     

 

 

  
     17,867,102  
     

 

 

  
Specialty Retail - 0.2%              

Lowe’s Cos., Inc.

      

3.75%, 04/01/2032 (D)

      2,291,000        2,119,224  
     

 

 

  
Technology Hardware, Storage & Peripherals - 0.3%  

Apple, Inc.

      

2.85%, 02/23/2023

      1,092,000        1,090,970  

Dell International LLC / EMC Corp.

      

6.02%, 06/15/2026

      1,432,000        1,471,164  

Western Digital Corp.

      

2.85%, 02/01/2029

      1,557,000        1,269,079  
     

 

 

  
     3,831,213  
     

 

 

  
Tobacco - 0.5%              

BAT Capital Corp.

      

2.26%, 03/25/2028

      3,558,000        3,053,714  

Philip Morris International, Inc.

      

5.63%, 11/17/2029

      2,505,000        2,610,523  

Reynolds American, Inc.

      

7.25%, 06/15/2037

      439,000        474,653  
     

 

 

  
     6,138,890  
     

 

 

  
Wireless Telecommunication Services - 0.6%              

Altice France SA

      

5.50%, 10/15/2029 (A)

      1,320,000        1,039,159  

Sprint LLC

      

7.88%, 09/15/2023

      2,510,000        2,547,442  

T-Mobile USA, Inc.

      

3.50%, 04/15/2031

      2,000,000        1,789,640  

3.88%, 04/15/2030

      1,419,000        1,325,257  

Vmed O2 Financing I PLC

      

4.75%, 07/15/2031 (A)

      2,500,000        2,125,050  
     

 

 

  
     8,826,548  
     

 

 

  

Total Corporate Debt Securities
(Cost $679,443,820)

 

      625,211,750  
     

 

 

  
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%  
Colombia - 0.1%              

Colombia Government International Bonds

      

4.50%, 01/28/2026

      1,300,000        1,240,908  
     

 

 

  
Dominican Republic - 0.1%              

Dominican Republic International Bonds

      

4.88%, 09/23/2032 (A)

      782,000        665,043  

5.50%, 01/27/2025 (F)

      1,122,000        1,117,923  
     

 

 

  
     1,782,966  
     

 

 

  
 

 

Transamerica Funds

     Page    7         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
FOREIGN GOVERNMENT OBLIGATIONS (continued)  
Ecuador - 0.1%  

Ecuador Government International Bonds

      

Zero Coupon, 07/31/2030 (A)

      $   119,808        $   50,893  

1.50% (H), 07/31/2040 (A)

      435,840        182,821  

2.50% (H), 07/31/2035 (A)

      950,976        461,064  

5.50% (H), 07/31/2030 (A)

      362,880        240,852  
     

 

 

  
     935,630  
     

 

 

  
Qatar - 0.2%              

Qatar Government International Bonds

      

3.88%, 04/23/2023 (A)

      2,657,000        2,647,573  
     

 

 

  
Uzbekistan - 0.2%              

Republic of Uzbekistan International Bonds

      

3.90%, 10/19/2031 (A)

      3,049,000        2,498,728  
     

 

 

  

Total Foreign Government Obligations
(Cost $10,324,083)

 

      9,105,805  
     

 

 

  
LOAN ASSIGNMENT - 0.3%              
Commercial Services & Supplies - 0.3%              

Spin Holdco, Inc.

      

Term Loan,

      

3-Month LIBOR + 4.00%,
8.77% (B), 03/04/2028

      4,731,680        3,712,003  
     

 

 

  

Total Loan Assignment
(Cost $4,705,316)

 

      3,712,003  
     

 

 

  
MORTGAGE-BACKED SECURITIES - 10.4%              

20 Times Square Trust

      

Series 2018-20TS, Class C,

      

3.10% (B), 05/15/2035 (A)

      2,550,000        2,450,288  

280 Park Avenue Mortgage Trust

      

Series 2017-280P, Class E,

      

1-Month LIBOR + 2.12%,
6.51% (B), 09/15/2034 (A)

      4,630,000        4,216,242  

Alternative Loan Trust

      

Series 2005-14, Class 2A1,

      

1-Month LIBOR + 0.42%,
4.93% (B), 05/25/2035

      440,013        391,810  

Series 2005-14, Class 4A1,

      

1-Month LIBOR + 0.44%,
4.95% (B), 05/25/2035

      678,276        620,710  

Series 2006-OC1, Class 2A3A,

      

1-Month LIBOR + 0.64%,
5.15% (B), 03/25/2036

      866,966        806,608  

American Home Mortgage Assets Trust

      

Series 2007-2, Class A1,

      

1-Month LIBOR + 0.13%,
4.63% (B), 03/25/2047

      274,455        242,134  

BAMLL Commercial Mortgage Securities Trust

      

Series 2019-BPR, Class BNM,

      

3.47%, 11/05/2032 (A)

      5,000,000        4,465,524  

Series 2019-BPR, Class CNM,

      

3.72% (B), 11/05/2032 (A)

      3,970,000        3,367,911  

Banc of America Funding Trust

      

Series 2007-3, Class TA2,

      

1-Month LIBOR + 0.18%,
4.69% (B), 04/25/2037

      184,666        159,301  
     Principal      Value  
MORTGAGE-BACKED SECURITIES (continued)  

BBCMS Mortgage Trust

      

Series 2017-DELC, Class C,

      

1-Month LIBOR + 1.33%,
5.78% (B), 08/15/2036 (A)

      $   2,339,000        $   2,312,227  

Series 2017-DELC, Class D,

      

1-Month LIBOR + 1.83%,
6.28% (B), 08/15/2036 (A)

      2,130,000        2,095,203  

Series 2017-DELC, Class E,

      

1-Month LIBOR + 2.63%,
7.08% (B), 08/15/2036 (A)

      1,890,000        1,865,013  

Series 2018-TALL, Class C,

      

1-Month LIBOR + 1.12%,
5.58% (B), 03/15/2037 (A)

      7,065,000        5,973,474  

Series 2018-TALL, Class E,

      

1-Month LIBOR + 2.44%,
6.90% (B), 03/15/2037 (A)

      2,570,000        1,857,845  

BX Commercial Mortgage Trust

      

Series 2019-XL, Class D,

      

1-Month Term SOFR + 1.56%,
6.04% (B), 10/15/2036 (A)

      3,769,750        3,698,748  

Series 2020-VKNG, Class D,

      

1-Month Term SOFR + 1.81%,
6.29% (B), 10/15/2037 (A)

      3,010,000        2,914,888  

BXP Trust

      

Series 2017-CQHP, Class D,

      

1-Month LIBOR + 2.00%,
6.46% (B), 11/15/2034 (A)

      1,825,000        1,611,578  

CHL Mortgage Pass-Through Trust

      

Series 2005-11, Class 4A1,

      

1-Month LIBOR + 0.27%,
4.78% (B), 04/25/2035

      83,399        74,693  

Series 2006-3, Class 3A1,

      

1-Month LIBOR + 0.50%,
5.01% (B), 02/25/2036

      2,107,122        1,816,791  

CIM Trust

      

Series 2021-R6, Class A1,

      

1.43% (B), 07/25/2061 (A)

      5,882,594        5,252,659  

Citigroup Mortgage Loan Trust, Inc.

      

Series 2014-A, Class A,

      

4.00% (B), 01/25/2035 (A)

      38,305        35,979  

Series 2015-PS1, Class A1,

      

3.75% (B), 09/25/2042 (A)

      237,846        223,769  

CORE Mortgage Trust

      

Series 2019-CORE, Class C,

      

1-Month LIBOR + 1.30%,
5.76% (B), 12/15/2031 (A)

      2,295,200        2,193,822  

CSMC Trust

      

Series 2014-11R, Class 17A1,

      

1-Month LIBOR + 0.15%,
4.69% (B), 12/27/2036 (A)

      85,547        84,740  

Series 2020-RPL4, Class A1,

      

2.00% (B), 01/25/2060 (A)

      6,283,697        5,569,376  

Series 2021-RPL2, Class A1A,

      

1.11% (B), 01/25/2060 (A)

      6,113,197        5,116,004  

Series 2021-RPL3, Class A1,

      

2.00% (B), 01/25/2060 (A)

      2,315,471        2,028,640  

Series 2021-RPL6, Class A1,

      

2.00% (B), 10/25/2060 (A)

      4,201,482        3,747,838  

Fontainebleau Miami Beach Trust

      

Series 2019-FBLU, Class D,

      

3.96% (B), 12/10/2036 (A)

      7,902,000        7,436,740  

Great Wolf Trust

      

Series 2019-WOLF, Class C,

      

1-Month Term SOFR + 1.75%,
6.23% (B), 12/15/2036 (A)

      5,107,000        4,940,335  
 

 

Transamerica Funds

     Page    8         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
MORTGAGE-BACKED SECURITIES (continued)  

GS Mortgage Securities Corp. Trust

 

   

Series 2017-SLP, Class B,

      

3.77%, 10/10/2032 (A)

      $   5,242,000        $   5,130,887  

GSCG Trust

      

Series 2019-600C, Class B,

      

3.16%, 09/06/2034 (A)

      1,660,000        1,436,257  

Series 2019-600C, Class C,

      

3.46%, 09/06/2034 (A)

      4,480,000        3,849,969  

GSR Mortgage Loan Trust

      

Series 2007-OA1, Class 2A1,

      

1-Month LIBOR + 0.13%,
4.63% (B), 05/25/2037

      148,630        77,942  

ILPT Trust

      

Series 2019-SURF, Class C,

      

4.29% (B), 02/11/2041 (A)

      1,930,000        1,613,292  

IndyMac INDX Mortgage Loan Trust

      

Series 2007-AR15, Class 2A1,

      

3.22% (B), 08/25/2037

      599,395        453,284  

JPMorgan Chase Commercial Mortgage Securities Trust

      

Series 2020-ACE, Class A,

      

3.29%, 01/10/2037 (A)

      5,000,000        4,693,689  

Series 2020-NNN, Class CFX,

      

3.27%, 01/16/2037 (A)

      2,675,000        2,375,313  

Merrill Lynch Mortgage Investors Trust

      

Series 2006-A1, Class 1A1,

      

3.51% (B), 03/25/2036

      752,201        462,676  

MetLife Securitization Trust

      

Series 2019-1A, Class A1A,

      

3.75% (B), 04/25/2058 (A)

      465,612        453,277  

Mill City Mortgage Loan Trust

      

Series 2019-1, Class A1,

      

3.25% (B), 10/25/2069 (A)

      4,386,116        4,201,642  

MSCG Trust

      

Series 2018-SELF, Class D,

      

1-Month LIBOR + 1.65%,
6.11% (B), 10/15/2037 (A)

      5,218,207        5,048,158  

New Residential Mortgage Loan Trust

      

Series 2016-2A, Class A1,

      

3.75% (B), 11/26/2035 (A)

      326,577        304,796  

Series 2017-1A, Class A1,

      

4.00% (B), 02/25/2057 (A)

      1,255,497        1,191,500  

Series 2017-2A, Class A3,

      

4.00% (B), 03/25/2057 (A)

      5,640,015        5,331,912  

Series 2017-3A, Class A1,

      

4.00% (B), 04/25/2057 (A)

      546,963        521,085  

Series 2018-2A, Class A1,

      

4.50% (B), 02/25/2058 (A)

      356,352        345,115  

Series 2018-RPL1, Class A1,

      

3.50% (B), 12/25/2057 (A)

      2,031,241        1,939,254  

Series 2019-2A, Class A1,

      

4.25% (B), 12/25/2057 (A)

      1,420,062        1,352,339  

Series 2019-3A, Class A1A,

      

3.75% (B), 11/25/2058 (A)

      4,152,825        3,912,934  

Series 2019-5A, Class A1B,

      

3.50% (B), 08/25/2059 (A)

      4,001,742        3,761,358  

Series 2019-6A, Class A1B,

      

3.50% (B), 09/25/2059 (A)

      3,859,792        3,582,177  

Series 2019-RPL2, Class A1,

      

3.25% (B), 02/25/2059 (A)

      2,493,569        2,370,823  

RALI Trust

      

Series 2006-QO1, Class 3A1,

      

1-Month LIBOR + 0.54%,
5.05% (B), 02/25/2046

      2,434,333        1,317,974  

Series 2007-QH5, Class AI1,

      

1-Month LIBOR + 0.42%,
4.93% (B), 06/25/2037

      115,871        103,943  
     Principal      Value  
MORTGAGE-BACKED SECURITIES (continued)  

Residential Asset Securitization Trust

      

Series 2004-A4, Class A11,

      

5.50%, 08/25/2034

      $   1,471,242        $   1,418,760  

Tharaldson Hotel Portfolio Trust

      

Series 2018-THL, Class C,

      

1-Month LIBOR + 1.65%, 6.05% (B), 11/11/2034 (A)

      1,405,489        1,335,415  

Towd Point Mortgage Trust

      

Series 2023-1, Class A1,

      

3.75%, 01/25/2063 (A)

      5,010,000        4,776,033  
     

 

 

  

Total Mortgage-Backed Securities
(Cost $153,689,033)

 

      140,932,694  
     

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.3%  

Federal Home Loan Mortgage Corp., Interest Only STRIPS

      

5.00%, 08/01/2035

      382,373        63,174  

Uniform Mortgage-Backed Security

      

2.00%, TBA (E)

      56,273,000        47,315,481  

2.50%, TBA (E)

      12,377,000        10,816,338  
     

 

 

  
Total U.S. Government Agency Obligations
(Cost $58,326,537)		      58,194,993  
     

 

 

  
U.S. GOVERNMENT OBLIGATIONS - 23.2%  
U.S. Treasury - 22.2%              

U.S. Treasury Bonds

      

1.25%, 05/15/2050

      55,880,000        32,539,186  

1.88%, 02/15/2051

      13,021,000        8,898,022  

2.00%, 02/15/2050

      4,323,000        3,062,238  

2.25%, 05/15/2041 - 08/15/2049

      40,772,900        31,552,650  

2.38%, 02/15/2042

      40,425,000        32,564,233  

2.50%, 05/15/2046

      9,450,000        7,537,113  

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

      57,583,000        48,687,565  

2.88%, 11/15/2046 (D)

      5,220,000        4,461,673  

2.88%, 05/15/2049

      7,496,200        6,419,793  

3.00%, 08/15/2048 - 08/15/2052

      15,607,500        13,674,665  

3.25%, 05/15/2042

      12,331,000        11,394,615  

U.S. Treasury Notes

      

1.13%, 02/15/2031

      18,944,600        15,909,764  

1.25%, 08/15/2031

      1,499,000        1,254,768  

1.38%, 11/15/2031

      13,278,000        11,164,412  

1.63%, 05/15/2031

      8,034,000        6,973,261  

1.75%, 05/15/2023 (D)

      3,382,000        3,353,993  

1.88%, 02/15/2032

      9,558,400        8,364,347  

2.25%, 10/31/2024

      2,737,000        2,639,815  

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

      19,337,500        18,184,877  

2.88%, 05/15/2032

      10,805,000        10,261,373  

3.88%, 11/30/2027 - 09/30/2029

      8,874,300        8,993,074  

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

      11,830,200        12,309,532  
     

 

 

  
     300,200,969  
     

 

 

  
 

 

Transamerica Funds

     Page    9         

Transamerica Bond

 

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

     Principal      Value  
U.S. GOVERNMENT OBLIGATIONS (continued)  
U.S. Treasury Inflation-Protected Securities - 1.0%  

U.S. Treasury Inflation-Protected Indexed Bonds

      

0.25%, 02/15/2050

      $   12,453,347        $   8,966,288  

U.S. Treasury Inflation-Protected Indexed Notes

      

0.13%, 07/15/2030

      5,046,575        4,630,528  
     

 

 

  
     13,596,816  
     

 

 

  

Total U.S. Government Obligations
(Cost $348,634,156)

 

      313,797,785  
     

 

 

  
COMMERCIAL PAPER - 2.8%              
Banks - 0.8%              

Bedford Row Funding Corp.

      

4.65% (I), 02/07/2023

      500,000        499,566  

BofA Securities, Inc.

      

5.21% (I), 07/13/2023

      6,700,000        6,550,564  

Lloyds Bank PLC

      

5.09% (I), 07/18/2023

      1,400,000        1,368,124  

Svenska Handelsbanken AB

      

5.06% (I), 07/24/2023

      2,000,000        1,953,233  
     

 

 

  
     10,371,487  
     

 

 

  
Diversified Financial Services - 2.0%              

Atlantic Asset Securitization LLC

      

4.74% (I), 02/15/2023

      500,000        499,062  

Glencove Funding LLC

      

4.77% (I), 02/17/2023

      6,687,000        6,672,762  

Gotham Funding Corp.

      

4.83% (I), 02/14/2023

      8,300,000        8,285,497  

Liberty Street Funding LLC

      

4.83% (I), 02/07/2023

      700,000        699,392  

Sheffield Receivables Co. LLC

      

4.83% (I), 03/06/2023

      11,000,000        10,951,993  
     

 

 

  
     27,108,706  
     

 

 

  

Total Commercial Paper
(Cost $37,480,498)

 

      37,480,193  
     

 

 

  
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.5%  

U.S. Treasury Bills

      

4.28% (I), 03/09/2023

      19,515,000        19,427,885  

4.66% (I), 06/08/2023

      1,401,000        1,378,437  
     

 

 

  

Total Short-Term U.S. Government Obligations
(Cost $20,812,270)

 

      20,806,322  
     

 

 

  
     Shares      Value  
OTHER INVESTMENT COMPANY - 0.9%  
Securities Lending Collateral - 0.9%              

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

      11,565,888        11,565,888  
     

 

 

  

Total Other Investment Company
(Cost $11,565,888)

 

      11,565,888  
     

 

 

  
     Principal      Value  
REPURCHASE AGREEMENT - 1.5%              

Fixed Income Clearing Corp., 1.80% (I), dated 01/31/2023, to be repurchased at $20,920,750 on 02/01/2023. Collateralized by a U.S. Government Obligation, 1.75%, due 07/31/2024, and with a value of $21,338,135.

      $  20,919,704        $   20,919,704  
     

 

 

  

Total Repurchase Agreement
(Cost $20,919,704)

 

      20,919,704  
     

 

 

  

Total Investments (Cost $1,526,864,903)

 

      1,411,578,644  

Net Other Assets (Liabilities) - (4.4)%

 

      (59,828,220 ) 
     

 

 

  

Net Assets - 100.0%

 

      $  1,351,750,424  
     

 

 

  
 

 

Transamerica Funds

     Page    10         

Transamerica Bond

 

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

U.S. Treasury Ultra Bonds

        1        03/22/2023      $     138,033      $     141,750      $     3,717      $     —  

INVESTMENT VALUATION:

 

Valuation Inputs (J)

 

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

ASSETS

            

Investments

            

Asset-Backed Securities

    $ —        $ 169,851,507      $ —        $ 169,851,507  

Corporate Debt Securities

      —          625,211,750        —          625,211,750  

Foreign Government Obligations

      —          9,105,805        —          9,105,805  

Loan Assignment

      —          3,712,003        —          3,712,003  

Mortgage-Backed Securities

      —          140,932,694        —          140,932,694  

U.S. Government Agency Obligations

      —          58,194,993        —          58,194,993  

U.S. Government Obligations

      —          313,797,785        —          313,797,785  

Commercial Paper

      —          37,480,193        —          37,480,193  

Short-Term U.S. Government Obligations

      —          20,806,322        —          20,806,322  

Other Investment Company

      11,565,888        —          —          11,565,888  

Repurchase Agreement

      —          20,919,704        —          20,919,704  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $     11,565,888      $     1,400,012,756      $ —        $     1,411,578,644  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments

            

Futures Contracts (K)

    $ 3,717      $ —        $ —        $ 3,717  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Financial Instruments

    $ 3,717      $ —        $ —        $ 3,717  
  

 

 

     

 

 

     

 

 

     

 

 

  

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

 

(A)      Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2023, the total value of 144A securities is $580,564,403, representing 42.9% of the Fund’s net assets.
(B)      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.
(C)      Perpetual maturity. The date displayed is the next call date.
(D)      All or a portion of the securities are on loan. The total value of all securities on loan is $24,261,260, collateralized by cash collateral of $11,565,888 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $13,212,059. 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.
(E)      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.
(F)      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, 2023, the total value of Regulation S securities is $7,488,483, representing 0.6% of the Fund’s net assets.
(G)      Percentage rounds to less than 0.1% or (0.1)%.
(H)      Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of January 31, 2023; the maturity dates disclosed are the ultimate maturity dates.
(I)      Rates disclosed reflect the yields at January 31, 2023.
(J)      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.
(K)      Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

 

LIBOR

    London Interbank Offered Rate

SOFR

    Secured Overnight Financing Rate

STRIPS

    Separate Trading of Registered Interest and Principal of Securities

TBA

    To Be Announced

 

Transamerica Funds

     Page    11         

Transamerica Bond

 

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

 

INVESTMENT VALUATION

Transamerica Bond (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:

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.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

 

Transamerica Funds

     Page    12         

Transamerica Bond

 

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

 

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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

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

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

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

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

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

 

Transamerica Funds

     Page    13