Transamerica Inflation Opportunities
SCHEDULE OF INVESTMENTS
At July 31, 2026
(unaudited)
 
 
Principal
Value
U.S. GOVERNMENT OBLIGATIONS - 75.3% 
U.S. Treasury Inflation-Protected Securities - 75.3% 
U.S. Treasury Inflation-Protected Indexed
Bonds
 
 
0.13%, 02/15/2051 - 02/15/2052
$  5,069,268
$  2,483,660
0.25%, 02/15/2050
1,954,845
1,035,903
0.63%, 02/15/2043
3,147,833
2,197,891
0.75%, 02/15/2042 - 02/15/2045
8,436,175
6,070,187
1.00%, 02/15/2046
1,060,553
741,569
1.38%, 02/15/2044
3,090,926
2,416,160
1.50%, 02/15/2053
2,254,340
1,616,941
1.75%, 01/15/2028
2,079,142
2,056,498
2.13%, 02/15/2040 - 02/15/2054
6,460,102
5,905,751
2.38%, 02/15/2055 - 02/15/2056
3,023,318
2,638,504
2.50%, 01/15/2029
2,808,888
2,826,774
3.38%, 04/15/2032
3,759,026
3,998,325
3.63%, 04/15/2028
983,996
1,002,655
3.88%, 04/15/2029
2,649,569
2,761,056
U.S. Treasury Inflation-Protected Indexed
Notes
 
 
0.13%, 10/15/2026 - 01/15/2032
18,752,997
17,004,784
0.25%, 07/15/2029
2,357,748
2,238,425
0.38%, 07/15/2027
3,835,188
3,761,425
0.50%, 01/15/2028
4,414,605
4,290,882
0.63%, 07/15/2032
3,817,026
3,499,846
0.75%, 07/15/2028
4,471,546
4,356,610
0.88%, 01/15/2029
2,388,492
2,312,830
1.13%, 01/15/2033
5,174,126
4,838,090
1.25%, 04/15/2028 - 04/15/2031
6,233,388
6,079,172
1.38%, 07/15/2033
5,957,334
5,641,243
1.63%, 10/15/2027 - 10/15/2029
6,354,363
6,292,052
1.75%, 01/15/2034
6,104,000
5,882,255
1.88%, 07/15/2035 - 01/15/2036
4,446,265
4,244,335
2.13%, 04/15/2029 - 01/15/2035
11,382,423
11,233,509
2.38%, 10/15/2028
3,828,650
3,850,365
Total U.S. Government Obligations
(Cost $134,216,554)
 
123,277,697
CORPORATE DEBT SECURITIES - 12.7% 
Aerospace & Defense - 0.2% 
Honeywell Aerospace, Inc.
 
 
4.60%, 03/16/2033 (A)
306,000
295,840
Banks - 5.7% 
BAC Capital Trust XIV
 
 
3-Month Term SOFR + 0.66% (B),
4.33% (C), 08/15/2026
905,000
734,110
Bank of America Corp.
 
 
Fixed until 04/23/2029,
4.48% (C), 04/23/2030
143,000
141,434
Fixed until 02/06/2036,
5.05% (C), 02/06/2037
200,000
192,595
Fixed until 10/25/2034,
5.52% (C), 10/25/2035
907,000
896,860
Fixed until 02/12/2035,
5.74% (C), 02/12/2036
1,125,000
1,125,710
Barclays PLC
 
 
Fixed until 06/26/2031,
5.10% (C), 06/26/2032
330,000
325,801
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA
 
 
Fixed until 01/15/2033,
4.92% (C), 01/15/2034 (A)
$  338,000
$  327,318
BPCE SA
 
 
Fixed until 06/02/2036,
5.77% (C), 06/02/2037 (A)
527,000
516,994
Citigroup, Inc.
 
 
Fixed until 09/11/2035,
5.17% (C), 09/11/2036
292,000
284,502
Fixed until 01/24/2035,
6.02% (C), 01/24/2036
202,000
204,477
Deutsche Bank AG
 
 
Fixed until 05/28/2031,
3.04% (C), 05/28/2032
392,000
353,059
Goldman Sachs Group, Inc.
 
 
Fixed until 07/21/2031,
2.38% (C), 07/21/2032
158,000
138,033
Fixed until 01/21/2031,
4.52% (C), 01/21/2032
271,000
263,028
Fixed until 04/20/2033,
5.09% (C), 04/20/2034
184,000
180,115
Fixed until 07/21/2036,
5.66% (C), 07/21/2037
70,000
69,681
HSBC Holdings PLC
 
 
Fixed until 05/12/2033,
5.21% (C), 05/12/2034
457,000
448,950
Morgan Stanley
 
 
Fixed until 09/16/2031,
2.48% (C), 09/16/2036
898,000
770,725
Fixed until 03/12/2031,
4.71% (C), 03/12/2032
342,000
334,244
Fixed until 01/18/2036,
5.31% (C), 01/18/2041
158,000
149,743
Fixed until 07/17/2036,
5.61% (C), 07/17/2037
150,000
149,098
NatWest Group PLC
 
 
Fixed until 08/28/2030,
3.03% (C), 11/28/2035
381,000
347,264
Fixed until 08/15/2029,
4.96% (C), 08/15/2030
300,000
299,796
Fixed until 03/03/2046,
5.91% (C), 03/03/2047
509,000
476,326
UBS Group AG
 
 
Fixed until 05/09/2035,
5.58% (C), 05/09/2036 (A)
210,000
209,120
Wells Fargo & Co.
 
 
Fixed until 09/15/2028,
4.08% (C), 09/15/2029
187,000
184,228
Zions Bancorp NA
 
 
Fixed until 08/19/2034,
6.82% (C), 11/19/2035
252,000
260,676
 
 
9,383,887
Beverages - 0.1% 
Maple Parent Holdings Corp.
 
 
5.70%, 03/26/2036 (A)
164,000
163,001
Chemicals - 0.2% 
Dow Chemical Co.
 
 
5.60%, 02/15/2054
62,000
53,224
Transamerica Series Trust
Page 1
Transamerica Inflation Opportunities
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2026
(unaudited)
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Eastman Chemical Co.
 
 
4.50%, 02/20/2031
$  163,000
$  158,409
5.75%, 03/08/2033
166,000
168,711
 
 
380,344
Commercial Services & Supplies - 0.7% 
Sunbelt Rentals Holdings, Inc.
 
 
5.65%, 08/12/2036 (A)
457,000
449,610
Triton Container International Ltd.
 
 
3.15%, 06/15/2031 (A)
508,000
455,688
Triton Container International Ltd./TAL
International Container Corp.
 
 
5.15%, 02/15/2033
200,000
193,520
 
 
1,098,818
Construction & Engineering - 0.1% 
MasTec, Inc.
 
 
5.90%, 06/15/2029
82,000
83,820
Containers & Packaging - 0.7% 
AptarGroup, Inc.
 
 
4.75%, 03/30/2031
144,000
141,574
Smurfit Westrock Financing DAC
 
 
5.19%, 01/15/2036
383,000
371,729
Sonoco Products Co.
 
 
5.00%, 09/01/2034 (D)
692,000
667,925
 
 
1,181,228
Diversified REITs - 0.2% 
SBA Communications Corp.
 
 
5.45%, 07/15/2033
346,000
344,330
Electric Utilities - 0.1% 
Vistra Operations Co. LLC
 
 
5.25%, 04/30/2033 (A)
153,000
149,593
Energy Equipment & Services - 0.1% 
Baker Hughes Holdings LLC/Baker
Hughes Co-Obligor, Inc.
 
 
4.65%, 06/15/2033
190,000
183,207
Financial Services - 0.1% 
Gabx Leasing LLC
 
 
4.63%, 04/15/2031 (A)
74,000
72,216
Food Products - 0.0% *
Sysco Corp.
 
 
4.40%, 07/25/2031
73,000
70,509
Insurance - 0.8% 
Hartford Insurance Group, Inc.
 
 
3-Month Term SOFR + 2.39%,
6.04% (C), 02/12/2067 (A)
1,121,000
1,109,790
Nippon Life Insurance Co.
 
 
5.05%, 04/02/2033 (A)
203,000
200,474
 
 
1,310,264
Internet & Catalog Retail - 0.4% 
Meta Platforms, Inc.
 
 
6.30%, 05/15/2056
615,000
564,398
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.1% 
Weir Group, Inc.
 
 
5.35%, 05/06/2030 (A)
$  210,000
$  210,324
Media - 0.2% 
Space Exploration Technologies Corp.
 
 
5.35%, 07/15/2031 (A)
351,000
341,639
Metals & Mining - 0.8% 
Corp. Nacional del Cobre de Chile
 
 
6.33%, 01/13/2035 (A)
285,000
292,239
Glencore Funding LLC
 
 
2.63%, 09/23/2031 (A)
81,000
71,630
2.85%, 04/27/2031 (A)
165,000
149,335
Newmont Corp./Newcrest Finance Pty. Ltd.
 
 
5.75%, 11/15/2041
69,000
67,868
South32 Treasury Ltd.
 
 
4.35%, 04/14/2032 (A)
359,000
345,831
U.S. Steel Corp.
 
 
5.20%, 08/01/2031 (A)
300,000
296,624
 
 
1,223,527
Oil, Gas & Consumable Fuels - 1.7% 
APA Corp.
 
 
4.25%, 01/15/2030
300,000
292,621
5.35%, 07/01/2049
60,000
50,374
6.10%, 02/15/2035
120,000
121,826
Enbridge, Inc.
 
 
Fixed until 07/15/2027,
5.50% (C), 07/15/2077
445,000
443,945
Energy Transfer LP
 
 
5.35%, 01/15/2036 - 05/15/2045
172,000
157,946
5.40%, 10/01/2047
50,000
43,667
Enterprise Products Operating LLC
 
 
3.70%, 01/31/2051
365,000
255,723
Fixed until 08/16/2027,
5.25% (C), 08/16/2077
233,000
232,442
ONEOK, Inc.
 
 
4.95%, 10/15/2032
366,000
358,899
Rio Grande LNG LLC
 
 
5.75%, 06/30/2036 (A)
320,000
310,713
Williams Cos., Inc.
 
 
5.15%, 03/15/2036
335,000
322,133
Woodside Finance Ltd.
 
 
5.40%, 05/19/2030
238,000
240,063
 
 
2,830,352
Passenger Airlines - 0.3% 
Southwest Airlines Co.
 
 
5.25%, 11/15/2035
526,000
498,643
Semiconductors & Semiconductor Equipment - 0.1% 
Foundry JV Holdco LLC
 
 
6.40%, 01/25/2038 (A)
200,000
206,545
Transamerica Series Trust
Page 2
Transamerica Inflation Opportunities
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2026
(unaudited)
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.1% 
Oracle Corp.
 
 
4.95%, 02/04/2031
$  151,000
$  144,230
Total Corporate Debt Securities
(Cost $20,937,286)
 
20,736,715
FOREIGN GOVERNMENT OBLIGATIONS - 10.3% 
Australia - 0.5% 
Australia Government Bonds
 
 
2.50%, 09/20/2030 (E)
AUD  750,000
824,052
Germany - 2.0% 
Bundesrepublik Deutschland Bundesanleihe
 
 
4.00%, 01/04/2037 (E)
EUR  1,975,000
2,434,006
 
 
Deutsche Bundesrepublik Inflation-Linked
Bonds
 
 
0.50%, 04/15/2030 (E)
666,005
758,657
 
 
3,192,663
Italy - 0.8% 
Italy Buoni Poliennali Del Tesoro
 
 
1.30%, 05/15/2028 (E)
1,184,823
1,372,141
Japan - 3.8% 
Japan Government CPI-Linked Bonds
 
 
0.10%, 03/10/2028
JPY  990,701,800
6,294,509
Mexico - 0.3% 
Mexico Government International Bonds
 
 
4.28%, 08/14/2041
$  257,000
194,677
6.25%, 08/27/2037
312,000
303,655
 
 
498,332
Spain - 1.5% 
Spain Government Inflation-Linked Bonds
 
 
1.00%, 11/30/2030 (E)
EUR  2,106,208
2,441,059
 
Principal
Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 1.4% 
U.K. Inflation-Linked Gilt
 
 
0.13%, 08/10/2028 - 03/22/2029 (E)
GBP  1,714,474
$  2,287,018
Total Foreign Government Obligations
(Cost $17,143,542)
 
16,909,774
 
 
Shares
Value
SHORT-TERM INVESTMENT COMPANIES - 0.3% 
Money Market Funds - 0.3% 
State Street Institutional U.S. Government
Money Market Fund,
3.62% (F)
555,147
555,147
Total Short-Term Investment Companies
(Cost $555,147)
 
555,147
OTHER INVESTMENT COMPANY - 0.2% 
Securities Lending Collateral - 0.2% 
State Street Navigator Securities Lending
Trust - Government Money Market Portfolio,
3.64% (F)
299,490
299,490
Total Other Investment Company
(Cost $299,490)
299,490
Total Investments
(Cost $173,152,019)
161,778,823
Net Other Assets (Liabilities) - 1.2%
1,910,838
Net Assets - 100.0%
 $  163,689,661
FORWARD FOREIGN CURRENCY CONTRACTS:
  
Counterparty
Settlement
Date
Currency
Purchased
Currency
Sold
Unrealized
Appreciation
Unrealized
Depreciation
JPMS
08/06/2026
USD
5,781,751
EUR
4,926,000
$99,997
$—
JPMS
08/06/2026
USD
1,545,738
EUR
1,350,000
—
(11,381
)
MSCS
08/06/2026
USD
825,619
AUD
1,160,000
9,480
—
MSCS
08/06/2026
USD
659,869
GBP
490,000
—
(523
)
MSCS
08/06/2026
USD
1,563,054
GBP
1,156,000
5,069
—
MSCS
08/06/2026
USD
6,316,258
JPY
1,000,000,000
27,830
—
Total
$142,376
$(11,904
)
Transamerica Series Trust
Page 3
Transamerica Inflation Opportunities
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2026
(unaudited)
INVESTMENT VALUATION:
  
Valuation Inputs (G)
 
 
 
 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Value
ASSETS
Investments
U.S. Government Obligations
$—
$123,277,697
$—
$123,277,697
Corporate Debt Securities
—
20,736,715
—
20,736,715
Foreign Government Obligations
—
16,909,774
—
16,909,774
Short-Term Investment Companies
555,147
—
—
555,147
Other Investment Company
299,490
—
—
299,490
Total Investments
$854,637
$160,924,186
$—
$161,778,823
Other Financial Instruments
Forward Foreign Currency Contracts (H)
$—
$142,376
$—
$142,376
Total Other Financial Instruments
$—
$142,376
$—
$142,376
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)
$—
$(11,904
)
$—
$(11,904
)
Total Other Financial Instruments
$—
$(11,904
)
$—
$(11,904
)
FOOTNOTES TO SCHEDULE OF INVESTMENTS: 
*
Percentage rounds to less than 0.1% or (0.1)%.
(A)
Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from
registration, normally to qualified institutional buyers. At July 31, 2026, the total value of 144A securities is $6,174,524, representing 3.8% of the Fund's
net assets.
(B)
Perpetual maturity. The date displayed is the next call date.
(C)
Floating or variable rate security. The rate disclosed is as of July 31, 2026. For securities based on a published reference rate and spread, the reference
rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where
applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are
based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)
All or a portion of the security is on loan. The total value of the securities on loan is $293,160, collateralized by cash collateral of $299,490. The amount
on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the
brokers.
(E)
Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside
the United States. Security 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 July 31, 2026, the total value of the Regulation S securities is $10,116,933, representing 6.2%
of the Fund's net assets.
(F)
Rate disclosed reflects the yield at July 31, 2026.
(G)
There were no transfers in or out of Level 3 during the period ended July 31, 2026. Please reference the Investment Valuation section of the Notes to
Schedule of Investments for more information regarding investment valuation and pricing inputs.
(H)
Derivative instruments are valued at unrealized appreciation (depreciation).
CURRENCY ABBREVIATION(S): 
AUD
Australian Dollar
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
COUNTERPARTY ABBREVIATION(S): 
JPMS
JPMorgan Securities LLC
MSCS
Morgan Stanley Capital Services Inc.
Transamerica Series Trust
Page 4
Transamerica Inflation Opportunities
SCHEDULE OF INVESTMENTS (continued)
At July 31, 2026
(unaudited)
PORTFOLIO ABBREVIATION(S): 
SOFR
Secured Overnight Financing Rate
Transamerica Series Trust
Page 5
Transamerica Inflation Opportunities
NOTES TO SCHEDULE OF INVESTMENTS
At July 31, 2026
(unaudited)
INVESTMENT VALUATION
Transamerica Inflation Opportunities (the "Fund") is a series of the Transamerica Funds.
Transamerica Asset Management, Inc. (“TAM”) has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, 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 July 31, 2026, 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:
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.
Investment companies: Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.
Transamerica Series Trust
Page 6
Transamerica Inflation Opportunities
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At July 31, 2026
(unaudited)
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.
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 Series Trust
Page 7