Transamerica High Yield Muni

Portfolio Holdings as of 05/31/2016* Transamerica Capital, Inc. Transamerica High Yield Muni Security Description Massachusetts Educational Financing Authority, 3.50%, due 07/01/2033 2.59% Huntington Beach Union High School District, 3.00%, due 09/01/2041 2.55% County of Scioto, 3.50%, due 02/15/2038 2.09% Golden State Tobacco Securitization Corp., Series A-1, 4.50%, due 06/01/2027 1.76% New Hope Cultural Education Facilities Corp., Series A1, 5.00%, due 07/01/2051 1.57% Public Finance Authority, Series A, 4.75%, due 12/01/2035 1.46% Dallas County Flood Control District No. 1, 5.00%, due 04/01/2028 1.39% East Chicago Sanitary District, 4.00%, due 07/15/2031 1.36% Wyandotte County-Kansas City Unified Government, 4.00%, due 12/01/2028 1.32% Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.13%, due 06/01/2024 1.23% Northwest Harris County Municipal Utility District No. 19, 3.25%, due 10/01/2032 1.02% District of Columbia, 5.00%, due 06/01/2046 0.97% La Paz County Industrial Development Authority, Series A, 5.00%, due 02/15/2046 0.94% Illinois Finance Authority, 4.45%, due 11/01/2036 0.93% Illinois Finance Authority, Series A, 5.00%, due 07/01/2047 0.91% Vermont Educational & Health Buildings Financing Agency, 5.00%, due 10/01/2042 0.90% Mississippi Home Corp., Series 4A, 4.40%, due 07/01/2041 0.88% Colorado Educational & Cultural Facilities Authority, 3.75%, due 06/15/2047 0.88% New York City Industrial Development Agency, Series B, 2.00%, due 08/01/2028 0.87% City of Chicago, Series C, 5.00%, due 01/01/2038 0.86% County of Lancaster, Series A, 3.13%, due 12/01/2022 0.76% Rhode Island Turnpike & Bridge Authority, Series A, 4.00%, due 10/01/2027 0.75% Minnesota Housing Finance Agency, Series F, 2.90%, due 01/01/2026 0.73% Pennsylvania Housing Finance Agency, Series A, 4.25%, due 10/01/2035 0.69% Eagle Bend Metropolitan District No. 2, 3.50%, due 12/01/2040 0.67% Mohegan Tribe of Indians of Connecticut, Series C, 4.75%, due 02/01/2020 0.66% City of Marysville Wastewater Treatment System Revenue, 5.00%, due 12/01/2024 0.65% Village of North Riverside, 3.63%, due 12/01/2030 0.65% Marais Des Cygnes Public Utility Authority, 3.25%, due 12/01/2035 0.62% Casino Reinvestment Development Authority, 5.00%, due 11/01/2026 0.57%

Jamestown Park District, 2.90%, due 07/01/2035 0.57% Indiana Finance Authority, 4.00%, due 02/01/2032 0.54% Warren Consolidated Schools, Series B, 5.00%, due 05/01/2025 0.53% Industrial Development Authority of the City of Phoenix, 4.63%, due 07/01/2026 0.53% City of Jersey City, 5.00%, due 12/01/2022 0.52% Michigan Finance Authority, Series D-1, 5.00%, due 07/01/2027 0.52% Metropolitan Pier & Exposition Authority, Series B, 4.25%, due 06/15/2042 0.52% Delaware State Economic Development Authority, Series A, 5.00%, due 09/01/2036 0.52% Missouri Joint Municipal Electric Utility Commission, Series A, 5.00%, due 12/01/2040 0.52% New Jersey Building Authority, Series A, 5.00%, due 06/15/2029 0.51% City of St. George Electric Revenue, 3.13%, due 06/01/2038 0.50% Massachusetts Development Finance Agency, Series D, 5.00%, due 07/01/2044 0.50% Capital Trust Agency, Inc., Series A, 5.00%, due 07/01/2050 0.49% California Statewide Communities Development Authority, Series A, 5.25%, due 12/01/2056 0.49% City of Houston Airport System Revenue, Series C, 5.00%, due 07/15/2020 0.48% Colorado Educational & Cultural Facilities Authority, 4.00%, due 12/15/2025 0.48% Menifee Union School District Public Financing Authority, Series A, 5.00%, due 09/01/2036 0.48% Maryland Community Development Administration Housing Revenue, 3.25%, due 03/01/2036 0.48% City of Freeport, 4.00%, due 01/01/2036 0.47% City of Chicago Wastewater Transmission Revenue, Series C, 5.00%, due 01/01/2026 0.47% Utah Charter School Finance Authority, 6.00%, due 04/15/2045 0.46% Dallas County Flood Control District No. 1, 5.00%, due 04/01/2032 0.46% State of Illinois, 4.00%, due 01/01/2037 0.46% Cook County School District No. 132, Series A, 4.10%, due 12/01/2024 0.45% Oxnard School District, 2.00%, due 08/01/2045 0.45% Oregon State Facilities Authority, Series A, 5.75%, due 06/15/2046 0.45% Pennsylvania Housing Finance Agency, Series A, 3.25%, due 10/01/2025 0.45% Minnesota Housing Finance Agency, Series F, 2.35%, due 01/01/2023 0.45% Dixon Unified School District, 3.00%, due 08/01/2035 0.44% Iowa Higher Education Loan Authority, 3.13%, due 04/01/2038 0.44% Tobacco Settlement Financing Corp., Series A, 5.00%, due 06/01/2035 0.44% Cook & Will Counties School District No. 194, Series A, 4.50%, due 12/01/2035 0.44% Arlington Higher Education Finance Corp., Series A, 4.63%, due 08/15/2046 0.44% Maricopa County Industrial Development Authority, 2.63%, due 07/01/2021 0.44% Cook County School District No. 157, Series A, Zero Coupon, due 11/01/2033 0.43% Heather Ridge Metropolitan District No. 1, 3.25%, due 12/01/2039 0.43% Marshall County Justice Authority, 3.75%, due 03/01/2036 0.43% Colorado Educational & Cultural Facilities Authority, Series A, 3.25%, due 12/15/2036 0.43% California Municipal Finance Authority, 5.13%, due 07/01/2035 0.43% County of Warren, 5.00%, due 07/01/2026 0.42%

Housing & Redevelopment Authority of The City of St. Paul, Series A, 5.00%, due 12/01/2050 0.42% New Jersey Economic Development Authority, 5.75%, due 09/15/2027 0.40% Public Finance Authority, Series A, 4.10%, due 04/01/2034 0.39% Idaho Housing & Finance Association, Series A, 5.00%, due 06/01/2035 0.39% Delaware State Economic Development Authority, Series A, 5.00%, due 09/01/2046 0.39% Penn Hills School District, Series A, 4.00%, due 11/15/2026 0.38% Utah Charter School Finance Authority, 5.00%, due 04/15/2030 0.38% New Hope Cultural Education Facilities Corp., Series C, 5.25%, due 07/01/2036 0.37% Milwaukee Housing Authority, Series A, 3.63%, due 07/01/2035 0.37% St. Clair County Community Consolidated School District No. 90, Zero Coupon, due 12/01/2023 0.37% Housing & Redevelopment Authority of The City of St. Paul, Series B, 5.25%, due 04/01/2043 0.36% City of Waukegan, Series C, 3.75%, due 12/30/2023 0.35% Providence Redevelopment Agency, Series A, 5.00%, due 04/01/2020 0.34% Illinois Housing Development Authority, Series A-1, 2.60%, due 01/01/2022 0.34% Tobacco Settlement Financing Corp., Series 1A, 5.00%, due 06/01/2029 0.34% State Public School Building Authority, 5.00%, due 06/15/2019 0.33% City of Ham Lake, Series A, 4.00%, due 07/01/2028 0.32% Oregon State Facilities Authority, Series B, 6.75%, due 06/15/2022 0.31% Illinois Finance Authority, 5.00%, due 12/01/2036 0.31% Oklahoma Capital Improvement Authority, Series A, 2.00%, due 07/01/2016 0.31% Industrial Development Authority of the County of Pima, Series R, 2.88%, due 07/01/2021 0.31% Mississippi Development Bank, 4.00%, due 01/01/2017 0.30% City of St. Cloud, Series A, 3.75%, due 04/01/2026 0.30% Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.75%, due 06/01/2034 0.30% Maryland Economic Development Corp., 5.75%, due 09/01/2025 0.30% City of Forsyth, Series A, 3.90%, due 03/01/2031 0.29% Puerto Rico Municipal Finance Agency, Series A, 5.00%, due 08/01/2030 0.29% Northern Illinois University, 5.25%, due 04/01/2028 0.29% Folsom Cordova Unified School District School Facilities Improvement District No. 3, Series B, Zero Coupon, due 10/01/2034 0.28% Florida Housing Finance Corp., Series A, 3.20%, due 07/01/2030 0.27% California School Finance Authority, Series A, 5.35%, due 08/01/2024 0.27% Cape Coral Health Facilities Authority, 6.00%, due 07/01/2050 0.27% Regional Transportation District, Series A, 5.00%, due 11/01/2036 0.27% County of Jackson Airport Revenue, 3.00%, due 12/01/2035 0.27% Cook County High School District No. 220, 3.00%, due 12/01/2022 0.25% School District of Philadelphia, Series C, 5.00%, due 09/01/2020 0.25% Massachusetts Development Finance Agency, 4.00%, due 07/01/2035 0.24% Hesperia Unified School District, 3.00%, due 02/01/2034 0.24% Tahoe-Truckee Unified School District, 3.00%, due 08/01/2016 0.24% Niagara Falls City School District, 4.00%, due 06/15/2026 0.24% Buckeye Tobacco Settlement Financing Authority, Series A-2, 6.50%, due 06/01/2047 0.24% Boise City Airport Revenue, Series F, 4.00%, due 09/01/2040 0.23%

City of Tampa, Series A, 4.00%, due 11/15/2046 0.23% City of Ham Lake, Series A, 5.00%, due 07/01/2031 0.23% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2024 0.23% New Hope Cultural Education Facilities Corp., Series C, 5.00%, due 07/01/2031 0.23% City of Minneapolis, 4.00%, due 03/01/2025 0.22% Commonwealth of Puerto Rico, Series A, 5.50%, due 07/01/2029 0.22% California County Tobacco Securitization Agency, 5.70%, due 06/01/2046 0.22% DuPage Cook & Will Counties Community College District No. 502, 5.00%, due 06/01/2016 0.22% San Jose Unified School District, Zero Coupon, due 08/01/2016 0.22% Tobacco Settlement Financing Corp., Series 1A, 5.00%, due 06/01/2041 0.21% Golden State Tobacco Securitization Corp., Series A-1, 5.00%, due 06/01/2033 0.21% New York State Dormitory Authority, Series C, 5.00%, due 12/15/2017 0.21% Williamson County Community Unit School District No. 5, Series B, Zero Coupon, due 01/01/2041 0.20% Penn Hills School District, Series A, 4.00%, due 11/15/2027 0.19% New York Counties Tobacco Trust IV, Series A, 5.00%, due 06/01/2042 0.19% Puerto Rico Highways & Transportation Authority, Series D, 5.00%, due 07/01/2027 0.19% Pennsylvania Housing Finance Agency, Series 119, 3.50%, due 10/01/2041 0.18% Michigan Finance Authority, 4.00%, due 11/01/2046 0.18% Chicago O'Hare International Airport, Series D, 4.13%, due 01/01/2040 0.18% Puerto Rico Municipal Finance Agency, Series A, 5.00%, due 08/01/2027 0.18% City of Chicago Waterworks Revenue, 5.00%, due 11/01/2016 0.18% Sachem Central School District, 5.00%, due 10/15/2016 0.18% Arizona Health Facilities Authority, 2.75%, due 12/01/2039 0.18% Idaho Health Facilities Authority, 5.20%, due 06/01/2033 0.18% City of Chicago, Series A, 5.00%, due 01/01/2042 0.18% Golden State Tobacco Securitization Corp., Series A-1, Class A, 5.13%, due 06/01/2047 0.17% Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A, 5.00%, due 07/01/2028 0.17% Illinois Housing Development Authority, Series A-1, 2.40%, due 07/01/2021 0.17% Fort Bend County Municipal Utility District No. 146, 1.00%, due 09/01/2016 0.17% Essex County Improvement Authority, 7.00%, due 12/01/2053 0.17% City of Olathe, Series 215, 5.00%, due 10/01/2016 0.16% TSASC, Inc., Series 1, 5.00%, due 06/01/2034 0.16% State of Maryland, Series B, 5.00%, due 03/15/2020 0.16% Commonwealth of Puerto Rico, Series C, 5.75%, due 07/01/2037 0.16% City of Lockhart, 5.00%, due 08/01/2025 0.16% Commonwealth of Puerto Rico, Series A, 5.38%, due 07/01/2025 0.16% Buckeye Tobacco Settlement Financing Authority, Series A-2, Class A1B, 5.88%, due 06/01/2030 0.16% Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A, 5.13%, due 07/01/2047 0.16% Aromas-San Juan Unified School District, Series B, 5.00%, due 08/01/2042 0.15% County of Warren, 5.00%, due 07/01/2021 0.15% City of Houston Airport System Revenue, 5.00%, due 07/01/2029 0.15%

Puerto Rico Electric Power Authority, Series DDD, 3.63%, due 07/01/2023 0.15% Puerto Rico Highways & Transportation Authority, Series L, 4.00%, due 07/01/2020 0.14% City of Detroit Sewage Disposal System Revenue, Series E, 5.75%, due 07/01/2031 0.14% Puerto Rico Electric Power Authority, Series UU, 4.25%, due 07/01/2027 0.14% City of San Antonio, 5.00%, due 08/01/2016 0.14% Woodbridge Township Board of Education, 4.00%, due 07/15/2016 0.14% Puerto Rico Municipal Finance Agency, Series A, 5.00%, due 08/01/2022 0.14% Puerto Rico Highways & Transportation Authority, Series E, 5.50%, due 07/01/2023 0.14% Robbinsville Board of Education, 4.00%, due 01/01/2017 0.14% San Diego Public Facilities Financing Authority Water Revenue, Series A, 5.00%, due 08/01/2016 0.14% Michigan Tobacco Settlement Finance Authority, Series A, 5.13%, due 06/01/2022 0.14% Dayton-Montgomery County Port Authority, Series 1, 7.00%, due 01/15/2040 0.13% Davis County School District, 4.25%, due 06/01/2017 0.13% County of Franklin, Series D, 4.00%, due 11/15/2033 0.13% New York State Dormitory Authority, Series A, 4.00%, due 07/01/2016 0.13% Puerto Rico Highways & Transportation Authority, Series Y, 6.25%, due 07/01/2021 0.13% Commonwealth of Puerto Rico, Series A, 4.00%, due 07/01/2022 0.12% School Board of Miami-Dade County, Series A, 5.00%, due 11/01/2019 0.12% Willow Creek Farms Municipal Utility District, 3.00%, due 09/01/2023 0.12% Tobacco Settlement Financing Corp., Series B1, 5.00%, due 06/01/2047 0.12% Industrial Development Authority of the County of Yavapai, Series B, 4.50%, due 09/01/2018 0.12% Commonwealth of Puerto Rico, Series C, 5.25%, due 07/01/2026 0.11% County of King Sewer Revenue, Series B, 5.00%, due 01/01/2017 0.11% Florida Department of Environmental Protection, Series A, 5.00%, due 07/01/2023 0.11% New Hope Cultural Education Facilities Corp., Series D, 6.00%, due 07/01/2026 0.11% City of New York, Series B, 4.00%, due 08/01/2016 0.11% Puerto Rico Electric Power Authority, Series SS, 5.00%, due 07/01/2019 0.11% County of Hernando Water & Sewer Revenue, Series A, 4.00%, due 06/01/2016 0.11% Commonwealth of Puerto Rico, 5.50%, due 07/01/2017 0.11% WPPI Energy, Series A, 5.00%, due 07/01/2016 0.11% New York State Dormitory Authority, Series A, 5.00%, due 07/01/2041 0.10% City of Chicago Wastewater Transmission Revenue, Series C, 5.00%, due 01/01/2025 0.10% University of Vermont & State Agricultural College, 4.25%, due 10/01/2016 0.10% Guam Government Waterworks Authority, 5.00%, due 01/01/2046 0.10% Miami-Dade County Industrial Development Authority, 4.00%, due 09/15/2019 0.10% Royal Oak Hospital Finance Authority, Series D, 5.00%, due 09/01/2039 0.10% Indiana Finance Authority, 5.50%, due 08/15/2045 0.10% Commonwealth of Puerto Rico, 5.50%, due 07/01/2019 0.10% Minnesota Agricultural & Economic Development Board, 5.90%, due 02/01/2019 0.10% Iowa Tobacco Settlement Authority, Series C, 5.63%, due 06/01/2046 0.10%

Puerto Rico Municipal Finance Agency, Series A, 4.75%, due 08/01/2022 0.10% Cleveland-Cuyahoga County Port Authority, Series A, 7.05%, due 11/15/2040 0.09% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2035 0.09% City of Forest Grove, 5.50%, due 03/01/2037 0.09% Commonwealth of Puerto Rico, 5.50%, due 07/01/2022 0.09% City of Deephaven, Series A, 5.25%, due 07/01/2037 0.09% Toledo-Lucas County Port Authority, Series A, 5.00%, due 07/01/2046 0.09% Commonwealth of Puerto Rico, 5.25%, due 07/01/2020 0.09% Puerto Rico Highways & Transportation Authority, Series L, 5.25%, due 07/01/2019 0.09% City of Chicago, Series A, 5.00%, due 01/01/2019 0.09% Philadelphia Authority for Industrial Development, Series A, 5.38%, due 01/01/2032 0.09% City of Park City Water Revenue, 4.00%, due 12/15/2016 0.09% State of Connecticut Special Tax Revenue, Series A, 4.00%, due 12/01/2016 0.09% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2020 0.09% Muhlenberg School District, Series A, 5.00%, due 09/01/2016 0.09% State of New York Mortgage Agency, 4.00%, due 10/01/2016 0.09% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2023 0.09% Whitley County Multi School Building Corp., 5.00%, due 07/15/2016 0.09% Village of Lyons, Series C, 2.00%, due 12/01/2016 0.09% Maryland Health & Higher Educational Facilities Authority, Series A, 3.00%, due 08/15/2016 0.09% Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, Series A, 5.00%, due 07/01/2016 0.09% County of Mifflin, Series B, 2.00%, due 09/01/2016 0.09% North Carolina Medical Care Commission, 5.00%, due 01/01/2033 0.09% East Chicago Sanitary District, 3.00%, due 07/15/2016 0.09% Detroit Local Development Finance Authority, Series A, 5.50%, due 05/01/2021 0.09% Arkansas Development Finance Authority, Series C, 5.00%, due 06/01/2016 0.09% City of Chicago, Series A, 5.00%, due 01/01/2033 0.09% Puerto Rico Highways & Transportation Authority, Series M, 5.00%, due 07/01/2032 0.08% Michigan Finance Authority, Series G-10A, 4.00%, due 04/01/2018 0.08% Cook County High School District No. 201, Series C, Zero Coupon, due 12/01/2025 0.08% Puerto Rico Highways & Transportation Authority, Series D, 5.00%, due 07/01/2032 0.08% Puerto Rico Electric Power Authority, Series DDD, 3.65%, due 07/01/2024 0.08% Puerto Rico Municipal Finance Agency, Series C, 5.25%, due 08/01/2019 0.08% Puerto Rico Infrastructure Financing Authority, Series C, 5.50%, due 07/01/2021 0.08% Iowa Tobacco Settlement Authority, Series A, 6.50%, due 06/01/2023 0.08% Pioneer Municipal High Income Advantage Trust 0.07% City of New York, Series C, 4.00%, due 08/01/2016 0.07% Waukee Community School District, Series A, 4.00%, due 06/01/2016 0.07% Iowa Tobacco Settlement Authority, Series C, 5.38%, due 06/01/2038 0.07% Western Minnesota Municipal Power Agency, Series A, 5.00%, due 01/01/2017 0.07% Ohio Air Quality Development Authority, Series A, 5.70%, due 08/01/2020 0.07% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2021 0.07%

Public Building Commission of Chicago, 5.25%, due 03/01/2033 0.07% Puerto Rico Electric Power Authority, Series TT, 4.20%, due 07/01/2019 0.07% Seneca Valley School District, 2.00%, due 10/01/2016 0.07% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2016 0.07% City of Daly City Water Revenue, 2.00%, due 06/01/2016 0.07% Georgia State Road & Tollway Authority, Series A, 5.00%, due 06/01/2016 0.07% Puerto Rico Highways & Transportation Authority, Series N, 5.50%, due 07/01/2026 0.07% Puerto Rico Electric Power Authority, Series V, 5.25%, due 07/01/2027 0.06% Los Angeles Unified School District, Series KY, 5.00%, due 07/01/2016 0.06% City of Chicago, Series A, 4.75%, due 01/01/2036 0.06% Puerto Rico Public Buildings Authority, Series L, 5.50%, due 07/01/2021 0.06% Village of Elk Grove Village, 4.00%, due 01/01/2022 0.06% Village of Brewster, 5.00%, due 05/01/2033 0.06% Cypress School District, 8.13%, due 08/01/2050 0.06% City of Chandler, Series B, 5.25%, due 07/01/2016 0.06% Puerto Rico Municipal Finance Agency, Series A, 5.00%, due 08/01/2021 0.06% City of Birmingham, Series A, 5.00%, due 12/01/2023 0.05% Golden State Tobacco Securitization Corp., Series A-1, 5.75%, due 06/01/2047 0.05% Puerto Rico Municipal Finance Agency, Series A, 5.25%, due 08/01/2016 0.05% Commonwealth of Puerto Rico, 5.13%, due 07/01/2030 0.05% Commonwealth of Puerto Rico, Series B, 5.00%, due 07/01/2035 0.05% Southern Illinois University, Series A-1, 4.50%, due 02/15/2031 0.05% Bad Axe Public Schools, Series B, 4.00%, due 05/01/2024 0.05% Chicago O'Hare International Airport, Series D, 5.00%, due 01/01/2044 0.05% Will County Community High School District No. 210, Series A, 5.00%, due 01/01/2027 0.05% Puerto Rico Public Buildings Authority, 5.25%, due 07/01/2033 0.05% New York City Water & Sewer System, Series BB, 4.00%, due 06/15/2016 0.05% Lake County School District No. 38, Zero Coupon, due 02/01/2020 0.05% City of Chicago, Series A, 5.00%, due 01/01/2029 0.05% Southern Illinois University, Series A-1, 4.50%, due 02/15/2032 0.05% Indiana Finance Authority, Series A, 5.00%, due 08/15/2021 0.05% Chicago Transit Authority, Series A, 5.25%, due 06/01/2023 0.05% Martin County Health Facilities Authority, Series B, 3.55%, due 11/15/2022 0.05% Puerto Rico Highways & Transportation Authority, Series CC, 5.25%, due 07/01/2033 0.05% City of Detroit Sewage Disposal System Revenue, Series A, 5.25%, due 07/01/2018 0.05% Minnesota Housing Finance Agency, Series F, 2.40%, due 07/01/2023 0.05% Juniata Valley School District, 2.00%, due 11/15/2019 0.04% Port Authority of New York & New Jersey, 4.50%, due 12/01/2028 0.04% City of Chicago, Series A, 5.00%, due 01/01/2018 0.04% Louisville / Jefferson County Metropolitan Government, 5.25%, due 10/01/2036 0.04% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2024 0.04% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2026 0.04% Port Authority of New York & New Jersey, 6.50%, due 12/01/2028 0.04%

City of Detroit Sewage Disposal System Revenue, Series C, 5.00%, due 07/01/2017 0.04% City of Detroit Water Supply System Revenue, Series B, 5.00%, due 07/01/2018 0.04% Commonwealth of Puerto Rico, 5.25%, due 07/01/2016 0.04% City of College Station, 4.00%, due 02/15/2018 0.04% Puerto Rico Highways & Transportation Authority, 5.00%, due 07/01/2028 0.04% McKean County Hospital Authority, 5.25%, due 10/01/2030 0.04% Cleveland State University, 4.00%, due 06/01/2016 0.04% Pierce County School District No. 1, 5.25%, due 12/01/2021 0.04% Puerto Rico Electric Power Authority, Series SS, 5.00%, due 07/01/2030 0.04% Iowa Tobacco Settlement Authority, Series C, 5.50%, due 06/01/2042 0.04% City of Chicago, Series C, Zero Coupon, due 01/01/2024 0.04% Northern Tobacco Securitization Corp., Series A, 5.00%, due 06/01/2046 0.04% Paramount Unified School District, 6.38%, due 08/01/2045 0.04% University of Illinois, Series A, 5.00%, due 10/01/2016 0.04% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2016 0.04% Virgin Islands Water & Power Authority - Electric System, Series A, 5.00%, due 07/01/2027 0.04% Wayne Charter County Economic Development Corp., 7.38%, due 12/01/2033 0.04% Santee School District, Series E, Zero Coupon, due 05/01/2051 0.04% West Chester Area School District, Series A, 4.00%, due 02/15/2024 0.04% City of Pevely, 5.25%, due 03/01/2022 0.03% City of Chicago, Series A, 5.00%, due 01/01/2026 0.03% Pennsylvania Higher Educational Facilities Authority, Series AM, 4.00%, due 06/15/2018 0.03% Puerto Rico Highways & Transportation Authority, Series N, 5.25%, due 07/01/2036 0.03% Utah Charter School Finance Authority, Series A, 5.75%, due 07/15/2020 0.03% City of Chicago, Series C, 5.00%, due 01/01/2031 0.03% County of Wayne, Series A, 4.50%, due 02/01/2026 0.03% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2023 0.03% Puerto Rico Municipal Finance Agency, Series C, 5.00%, due 08/01/2016 0.03% County of Cook, Series A, 4.75%, due 11/15/2030 0.03% Commonwealth of Puerto Rico, Series C, 5.50%, due 07/01/2032 0.03% Commonwealth of Puerto Rico, Series A, 5.25%, due 07/01/2030 0.03% Michigan Finance Authority, Series G-11A, 5.00%, due 04/01/2018 0.03% Oklahoma Development Finance Authority, 5.13%, due 09/01/2036 0.03% Illinois Finance Authority, Series C, 5.00%, due 08/15/2021 0.03% Parish of St. Charles, 4.00%, due 12/01/2040 0.03% County of Perry, Series A, 5.50%, due 12/01/2040 0.03% Puerto Rico Highways & Transportation Authority, Series E, 5.50%, due 07/01/2017 0.03% Tobacco Settlement Financing Corp., Series 1A, 4.50%, due 06/01/2023 0.03% Puerto Rico Highways & Transportation Authority, Series K, 4.40%, due 07/01/2025 0.03% Tobacco Securitization Authority of Southern California, Series A1, 5.13%, due 06/01/2046 0.03% City of Detroit Sewage Disposal System Revenue, Series A, Zero Coupon, due 07/01/2017 0.03% Northern Illinois University, 5.00%, due 04/01/2024 0.02%

Stephenson County School District No. 145, Zero Coupon, due 01/01/2021 0.02% Intermountain Power Agency, Series A, 4.00%, due 07/01/2018 0.02% Puerto Rico Highways & Transportation Authority, Series E, 5.50%, due 07/01/2020 0.02% Kansas Rural Water Finance Authority, 4.25%, due 03/01/2038 0.02% Commonwealth of Puerto Rico, Series A-4, 5.25%, due 07/01/2030 0.02% Commonwealth of Puerto Rico, Series A-4, 5.00%, due 07/01/2031 0.02% Wisconsin Health & Educational Facilities Authority, Series A, 6.75%, due 09/01/2037 0.02% State of Wisconsin, Series C, 4.00%, due 05/01/2017 0.02% Puerto Rico Public Buildings Authority, Series K, 5.25%, due 07/01/2027 0.02% Fairfax County Economic Development Authority, 4.00%, due 04/01/2017 0.02% Town of Clayton, 4.05%, due 11/01/2018 0.02% Will County Community High School District No. 210, 4.00%, due 01/01/2018 0.02% Puerto Rico Electric Power Authority, Series UU, 5.00%, due 07/01/2022 0.02% County of Allen, 4.10%, due 12/20/2017 0.02% Puerto Rico Public Buildings Authority, Series F, 5.25%, due 07/01/2019 0.02% Commonwealth of Puerto Rico, Series A, 4.13%, due 07/01/2023 0.02% Puerto Rico Electric Power Authority, Series TT, 5.00%, due 07/01/2032 0.02% State of Illinois, 5.00%, due 11/01/2023 0.02% City of Chicago, Series C, 4.00%, due 01/01/2017 0.02% Commonwealth of Puerto Rico, Series A, 4.13%, due 07/01/2024 0.02% Yellowstone County School District No. 4, 4.65%, due 07/01/2019 0.02% City of Detroit Water Supply System Revenue, Series D, 5.00%, due 07/01/2023 0.02% Puerto Rico Municipal Finance Agency, Series A, 5.00%, due 08/01/2019 0.02% Idaho Health Facilities Authority, 5.10%, due 06/01/2028 0.02% City of Detroit Sewage Disposal System Revenue, Series B, 4.25%, due 07/01/2025 0.02% Wisconsin Health & Educational Facilities Authority, Series B, 5.00%, due 05/15/2036 0.02% Lewistown Special Improvement District No. 2005, 4.60%, due 07/01/2022 0.02% North Carolina Medical Care Commission, 4.38%, due 01/01/2033 0.02% New York Counties Tobacco Trust IV, Series A, 5.00%, due 06/01/2038 0.02% Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, Zero Coupon, due 08/01/2024 0.02% Industrial Development Authority of the County of Pima, Series A, 5.63%, due 07/01/2038 0.02% City of Harrisburg, Series D, Zero Coupon, due 03/15/2017 0.02% Carbon County Area Vocational Technical School Authority, 5.00%, due 03/01/2028 0.02% Puerto Rico Public Buildings Authority, Series F, 5.25%, due 07/01/2025 0.02% Norman Regional Hospital Authority, 5.38%, due 09/01/2036 0.02% Vancouver Housing Authority, 6.70%, due 03/01/2026 0.02% New Jersey Economic Development Authority, Series A, 5.00%, due 07/01/2029 0.02% City of Cleveland, 5.38%, due 09/15/2027 0.02% City of Chicago, Series 3A, 4.20%, due 01/01/2017 0.02% Esopus Fire District, 4.30%, due 08/01/2017 0.02% Westchester Tobacco Asset Securitization, 5.13%, due 06/01/2045 0.02%

Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.38%, due 06/01/2024 0.02% Michigan Tobacco Settlement Finance Authority, Series A, 5.25%, due 06/01/2022 0.02% City of Detroit, 4.00%, due 04/01/2018 0.02% Puerto Rico Highways & Transportation Authority, Series CC, 5.25%, due 07/01/2036 0.01% Commonwealth of Puerto Rico, Series A, 4.75%, due 07/01/2018 0.01% Puerto Rico Municipal Finance Agency, Series C, 5.25%, due 08/01/2017 0.01% City of Chicago, Series A, 5.00%, due 01/01/2019 0.01% Puerto Rico Electric Power Authority, Series TT, 5.00%, due 07/01/2017 0.01% Puerto Rico Highways & Transportation Authority, Series AA, 4.95%, due 07/01/2026 0.01% City of Chicago, Series C, 5.00%, due 01/01/2026 0.01% Commonwealth of Puerto Rico, Series C, 5.38%, due 07/01/2028 0.01% Commonwealth of Puerto Rico, 4.50%, due 07/01/2023 0.01% Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A, Zero Coupon, due 08/01/2041 0.01% Puerto Rico Municipal Finance Agency, Series A, 4.75%, due 08/01/2025 0.01% Michigan Finance Authority, Series G-1A, 5.00%, due 04/01/2019 0.01% New Jersey Economic Development Authority, Series B, 6.50%, due 04/01/2031 0.01% Chicago Transit Authority, 5.00%, due 06/01/2022 0.01% Coachella Valley Unified School District, Series C, Zero Coupon, due 08/01/2038 0.01% Puerto Rico Highways & Transportation Authority, Series E, 5.50%, due 07/01/2021 0.01% City of Chicago, Series A, 5.50%, due 01/01/2017 0.01% Parkville Industrial Development Authority, 4.65%, due 02/01/2018 0.01% New York State Dormitory Authority, 5.00%, due 02/15/2017 0.01% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2022 0.01% Puerto Rico Highways & Transportation Authority, Series K, 5.00%, due 07/01/2018 0.01% Commonwealth of Puerto Rico, Series C, 5.25%, due 07/01/2027 0.01% Commonwealth of Puerto Rico, 5.00%, due 07/01/2028 0.01% Florida Development Finance Corp., Series A, 6.00%, due 02/15/2037 0.01% Commonwealth of Puerto Rico, Series A, 5.00%, due 07/01/2033 0.01% New York State Dormitory Authority, 4.00%, due 07/01/2016 0.01% City of Detroit, Series G, 5.00%, due 04/01/2018 0.01% Mississippi Home Corp., Series 3A, 5.55%, due 08/20/2049 0.00%** City of Chicago, Series A, 5.00%, due 01/01/2024 0.00%** Coachella Valley Unified School District, Series C, Zero Coupon, due 08/01/2037 0.00%** Michigan Finance Authority, Series G-9A, 5.00%, due 04/01/2018 0.00%** Tobacco Settlement Financing Corp., Series 1B, Zero Coupon, due 06/01/2041 0.00%** City of Detroit, 5.00%, due 04/01/2019 0.00%** City of Detroit, 5.00%, due 04/01/2018 0.00%** Allegheny County Industrial Development Authority, 6.50%, due 05/01/2017 0.00%** New Jersey Health Care Facilities Financing Authority, Series A, 5.00%, due 07/01/2046 0.00%** State Street Bank & Trust Co., 0.03%, due 06/01/2016 13.82%

Mutual funds are subject to market risk, including the loss of principal. There is no assurance the fund will meet its investment objective. See the fund s prospectus for complete information on all of the risks inherent with investing in the fund. *There is no assurance that the securities listed are held beyond the indicated date. The holdings will remain online for six months, starting 25 days after the end of each calendar month. ** This security represents less than 0.01% of total holdings. This list of portfolio holdings is published on a delayed basis, 25 days after the end of each calendar month, and does not necessarily represent the actual investments held by a portfolio at the time of publication. All holdings are subject to change daily. This list has not been audited and is provided for informational use only. It is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security. Transamerica assumes no obligation to update or supplement this list to reflect any change that may occur, and assumes no liability relating to the use of this information. Unlike the fund s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Shares of the funds may only be sold by offering the funds prospectus. You should consider the investment objective, risks, charges, and expenses of the fund carefully before investing. The prospectus contains this and additional important information regarding the fund. For Transamerica Funds - To obtain the prospectus and/or a summary prospectus, please contact your financial professional or go to transamerica.com. For Transamerica Partners Funds - go to transamericapartners.com. For Transamerica Series Trust portfolios - Investors should carefully consider their investment objectives and risks, along with a product s charges and expenses before investing. The prospectus includes complete information and other important facts about the variable annuity or variable universal life insurance policy s charges and expenses. Please contact your financial professional for a prospectus. The prospectus should be read carefully before investing. No part of this material may be reproduced in any form, or referred to in any publication, without express written permission.