Transamerica Short-Term Bond


	Shares		Value
EXCHANGE-TRADED FUNDS - 2.2%
U.S. Equity Funds - 2.2%
Alerian MLP ETF		85,825		$ 3,333,443
Energy Select Sector SPDR Fund		11,962		938,060
Health Care Select Sector SPDR Fund		6,015		796,386
Vanguard S&P 500 ETF		12,065		4,570,102
Vanguard Short-Term Treasury ETF		51,399		3,034,597

Total Exchange-Traded Funds (Cost $12,846,245)				12,672,588


INVESTMENT COMPANIES - 92.9%
International Alternative Fund - 0.0% ^(A)
Transamerica Global Allocation Liquidating Trust ^{(B) (C) (D) (E)}		1,340		3,017

International Equity Funds - 11.1%
Transamerica Emerging Markets Opportunities ^(C)		1,007,935		7,912,289
Transamerica International Equity ^(C)		2,064,268		37,156,828
Transamerica International Focus ^(C)		227,100		1,755,481
Transamerica International Small Cap Value ^(C)		397,710		5,031,034
Transamerica International Stock ^(C)		1,129,561		10,900,260

				62,755,892

International Fixed Income Fund - 3.2%
Transamerica Inflation Opportunities ^(C)		1,742,400		17,998,990

U.S. Equity Funds - 18.6%
Transamerica Capital Growth ^(C)		27,192		176,746
Transamerica Large Cap Value ^(C)		3,209,356		41,625,347
Transamerica Mid Cap Growth ^(C)		302,797		2,261,896


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value ^(C)		411,030		$ 4,303,488
Transamerica Mid Cap Value Opportunities ^(C)		2,653		31,065
Transamerica Small Cap Growth ^(C)		302,939		2,002,430
Transamerica Small Cap Value ^(C)		425,860		2,921,400
Transamerica Sustainable Equity Income ^(C)		1,890,706		13,424,011
Transamerica US Growth ^(C)		1,647,319		39,140,289

				105,886,672

U.S. Fixed Income Funds - 58.5%
Transamerica Bond ^(C)		4,496,442		38,129,829
Transamerica Core Bond ^(C)		5,358,048		48,383,175
Transamerica Floating Rate ^(C)		117,000		1,053,001
Transamerica High Yield Bond ^(C)		23,437		192,188
Transamerica Intermediate Bond ^(C)		6,101,875		56,015,213
Transamerica Short-Term Bond ^(C)		4,048,165		39,267,197
Transamerica Total Return ^(C)		16,343,635		149,544,258

				332,584,861

U.S. Mixed Allocation Fund - 1.5%
Transamerica Energy Infrastructure ^(C)		1,190,275		8,772,329

Total Investment Companies (Cost $534,929,147)				528,001,761

Total Investments (Cost $547,775,392)				540,674,349
Net Other Assets (Liabilities) - 4.9%				27,575,031

Net Assets - 100.0%				$ 568,249,380

Transamerica Asset Allocation – Conservative Portfolio (the “Fund”) is a series of the Transamerica Funds.

All investments in securities are recorded at their estimated fair value. The Fund values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value (“NAV”) per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund’s investments at July 31, 2022, 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:

Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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.

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

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


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	12,672,588	$	—	$	—	$	12,672,588
Investment Companies		527,998,744		—		—		527,998,744

Total	$	540,671,332	$	—	$	—	$	540,671,332

Investment Companies Measured at Net Asset Value ^(E)								3,017

Total Investments							$	540,674,349

Other Financial Instruments
Futures Contracts ^(G)	$	254,253	$	—	$	—	$	254,253

Total Other Financial Instruments	$	254,253	$	—	$	—	$	254,253


Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value July 31, 2022		Shares as of July 31, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	58,109,376	$	3,407,475	$	(16,750,000	)	$	(2,057,950	)	$	(4,579,072	)	$	38,129,829		4,496,442	$	1,107,778	$	299,697
Transamerica Capital Growth		32,122,256		11,197,492		(22,000,000	)		(7,194,995	)		(13,948,007	)		176,746		27,192		60,354		11,137,138
Transamerica Core Bond		57,137,475		3,182,349		(6,500,000	)		(382,659	)		(5,053,990	)		48,383,175		5,358,048		932,137		250,212
Transamerica Emerging Markets Debt		21,291,214		588,970		(18,033,458	)		(3,007,752	)		(838,974	)		—		—		588,970		—
Transamerica Emerging Markets Opportunities		14,851,862		1,065,653		(4,000,000	)		394,897			(4,400,123	)		7,912,289		1,007,935		796,536		269,117
Transamerica Energy Infrastructure		6,662,478		1,350,585		—			—			759,266			8,772,329		1,190,275		254,127		—
Transamerica Floating Rate		—		8,085,741		(6,705,000	)		(277,090	)		(50,650	)		1,053,001		117,000		85,741		—
Transamerica Global Allocation Liquidating Trust		3,128		—		—			—			(111	)		3,017		1,340		—		—
Transamerica High Yield Bond		7,766,518		7,301,568		(13,300,000	)		(1,202,823	)		(373,075	)		192,188		23,437		301,568		—
Transamerica Inflation Opportunities		25,029,935		3,773,641		(9,000,000	)		(204,723	)		(1,599,863	)		17,998,990		1,742,400		661,048		112,593
Transamerica Intermediate Bond		64,756,133		6,931,045		(9,000,000	)		(408,115	)		(6,263,850	)		56,015,213		6,101,875		939,081		991,964
Transamerica International Equity		29,737,218		13,055,019		—			—			(5,635,409	)		37,156,828		2,064,268		1,055,019		—
Transamerica International Focus		24,797,462		1,467,450		(18,600,000	)		3,210,393			(9,119,824	)		1,755,481		227,100		734,585		732,865
Transamerica International Small Cap Value		3,062,706		3,112,630		—			—			(1,144,302	)		5,031,034		397,710		79,997		32,633
Transamerica International Stock		17,309,681		5,656,784		(10,300,000	)		1,509,020			(3,275,225	)		10,900,260		1,129,561		484,115		822,669
Transamerica Large Cap Value		45,920,374		12,195,024		(12,100,000	)		327,924			(4,717,975	)		41,625,347		3,209,356		1,195,024		—
Transamerica Mid Cap Growth		2,533,448		2,707,267		(1,100,000	)		(362,394	)		(1,516,425	)		2,261,896		302,797		245,507		461,760
Transamerica Mid Cap Value		4,468,534		735,900		—			—			(900,946	)		4,303,488		411,030		60,679		675,221
Transamerica Mid Cap Value Opportunities		3,256,771		290,101		(3,300,000	)		914,122			(1,129,929	)		31,065		2,653		113,934		176,167
Transamerica Short-Term Bond		21,138,981		23,054,620		(4,000,000	)		(72,766	)		(853,638	)		39,267,197		4,048,165		304,620		—
Transamerica Small Cap Growth		8,053,837		481,517		(4,500,000	)		299,333			(2,332,257	)		2,002,430		302,939		86,585		394,932
Transamerica Small Cap Value		8,018,509		2,231,529		(5,000,000	)		582,947			(2,911,585	)		2,921,400		425,860		1,528,280		703,249
Transamerica Sustainable Equity Income		15,260,836		5,810,308		(3,000,000	)		(524,469	)		(4,122,664	)		13,424,011		1,890,706		1,865,184		945,124
Transamerica Total Return		184,324,432		7,928,118		(24,350,000	)		(1,895,794	)		(16,462,498	)		149,544,258		16,343,635		2,928,118		—
Transamerica US Growth		41,970,897		21,624,874		(10,000,000	)		(244,844	)		(14,210,638	)		39,140,289		1,647,319		527,755		4,097,119

Total	$	697,584,061	$	147,235,660	$	(201,538,458	)	$	(10,597,738	)	$	(104,681,764	)	$	528,001,761		52,469,043	$	16,936,742	$	22,102,460


(E)		Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)		There were no transfers in or out of Level 3 during the period ended July 31, 2022. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.
(G)		Derivative instruments are valued at unrealized appreciation (depreciation).


(A)		Percentage rounds to less than 0.1% or (0.1)%.
(B)		Non-income producing security.
(C)		Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s transactions and earnings are as follows:


(D)		Restricted security. At July 31, 2022, the value of such security held by the Fund is as follows:


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