Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At July 31, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 18.1%
Banks - 5.6%
BAC Capital Trust XIV
3-Month LIBOR + 0.40%, 4.00% (A), 08/15/2022 (B)		$  726,000		$  546,438
Banco Santander Chile
3.18%, 10/26/2031 (C)		489,000		416,872
Bank of America Corp.
Fixed until 10/20/2031, 2.57% (A), 10/20/2032		500,000		429,343
4.18%, 11/25/2027		528,000		526,521
CPI-YoY + 1.10%, 9.36% (A), 11/19/2024		1,000,000		1,024,720
Barclays Bank PLC
CPI-YoY + 1.00%, 9.26% (A), 05/22/2023		2,600,000		2,561,307
BPCE SA
Fixed until 10/19/2041, 3.58% (A), 10/19/2042 (C) (D)		303,000		227,964
Citigroup, Inc.
Fixed until 11/03/2031, 2.52% (A), 11/03/2032		320,000		271,336
Corestates Capital II
3-Month LIBOR + 0.65%, 3.16% (A), 01/15/2027 (C)		269,000		250,116
Intesa Sanpaolo SpA
Fixed until 06/01/2041, 4.95% (A), 06/01/2042 (C)		215,000		148,064
NatWest Group PLC
Fixed until 08/28/2030, 3.03% (A), 11/28/2035		381,000		310,650
UniCredit SpA
Fixed until 06/30/2030, 5.46% (A), 06/30/2035 (C)		621,000		509,823
				7,223,154
Capital Markets - 2.3%
Deutsche Bank AG
Fixed until 05/28/2031, 3.04% (A), 05/28/2032		1,319,000		1,086,027
Goldman Sachs Group, Inc.
Fixed until 07/21/2031, 2.38% (A), 07/21/2032		600,000		506,560
Fixed until 11/10/2022 (B), 5.00% (A)		702,000		636,221
Morgan Stanley
Fixed until 09/16/2031, 2.48% (A), 09/16/2036		111,000		89,950
CPI-YoY + 2.00%, 8.00% (A), 04/25/2023 - 06/09/2023		643,000		647,230
				2,965,988
Chemicals - 0.3%
Albemarle Corp.
5.65%, 06/01/2052		370,000		375,354
Commercial Services & Supplies - 0.5%
Triton Container International Ltd.
3.15%, 06/15/2031 (C)		880,000		716,448

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance - 0.8%
Ford Motor Credit Co. LLC
2.90%, 02/16/2028		$   622,000		$   545,027
Synchrony Financial
2.88%, 10/28/2031		650,000		515,000
				1,060,027
Food Products - 0.4%
Smithfield Foods, Inc.
5.20%, 04/01/2029 (C)		581,000		580,595
Hotels, Restaurants & Leisure - 0.5%
Magallanes, Inc.
5.14%, 03/15/2052 (C)		675,000		595,072
Insurance - 1.0%
Enstar Group Ltd.
3.10%, 09/01/2031		742,000		599,740
Hartford Financial Services Group, Inc.
3-Month LIBOR + 2.13%, 3.54% (A), 02/12/2067 (C)		898,000		728,515
				1,328,255
Metals & Mining - 3.2%
Anglo American Capital PLC
3.88%, 03/16/2029 (C)		1,575,000		1,469,919
AngloGold Ashanti Holdings PLC
3.75%, 10/01/2030 (D)		466,000		399,294
Glencore Funding LLC
2.63%, 09/23/2031 (C)		423,000		347,828
2.85%, 04/27/2031 (C)		791,000		664,185
Newcrest Finance Pty Ltd.
5.75%, 11/15/2041 (C)		446,000		443,439
South32 Treasury Ltd.
4.35%, 04/14/2032 (C)		849,000		807,416
				4,132,081
Multiline Retail - 0.1%
Nordstrom, Inc.
4.25%, 08/01/2031		127,000		102,859
Oil, Gas & Consumable Fuels - 2.6%
Apache Corp.
4.25%, 01/15/2030 (D)		500,000		481,728
Cenovus Energy, Inc.
4.25%, 04/15/2027		397,000		395,787
Diamondback Energy, Inc.
4.40%, 03/24/2051 (D)		424,000		382,851
Enbridge, Inc.
Fixed until 07/15/2027, 5.50% (A), 07/15/2077		731,000		663,328
Energy Transfer LP
4.95%, 05/15/2028		253,000		252,767
Fixed until 02/15/2023 (B), 6.25% (A)		691,000		531,931
EnLink Midstream Partners LP
Fixed until 12/15/2022 (B), 6.00% (A)		133,000		92,435
Enterprise Products Operating LLC
3.70%, 01/31/2051		435,000		365,871
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		243,000		204,941
				3,371,639

Transamerica Funds Page    1

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.8%
Broadcom, Inc.
2.60%, 02/15/2033 (C)		$   1,286,000		$   1,041,557
Total Corporate Debt Securities (Cost $26,585,400)				23,493,029
FOREIGN GOVERNMENT OBLIGATIONS - 25.4%
Australia - 4.5%
Australia Government Bond
0.75%, 11/21/2027 (E)		AUD  5,000,000		3,991,849
2.50%, 09/20/2030 (E)		1,750,000		1,806,833
				5,798,682
Canada - 1.7%
Canada Government Real Return Bonds
4.00%, 12/01/2031		CAD  581,525		597,326
4.25%, 12/01/2026		1,728,790		1,570,374
				2,167,700
France - 2.1%
France Republic Government Bond OAT
0.70%, 07/25/2030 (E)		EUR  1,158,080		1,383,431
3.15%, 07/25/2032 (E)		892,394		1,318,234
				2,701,665
Germany - 1.2%
Deutsche Bundesrepublik Inflation-Linked Bond
0.50%, 04/15/2030 (E)		1,283,634		1,539,139
Japan - 4.3%
Japan Government CPI-Linked Bond
0.01%, 03/10/2031		JPY  246,362,400		1,959,260
0.10%, 03/10/2026		466,587,000		3,654,669
				5,613,929
Mexico - 0.4%
Mexico Government International Bond
4.28%, 08/14/2041		$  686,000		567,850
New Zealand - 4.5%
New Zealand Government Inflation-Linked Bond
2.00%, 09/20/2025 (E)		NZD  7,375,000		5,828,701
United Kingdom - 6.7%
U.K. Inflation-Linked Gilt
0.13%, 03/22/2024 - 03/22/2044 (E)		GBP  4,170,676		5,674,163
1.25%, 11/22/2032 (E)		1,862,568		3,048,281
				8,722,444
Total Foreign Government Obligations (Cost $34,963,457)				32,940,110
MORTGAGE-BACKED SECURITY - 0.5%
One Bryant Park Trust
Series 2019-OBP, Class A,
2.52%, 09/15/2054 (C)		$  750,000		663,954
Total Mortgage-Backed Security (Cost $661,289)				663,954

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 55.1%
U.S. Treasury - 0.9%
U.S. Treasury Bond
2.38%, 02/15/2042		$   725,000		$   636,867
3.25%, 05/15/2042		500,000		505,000
				1,141,867
U.S. Treasury Inflation-Protected Securities - 54.2%
U.S. Treasury Inflation-Protected Indexed Bond
0.13%, 02/15/2051		1,964,025		1,651,034
0.63%, 02/15/2043		2,541,800		2,435,395
0.75%, 02/15/2042 - 02/15/2045		5,363,127		5,287,728
1.00%, 02/15/2046		2,343,023		2,419,652
1.38%, 02/15/2044		1,002,984		1,109,091
2.13%, 02/15/2040		946,309		1,179,633
2.38%, 01/15/2025		3,255,252		3,455,971
3.38%, 04/15/2032		1,975,392		2,578,221
3.88%, 04/15/2029		2,310,620		2,888,591
U.S. Treasury Inflation-Protected Indexed Note
0.13%, 01/15/2023 - 07/15/2031		20,677,656		20,825,974
0.25%, 07/15/2029		2,056,140		2,086,621
0.38%, 07/15/2025 - 07/15/2027		6,171,901		6,304,212
0.50%, 01/15/2028		1,776,855		1,819,819
0.63%, 04/15/2023 (D)		2,117,412		2,138,338
0.63%, 01/15/2024 - 01/15/2026		13,998,323		14,227,374
				70,407,654
Total U.S. Government Obligations (Cost $71,727,603)				71,549,521
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.3%
Money Market Fund - 0.3%
State Street Institutional U.S. Government Money Market Fund, 1.53% (F)		420,641		420,641
Total Short-Term Investment Company (Cost $420,641)				420,641
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 2.27% (F)		2,991,200		2,991,200
Total Other Investment Company (Cost $2,991,200)				2,991,200
Total Investments (Cost $137,349,590)				132,058,455
Net Other Assets (Liabilities) - (1.7)%				(2,230,026	)
Net Assets - 100.0%				$  129,828,429

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Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
JPMS		09/22/2022	USD	4,326,236	AUD	6,200,000	$	—	$	(9,410	)
JPMS		09/22/2022	USD	769,458	CAD	1,000,000		—		(11,313	)
JPMS		09/22/2022	USD	4,354,378	EUR	4,100,000		148,203		—
JPMS		09/22/2022	USD	10,199,581	GBP	8,250,000		140,382		—
JPMS		09/22/2022	USD	5,788,690	JPY	745,000,000		178,703		—
JPMS		09/22/2022	USD	4,413,918	NZD	7,000,000		12,750		—
JPMS		09/22/2022	GBP	2,450,000	USD	2,989,391		—		(2,113	)
JPMS		09/22/2022	EUR	1,400,000	USD	1,437,094		—		(839	)
Total							$	480,038	$	(23,675	)

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	23,493,029		$	—	$	23,493,029
Foreign Government Obligations		—		32,940,110			—		32,940,110
Mortgage-Backed Security		—		663,954			—		663,954
U.S. Government Obligations		—		71,549,521			—		71,549,521
Short-Term Investment Company		420,641		—			—		420,641
Other Investment Company		2,991,200		—			—		2,991,200
Total Investments	$	3,411,841	$	128,646,614		$	—	$	132,058,455
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	480,038		$	—	$	480,038
Total Other Financial Instruments	$	—	$	480,038		$	—	$	480,038
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(23,675	)	$	—	$	(23,675	)
Total Other Financial Instruments	$	—	$	(23,675	)	$	—	$	(23,675	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of July 31, 2022. 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.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	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 July 31, 2022, the total value of 144A securities is $9,611,767, representing 7.4% of the Fund’s net assets.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,448,047, collateralized by cash collateral of $2,991,200 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $528,243. 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)	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 July 31, 2022, the total value of Regulation S securities is $24,590,631, representing 18.9% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at July 31, 2022.
(G)	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.
(H)	Derivative instruments are valued at unrealized appreciation (depreciation).

Transamerica Funds Page    3

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI YoY	US Consumer Price Index Urban Consumers Year Over Year
LIBOR	London Interbank Offered Rate

Transamerica Funds Page    4

Transamerica Inflation Opportunities

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2022

(unaudited)

INVESTMENT VALUATION

Transamerica Inflation Opportunities (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:

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.

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 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.

Transamerica Funds Page    5

Transamerica Inflation Opportunities

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

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

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

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

Transamerica Funds Page    6