Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.1%
Alabama - 4.3%
Alabama Special Care Facilities Financing Authority, Revenue Bonds,
5.00%, 11/15/2046		$  1,825,000		$  1,927,096
Alabama State University, Revenue Bonds,
BAM,
5.00%, 09/01/2038 - 09/01/2039		6,045,000		6,628,183
Bibb County Board of Education, Special Tax,
Series B, BAM,
4.00%, 04/01/2045 - 04/01/2050		450,000		451,103
Black Belt Energy Gas District, Revenue Bonds,
Fixed until 12/01/2031, 4.00% (A), 06/01/2051		8,925,000		9,173,301
County of Jefferson Sewer Revenue, Revenue Bonds,
Series A, AGM,
5.50%, 10/01/2053		1,015,000		1,069,302
Dekalb-Jackson Cooperative District, Revenue Bonds,
AGM,
4.05%, 01/01/2050		140,000		140,248
Health Care Authority of the City of Huntsville, Revenue Bonds,
Series B-1,
5.00%, 06/01/2038		4,050,000		4,427,413
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds,
Series A,
6.00%, 05/01/2040 (B)		2,850,000		2,918,772
Saraland Board of Education, Special Tax,
Series B, AGM,
4.00%, 06/01/2031		1,100,000		1,201,278
Saraland Public Educational Building Authority, Revenue Bonds,
AGM,
4.00%, 12/01/2030		1,515,000		1,673,525
Southeast Energy Authority Cooperative District, Revenue Bonds,
Series B,
Fixed until 12/01/2031, 4.00% (A), 12/01/2051		43,000,000		43,449,075
University of North Alabama, Revenue Bonds,
Series A, BAM,
4.00%, 11/01/2044		4,760,000		4,853,567
				77,912,863
Alaska - 0.0% (C)
State of Alaska International Airports System, Revenue Bonds,
Series A,
5.00%, 10/01/2031		65,000		69,874
Arizona - 1.8%
Arizona Industrial Development Authority, Revenue Bonds,
4.00%, 02/01/2050		4,600,000		4,544,752
Series A,
4.00%, 10/01/2049		950,000		891,644
5.00%, 03/01/2037		45,000		48,140

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Arizona Industrial Development Authority, Revenue Bonds, (continued)
Series A, BAM,
5.00%, 06/01/2049 - 06/01/2058		$   17,280,000		$   18,746,670
Series B,
4.00%, 07/01/2041 - 07/01/2051		1,650,000		1,448,323
City of Litchfield Park Excise Tax Revenue, Revenue Bonds,
4.00%, 07/01/2041		775,000		788,922
County of Pima, Certificate of Participation,
5.00%, 12/01/2026		35,000		36,529
Industrial Development Authority of the City of Phoenix, Revenue Bonds,
5.00%, 07/01/2036		1,440,000		1,478,142
Industrial Development Authority of the County of Pima, Revenue Bonds,
4.00%, 04/01/2035 - 04/01/2036		1,480,000		1,505,558
La Paz County Industrial Development Authority, Revenue Bonds,
4.90%, 06/15/2028 (B)		405,000		404,772
Maricopa County Industrial Development Authority, Revenue Bonds,
4.00%, 07/01/2049 - 07/01/2054		2,295,000		2,178,076
Tempe Industrial Development Authority, Revenue Bonds,
Class A,
4.00%, 12/01/2023 - 12/01/2026		510,000		511,755
				32,583,283
Arkansas - 0.5%
Little Rock School District, General Obligation Limited,
3.00%, 02/01/2026 - 02/01/2030		8,545,000		8,547,593
California - 11.9%
Adelanto Elementary School District Community Facilities District No. 1, Special Tax,
BAM,
5.00%, 09/01/2036 - 09/01/2039		3,150,000		3,581,788
Adelanto School District, Special Tax,
BAM,
4.00%, 09/01/2035 - 09/01/2036		555,000		587,818
Avalon Community Improvement Agency Successor Agency, Tax Allocation,
Series A, AGM,
5.00%, 09/01/2026		155,000		168,517
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds,
AGM,
3.00%, 10/01/2033		60,000		60,206
4.00%, 10/01/2027		85,000		91,463
Beaumont Public Improvement Authority, Revenue Bonds,
Series A, AGM,
5.00%, 09/01/2038 - 09/01/2049		7,795,000		8,507,759
California Housing Finance Agency, Revenue Bonds,
Series E, FNMA,
2.50%, 02/01/2038		73,877		66,489
California Municipal Finance Authority, Revenue Bonds,
4.00%, 10/01/2050		4,450,000		4,395,663
4.38%, 07/01/2025 (B)		395,000		405,721
5.00%, 01/01/2035 - 01/01/2049		12,485,000		13,831,041

Transamerica Funds Page    1

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds, (continued)
BAM,
4.00%, 05/15/2034 - 05/15/2040		$   10,290,000		$   10,339,165
BAM-TCRS,
5.00%, 05/15/2038 - 05/15/2041		6,780,000		7,233,284
Series A,
4.00%, 11/01/2031 (D)		14,905,000		16,022,243
4.00%, 10/01/2034 - 02/01/2051		12,330,000		12,315,275
4.50%, 06/01/2028 (B)		200,000		202,941
5.00%, 10/01/2044 - 02/01/2047		11,220,000		11,740,378
California Public Finance Authority, Revenue Bonds,
Series A,
4.25%, 06/15/2029 (B)		690,000		689,970
California School Finance Authority, Revenue Bonds,
Series A,
4.00%, 08/01/2025 (B)		300,000		307,111
California Statewide Communities Development Authority, Revenue Bonds,
Series A,
3.00%, 11/01/2022 (B)		140,000		140,093
5.00%, 12/01/2025 - 12/01/2029 (B)		775,000		811,648
5.00%, 08/15/2041 - 08/15/2046		2,260,000		2,382,817
5.75%, 01/15/2045 (B)		100,000		100,420
California Statewide Communities Development Authority, Special Assessment,
4.00%, 09/02/2028 - 09/02/2044		2,840,000		2,881,093
5.00%, 09/02/2034		870,000		955,010
Carmichael Water District, Certificate of Participation,
Series A,
4.00%, 11/01/2037		2,130,000		2,216,364
Cascade Union Elementary School District, General Obligation Unlimited,
Series B, AGM,
4.00%, 08/01/2036		80,000		83,524
Series B, AGM,
4.00%, 08/01/2034 - 08/01/2037		155,000		162,072
Chico Unified School District, General Obligation Unlimited,
Series C,
4.00%, 08/01/2044		1,950,000		1,983,873
Chowchilla Elementary School District, General Obligation Unlimited,
5.00%, 08/01/2048		650,000		698,723
City of Azusa, Special Tax,
AGM,
5.00%, 09/01/2049		1,400,000		1,531,811
City of Beaumont, Special Tax,
5.00%, 09/01/2044		345,000		365,837
City of Lathrop, Special Assessment,
4.00%, 09/02/2022		145,000		145,207
City of Lemoore Water Revenue, Revenue Bonds,
BAM,
5.00%, 06/01/2049		5,675,000		6,249,362
City of Los Angeles Department of Airports, Revenue Bonds,
Series C,
5.00%, 05/15/2038		3,080,000		3,255,872
City of Porterville Sewer Revenue, Certificate of Participation,
Series C, AGM,
4.00%, 09/15/2049		3,135,000		3,170,737

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
City of Sacramento, Special Tax,
Series 02,
5.00%, 09/01/2044 - 09/01/2049		$   2,325,000		$   2,481,950
Coachella Redevelopment Agency Successor Agency, Tax Allocation,
Series A, AGM,
5.00%, 09/01/2030		275,000		303,815
Colton Joint Unified School District, General Obligation Unlimited,
BAM,
4.00%, 02/01/2033		55,000		57,457
Compton Unified School District, General Obligation Unlimited,
Series B, BAM,
Zero Coupon, 06/01/2034		355,000		234,626
Series B, BAM,
4.00%, 06/01/2049		5,830,000		5,884,995
County of El Dorado, Special Tax,
5.00%, 09/01/2029		1,110,000		1,219,333
BAM,
3.00%, 09/01/2025 - 09/01/2026		260,000		268,633
County of San Bernardino, Special Tax,
4.00%, 09/01/2047		100,000		94,338
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax,
Series A, AGM,
4.00%, 09/01/2029		60,000		62,776
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds,
Series B,
3.00%, 12/01/2031		920,000		920,671
3.25%, 12/01/2036		3,250,000		3,147,419
Desert Community College District, General Obligation Unlimited,
Series A,
4.00%, 08/01/2040 - 08/01/2051		13,415,000		13,544,899
Durham Unified School District, General Obligation Unlimited,
Series A, AGM,
4.00%, 08/01/2037 - 08/01/2038		410,000		418,703
Elk Grove Unified School District, Certificate of Participation,
BAM,
5.00%, 02/01/2027		745,000		820,038
Etiwanda School District, Special Tax,
Series 2,
3.00%, 09/01/2022		85,000		85,042
3.50%, 09/01/2023		75,000		75,631
Eureka City Schools, General Obligation Unlimited,
BAM,
4.00%, 08/01/2038		85,000		87,513
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds,
Series A, AGM,
5.00%, 01/15/2042		70,000		72,582
Glendale Community College District, General Obligation Unlimited,
Series B,
4.00%, 08/01/2050		1,800,000		1,814,246
Golden State Tobacco Securitization Corp., Revenue Bonds,
Series B-2,
Zero Coupon, 06/01/2066		55,000,000		6,996,704
Heber Elementary School District, General Obligation Unlimited,
Series A, AGM,
4.00%, 08/01/2035 - 08/01/2038		360,000		369,430

Transamerica Funds Page    2

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Konocti Unified School District, General Obligation Unlimited,
AGM,
5.00%, 08/01/2042		$   630,000		$   682,308
Lynwood Unified School District, General Obligation Unlimited,
Series B, BAM,
4.00%, 08/01/2045 - 08/01/2049		5,125,000		5,173,231
Madera County Public Financing Authority, Revenue Bonds,
BAM,
4.00%, 10/01/2050		8,130,000		8,196,022
Marin Healthcare District, General Obligation Unlimited,
Series A,
5.00%, 08/01/2041		305,000		335,877
McFarland Unified School District, General Obligation Unlimited,
Series A, BAM,
4.00%, 11/01/2045		500,000		505,865
Menifee Union School District Public Financing Authority, Special Tax,
Series A,
5.00%, 09/01/2023		225,000		231,239
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		1,100,000		1,191,431
Mountain House Public Financing Authority, Revenue Bonds,
4.00%, 10/01/2046 - 10/01/2051		4,350,000		4,356,267
Series A, BAM,
4.00%, 12/01/2036 - 12/01/2038		610,000		631,253
Mountain View School District, General Obligation Unlimited,
Series D, AGM,
4.00%, 08/01/2049		625,000		631,833
Oakdale Public Financing Authority, Special Tax,
2.63%, 09/01/2022		110,000		110,013
Ontario International Airport Authority, Revenue Bonds,
Series A, AGM,
5.00%, 05/15/2046		100,000		111,569
Oxnard Financing Authority, Revenue Bonds,
Series A, BAM,
4.00%, 06/01/2055		2,870,000		2,893,380
Palomar Health, Certificate of Participation,
AGM-CR,
4.00%, 11/01/2047		375,000		380,773
Parlier Unified School District, General Obligation Unlimited,
Series B, AGM,
4.00%, 08/01/2048		1,010,000		1,022,363
Pollock Pines Elementary School District, General Obligation Unlimited,
AGM,
4.00%, 08/01/2049		1,565,000		1,579,519
Rancho Cordova Community Facilities District, Special Tax,
Series B,
4.00%, 09/01/2041		325,000		313,858
Rio Elementary School District Community Facilities District, Special Tax,
BAM,
5.00%, 09/01/2029 - 09/01/2032		1,040,000		1,147,088

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
River Islands Public Financing Authority, Revenue Bonds,
AGM,
4.00%, 09/01/2045 - 09/01/2050		$   2,275,000		$   2,294,289
River Islands Public Financing Authority, Special Tax,
Series A-1, AGM,
5.25%, 09/01/2052		2,170,000		2,410,928
Robla School District, General Obligation Unlimited,
Series A, AGM,
4.00%, 08/01/2037 - 08/01/2038		1,075,000		1,109,256
San Bernardino County Redevelopment Successor Agency, Tax Allocation,
Series B, AGM,
5.00%, 09/01/2026		150,000		163,081
San Diego Public Facilities Financing Authority, Revenue Bonds,
Series A,
5.00%, 10/15/2044		365,000		389,322
San Diego Unified School District, General Obligation Unlimited,
Series K-2,
Zero Coupon, 07/01/2030		1,045,000		820,118
Series L,
4.00%, 07/01/2049		2,800,000		2,829,620
San Leandro Unified School District, General Obligation Unlimited,
AGC,
Zero Coupon (E), 08/01/2039		305,000		285,180
Sanger Unified School District, Certificate of Participation,
AGM,
5.00%, 06/01/2052		2,500,000		2,553,077
Sanger Unified School District, General Obligation Unlimited,
Series A, BAM,
4.00%, 08/01/2055		1,150,000		1,172,864
Santa Ana Unified School District, General Obligation Unlimited,
Series A,
4.00%, 08/01/2048		4,265,000		4,315,129
Saugus Union School District Financing Authority, Revenue Bonds,
Series A, BAM,
4.00%, 09/01/2049		875,000		887,978
Snowline Joint Unified School District, Special Tax,
Series A,
3.00%, 09/01/2022		280,000		280,146
Stockton Public Financing Authority, Special Tax,
Series A, BAM,
4.00%, 09/02/2030		685,000		725,100
Sunnyvale School District, General Obligation Unlimited,
Series A,
4.00%, 09/01/2050		3,530,000		3,603,518
Sutter Union High School District, General Obligation Unlimited,
BAM,
Zero Coupon, 08/01/2028		140,000		117,950
Tahoe-Truckee Unified School District, Certificate of Participation,
BAM,
4.00%, 06/01/2043		750,000		759,878

Transamerica Funds Page    3

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Temescal Valley Water District, Special Tax,
4.00%, 09/01/2025		$   390,000		$   404,278
Tulare Local Health Care District, General Obligation Unlimited,
BAM,
4.00%, 08/01/2039		1,500,000		1,540,712
Upland Community Facilities District, Special Tax,
Series A,
4.00%, 09/01/2049		650,000		614,087
Washington Township Health Care District, General Obligation Unlimited,
Series DT,
4.00%, 08/01/2034 - 08/01/2036		1,460,000		1,493,394
West Kern Community College District, Certificate of Participation,
AGM,
4.00%, 11/01/2040 - 11/01/2044		990,000		1,004,001
				215,909,891
Colorado - 2.2%
BNC Metropolitan District No. 1, General Obligation Limited,
Series A, BAM,
5.00%, 12/01/2032		360,000		403,314
Bradburn Metropolitan District No. 2, General Obligation Limited,
Series A,
4.00%, 12/01/2028 (D)		294,000		289,783
Brighton Crossing Metropolitan District No. 4, General Obligation Limited,
Series A,
5.00%, 12/01/2037		525,000		530,092
Brighton Crossing Metropolitan District No. 6, General Obligation Limited,
Series A,
5.00%, 12/01/2050		2,005,000		1,861,763
Bromley Park Metropolitan District No. 2, General Obligation Limited,
Series A, BAM,
5.00%, 12/01/2031		285,000		323,272
Castle Oaks Metropolitan District No. 3, General Obligation Limited,
AGM,
4.00%, 12/01/2040 - 12/01/2050		2,365,000		2,380,329
City of Arvada, Certificate of Participation,
4.00%, 12/01/2032 - 12/01/2033		1,080,000		1,142,233
Colorado Educational & Cultural Facilities Authority, Revenue Bonds,
5.00%, 06/15/2029 - 08/01/2031		1,590,000		1,719,125
Series A,
5.00%, 06/01/2036		200,000		213,069
Colorado Health Facilities Authority, Revenue Bonds,
Series A,
4.00%, 08/01/2049 - 09/01/2050		4,500,000		4,251,118
5.00%, 12/01/2033		100,000		102,644
Series B,
4.00%, 01/01/2040		4,950,000		5,048,217
Denver Health & Hospital Authority, Revenue Bonds,
Series A,
4.00%, 12/01/2040		750,000		722,438

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Erie Commons Metropolitan District No. 2, General Obligation Limited,
Series A, AGM,
4.00%, 12/01/2039		$   1,260,000		$   1,293,313
Flying Horse Metropolitan District No. 2, General Obligation Limited,
Series A, AGM,
4.00%, 12/01/2050		190,000		190,480
Heather Gardens Metropolitan District, General Obligation Unlimited,
AGM,
4.00%, 12/01/2026 - 12/01/2030		570,000		619,951
Highpointe Vista Metropolitan District No. 2, General Obligation Limited,
BAM,
4.00%, 12/01/2046		525,000		558,153
Northglenn Urban Renewal Authority, Tax Allocation,
4.00%, 12/01/2026 - 12/01/2038		1,725,000		1,732,805
Park Creek Metropolitan District, Revenue Bonds,
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,205,000		1,293,708
Series A, AGM,
4.00%, 12/01/2046		6,530,000		6,591,377
Series A, NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,305,246
Rampart Range Metropolitan District No. 5, Revenue Bonds,
4.00%, 12/01/2051		4,000,000		3,250,561
Sand Creek Metropolitan District, General Obligation Limited,
AGM,
4.00%, 12/01/2032		475,000		512,907
Silver Peaks Metropolitan District No. 2, General Obligation Limited,
BAM,
5.00%, 12/01/2037 - 12/01/2042		1,520,000		1,669,076
South Sloan’s Lake Metropolitan District No. 2, General Obligation Limited,
AGM,
4.00%, 12/01/2044		435,000		441,379
Transport Metropolitan District No. 3, General Obligation Limited,
Series A-2,
Zero Coupon (E), 12/01/2051		1,000,000		842,903
Wyndham Hill Metropolitan District No. 2, General Obligation Limited,
Series A, BAM,
4.00%, 12/01/2034		540,000		573,699
				39,862,955
Connecticut - 0.6%
City of Hartford, General Obligation Unlimited,
Series A,
5.00%, 04/01/2030		20,000		20,042
Series A, AGM,
5.00%, 07/01/2032		135,000		143,971
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		766,893
City of New Haven, General Obligation Unlimited,
Series A,
5.50%, 08/01/2035 - 08/01/2037		555,000		624,340

Transamerica Funds Page    4

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
City of New Haven, General Obligation Unlimited, (continued)
Series A, BAM-TCRS,
5.00%, 08/01/2037		$   335,000		$   366,546
Series B, BAM,
5.00%, 08/15/2025		40,000		43,432
Connecticut Housing Finance Authority, Revenue Bonds,
Series 24,
3.80%, 06/15/2031		120,000		124,813
Connecticut State Health & Educational Facilities Authority, Revenue Bonds,
Series A, AGM-CR,
2.13%, 07/01/2031		7,790,000		7,049,391
Series B-2,
2.75%, 01/01/2026 (B)		650,000		634,634
State of Connecticut, General Obligation Unlimited,
Series B,
4.00%, 03/01/2029		25,000		25,275
Town of Hamden, General Obligation Unlimited,
BAM,
6.00%, 08/15/2033		290,000		341,257
Series A, BAM,
5.00%, 08/01/2027		440,000		494,045
				10,634,639
Delaware - 0.1%
Delaware Municipal Electric Corp., Revenue Bonds,
Series A, BAM,
5.00%, 10/01/2035 - 10/01/2038		1,400,000		1,613,868
Delaware State Economic Development Authority, Revenue Bonds,
5.00%, 08/01/2049		375,000		377,883
				1,991,751
District of Columbia - 1.6%
District of Columbia, Revenue Bonds,
4.00%, 07/01/2049		1,000,000		926,963
5.00%, 07/01/2052		1,000,000		1,021,282
Series A,
4.13%, 07/01/2027		810,000		801,989
5.00%, 07/01/2032		1,500,000		1,514,892
District of Columbia Housing Finance Agency, Revenue Bonds,
Series A,
3.70%, 09/01/2033		1,510,000		1,541,936
District of Columbia Water & Sewer Authority, Revenue Bonds,
Series A,
5.00%, 10/01/2023		25,000		25,142
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds,
AGM,
4.00%, 10/01/2052		20,000,000		20,017,808
Series B, AGM,
4.00%, 10/01/2053		1,220,000		1,211,825
Series B, AGM-CR,
6.50% (E), 10/01/2044		1,065,000		1,289,395
Series C, AGC,
6.50% (E), 10/01/2041		285,000		338,532
				28,689,764

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida - 2.8%
Board of Governors International University Dormitory Revenue, Revenue Bonds,
Series A, BAM,
4.00%, 07/01/2032		$   2,195,000		$   2,382,840
City of Cape Coral Water & Sewer Revenue, Special Assessment,
AGM,
2.13%, 09/01/2022		80,000		80,048
2.75%, 09/01/2026		55,000		56,493
City of Fort Myers, Revenue Bonds,
4.00%, 12/01/2032 - 12/01/2033		310,000		324,829
City of Jacksonville, Revenue Bonds,
Series C,
5.00%, 10/01/2031		100,000		100,578
City of Miami Parking System Revenue, Revenue Bonds,
BAM,
5.00%, 10/01/2028 - 10/01/2029		745,000		864,967
City of Orlando Tourist Development Tax Revenue, Revenue Bonds,
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2031		3,730,000		4,222,788
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		7,820,000		8,630,887
City of Tallahassee, Revenue Bonds,
5.00%, 10/01/2023		55,000		55,326
City of Tampa, Revenue Bonds,
Series B,
4.00%, 07/01/2045		1,000,000		995,228
5.00%, 07/01/2050		500,000		536,315
Florida Development Finance Corp., Revenue Bonds,
AGM,
4.00%, 02/01/2042 - 02/01/2046		5,765,000		5,746,161
Series A,
5.00%, 06/15/2035 - 06/15/2040		2,000,000		2,096,910
Florida Higher Educational Facilities Financial Authority, Revenue Bonds,
5.00%, 04/01/2035		1,050,000		1,110,516
Florida Keys Aqueduct Authority, Revenue Bonds,
Series A,
5.00%, 09/01/2049		500,000		527,257
Florida State Board of Governors, Revenue Bonds,
Series A, AGM,
5.00%, 11/01/2028		390,000		448,882
Herons Glen Recreation District, Special Assessment,
BAM,
3.00%, 05/01/2034 - 05/01/2035		405,000		396,103
Hillsborough County Industrial Development Authority, Revenue Bonds,
4.00%, 08/01/2055		6,040,000		5,603,573
Lee County Industrial Development Authority, Revenue Bonds,
5.00%, 11/15/2039 - 11/15/2044		3,500,000		3,678,221
Miami-Dade County Industrial Development Authority, Revenue Bonds,
Series A,
5.00%, 06/01/2047 (B)		1,875,000		1,710,896
North Sumter County Utility Dependent District, Revenue Bonds,
5.00%, 10/01/2042		135,000		135,792

Transamerica Funds Page    5

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
North Sumter County Utility Dependent District, Revenue Bonds, (continued)
BAM,
5.00%, 10/01/2036 - 10/01/2037		$   500,000		$   571,702
Orange County Health Facilities Authority, Revenue Bonds,
Series A,
5.00%, 10/01/2033 - 10/01/2034		7,810,000		8,305,901
Palm Beach County Health Facilities Authority, Revenue Bonds,
5.00%, 05/15/2032		900,000		918,734
St. Johns County Industrial Development Authority, Revenue Bonds,
4.00%, 12/15/2022 - 12/15/2024		370,000		369,524
Village Community Development District No. 12, Special Assessment,
3.25%, 05/01/2023 (B)		95,000		95,246
Volusia County School Board, Certificate of Participation,
Series A, BAM,
5.00%, 08/01/2028		325,000		357,569
				50,323,286
Georgia - 4.0%
Bibb County Development Authority, Revenue Bonds,
5.25%, 06/01/2050		4,920,000		5,482,150
City of Bainbridge Combined Utility Revenue, Revenue Bonds,
BAM,
4.00%, 12/01/2051		875,000		874,201
Cobb County Kennestone Hospital Authority Revenue, Revenue Bonds,
5.00%, 04/01/2050		7,075,000		7,662,429
Cornelia Urban Redevelopment Agency, Revenue Bonds,
AGM,
5.00%, 10/01/2054		1,140,000		1,263,612
Development Authority of Lagrange, Revenue Bonds,
4.50%, 10/15/2031		1,975,000		1,939,852
Fulton County Development Authority Revenue, Revenue Bonds,
4.00%, 07/01/2039 - 04/01/2050		10,985,000		10,874,495
Gainesville & Hall County Hospital Authority, Revenue Bonds,
Class A,
4.00%, 02/15/2051		10,785,000		10,631,110
George L Smith II Congress Center Authority, Revenue Bonds,
4.00%, 01/01/2036		1,250,000		1,208,255
Georgia Housing & Finance Authority, Revenue Bonds,
Series A-1,
3.25%, 12/01/2037		1,320,000		1,287,357
Main Street Natural Gas, Inc., Revenue Bonds,
Series A,
5.00%, 05/15/2049		3,570,000		3,928,854
Municipal Electric Authority of Georgia, Revenue Bonds,
AGM,
5.00%, 01/01/2062		25,650,000		27,048,230
				72,200,545

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Guam - 0.0% (C)
Guam Government Waterworks Authority, Revenue Bonds,
5.00%, 07/01/2025 - 07/01/2031		$   260,000		$   278,176
Idaho - 0.3%
County of Nez Perce, Revenue Bonds,
2.75%, 10/01/2024		4,500,000		4,500,846
Idaho Housing & Finance Association, Revenue Bonds,
Series A,
4.00%, 07/01/2026 (B)		100,000		101,611
4.63%, 07/01/2029 (B)		170,000		176,860
				4,779,317
Illinois - 16.2%
Adams County School District No. 172, General Obligation Unlimited,
AGM,
3.00%, 02/01/2033		335,000		336,895
4.00%, 02/01/2032 - 02/01/2035		3,000,000		3,108,600
5.00%, 02/01/2029		1,320,000		1,446,192
Berwyn Municipal Securitization Corp., Revenue Bonds,
Series A, AGM- CR,
5.00%, 01/01/2035		8,230,000		9,334,682
Carol Stream Park District, General Obligation Unlimited,
BAM,
5.00%, 01/01/2037		1,375,000		1,500,153
Channahon Park District, General Obligation Unlimited,
Series A, BAM,
4.00%, 12/15/2038		50,000		51,865
Chicago Board of Education, General Obligation Unlimited,
Series A, NATL,
Zero Coupon, 12/01/2022		25,000		24,792
Chicago O’Hare International Airport, Revenue Bonds,
Series D, BAM-TCRS,
5.00%, 01/01/2039		25,000		25,246
City of Chicago Wastewater Transmission Revenue, Revenue Bonds,
AGM-CR,
5.00%, 01/01/2024		100,000		100,263
Series A, AGM,
5.25%, 01/01/2042		645,000		701,212
City of Chicago Waterworks Revenue, Revenue Bonds,
5.00%, 11/01/2028		500,000		522,286
AGM-CR,
5.00%, 11/01/2027		165,000		166,155
City of Country Club Hills, General Obligation Unlimited,
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,340,000		1,426,962
4.50%, 12/01/2030 - 12/01/2031		1,295,000		1,331,972
City of East Moline, General Obligation Unlimited,
Series A, AGM,
4.00%, 01/15/2036 - 01/15/2037		1,100,000		1,136,951
City of Monmouth, General Obligation Unlimited,
Series A, AGM,
Zero Coupon, 12/01/2044		100,000		34,747

Transamerica Funds Page    6

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Peoria, General Obligation Unlimited,
Series B, BAM-TCRS,
5.00%, 01/01/2026 - 01/01/2027		$   1,320,000		$   1,454,623
City of Rock Island, General Obligation Unlimited,
Series B, AGM,
4.00%, 12/01/2030		255,000		279,452
City of Waukegan, General Obligation Unlimited,
Series A, AGM,
5.00%, 12/30/2035 - 12/30/2036		2,220,000		2,479,383
Series B, AGM,
5.00%, 12/30/2030 - 12/30/2032		1,620,000		1,817,916
Cook & Will Counties Community College District No. 515, General Obligation Limited,
5.00%, 12/01/2024		45,000		48,041
Cook & Will Counties School District No. 194, General Obligation Limited,
Series B, BAM,
5.00%, 12/01/2033		775,000		830,673
Cook & Will Counties School District No. 194, General Obligation Unlimited,
BAM,
4.13%, 12/01/2035		680,000		709,753
Cook County Community College District No. 508, General Obligation Unlimited,
5.00%, 12/01/2022 - 12/01/2024		1,375,000		1,404,664
BAM-TCRS,
5.25%, 12/01/2027 - 12/01/2043		3,050,000		3,172,660
Cook County High School District No. 209 Proviso Township, General Obligation Limited,
Series B, AGM,
5.00%, 12/01/2032		1,500,000		1,723,389
Cook County School District No. 111, General Obligation Limited,
Series A, BAM,
5.00%, 12/01/2037		2,350,000		2,640,303
Cook County School District No. 111, General Obligation Unlimited,
AGM,
4.00%, 12/01/2033 - 12/01/2034		1,195,000		1,242,369
Cook County School District No. 149, General Obligation Limited,
Series A-1, AGM,
4.00%, 12/01/2028		980,000		1,020,944
Cook County School District No. 160, General Obligation Unlimited,
Series A, BAM,
4.00%, 12/01/2026 - 12/01/2027		235,000		254,616
Cook County School District No. 94, General Obligation Unlimited,
BAM,
4.00%, 12/01/2037 - 12/01/2040		1,230,000		1,278,771
Cook County Township High School District No. 220, General Obligation Unlimited,
BAM,
5.00%, 12/01/2028 - 12/01/2034		1,265,000		1,457,836
County of Cook, General Obligation Unlimited,
Series C, AGM-CR,
5.00%, 11/15/2024		1,500,000		1,513,777

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
County of Logan, General Obligation Unlimited,
Series B, BAM,
3.25%, 11/01/2037		$   50,000		$   50,142
County of Sangamon, General Obligation Limited,
BAM,
4.00%, 12/15/2040		300,000		310,706
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Limited,
Series B, BAM,
4.00%, 02/01/2039 - 02/01/2040		805,000		835,917
Douglas & Champaign Counties Community Unit School District No. 302, General Obligation Unlimited,
Series B, AGM,
4.00%, 12/01/2034		385,000		409,974
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited,
Series A, AGM,
5.00%, 08/15/2028		150,000		163,798
Illinois Finance Authority, Revenue Bonds,
4.00%, 08/01/2032 - 08/15/2038		20,415,000		19,908,993
5.00%, 08/01/2025 - 04/01/2034		4,805,000		5,221,289
AGM,
4.00%, 12/01/2023		140,000		144,074
5.00%, 12/01/2036		1,900,000		2,063,681
Series A,
4.00%, 11/01/2023 - 05/01/2050		2,005,000		1,850,913
4.13%, 05/15/2047		5,335,000		5,335,076
5.00%, 08/15/2023 - 11/01/2029		4,795,000		5,055,056
Illinois Housing Development Authority, Revenue Bonds,
FNMA,
2.63%, 09/01/2032		1,421,689		1,348,084
Illinois Sports Facilities Authority, Revenue Bonds,
BAM-TCRS,
5.00%, 06/15/2029		1,980,000		2,254,434
Illinois State Toll Highway Authority, Revenue Bonds,
Series A,
5.00%, 01/01/2044		1,500,000		1,653,666
Series B,
5.00%, 01/01/2037		40,000		42,632
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited,
Series A,
5.00%, 01/01/2033		135,000		140,777
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited,
Series D,
5.00%, 01/01/2025 - 01/01/2026		130,000		135,922
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited,
Series A, BAM,
4.00%, 12/01/2039		1,300,000		1,338,207
Series B,
3.50%, 01/01/2027		135,000		137,274
Series B, BAM,
4.00%, 01/01/2034 - 01/01/2036		1,785,000		1,874,484

Transamerica Funds Page    7

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Macon County School District No. 61, General Obligation Unlimited,
AGM,
5.00%, 12/01/2040		$   550,000		$   616,298
Series C, AGM,
4.00%, 01/01/2040 - 01/01/2045		4,305,000		4,370,026
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited,
BAM,
4.50%, 12/01/2036 - 12/01/2041		1,625,000		1,674,148
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited,
BAM,
5.00%, 12/01/2030		3,270,000		3,736,056
Series B, BAM,
3.50%, 03/01/2029		1,700,000		1,747,090
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited,
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		3,530,000		3,923,971
Series A, BAM-TCRS,
5.00%, 11/01/2026		975,000		1,040,719
McHenry County Community Unit School District No. 12, General Obligation Unlimited,
BAM,
5.00%, 01/01/2035		2,625,000		2,802,429
McHenry County Conservation District, General Obligation Unlimited,
5.00%, 02/01/2026		110,000		118,534
McLean County Public Building Commission, Revenue Bonds,
4.00%, 12/01/2034		1,245,000		1,269,603
Metropolitan Pier & Exposition Authority, Revenue Bonds,
NATL,
5.70% (E), 06/15/2023		165,000		169,774
Series B, BAM-TCRS,
5.00%, 06/15/2052		315,000		335,681
Northeastern Illinois University, Certificate of Participation,
AGM,
4.00%, 07/01/2025		145,000		148,432
Northern Illinois University, Certificate of Participation,
AGM,
5.00%, 09/01/2024		105,000		111,018
Northern Illinois University, Revenue Bonds,
BAM,
4.00%, 10/01/2043		1,250,000		1,234,444
Series B, BAM,
4.00%, 04/01/2036 - 04/01/2041		4,495,000		4,511,958
5.00%, 04/01/2027		355,000		393,308
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited,
Series C, AGM,
4.00%, 12/01/2026 - 12/01/2029		625,000		643,411
Regional Transportation Authority, Revenue Bonds,
Series A, NATL,
5.50%, 07/01/2025		65,000		71,737

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Rock Island County Public Building Commission, Revenue Bonds,
AGM,
5.00%, 12/01/2025 - 12/01/2041		$   1,530,000		$   1,708,483
Sales Tax Securitization Corp., Revenue Bonds,
BAM-TCRS,
5.00%, 01/01/2038		6,525,000		7,171,870
Sangamon County Water Reclamation District, General Obligation Unlimited,
Series A, BAM-TCRS,
4.00%, 01/01/2044		14,135,000		14,499,416
Sangamon Logan & Menard Counties Community Unit School District No. 15, General Obligation Unlimited,
Series B, BAM,
4.00%, 12/01/2038 - 12/01/2040		1,270,000		1,336,735
5.00%, 12/01/2036		345,000		394,670
Southern Illinois University, Certificate of Participation,
Series A-1, BAM,
4.00%, 02/15/2026		455,000		465,393
Southern Illinois University, Revenue Bonds,
BAM,
4.00%, 04/01/2028 - 04/01/2040		775,000		787,544
Southwestern Illinois Development Authority, Revenue Bonds,
Series B, BAM-TCRS,
5.00%, 10/15/2026		1,000,000		1,097,510
St. Clair County School District No. 119, General Obligation Unlimited,
Series A, AGM,
4.00%, 04/01/2038		500,000		536,646
State of Illinois, General Obligation Unlimited,
5.00%, 11/01/2035 - 11/01/2038		6,210,000		6,514,814
5.25%, 07/01/2030		1,020,000		1,046,287
5.50%, 07/01/2025 - 05/01/2039		5,910,000		6,555,472
5.75%, 05/01/2045		810,000		908,736
BAM-TCRS,
4.00%, 06/01/2041		17,115,000		16,881,669
Series A,
4.00%, 01/01/2030		225,000		225,199
Series B,
4.00%, 12/01/2039		1,250,000		1,210,581
5.00%, 12/01/2032 - 10/01/2033		19,760,000		21,858,833
Series C,
5.00%, 11/01/2029		8,865,000		9,634,955
Taylorville Community Unit School District No. 3, General Obligation Limited,
Series A, AGM,
4.00%, 12/01/2040		585,000		608,296
Tazewell County School District No. 51, General Obligation Unlimited,
NATL,
9.00%, 12/01/2022		770,000		789,034
University of Illinois, Revenue Bonds,
Series A, AGM,
4.00%, 04/01/2043		5,825,000		5,774,540
Village of Bedford Park Water System Revenue, Revenue Bonds,
Series A, AGM,
4.00%, 12/01/2026		95,000		99,595

Transamerica Funds Page    8

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Bellwood, General Obligation Unlimited,
AGM,
5.00%, 12/01/2027		$   235,000		$   251,770
Series B, AGM,
3.00%, 12/01/2029		1,000,000		1,014,716
Village of Calumet Park, General Obligation Unlimited,
BAM,
4.00%, 12/01/2022 - 12/01/2032		2,020,000		2,125,227
Village of Crestwood, General Obligation Unlimited,
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,415,834
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		7,305,000		7,561,673
Village of Dolton, General Obligation Unlimited,
Series A, AGC,
4.50%, 12/01/2024		300,000		300,583
Village of Franklin Park, Revenue Bonds,
BAM,
5.00%, 04/01/2026		230,000		249,046
Village of Lombard, General Obligation Unlimited,
5.00%, 01/01/2024		250,000		260,627
Village of Lyons, General Obligation Unlimited,
Series B, BAM,
4.00%, 12/01/2036 - 12/01/2037		2,055,000		2,218,643
5.00%, 12/01/2032		125,000		126,298
Series C, BAM,
4.00%, 12/01/2023		235,000		236,897
Village of Matteson, Revenue Bonds,
BAM,
5.00%, 12/01/2024 - 12/01/2035		3,610,000		4,048,147
Village of Montgomery, Special Assessment,
BAM,
2.85%, 03/01/2024		136,000		137,836
3.00%, 03/01/2025		130,000		132,721
3.10%, 03/01/2026		190,000		195,731
3.30%, 03/01/2028		182,000		188,784
3.40%, 03/01/2029		658,000		681,557
3.45%, 03/01/2030		124,000		128,248
Village of Mundelein, General Obligation Unlimited,
AGM,
4.00%, 12/15/2039		720,000		743,124
Village of Rosemont, General Obligation Unlimited,
Series A, BAM,
4.00%, 12/01/2049		27,180,000		27,735,902
5.00%, 12/01/2042		11,270,000		12,772,976
Western Illinois Economic Development Authority, Revenue Bonds,
4.00%, 06/01/2023 - 06/01/2033		2,250,000		2,183,903
Western Illinois University, Revenue Bonds,
BAM,
5.00%, 04/01/2024		145,000		152,109

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Will County Community High School District No. 210, General Obligation Unlimited,
Series A, AGM-CR,
5.00%, 01/01/2027		$   3,475,000		$   3,518,260
Will County Community Unit School District No. 201, General Obligation Limited,
Series C, AGM,
5.00%, 01/01/2027		1,075,000		1,184,914
				294,443,683
Indiana - 1.2%
Bloomington Redevelopment District, Tax Allocation,
Series A-1,
5.00%, 02/01/2026 - 02/01/2040		1,600,000		1,799,528
City of Rockport, Revenue Bonds,
Series A,
2.75%, 06/01/2025		1,730,000		1,761,964
Evansville Redevelopment Authority, Revenue Bonds,
BAM,
4.00%, 02/01/2029		1,545,000		1,655,265
Indiana Finance Authority, Revenue Bonds,
5.00%, 10/01/2035		2,245,000		2,450,957
Series A,
3.00%, 11/01/2030		3,470,000		3,282,428
Series B,
3.00%, 11/01/2030		625,000		591,215
Series B,
2.50%, 11/01/2030		2,500,000		2,276,970
Indiana Health Facility Financing Authority, Revenue Bonds,
5.00%, 11/15/2034		1,725,000		1,848,257
Merrillville Building Corp., Revenue Bonds,
BAM,
4.00%, 07/15/2036 - 12/15/2039		2,620,000		2,768,925
Merrillville Redevelopment Authority, Revenue Bonds,
BAM,
4.00%, 07/15/2036 - 12/15/2039		2,810,000		2,960,262
Wawasee High School Building Corp., Revenue Bonds,
5.00%, 07/15/2038		1,075,000		1,188,073
				22,583,844
Iowa - 0.5%
Iowa Finance Authority, Revenue Bonds,
5.00%, 05/15/2041 - 05/15/2047		7,840,000		7,803,635
Series A,
4.00%, 05/15/2053		2,500,000		1,961,751
				9,765,386
Kansas - 0.1%
Marais Des Cygnes Public Utility Authority, Revenue Bonds,
AGM,
3.00%, 12/01/2026 - 12/01/2027		445,000		458,909
University of Kansas Hospital Authority, Revenue Bonds,
Series A,
5.00%, 03/01/2047		730,000		827,871
				1,286,780

Transamerica Funds Page    9

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky - 3.1%
City of Winchester Combined Utilities Revenue, Revenue Bonds,
Series A, BAM,
4.00%, 07/01/2029		$   285,000		$   309,780
County of Hardin, Revenue Bonds,
AGM,
5.75%, 08/01/2033 - 08/01/2045		105,000		109,227
County of Knox, General Obligation Unlimited,
BAM,
5.00%, 10/01/2035		585,000		655,036
Kentucky Bond Development Corp., Revenue Bonds,
BAM,
5.00%, 09/01/2049		16,590,000		18,165,652
Kentucky Economic Development Finance Authority, Revenue Bonds,
Series A, AGM,
5.00%, 12/01/2045 - 12/01/2047		9,555,000		10,602,414
Kentucky Municipal Power Agency, Revenue Bonds,
NATL,
5.00%, 09/01/2032		1,000,000		1,111,455
Series A,
Fixed until 03/01/2026, 3.45% (A), 09/01/2042		2,450,000		2,427,730
Kentucky State Property & Building Commission, Revenue Bonds,
BAM-TCRS,
5.00%, 04/01/2029		3,150,000		3,523,821
Kentucky State University, Certificate of Participation,
BAM,
4.00%, 11/01/2041 - 11/01/2046		2,850,000		2,923,746
Louisville & Jefferson County Visitors & Convention Commission, Revenue Bonds,
AGM-CR,
4.00%, 06/01/2026 - 06/01/2029		11,025,000		11,756,488
Louisville / Jefferson County Metropolitan Government, Revenue Bonds,
Series A,
4.00%, 10/01/2039 - 10/01/2040		460,000		459,020
Morehead State University, Revenue Bonds,
Series A,
4.00%, 04/01/2030 - 04/01/2032		435,000		452,634
Nicholas County School District Finance Corp., Revenue Bonds,
2.00%, 02/01/2023		55,000		55,101
3.00%, 02/01/2028		115,000		117,097
Northern Kentucky University, Revenue Bonds,
Series A, AGM,
4.00%, 09/01/2030		950,000		1,004,083
Paducah Electric Plant Board, Revenue Bonds,
Series A, AGM,
5.00%, 10/01/2030 - 10/01/2032		1,260,000		1,413,877
University of Louisville, Revenue Bonds,
Series B, BAM,
4.00%, 09/01/2031		595,000		632,627
				55,719,788

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana - 2.8%
Jefferson Sales Tax District, Revenue Bonds,
Series B, AGM,
4.00%, 12/01/2039		$   1,365,000		$   1,393,502
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds,
AGM,
5.00%, 08/01/2026 - 08/01/2029		11,095,000		12,524,910
BAM,
5.00%, 10/01/2028		385,000		444,018
Louisiana Public Facilities Authority, Revenue Bonds,
5.00%, 07/01/2023 - 07/01/2027 (F) (G)		2,860,000		2,688,400
New Orleans Aviation Board, Revenue Bonds,
AGM,
5.00%, 10/01/2033 - 10/01/2048		7,540,000		8,027,931
Parish of St. John the Baptist, Revenue Bonds,
Fixed until 07/01/2024, 2.10% (A), 06/01/2037		1,220,000		1,207,097
Fixed until 07/01/2026, 2.20% (A), 06/01/2037		4,180,000		3,978,370
Series B-2,
Fixed until 07/01/2026, 2.38% (A), 06/01/2037		11,000,000		10,539,179
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds,
Series A,
5.00%, 07/01/2034 - 07/01/2048		8,690,000		9,265,545
				50,068,952
Maine - 0.2%
City of Portland General Airport Revenue, Revenue Bonds,
5.00%, 01/01/2028		385,000		416,269
Maine Governmental Facilities Authority, Revenue Bonds,
Series A,
5.00%, 10/01/2028		275,000		307,013
Maine Health & Higher Educational Facilities Authority Revenue, Revenue Bonds,
4.00%, 07/01/2051		2,665,000		2,569,654
Maine State Housing Authority, Revenue Bonds,
Series B,
3.15%, 11/15/2039		395,000		375,391
Series C,
2.75%, 11/15/2031		950,000		917,621
				4,585,948
Maryland - 2.6%
City of Rockville, Revenue Bonds,
Series A-1,
5.00%, 11/01/2023		100,000		101,467
Series A-2,
2.25%, 11/01/2022		85,000		84,689
5.00%, 11/01/2023		345,000		350,061
County of Prince George, General Obligation Limited,
Series A,
3.00%, 07/01/2033 - 07/01/2034		19,305,000		19,488,333

Transamerica Funds Page    10

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds,
4.00%, 07/01/2050		$   115,000		$   112,477
Maryland Stadium Authority Built to Learn Revenue, Revenue Bonds,
Series A,
4.00%, 06/01/2052		26,715,000		26,739,487
				46,876,514
Massachusetts - 1.1%
Lynn Housing Authority & Neighborhood Development, Revenue Bonds,
4.25%, 10/01/2028		315,000		320,016
4.38%, 10/01/2029		300,000		304,895
Massachusetts Development Finance Agency, Revenue Bonds,
5.00%, 10/01/2039		250,000		263,804
Series C, AGM,
4.00%, 10/01/2045		515,000		513,287
Series J-2,
5.00%, 07/01/2048 - 07/01/2053		16,700,000		17,714,404
Massachusetts Housing Finance Agency, Revenue Bonds,
Series 183,
2.80%, 06/01/2031		175,000		173,552
				19,289,958
Michigan - 3.9%
Capac Community School District, General Obligation Unlimited,
BAM,
4.00%, 05/01/2027 - 05/01/2029		575,000		622,606
Clarkston Community Schools, General Obligation Unlimited,
Series I,
5.00%, 05/01/2041		20,000		22,283
Detroit Wayne County Stadium Authority, Revenue Bonds,
AGM,
5.00%, 10/01/2026		2,795,000		2,808,365
Eastern Michigan University, Revenue Bonds,
Series A, BAM-TCRS,
4.00%, 03/01/2047		1,795,000		1,802,642
Grand Rapids Economic Development Corp., Revenue Bonds,
3.00%, 11/01/2022		410,000		409,683
Grand Rapids Public Schools, General Obligation Unlimited,
AGM,
5.00%, 05/01/2030		370,000		407,149
Lake City Area Schools, General Obligation Unlimited,
BAM,
5.00%, 05/01/2035		2,675,000		2,942,561
Michigan Finance Authority, Revenue Bonds,
4.00%, 12/01/2036 - 12/01/2046		8,915,000		8,996,432
5.00%, 05/15/2054		38,800,000		40,581,262
Series A,
4.00%, 11/15/2050		250,000		242,845
Series C,
5.25%, 10/01/2043		20,000		20,854
Michigan Strategic Fund, Revenue Bonds,
5.00%, 11/15/2049		2,450,000		2,406,843

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Southgate Community School District, General Obligation Unlimited,
5.00%, 05/01/2032 - 05/01/2035		$   1,850,000		$   2,044,083
Stockbridge Community Schools, General Obligation Unlimited,
Series A,
5.00%, 05/01/2031		375,000		415,074
Sturgis Public School District, General Obligation Unlimited,
Series A,
5.00%, 05/01/2026		45,000		48,908
Tri-County Area School District, General Obligation Unlimited,
AGM,
4.00%, 05/01/2044		5,170,000		5,290,328
Warren Consolidated Schools, General Obligation Unlimited,
AGM,
4.00%, 05/01/2027		500,000		540,916
Wayne County Airport Authority, Revenue Bonds,
Series A,
5.00%, 12/01/2032		250,000		275,802
Zeeland Public Schools, General Obligation Unlimited,
Series B, BAM,
5.00%, 05/01/2030		750,000		850,069
				70,728,705
Minnesota - 1.9%
City of Apple Valley, Revenue Bonds,
4.25%, 09/01/2038		1,000,000		952,841
City of Deephaven, Revenue Bonds,
Series A,
4.38%, 10/01/2027		240,000		238,837
4.40%, 07/01/2025		70,000		70,878
City of Minneapolis, Revenue Bonds,
4.00%, 11/15/2037		1,195,000		1,222,061
Series A, AGM-CR,
5.00%, 11/15/2035 - 11/15/2036		21,125,000		23,473,765
City of Red Wing, Revenue Bonds,
Series A,
5.00%, 08/01/2047		1,250,000		1,146,601
City of Stillwater, Tax Allocation,
3.00%, 02/01/2023 - 02/01/2027		1,545,000		1,542,558
4.00%, 02/01/2030		500,000		503,226
Duluth Economic Development Authority, Revenue Bonds,
4.00%, 07/01/2041		930,000		852,268
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds,
Series A,
5.00%, 11/15/2026 - 12/01/2030		1,060,000		1,149,858
Series B,
4.25%, 04/01/2025		100,000		99,647
Minnesota Housing Finance Agency, Revenue Bonds,
Series A,
4.00%, 08/01/2031		100,000		105,112
Series D, GNMA, FNMA, FHLMC,
1.95%, 01/01/2032		1,135,000		1,021,809
2.00%, 07/01/2032		545,000		489,122

Transamerica Funds Page    11

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Minnesota Housing Finance Agency, Revenue Bonds, (continued)
Series F, GNMA, FNMA, FHLMC,
2.30%, 07/01/2032		$   560,000		$   545,279
Township of Baytown, Revenue Bonds,
Series A,
4.00%, 08/01/2036		675,000		617,912
				34,031,774
Mississippi - 0.3%
Mississippi Development Bank, Revenue Bonds,
AGM,
6.88%, 12/01/2040		3,160,000		3,314,932
AGM-CR,
5.25%, 02/01/2049		2,745,000		3,081,479
				6,396,411
Missouri - 0.7%
Branson Industrial Development Authority, Tax Allocation,
Series A,
4.00%, 11/01/2022		350,000		350,009
Health & Educational Facilities Authority, Revenue Bonds,
Series A,
5.00%, 02/01/2029		2,145,000		2,277,245
Lincoln University Auxiliary System Revenue, Revenue Bonds,
AGM,
4.00%, 06/01/2037		315,000		325,783
5.00%, 06/01/2027		830,000		940,006
Missouri Health & Educational Facilities Authority Revenue, Revenue Bonds,
4.00%, 06/01/2053		4,900,000		4,765,857
Missouri Housing Development Commission, Revenue Bonds,
Series B, GNMA, FNMA, FHLMC,
2.55%, 11/01/2029		180,000		177,495
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds,
5.00%, 12/01/2043		250,000		272,341
Missouri Southern State University, Revenue Bonds,
Series A, AGM,
4.00%, 10/01/2037		170,000		176,333
St. Louis Municipal Finance Corp., Revenue Bonds,
Series A, AGM,
5.00%, 02/15/2030 - 02/15/2033		2,835,000		3,143,425
St. Louis Municipal Library District, Certificate of Participation,
BAM,
4.00%, 03/15/2048		560,000		571,164
				12,999,658
Montana - 0.1%
Montana Facility Finance Authority, Revenue Bonds,
5.00%, 07/01/2030		420,000		468,858
Series C,
5.00%, 06/01/2025		425,000		456,332
				925,190
Nebraska - 0.6%
Central Plains Energy Project, Revenue Bonds,
Series A,
5.00%, 09/01/2034		530,000		589,858

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Madison County Hospital Authority No. 1, Revenue Bonds,
5.00%, 07/01/2025		$   1,765,000		$   1,890,781
Southeast Community College Area, Revenue Bonds,
AGM,
4.00%, 03/15/2042 - 03/15/2052		8,155,000		8,234,194
				10,714,833
Nevada - 0.0% (C)
Henderson Local Improvement Districts, Special Assessment,
2.50%, 09/01/2025		120,000		120,170
Nevada System of Higher Education, Revenue Bonds,
Series A,
5.00%, 07/01/2024		25,000		25,756
				145,926
New Jersey - 3.4%
City of Atlantic City, General Obligation Unlimited,
Series B, AGM,
5.00%, 03/01/2037		900,000		981,353
City of Paterson, General Obligation Unlimited,
BAM,
5.00%, 01/15/2024		775,000		786,048
County of Essex, General Obligation Unlimited,
Series A,
2.00%, 08/15/2033		990,000		871,593
Series B,
2.00%, 08/15/2033		1,400,000		1,232,556
Essex County Improvement Authority, Revenue Bonds,
Series A,
5.00%, 12/01/2035 (F) (G)		535,000		454,750
Lindenwold Boro School District, General Obligation Unlimited,
4.00%, 02/01/2039 - 02/01/2044		7,355,000		7,569,411
New Jersey Economic Development Authority, Revenue Bonds,
5.00%, 11/01/2044		6,245,000		6,665,666
Series A,
3.50%, 09/01/2022 (B) (D)		40,000		40,004
4.25%, 09/01/2027 (B)		200,000		202,059
5.00%, 09/01/2037 (B)		750,000		754,982
Series A, BAM,
3.13%, 07/01/2031		2,695,000		2,648,412
5.00%, 07/01/2027 - 07/01/2028		7,095,000		7,941,504
Series A, BAM-TCRS,
5.00%, 06/15/2027		2,490,000		2,790,215
Series B,
4.25%, 09/01/2022 (B) (D)		50,000		49,967
Series DDD,
5.00%, 06/15/2042		2,000,000		2,112,348
Series DDD, BAM-TCRS,
5.00%, 06/15/2027		1,000,000		1,120,568
Series WW,
5.25%, 06/15/2040		935,000		975,946
New Jersey Educational Facilities Authority, Revenue Bonds,
Series A,
4.00%, 07/01/2050		330,000		311,782

Transamerica Funds Page    12

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Higher Education Student Assistance Authority, Revenue Bonds,
Series A,
2.38%, 12/01/2029		$   585,000		$   585,000
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Series C, AGM,
Zero Coupon, 12/15/2029		5,190,000		4,208,882
Series C, AMBAC, BAM-TCRS,
Zero Coupon, 12/15/2028		2,625,000		2,206,557
Parking Authority of the City of Trenton, Revenue Bonds,
Series B, AGM,
4.00%, 04/01/2027		325,000		348,354
State of New Jersey, General Obligation Unlimited,
5.00%, 06/01/2039 - 06/01/2041		9,250,000		10,132,964
Tobacco Settlement Financing Corp., Revenue Bonds,
Series A,
5.25%, 06/01/2046		7,000,000		7,405,875
				62,396,796
New York - 5.4%
Brookhaven Local Development Corp., Revenue Bonds,
Series B,
4.00%, 11/01/2045		1,000,000		980,641
Brooklyn Arena Local Development Corp., Revenue Bonds,
Series A, AGM,
4.00%, 07/15/2029 - 07/15/2035		3,935,000		4,152,734
Broome County Local Development Corp., Revenue Bonds,
AGM,
5.00%, 04/01/2030		400,000		465,121
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds,
5.00%, 10/01/2037		400,000		419,213
Series A,
3.88%, 08/01/2027		2,545,000		2,512,573
5.00%, 08/01/2037		1,320,000		1,335,696
Buffalo Municipal Water Finance Authority, Revenue Bonds,
Series A, AGM,
5.00%, 07/01/2039		55,000		60,649
City of Niagara Falls, General Obligation Limited,
BAM,
5.00%, 05/15/2028		55,000		60,952
County of Nassau, General Obligation Limited,
Series A, AGM,
5.00%, 04/01/2043		550,000		605,910
County of Suffolk, General Obligation Limited,
Series D, BAM,
4.00%, 10/15/2027 - 10/15/2028		2,195,000		2,381,128
East Ramapo Central School District, General Obligation Unlimited,
AGM,
5.00%, 03/15/2039 - 03/15/2047		7,235,000		8,063,438
Jefferson County Civic Facility Development Corp., Revenue Bonds,
Series A,
4.00%, 11/01/2030		250,000		251,186

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Lockport City School District, General Obligation Unlimited,
2.50%, 08/01/2028		$   420,000		$   428,818
Metropolitan Transportation Authority, Revenue Bonds,
Series C, AGM-CR,
5.00%, 11/15/2038		4,135,000		4,554,692
Series D-1, BAM,
5.00%, 11/15/2033		10,425,000		11,113,700
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds,
Series A,
5.00%, 11/15/2051		2,000,000		2,003,378
New York City Housing Development Corp., Revenue Bonds,
Series A, AGM,
4.10%, 07/01/2042		25,000		25,009
Series C-1,
2.45%, 11/01/2027		65,000		64,565
Series I, FNMA,
Fixed until 02/01/2026, 2.95% (A), 11/01/2045		4,950,000		5,022,148
New York City Industrial Development Agency, Revenue Bonds,
AGM,
4.00%, 03/01/2032		5,205,000		5,629,864
5.00%, 01/01/2030		1,325,000		1,509,642
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds,
Series S1A,
4.00%, 07/15/2036		2,850,000		2,963,400
New York Counties Tobacco Trust VI, Revenue Bonds,
Series C,
3.75%, 06/01/2045		180,000		151,734
New York State Dormitory Authority, Revenue Bonds,
4.00%, 07/01/2046		690,000		673,260
FHA,
4.00%, 08/01/2034 - 02/01/2040		1,380,000		1,400,049
Series A,
4.00%, 07/01/2048		4,250,000		4,171,654
5.00%, 10/01/2033		100,000		110,588
Series A, AGM,
4.00%, 10/01/2034		3,900,000		4,144,493
5.00%, 10/01/2033		1,155,000		1,330,670
Series A, AGM,
5.00%, 10/01/2034		160,000		180,020
Series A-1,
4.00%, 07/01/2028 - 07/01/2046		3,210,000		3,288,488
Series C, AGM,
4.00%, 10/01/2035		265,000		276,992
New York State Thruway Authority, Revenue Bonds,
Series A,
5.25%, 01/01/2056		4,420,000		4,660,527
Series O,
4.00%, 01/01/2041		9,695,000		9,836,525
Niagara Tobacco Asset Securitization Corp., Revenue Bonds,
4.00%, 05/15/2029		125,000		125,101
Oneida County Local Development Corp. Revenue, Revenue Bonds,
AGM,
4.00%, 12/01/2049		2,000,000		2,016,498

Transamerica Funds Page    13

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Port Authority of New York & New Jersey, Revenue Bonds,
5.00%, 09/01/2048		$   1,350,000		$   1,470,333
State of New York Mortgage Agency, Revenue Bonds,
Series 190,
3.45%, 10/01/2030		110,000		110,721
Town of North Hempstead, General Obligation Limited,
Series A,
2.75%, 03/15/2031 - 03/15/2033		2,330,000		2,355,099
Town of Oyster Bay, General Obligation Limited,
Series B, AGM,
3.00%, 08/15/2030 - 08/15/2034		6,605,000		6,623,862
Windsor Central School District, General Obligation Unlimited,
3.00%, 06/15/2030 - 06/15/2031		285,000		286,732
				97,817,803
North Carolina - 2.0%
Charlotte-Mecklenburg Hospital Authority, Revenue Bonds,
Series A,
4.00%, 01/15/2037		9,925,000		10,033,714
North Carolina Housing Finance Agency, Revenue Bonds,
Series 38-B,
2.38%, 01/01/2025		855,000		859,366
2.45%, 07/01/2025		505,000		508,450
North Carolina Medical Care Commission, Revenue Bonds,
4.00%, 11/01/2049		7,845,000		7,889,294
5.00%, 01/01/2038		560,000		589,226
Series A,
5.00%, 10/01/2040 - 10/01/2050		3,990,000		4,189,273
Series B-1,
2.55%, 09/01/2026		1,575,000		1,511,577
Series B-2,
2.30%, 09/01/2025		1,250,000		1,207,247
North Carolina Turnpike Authority, Revenue Bonds,
AGM,
5.00%, 01/01/2035 - 01/01/2049		6,295,000		7,028,619
Winston-Salem State University, Revenue Bonds,
BAM,
5.00%, 06/01/2029 - 06/01/2036		2,840,000		3,090,648
				36,907,414
North Dakota - 0.4%
City of Grand Forks, Revenue Bonds,
4.00%, 12/01/2051		7,305,000		6,808,673
Fargo Public School District No. 1, General Obligation Limited,
Series A,
3.00%, 08/01/2026		25,000		25,507
				6,834,180
Ohio - 3.5%
Brunswick City School District, General Obligation Unlimited,
Series A,
5.00%, 12/01/2032 - 12/01/2034		170,000		174,905

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds,
Series B-2, Class 2,
5.00%, 06/01/2055		$   40,340,000		$   40,279,268
Series B-3, Class 2,
Zero Coupon, 06/01/2057		38,000,000		5,526,766
Cardinal Local School District, Certificate of Participation,
5.25%, 04/01/2038		1,515,000		1,423,942
Cleveland Heights & University Heights City School District, General Obligation Unlimited,
4.00%, 12/01/2029 - 12/01/2030		845,000		912,077
Conotton Valley Union Local School District, Certificate of Participation,
AGM,
4.00%, 12/01/2035		150,000		155,123
AGM,
4.00%, 12/01/2037		440,000		453,261
County of Franklin, Revenue Bonds,
Series A,
5.00%, 12/01/2047		840,000		900,588
County of Scioto, Revenue Bonds,
AGM-CR,
3.50%, 02/15/2038		330,000		327,207
Dayton City School District, Certificate of Participation,
4.00%, 12/01/2026		295,000		317,885
Euclid City School District, Certificate of Participation,
BAM,
4.00%, 12/01/2044		565,000		573,161
Little Miami Local School District, General Obligation Unlimited,
Series B,
5.00%, 11/01/2048		1,795,000		1,907,946
Ohio Air Quality Development Authority, Revenue Bonds,
Series B,
Fixed until 11/01/2024, 1.38% (A), 02/01/2026		1,675,000		1,593,135
Series C,
Fixed until 11/04/2025, 1.50% (A), 02/01/2026		2,000,000		1,864,840
Ohio Higher Educational Facility Commission, Revenue Bonds,
Series B,
4.00%, 07/01/2046		1,050,000		1,037,071
Ohio Housing Finance Agency, Revenue Bonds,
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		615,000		605,746
3.40%, 09/01/2037		1,650,000		1,619,352
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds,
Series A, AGM,
4.00%, 12/01/2031		1,040,000		1,088,497
Summit County Development Finance Authority, Revenue Bonds,
4.00%, 12/01/2028 - 12/01/2032		570,000		573,627
Wayne County Southeast Local School District, Certificate of Participation,
BAM,
4.00%, 12/01/2028 - 12/01/2033		1,365,000		1,492,562
				62,826,959

Transamerica Funds Page    14

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma - 0.1%
Cleveland County Educational Facilities Authority, Revenue Bonds,
5.00%, 06/01/2023		$   45,000		$   46,196
Garfield County Educational Facilities Authority, Revenue Bonds,
Series A,
5.00%, 09/01/2027		1,315,000		1,459,932
Oklahoma City Public Property Authority, Revenue Bonds,
4.50%, 10/01/2036		150,000		150,174
Oklahoma Housing Finance Agency, Revenue Bonds,
Series A, GNMA, FNMA, FHLMC,
2.75%, 09/01/2034		50,000		49,023
				1,705,325
Oregon - 1.2%
City of Boardman, General Obligation Unlimited,
BAM,
3.00%, 06/15/2037 - 06/15/2039		1,005,000		942,574
City of Sherwood, General Obligation Limited,
Series B,
4.00%, 06/01/2051		3,115,000		3,172,327
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds,
3.00%, 09/01/2035		770,000		713,080
Medford Hospital Facilities Authority, Revenue Bonds,
Series A,
4.00%, 08/15/2050		850,000		838,273
5.00%, 08/15/2037		2,000,000		2,224,988
Series A, AGM,
4.00%, 08/15/2040		3,720,000		3,765,597
Oregon State Facilities Authority, Revenue Bonds,
Series A,
5.50%, 06/15/2035 (B)		750,000		768,515
State of Oregon Housing & Community Services Department, Revenue Bonds,
Series A,
2.45%, 07/01/2034		3,090,000		2,805,512
2.65%, 07/01/2039		7,025,000		6,123,001
				21,353,867
Pennsylvania - 6.7%
Aliquippa Municipal Water Authority Water & Sewer Revenue, Revenue Bonds,
BAM,
4.00%, 11/15/2051		305,000		311,196
Allegheny County Hospital Development Authority, Revenue Bonds,
Series A,
4.00%, 07/15/2036 - 07/15/2038		13,425,000		13,555,518
Allegheny County Sanitary Authority, Revenue Bonds,
AGM,
4.00%, 12/01/2035		100,000		103,745
Beaver County Economic Development Authority, Revenue Bonds,
BAM,
4.00%, 11/15/2035 - 11/15/2036		3,250,000		3,402,591

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Borough of Monaca, General Obligation Unlimited,
Series C, BAM,
4.00%, 11/15/2050		$   500,000		$   508,008
Bradys Run Sanitary Authority Sewer System Revenue, Revenue Bonds,
AGM,
4.00%, 12/01/2045		395,000		405,225
Bristol Township School District, General Obligation Limited,
BAM-TCRS,
5.00%, 06/01/2027		80,000		82,248
Bucks County Industrial Development Authority, Revenue Bonds,
5.00%, 10/01/2033 - 10/01/2037		1,950,000		2,057,489
County of Lackawanna, General Obligation Unlimited,
BAM,
4.00%, 09/15/2032 - 09/15/2033		5,185,000		5,512,515
Cumberland County Municipal Authority, Revenue Bonds,
5.00%, 01/01/2029		900,000		933,422
Delaware County Authority, Revenue Bonds,
4.00%, 10/01/2022		40,000		40,118
Delaware Valley Regional Finance Authority, Revenue Bonds,
Series B, AMBAC,
5.70%, 07/01/2027		350,000		408,638
Erie Sewer Authority, Revenue Bonds,
Series B, AGM,
5.00%, 12/01/2036		2,000,000		2,290,717
Geisinger Authority, Revenue Bonds,
Series A-1,
5.00%, 02/15/2045		4,375,000		4,602,618
Indiana County Hospital Authority, Revenue Bonds,
Series A,
5.50%, 06/01/2029		250,000		257,714
Lancaster Industrial Development Authority, Revenue Bonds,
4.00%, 12/01/2044		1,070,000		1,083,789
Lancaster School District, General Obligation Limited,
Series A, AGM,
5.00%, 06/01/2031		75,000		81,130
Montgomery County Industrial Development Authority, Revenue Bonds,
4.00%, 10/01/2041		640,000		600,407
Mountaintop Area Joint Sanitary Authority, Revenue Bonds,
BAM,
4.00%, 12/15/2049		3,855,000		3,949,783
Series A, BAM,
4.00%, 12/15/2046		1,390,000		1,421,597
Penn Delco School District, General Obligation Limited,
4.00%, 06/01/2045		975,000		993,789
Penn Hills School District, General Obligation Limited,
Series A, BAM,
5.00%, 11/15/2025		85,000		93,112
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds,
4.00%, 08/15/2044 - 08/15/2049		18,150,000		18,227,884
Series AAGM,
4.00%, 05/01/2040 - 05/01/2041		7,665,000		7,695,969

Transamerica Funds Page    15

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Revenue Bonds,
Series 121,
2.20%, 04/01/2026		$   1,220,000		$   1,212,397
2.25%, 10/01/2026		370,000		366,979
Series 124B,
2.55%, 10/01/2027		520,000		516,898
2.65%, 04/01/2028		745,000		739,142
2.75%, 10/01/2028		1,250,000		1,241,807
Series 129,
2.20%, 04/01/2027		95,000		93,621
2.25%, 10/01/2027		80,000		78,753
2.40%, 10/01/2028		810,000		793,274
2.45%, 04/01/2029 - 10/01/2029		2,545,000		2,476,619
2.55%, 04/01/2030		1,280,000		1,236,599
2.60%, 10/01/2030		455,000		438,963
Pennsylvania Turnpike Commission, Revenue Bonds,
Series A,
5.00%, 12/01/2044		8,410,000		9,117,992
Series A, AGM,
4.00%, 12/01/2049		11,650,000		11,905,056
Series B,
5.00%, 12/01/2034		45,000		46,924
Series B, BAM-TCRS,
5.25%, 12/01/2044		8,075,000		8,499,600
Series C,
5.00%, 12/01/2044		300,000		311,347
Series E,
6.38% (E), 12/01/2038		530,000		621,996
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Revenue Bonds,
Series B,
5.00%, 12/01/2038		1,230,000		1,358,004
Philadelphia Gas Works Co., Revenue Bonds,
4.00%, 10/01/2036 - 10/01/2037		300,000		306,164
Series A, AGM,
5.00%, 08/01/2050		1,365,000		1,529,691
Reading School District, General Obligation Unlimited,
Series A, AGM,
5.00%, 02/01/2026 - 02/01/2027		1,940,000		2,086,613
School District of Philadelphia, General Obligation Limited,
Series A,
4.00%, 09/01/2036		1,235,000		1,282,756
State Public School Building Authority, Revenue Bonds,
5.00%, 09/15/2022		80,000		80,345
Series A, AGM,
5.00%, 06/01/2032		1,840,000		2,034,377
Township of Northampton, General Obligation Limited,
4.00%, 05/15/2046		350,000		356,779
Upper Dublin School District, General Obligation Limited,
Series A,
4.00%, 05/15/2037 - 05/15/2044		1,425,000		1,442,794
Series A,
4.00%, 05/15/2038 - 05/15/2039		385,000		391,034

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Wilkes-Barre Area School District, General Obligation Limited,
BAM,
4.00%, 04/15/2054		$   1,105,000		$   1,108,967
5.00%, 04/15/2059		440,000		486,354
				120,781,067
Puerto Rico - 0.7%
Children’s Trust Fund, Revenue Bonds,
5.63%, 05/15/2043		125,000		127,108
Commonwealth of Puerto Rico, General Obligation Unlimited,
4.00%, 07/01/2022 (H)		315,794		315,794
5.50%, 07/01/2029		85,984		89,763
Puerto Rico Electric Power Authority, Revenue Bonds,
Series DDD, AGM,
3.65%, 07/01/2024		620,000		616,588
5.00%, 07/01/2023		40,000		40,711
Series RR, AGC,
5.00%, 07/01/2028		345,000		351,128
Series SS, AGC,
4.38%, 07/01/2030		145,000		145,038
Series SS, AGM,
5.00%, 07/01/2030		2,100,000		2,137,303
Series TT, AGC-ICC,
5.00%, 07/01/2032		50,000		50,888
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,003
5.00%, 07/01/2026		650,000		661,546
Series UU, AGM,
4.00%, 07/01/2023		120,000		119,998
5.00%, 07/01/2023 - 07/01/2024		870,000		885,454
Series VV, AGM,
5.25%, 07/01/2027		40,000		40,948
Puerto Rico Highway & Transportation Authority, Revenue Bonds,
AGC-ICC,
5.00%, 07/01/2028		30,000		30,206
Series A, AGC-ICC,
4.75%, 07/01/2038		185,000		185,100
Series A, AGM-CR,
4.75%, 07/01/2038		395,000		395,213
Series CC, AGM,
5.25%, 07/01/2034 - 07/01/2036		300,000		306,262
Series CC, AGM-CR,
5.50%, 07/01/2029 - 07/01/2031		160,000		166,760
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,575,000		3,599,518
Series E, AGM,
5.50%, 07/01/2023		65,000		66,429
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,175,000		1,183,155
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		260,000		265,178
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		335,000		342,088
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		99,780
Puerto Rico Municipal Finance Agency, Revenue Bonds,
Series A, AGM,
5.00%, 08/01/2022 - 08/01/2027		1,520,000		1,534,033
				13,775,992

Transamerica Funds Page    16

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island - 1.0%
Providence Public Building Authority, Revenue Bonds,
Series A, AGM,
5.00%, 09/15/2026 - 09/15/2037		$   10,785,000		$   12,074,075
Providence Redevelopment Agency, Revenue Bonds,
Series A, AGM-CR,
5.00%, 04/01/2027		1,200,000		1,294,812
Rhode Island Commerce Corp., Revenue Bonds,
BAM-TCRS,
5.00%, 07/01/2034		1,395,000		1,556,661
Rhode Island Health & Educational Building Corp., Revenue Bonds,
5.00%, 05/15/2028 - 05/15/2029		2,360,000		2,489,114
Series C,
5.00%, 09/15/2027		180,000		200,228
Tobacco Settlement Financing Corp., Revenue Bonds,
Series A,
5.00%, 06/01/2027		1,075,000		1,129,306
				18,744,196
South Carolina - 0.8%
Patriots Energy Group, Revenue Bonds,
Series A,
4.00%, 06/01/2051		1,400,000		1,389,257
South Carolina Jobs-Economic Development Authority, Revenue Bonds,
4.00%, 12/01/2044		10,705,000		10,727,008
5.00%, 10/01/2026 (B)		2,050,000		2,098,232
Spartanburg Regional Health Services District, Revenue Bonds,
Series A, AGM,
4.00%, 04/15/2036 - 04/15/2045		885,000		887,304
				15,101,801
South Dakota - 0.0% (C)
South Dakota Housing Development Authority, Revenue Bonds,
Series B, GNMA, FNMA, FHLMC,
2.80%, 11/01/2027		55,000		55,689
Series F, GNMA, FNMA, FHLMC,
2.70%, 05/01/2028		95,000		95,899
2.75%, 11/01/2028		525,000		529,742
				681,330
Tennessee - 0.7%
City of Jackson, Revenue Bonds,
5.00%, 04/01/2041		150,000		160,074
Greeneville Health & Educational Facilities Board, Revenue Bonds,
4.00%, 07/01/2040		5,000,000		4,986,399
Series A,
5.00%, 07/01/2034		3,035,000		3,081,207
Knox County Health Educational & Housing Facility Board, Revenue Bonds,
Series A,
5.00%, 01/01/2026		100,000		108,360
Tennessee Housing Development Agency, Revenue Bonds,
Series 1,
2.95%, 01/01/2026		45,000		46,085
Series B-2,
2.25%, 01/01/2025		40,000		40,100

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Tennessee (continued)
Tennessee Housing Development Agency, Revenue Bonds, (continued)
2.95%, 07/01/2028		$   2,095,000		$   2,107,243
3.05%, 07/01/2029		2,690,000		2,703,055
				13,232,523
Texas - 1.9%
City of Laredo International Toll Bridge System Revenue, Revenue Bonds,
AGM,
5.00%, 10/01/2022		90,000		90,518
City of Liberty Hill, Special Assessment,
3.38%, 09/01/2042 (B)		1,000,000		841,625
City of Pearland, General Obligation Limited,
5.00%, 03/01/2023		25,000		25,498
City of Round Rock, Revenue Bonds,
AGM,
4.00%, 12/01/2035 - 12/01/2037		1,445,000		1,532,569
City of Rowlett, Special Assessment,
3.13%, 09/15/2031 (B)		226,000		202,106
City of Temple, Tax Allocation,
BAM,
4.00%, 08/01/2039 - 08/01/2041		700,000		732,198
County of Kaufman, General Obligation Limited,
Series A,
4.00%, 02/15/2045		250,000		254,913
Dallas County Flood Control District No. 1, General Obligation Unlimited,
5.00%, 04/01/2023 - 04/01/2024 (B)		2,320,000		2,341,383
Dallas-Fort Worth International Airport, Revenue Bonds,
Series C,
5.00%, 11/01/2034		40,000		41,164
Decatur Hospital Authority, Revenue Bonds,
Series B, AGM,
4.00%, 09/01/2050		4,395,000		4,298,283
Denton County Elm Ridge Water Control & Improvement District, General Obligation Unlimited,
AGM,
2.75%, 09/01/2030		80,000		80,104
El Paso County Hospital District, General Obligation Limited,
5.00%, 08/15/2026		150,000		154,323
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited,
BAM,
4.00%, 09/01/2029 - 09/01/2032		380,000		386,248
Grand Parkway Transportation Corp., Revenue Bonds,
Series B,
5.00%, 04/01/2053		25,000		25,995
Harris County Municipal Utility District No. 399, General Obligation Unlimited,
AGM,
4.00%, 09/01/2033		270,000		276,778
Harris County-Houston Sports Authority, Revenue Bonds,
Series A, AGM,
5.00%, 11/15/2027		35,000		36,937

Transamerica Funds Page    17

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited,
AGM,
3.00%, 09/01/2033		$   150,000		$   149,340
Nacogdoches County Hospital District, Revenue Bonds,
AGM,
4.00%, 05/15/2037		400,000		400,277
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
3.00%, 01/01/2024		80,000		77,903
5.00%, 01/01/2024 - 01/01/2028		3,125,000		3,210,081
North Central Texas Health Facility Development Corp., Revenue Bonds,
5.00%, 08/15/2022		90,000		90,107
Northwoods Road District No. 1, General Obligation Unlimited,
BAM,
4.00%, 08/15/2027		140,000		150,609
Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation,
BAM,
4.00%, 09/01/2036 - 09/01/2037		2,450,000		2,583,597
Pecos Barstow Toyah Independent School District, General Obligation Unlimited,
4.00%, 02/15/2041		1,950,000		1,967,921
Pottsboro Higher Education Finance Corp., Revenue Bonds,
Series A,
3.88%, 08/15/2026		350,000		344,919
Southwest Houston Redevelopment Authority, Tax Allocation,
Series B, AGM,
5.00%, 09/01/2034		2,000,000		2,197,676
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
5.00%, 02/15/2041		1,000,000		1,071,779
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds,
5.00%, 12/15/2032		6,240,000		6,894,153
Texas Water Development Board, Revenue Bonds,
4.00%, 10/15/2049		425,000		429,251
Travis County Municipal Utility District No. 4, General Obligation Unlimited,
AGM,
4.00%, 09/01/2035		450,000		450,314
Viridian Municipal Management District, General Obligation Unlimited,
BAM,
4.00%, 12/01/2026		430,000		450,196
Wichita Falls Economic Development Corp., Revenue Bonds,
AGM,
4.00%, 09/01/2046 - 09/01/2050		2,110,000		2,149,217
				33,937,982
U.S. Virgin Islands - 0.0% (C)
Virgin Islands Public Finance Authority, Revenue Bonds,
Series A, AGM-CR,
5.00%, 10/01/2032 (D)		200,000		202,123

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Utah - 0.1%
City of Herriman Water Revenue, Revenue Bonds,
AGM,
4.00%, 01/01/2038		$   500,000		$   523,859
Utah Charter School Finance Authority, Revenue Bonds,
4.00%, 10/15/2022 - 10/15/2025		635,000		655,476
4.25%, 04/15/2034		120,000		121,744
				1,301,079
Vermont - 0.2%
City of Burlington, General Obligation Unlimited,
Series A,
5.00%, 11/01/2035		215,000		244,100
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds,
Series A,
5.00%, 12/01/2027		295,000		320,986
Vermont Housing Finance Agency, Revenue Bonds,
Series A, GNMA, FNMA, FHLMC,
3.13%, 11/01/2042		755,000		731,185
Series D, GNMA, FNMA, FHLMC,
2.90%, 05/01/2029		120,000		121,829
Vermont Municipal Bond Bank, Revenue Bonds,
Series A,
4.00%, 10/01/2040		375,000		388,480
Vermont Public Power Supply Authority, Revenue Bonds,
Series A,
5.00%, 07/01/2025 - 07/01/2027		1,220,000		1,344,877
				3,151,457
Virginia - 0.4%
Chesapeake Bay Bridge & Tunnel District, Revenue Bonds,
AGM,
5.00%, 07/01/2041		2,635,000		2,799,715
Hampton Roads Transportation Accountability Commission, Revenue Bonds,
Series A,
4.00%, 07/01/2052		1,920,000		1,947,177
Loudoun County Economic Development Authority, Revenue Bonds,
Zero Coupon, 07/01/2049		8,050,000		2,939,042
				7,685,934
Washington - 0.3%
Central Puget Sound Regional Transit Authority, Revenue Bonds,
NATL,
4.75%, 02/01/2028		45,000		47,852
Washington Health Care Facilities Authority, Revenue Bonds,
5.00%, 10/01/2044		4,115,000		4,205,394
Series A,
4.00%, 08/15/2046		100,000		97,717
Series B,
5.00%, 10/01/2026		85,000		94,285
Washington State Housing Finance Commission, Revenue Bonds,
3.70%, 07/01/2023 (B) (D)		40,000		39,853

Transamerica Funds Page    18

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Washington State Housing Finance Commission, Revenue Bonds, (continued)
5.00%, 07/01/2033 (B)		$   375,000		$   374,983
Series 3-N, GNMA, FNMA, FHLMC,
2.85%, 12/01/2028		265,000		267,155
				5,127,239
West Virginia - 0.1%
City of Buckhannon, Revenue Bonds,
Series C,
4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,090,374
West Virginia Housing Development Fund, Revenue Bonds,
Series B,
3.70%, 11/01/2032		610,000		625,233
				1,715,607
Wisconsin - 1.6%
Public Finance Authority, Revenue Bonds,
3.00%, 04/01/2025 (B)		255,000		252,352
4.00%, 09/01/2029 (B)		850,000		841,196
4.00% (A), 10/01/2041		16,820,000		18,141,287
Series A,
4.00%, 01/01/2045		1,500,000		1,477,689
5.00%, 06/01/2027 - 07/01/2038		725,000		755,504
Series A, AGM,
4.00%, 07/01/2038 - 07/01/2055		2,505,000		2,522,737
5.00%, 07/01/2036 - 07/01/2054		1,145,000		1,249,349
Wisconsin Health & Educational Facilities Authority, Revenue Bonds,
3.50%, 08/01/2022		190,000		190,000
5.00%, 08/15/2022 - 08/01/2039		3,225,000		3,197,905
				28,628,019
Wyoming - 1.2%
Carbon County Specific Purpose Tax Joint Powers Board, Revenue Bonds,
Series A,
4.00%, 06/15/2026 - 06/15/2035		3,995,000		4,159,642
University of Wyoming, Revenue Bonds,
Series C,
4.00%, 06/01/2037 - 06/01/2038		13,925,000		14,463,966
Wyoming Community Development Authority, Revenue Bonds,
Series 1,
2.30%, 12/01/2031		255,000		242,989
Series 2,
2.95%, 06/01/2033		2,485,000		2,388,116
				21,254,713
Total Municipal Government Obligations (Cost $1,886,450,086)				1,759,510,693
U.S. GOVERNMENT OBLIGATION - 1.4%
U.S. Treasury - 1.4%
U.S. Treasury Note
2.88%, 05/15/2032		25,000,000		25,496,094
Total U.S. Government Obligation (Cost $25,296,451)				25,496,094
Total Investments (Cost $1,911,746,537)				1,785,006,787
Net Other Assets (Liabilities) - 1.5%				26,831,203
Net Assets - 100.0%				$  1,811,837,990

Transamerica Funds Page    19

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	1,759,510,693	$	—	$	1,759,510,693
U.S. Government Obligation		—		25,496,094		—		25,496,094
Total Investments	$	—	$	1,785,006,787	$	—	$	1,785,006,787

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)	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 $17,507,952, representing 1.0% of the Fund’s net assets.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Restricted securities. At July 31, 2022, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	California Municipal Finance Authority Revenue Bonds Series A 4.00%, 11/01/2031		01/04/2022	$	18,336,848	$	16,022,243		0.9	%
Municipal Government Obligations	Bradburn Metropolitan District No. 2 General Obligation Limited Series A 4.00%, 12/01/2028		03/08/2018		291,210		289,783		0.0	(C)
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series A 3.50%, 09/01/2022		09/18/2017		39,984		40,004		0.0	(C)
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 4.25%, 09/01/2022		09/18/2017		49,913		49,967		0.0	(C)
Municipal Government Obligations	Virgin Islands Public Finance Authority Revenue Bonds Series A, AGM-CR 5.00%, 10/01/2032		07/14/2020 - 02/09/2021		212,946		202,123		0.0	(C)
Municipal Government Obligations	Washington State Housing Finance Commission Revenue Bonds 3.70%, 07/01/2023		05/11/2018		40,002		39,853		0.0	(C)
Total				$	18,970,903	$	16,643,973		0.9	%

(E)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of July 31, 2022; the maturity dates disclosed are the ultimate maturity dates.
(F)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At July 31, 2022, the total value of such securities is $3,143,150, representing 0.2% of the Fund’s net assets.
(G)	Non-income producing securities.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At July 31, 2022, the value of the security is $315,794, representing less than 0.1% of the Fund’s net assets.
(I)	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.

Transamerica Funds Page    20

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2022

(unaudited)

MUNICIPAL INSURER ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
TCRS	Temporary Custodian Receipts

Transamerica Funds Page    21

Transamerica Intermediate Muni

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2022

(unaudited)

INVESTMENT VALUATION

Transamerica Intermediate Muni (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.

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 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:

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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.

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.

Transamerica Funds Page    22