CCO Holdings LLC/CCO Holdings Capital Corp.

FOR VALIDATION PURPOSES ONLY - [447377.I3GD]

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES - 97.4%
Auto Components - 3.1%
Clarios Global LP / Clarios US Finance Co.
6.25%, 05/15/2026 ^(A)		$ 30,000		$ 29,820
8.50%, 05/15/2027 ^(A) ^(B)		120,000		119,524
Dana, Inc.
4.50%, 02/15/2032		377,000		318,003
5.63%, 06/15/2028 ^(B)		274,000		258,068
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		130,000		121,722
5.00%, 07/15/2029 ^(B)		115,000		101,307
9.50%, 05/31/2025		18,000		18,579
Patrick Industries, Inc.
7.50%, 10/15/2027^(A)		194,000		191,953

				1,158,976

Automobiles - 0.0%^(G)
Ford Motor Co.
6.10%, 08/19/2032^(B)		13,000		12,751

Banks - 3.5%
Barclays PLC
Fixed until 11/02/2025, 7.33%^(C), 11/02/2026		200,000		209,850
Citigroup, Inc.
Fixed until 12/10/2025^(D), 4.00%^(C)		318,000		294,181
Fixed until 09/12/2024^(D), 5.00%^(C)		135,000		129,262
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20%^(C), 06/01/2032 ^(A)		600,000		476,278
JPMorgan Chase & Co.
Fixed until 02/01/2025^(D), 4.60%^(C)		203,000		189,932

				1,299,503

Beverages - 1.2%
Primo Water Holdings, Inc.
4.38%, 04/30/2029^(A)		520,000		453,565

Biotechnology - 0.9%
Grifols Escrow Issuer SA
4.75%, 10/15/2028^(A)		400,000		347,848

Building Products - 1.7%
Builders FirstSource, Inc.
4.25%, 02/01/2032^(A)		12,000		10,325
5.00%, 03/01/2030^(A)		128,000		119,352
Cornerstone Building Brands, Inc.
6.13%, 01/15/2029^(A)		556,000		416,511
Standard Industries, Inc.
4.38%, 07/15/2030^(A)		23,000		19,662
5.00%, 02/15/2027^(A)		88,000		83,392

				649,242

Capital Markets - 2.2%
Camelot Return Merger Sub, Inc.
8.75%, 08/01/2028^(A)		253,000		237,883
LPL Holdings, Inc.
4.00%, 03/15/2029^(A)		457,000		407,735
4.63%, 11/15/2027^{(A) (B)}		50,000		47,582


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
MSCI, Inc.
3.63%, 09/01/2030^(A)		$ 143,000		$ 124,343

				817,543

Chemicals - 0.5%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028^(A)		25,000		21,419
7.50%, 09/30/2029^(A)		72,000		51,850
Avient Corp.
7.13%, 08/01/2030^(A)		72,000		72,533
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.
5.13%, 04/01/2029^(A)		76,000		54,751

				200,553

Commercial Services & Supplies - 4.9%
Ashtead Capital, Inc.
4.00%, 05/01/2028^(A)		400,000		375,467
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.38%, 03/01/2029^{(A) (B)}		178,000		159,132
5.75%, 07/15/2027^{(A) (B)}		287,000		269,697
Covanta Holding Corp.
4.88%, 12/01/2029^(A)		33,000		28,783
5.00%, 09/01/2030		414,000		352,472
Garda World Security Corp.
4.63%, 02/15/2027^(A)		196,000		178,381
6.00%, 06/01/2029^(A)		76,000		63,437
Harsco Corp.
5.75%, 07/31/2027^(A)		231,000		195,426
Stericycle, Inc.
5.38%, 07/15/2024^(A)		186,000		184,209

				1,807,004

Communications Equipment - 1.4%
CommScope Technologies LLC
6.00%, 06/15/2025^(A)		162,000		153,419
CommScope, Inc.
4.75%, 09/01/2029^(A)		127,000		105,177
6.00%, 03/01/2026^(A)		290,000		278,922

				537,518

Construction & Engineering - 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co.
4.63%, 08/01/2029 - 04/01/2030^(A)		45,000		37,553
6.63%, 01/15/2028^(A)		200,000		182,440

				219,993

Construction Materials - 1.5%
Advanced Drainage Systems, Inc.
5.00%, 09/30/2027^(A)		555,000		528,287
6.38%, 06/15/2030^{(A) (B)}		31,000		30,801

				559,088

Consumer Finance - 2.1%
Ford Motor Credit Co. LLC
4.00%, 11/13/2030		400,000		347,551
6.95%, 03/06/2026		220,000		225,036
7.35%, 11/04/2027		216,000		226,530

				799,117


Transamerica Funds			Page 1

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging - 3.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028^(A) ^(B)		$ 400,000		$ 351,012
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026^(A)		365,000		340,251
5.38%, 01/15/2028^(A)		61,000		56,775
Graphic Packaging International LLC
3.50%, 03/15/2028 - 03/01/2029^(A)		204,000		182,362
4.13%, 08/15/2024		99,000		97,410
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024^(A)		98,000		97,931
7.88%, 08/15/2026^{(A) (E)}		71,000		71,621
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC
4.00%, 10/15/2027^(A)		78,000		70,005
Trident TPI Holdings, Inc.
9.25%, 08/01/2024^(A)		31,000		30,248

				1,297,615

Diversified Consumer Services - 0.2%
WW International, Inc.
4.50%, 04/15/2029^(A)		133,000		70,854

Diversified Financial Services - 1.3%
Dana Financing Luxembourg SARL
5.75%, 04/15/2025^(A)		274,000		271,260
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
5.25%, 10/01/2025^(A)		78,000		75,097
United Wholesale Mortgage LLC
5.50%, 11/15/2025 - 04/15/2029^(A)		146,000		131,126

				477,483

Diversified Telecommunication Services - 4.0%
Frontier Communications Holdings LLC
5.00%, 05/01/2028^(A)		156,000		140,876
6.00%, 01/15/2030^{(A) (B)}		46,000		37,613
8.75%, 05/15/2030^(A)		25,000		25,895
Hughes Satellite Systems Corp.
6.63%, 08/01/2026		199,000		192,457
Iliad Holding SASU
6.50%, 10/15/2026^(A)		400,000		378,782
Level 3 Financing, Inc.
3.63%, 01/15/2029^(A)		18,000		13,392
3.75%, 07/15/2029^(A)		216,000		158,274
4.25%, 07/01/2028^(A)		83,000		65,777
Lumen Technologies, Inc.
5.13%, 12/15/2026^{(A) (B)}		435,000		370,837
5.38%, 06/15/2029^{(A) (B)}		46,000		31,868
Telecom Italia Capital SA
6.00%, 09/30/2034		53,000		42,262
6.38%, 11/15/2033		19,000		15,957

				1,473,990

Electric Utilities - 2.1%
Pattern Energy Operations LP / Pattern Energy Operations, Inc.
4.50%, 08/15/2028^(A)		831,000		762,443

Electrical Equipment - 0.1%
Atkore, Inc.
4.25%, 06/01/2031^(A)		23,000		20,205


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electronic Equipment, Instruments & Components - 0.5%
Sensata Technologies, Inc.
4.38%, 02/15/2030^(A)		$ 196,000		$ 177,458

Energy Equipment & Services - 1.6%
CSI Compressco LP / CSI Compressco Finance, Inc.
7.50%, 04/01/2025^(A)		88,000		82,634
Sunnova Energy Corp.
5.88%, 09/01/2026^{(A) (B)}		372,000		334,362
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 09/01/2027		196,000		190,071

				607,067

Entertainment - 0.4%
Netflix, Inc.
4.88%, 06/15/2030^{(A) (B)}		137,000		135,301

Equity Real Estate Investment Trusts - 5.0%
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026^(A)		282,000		250,275
3.75%, 09/15/2030^(A)		260,000		197,906
6.00%, 04/15/2025^(A)		50,000		48,896
Iron Mountain Information Management Services, Inc.
5.00%, 07/15/2032^(A)		82,000		71,040
Iron Mountain, Inc.
4.50%, 02/15/2031^(A)		15,000		12,853
5.25%, 03/15/2028^(A)		420,000		397,572
iStar, Inc.
5.50%, 02/15/2026		72,000		72,540
MPT Operating Partnership LP / MPT Finance Corp.
3.50%, 03/15/2031		323,000		226,096
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.88%, 10/01/2028^(A)		94,000		86,476
7.50%, 06/01/2025^(A)		150,000		152,062
SBA Communications Corp.
3.13%, 02/01/2029		339,000		287,195
3.88%, 02/15/2027		55,000		50,799

				1,853,710

Food & Staples Retailing - 0.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP
4.63%, 01/15/2027^(A)		293,000		277,779

Food Products - 2.5%
Darling Ingredients, Inc.
5.25%, 04/15/2027^(A)		454,000		442,764
6.00%, 06/15/2030^(A)		12,000		11,940
Kraft Heinz Foods Co.
3.88%, 05/15/2027		77,000		74,885
Post Holdings, Inc.
4.50%, 09/15/2031^(A)		27,000		23,245
4.63%, 04/15/2030^(A)		321,000		282,480
5.50%, 12/15/2029^(A)		79,000		73,213
5.63%, 01/15/2028^(A)		38,000		36,779

				945,306

Health Care Equipment & Supplies - 0.3%
Medline Borrower LP
3.88%, 04/01/2029^(A)		145,000		123,692


Transamerica Funds			Page 2

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 5.1%
Acadia Healthcare Co., Inc.
5.00%, 04/15/2029^(A)		$ 159,000		$ 149,493
AdaptHealth LLC
4.63%, 08/01/2029^(A)		5,000		4,350
5.13%, 03/01/2030^(A)		12,000		10,680
6.13%, 08/01/2028^(A)		240,000		227,045
DaVita, Inc.
3.75%, 02/15/2031^(A)		154,000		120,397
4.63%, 06/01/2030^(A)		147,000		123,745
Encompass Health Corp.
4.63%, 04/01/2031		5,000		4,401
4.75%, 02/01/2030		280,000		256,665
HCA, Inc.
3.50%, 09/01/2030		215,000		192,266
5.88%, 02/15/2026		166,000		168,640
Molina Healthcare, Inc.
4.38%, 06/15/2028^(A)		121,000		111,750
Tenet Healthcare Corp.
4.25%, 06/01/2029		44,000		39,178
6.13%, 10/01/2028 - 06/15/2030^(A) (B)		513,000		483,570

				1,892,180

Hotels, Restaurants & Leisure - 6.7%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028^(A)		63,000		57,581
Boyd Gaming Corp.
4.75%, 12/01/2027^(B)		154,000		146,403
Boyne USA, Inc.
4.75%, 05/15/2029^(A)		311,000		281,716
GLP Capital LP / GLP Financing II, Inc.
5.25%, 06/01/2025		215,000		213,405
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030		372,000		350,692
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Escrow, Inc.
4.88%, 07/01/2031^(A)		366,000		317,388
5.00%, 06/01/2029^(A)		131,000		117,160
Lions Gate Capital Holdings LLC
5.50%, 04/15/2029^(A)		133,000		86,152
NCL Corp. Ltd.
5.88%, 03/15/2026^(A)		192,000		167,430
Royal Caribbean Cruises Ltd.
4.25%, 07/01/2026^(A)		14,000		12,145
Travel & Leisure Co.
4.50%, 12/01/2029^(A)		170,000		146,223
5.65%, 04/01/2024		242,000		240,110
6.60%, 10/01/2025		75,000		74,621
Viking Cruises Ltd.
6.25%, 05/15/2025^(A)		293,000		266,682

				2,477,708

Household Durables - 1.9%
Beazer Homes USA, Inc.
6.75%, 03/15/2025		12,000		11,748
7.25%, 10/15/2029		145,000		133,944
KB Home
4.80%, 11/15/2029		70,000		62,820
7.25%, 07/15/2030		120,000		119,638
Meritage Homes Corp.
5.13%, 06/06/2027		123,000		117,773
6.00%, 06/01/2025		37,000		37,200


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Newell Brands, Inc.
4.88%, 06/01/2025		$ 215,000		$ 210,216

				693,339

Household Products - 1.7%
Central Garden & Pet Co.
4.13%, 04/30/2031^(A)		82,000		68,786
Energizer Holdings, Inc.
6.50%, 12/31/2027^(A)		300,000		292,575
Spectrum Brands, Inc.
3.88%, 03/15/2031^{(A) (B)}		186,000		149,959
5.50%, 07/15/2030^(A)		116,000		105,366

				616,686

Independent Power & Renewable Electricity Producers - 2.4%
Calpine Corp.
4.50%, 02/15/2028^(A)		166,000		153,179
5.00%, 02/01/2031^(A)		176,000		150,580
Clearway Energy Operating LLC
3.75%, 02/15/2031^(A)		20,000		16,859
4.75%, 03/15/2028^(A)		616,000		581,011

				901,629

Insurance - 1.1%
Hartford Financial Services Group, Inc.
3-Month LIBOR + 2.13%, 6.73%^(C), 02/12/2067 ^(A)		117,000		100,064
Lincoln National Corp.
3-Month LIBOR + 2.36%, 7.01%^(C), 05/17/2066		141,000		112,835
Ohio National Financial Services, Inc.
5.80%, 01/24/2030^(A)		200,000		189,910

				402,809

IT Services - 0.7%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.
6.00%, 11/01/2029^(A)		104,000		92,040
Gartner, Inc.
3.75%, 10/01/2030^(A)		33,000		29,246
4.50%, 07/01/2028^(A)		98,000		93,099
Rackspace Technology Global, Inc.
3.50%, 02/15/2028^(A)		104,000		63,014

				277,399

Leisure Products - 0.2%
Mattel, Inc.
5.45%, 11/01/2041		64,000		54,794
6.20%, 10/01/2040		7,000		6,499

				61,293

Life Sciences Tools & Services - 0.5%
Charles River Laboratories International, Inc.
3.75%, 03/15/2029^(A)		152,000		135,288
4.00%, 03/15/2031^{(A) (B)}		52,000		45,876

				181,164

Machinery - 3.0%
Chart Industries, Inc.
7.50%, 01/01/2030^(A)		14,000		14,298
9.50%, 01/01/2031^{(A) (B)}		16,000		16,696


Transamerica Funds			Page 3

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Madison IAQ LLC
4.13%, 06/30/2028^(A)		$ 266,000		$ 234,989
5.88%, 06/30/2029^(A)		31,000		24,590
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028^(A)		127,000		115,535
SPX FLOW, Inc.
8.75%, 04/01/2030^{(A) (B)}		154,000		126,681
Vertiv Group Corp.
4.13%, 11/15/2028^(A)		172,000		148,994
Wabash National Corp.
4.50%, 10/15/2028^(A)		473,000		416,027

				1,097,810

Media - 14.4%
Arches Buyer, Inc.
4.25%, 06/01/2028^(A)		109,000		91,560
6.13%, 12/01/2028^{(A) (B)}		43,000		36,217
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031 - 01/15/2034^(A)		99,000		81,220
4.50%, 06/01/2033^(A)		40,000		32,500
4.75%, 02/01/2032^(A)		184,000		155,940
5.00%, 02/01/2028^(A)		225,000		209,936
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027^(A)		244,000		222,784
7.50%, 06/01/2029^{(A) (B)}		20,000		16,186
7.75%, 04/15/2028^{(A) (B)}		67,000		56,999
CSC Holdings LLC
4.50%, 11/15/2031^(A)		400,000		293,840
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026^(A)		60,000		4,425
Directv Financing LLC / Directv Financing Co-Obligor, Inc.
5.88%, 08/15/2027^(A)		127,000		115,037
DISH DBS Corp.
5.25%, 12/01/2026^(A)		113,000		97,383
5.75%, 12/01/2028^(A)		39,000		31,912
7.75%, 07/01/2026		137,000		111,266
DISH Network Corp.
11.75%, 11/15/2027^(A)		115,000		119,520
Gray Escrow II, Inc.
5.38%, 11/15/2031^(A)		165,000		125,041
Gray Television, Inc.
4.75%, 10/15/2030^(A)		455,000		335,562
7.00%, 05/15/2027^{(A) (B)}		184,000		167,390
iHeartCommunications, Inc.
6.38%, 05/01/2026		380,000		363,052
8.38%, 05/01/2027^(B)		133,000		118,842
LCPR Senior Secured Financing DAC
5.13%, 07/15/2029^(A)		250,000		217,661
6.75%, 10/15/2027^(A)		180,000		174,304
Nexstar Media, Inc.
4.75%, 11/01/2028^{(A) (B)}		23,000		20,528
5.63%, 07/15/2027^(A)		317,000		302,773
Sinclair Television Group, Inc.
5.50%, 03/01/2030^{(A) (B)}		117,000		93,272
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(A)		37,000		33,299
4.13%, 07/01/2030^(A)		290,000		248,327
Summer BC Bidco B LLC
5.50%, 10/31/2026^(A)		400,000		331,362
TEGNA, Inc.
4.63%, 03/15/2028		270,000		253,408
4.75%, 03/15/2026^(A)		34,000		32,857
Univision Communications, Inc.
6.63%, 06/01/2027^(A)		145,000		142,100
7.38%, 06/30/2030^(A)		9,000		8,826


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
UPC Broadband Finco BV
4.88%, 07/15/2031^(A)		$ 400,000		$ 351,908
VZ Secured Financing BV
5.00%, 01/15/2032^(A)		400,000		340,267

				5,337,504

Metals & Mining - 2.0%
Mineral Resources Ltd.
8.13%, 05/01/2027^(A)		45,000		45,338
8.50%, 05/01/2030^{(A) (B)}		140,000		144,637
New Gold, Inc.
7.50%, 07/15/2027^(A)		397,000		368,773
Novelis Corp.
3.25%, 11/15/2026^(A)		42,000		38,023
3.88%, 08/15/2031^(A)		12,000		10,128
4.75%, 01/30/2030^(A)		140,000		126,700

				733,599

Oil, Gas & Consumable Fuels - 1.9%
Cheniere Energy Partners LP
4.00%, 03/01/2031		196,000		175,843
DCP Midstream Operating LP
5.38%, 07/15/2025		74,000		73,850
Hess Midstream Operations LP
5.13%, 06/15/2028^(A)		225,000		211,882
NuStar Logistics LP
5.63%, 04/28/2027		98,000		94,054
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
5.50%, 03/01/2030		166,000		161,920

				717,549

Paper & Forest Products - 0.4%
Glatfelter Corp.
4.75%, 11/15/2029^{(A) (B)}		188,000		131,600

Personal Products - 0.6%
Coty, Inc.
5.00%, 04/15/2026^(A)		121,000		115,858
6.50%, 04/15/2026^{(A) (B)}		95,000		93,651

				209,509

Real Estate Management & Development - 0.2%
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028^(A)		88,000		84,949

Road & Rail - 1.6%
Hertz Corp.
4.63%, 12/01/2026^(A)		6,000		5,340
5.00%, 12/01/2029^(A)		239,000		195,382
Uber Technologies, Inc.
4.50%, 08/15/2029^(A)		146,000		129,986
6.25%, 01/15/2028^(A)		5,000		4,892
8.00%, 11/01/2026^(A)		250,000		254,731

				590,331

Software - 1.1%
Crowdstrike Holdings, Inc.
3.00%, 02/15/2029^(B)		22,000		18,881
NCR Corp.
5.00%, 10/01/2028^(A)		75,000		66,064
5.13%, 04/15/2029^(A)		107,000		93,193
5.25%, 10/01/2030^(A)		9,000		7,784
6.13%, 09/01/2029^{(A) (B)}		240,000		237,600

				423,522


Transamerica Funds			Page 4

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.4%
Western Digital Corp.
4.75%, 02/15/2026		$ 144,000		$ 139,051

Trading Companies & Distributors - 3.1%
Boise Cascade Co.
4.88%, 07/01/2030^(A)		469,000		421,404
Herc Holdings, Inc.
5.50%, 07/15/2027^(A)		147,000		140,752
United Rentals North America, Inc.
3.75%, 01/15/2032		156,000		134,330
4.00%, 07/15/2030		374,000		335,417
6.00%, 12/15/2029^(A)		130,000		131,950

				1,163,853

Wireless Telecommunication Services - 2.6%
Altice France SA
5.13%, 07/15/2029^(A)		240,000		187,632
Sprint LLC
7.88%, 09/15/2023		325,000		329,848
Vmed O2 Financing I PLC
4.75%, 07/15/2031^(A)		548,000		465,810

				983,290

Total Corporate Debt Securities (Cost $37,934,146)				36,202,378


SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.7%
U.S. Treasury Bills
4.27%^(F), 03/23/2023		280,400		278,660

Total Short-Term U.S. Government Obligation (Cost $278,776)				278,660


	Shares		Value
OTHER INVESTMENT COMPANY - 10.5%
Securities Lending Collateral - 10.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% ^(F)		3,888,283		3,888,283

Total Other Investment Company (Cost $3,888,283)				3,888,283

Total Investments (Cost $42,101,205)				40,369,321
Net Other Assets (Liabilities) - (8.6)%				(3,192,455	)

Net Assets - 100.0%				$ 37,176,866


Transamerica Funds			Page 5

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(H)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	36,202,378	$	—	$	36,202,378
Short-Term U.S. Government Obligation		—		278,660		—		278,660
Other Investment Company		3,888,283		—		—		3,888,283

Total Investments	$	3,888,283	$	36,481,038	$	—	$	40,369,321

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		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 January 31, 2023, the total value of 144A securities is $27,283,852, representing 73.4% of the Fund’s net assets.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $4,006,113, collateralized by cash collateral of $3,888,283 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $202,248. 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.
(C)		Floating or variable rate securities. The rates disclosed are as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)		Perpetual maturity. The date displayed is the next call date.
(E)		When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after January 31, 2023. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)		Rates disclosed reflect the yields at January 31, 2023.
(G)		Percentage rounds to less than 0.1% or (0.1)%.
(H)		There were no transfers in or out of Level 3 during the period ended January 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:


LIBOR		London Interbank Offered Rate


Transamerica Funds			Page 6

Transamerica High Yield ESG

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica High Yield ESG (the “Fund”) is a series of the Transamerica Funds.

Effective September 8, 2022, TAM has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund’s Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

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

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

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

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

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 January 31, 2023, 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.

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.


Transamerica Funds			Page 7