Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS - 96.1%
Aerospace & Defense - 2.0%
Curtiss-Wright Corp.		22,600		$  3,747,080
Elbit Systems Ltd. (A)		8,900		1,505,702
Huntington Ingalls Industries, Inc.		50,187		11,068,241
				16,321,023
Air Freight & Logistics - 1.0%
FedEx Corp.		42,100		8,161,506
Auto Components - 0.6%
Dana, Inc.		44,650		809,951
Gentex Corp.		30,000		885,300
Stoneridge, Inc. (B)		10,750		265,095
Visteon Corp. (B)		19,200		3,001,728
				4,962,074
Banks - 7.7%
Atlantic Union Bankshares Corp.		28,300		1,094,927
Berkshire Hills Bancorp, Inc.		88,450		2,746,372
Central Valley Community Bancorp		19,000		473,100
Citizens Financial Group, Inc.		30,200		1,308,264
Dime Community Bancshares, Inc.		78,000		2,325,960
First Citizens BancShares, Inc., Class A		23,391		18,190,713
First Community Bankshares, Inc.		66,600		2,165,166
First Merchants Corp.		69,500		2,963,480
First Republic Bank		59,600		8,396,448
Hope Bancorp, Inc.		66,600		858,474
Lakeland Bancorp, Inc.		162,700		3,135,229
OceanFirst Financial Corp.		87,900		2,102,568
Princeton Bancorp, Inc. (B)		10,850		372,589
Sandy Spring Bancorp, Inc.		73,550		2,485,990
Umpqua Holdings Corp.		168,100		3,059,420
United Bankshares, Inc. (A)		20,500		824,100
United Community Banks, Inc.		91,450		2,975,783
Washington Trust Bancorp, Inc.		11,350		485,440
Webster Financial Corp.		94,450		4,972,792
Western Alliance Bancorp		18,600		1,401,882
				62,338,697
Beverages - 1.0%
Molson Coors Beverage Co., Class B (A)		155,800		8,191,964
Biotechnology - 0.3%
Exelixis, Inc. (B)		114,850		2,023,657
Building Products - 2.0%
American Woodmark Corp. (B)		35,450		2,030,931
Builders FirstSource, Inc. (B)		46,100		3,674,170
Gibraltar Industries, Inc. (B)		13,450		720,517
Masonite International Corp. (B)		22,900		2,088,938
Owens Corning		30,450		2,942,992
PGT Innovations, Inc. (B)		102,200		2,217,740
Quanex Building Products Corp.		107,750		2,789,647
				16,464,935
Capital Markets - 0.8%
Piper Sandler Cos.		26,000		3,694,600
Stifel Financial Corp.		44,350		2,989,634
				6,684,234
Chemicals - 2.3%
Chase Corp.		26,000		2,453,880

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Huntsman Corp.		55,200		$   1,749,288
LSB Industries, Inc. (B)		114,600		1,456,566
Mosaic Co.		104,900		5,196,746
Olin Corp.		113,400		7,324,506
				18,180,986
Commercial Services & Supplies - 0.3%
HNI Corp.		39,500		1,254,915
Tetra Tech, Inc.		6,150		956,448
				2,211,363
Communications Equipment - 0.7%
Harmonic, Inc. (B)		91,650		1,207,031
KVH Industries, Inc. (B)		167,650		1,718,412
Silicom Ltd. (B)		60,700		2,611,314
				5,536,757
Construction & Engineering - 1.3%
Comfort Systems USA, Inc.		32,500		3,933,800
EMCOR Group, Inc.		34,500		5,114,625
Granite Construction, Inc.		34,800		1,481,784
				10,530,209
Consumer Finance - 0.9%
Ally Financial, Inc.		224,705		7,300,665
Containers & Packaging - 1.5%
Graphic Packaging Holding Co.		300,030		7,227,723
Sealed Air Corp.		84,800		4,643,648
				11,871,371
Distributors - 1.0%
LKQ Corp.		140,600		8,289,776
Diversified Consumer Services - 0.4%
American Public Education, Inc. (B)		97,500		1,180,725
Stride, Inc. (B)		51,750		2,221,628
				3,402,353
Diversified Telecommunication Services - 1.0%
Liberty Global PLC, Class A (B)		366,814		7,956,196
Electric Utilities - 3.5%
Evergy, Inc.		177,000		11,089,050
Exelon Corp.		142,200		5,999,418
OGE Energy Corp.		246,500		9,692,380
Portland General Electric Co. (A)		24,600		1,170,468
				27,951,316
Electrical Equipment - 1.0%
Acuity Brands, Inc.		5,900		1,112,268
LSI Industries, Inc.		225,565		3,097,007
Regal Rexnord Corp.		26,100		3,633,120
				7,842,395
Electronic Equipment, Instruments & Components - 2.2%
Coherent Corp. (A) (B)		6,500		282,100
Flex Ltd. (B)		144,200		3,367,070
Itron, Inc. (B)		11,100		637,917
Methode Electronics, Inc.		58,350		2,785,629
OSI Systems, Inc. (B)		18,500		1,752,135
Vishay Intertechnology, Inc.		118,700		2,717,043
Vontier Corp.		263,241		6,062,440
				17,604,334

Transamerica Funds Page    1

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.5%
Helix Energy Solutions Group, Inc. (B)		246,000		$   1,950,780
Helmerich & Payne, Inc.		48,300		2,339,652
				4,290,432
Entertainment - 1.4%
Madison Square Garden Entertainment Corp. (A) (B)		38,350		2,005,322
Madison Square Garden Sports Corp.		6,400		1,163,776
Warner Bros Discovery, Inc. (B)		533,500		7,906,470
				11,075,568
Equity Real Estate Investment Trusts - 3.7%
Apple Hospitality, Inc.		167,350		2,967,115
Brandywine Realty Trust		205,500		1,348,080
Community Healthcare Trust, Inc.		39,100		1,676,608
DiamondRock Hospitality Co.		124,000		1,194,120
Gaming & Leisure Properties, Inc.		112,026		6,000,113
JBG SMITH Properties		369,496		7,441,649
LXP Industrial Trust		219,400		2,534,070
Physicians Realty Trust		173,900		2,758,054
Piedmont Office Realty Trust, Inc., Class A		111,450		1,181,370
Sabra Health Care, Inc.		152,400		2,057,400
Summit Hotel Properties, Inc.		87,000		741,240
				29,899,819
Food & Staples Retailing - 0.1%
Village Super Market, Inc., Class A		51,850		1,206,031
Food Products - 1.9%
Kraft Heinz Co.		70,400		2,853,312
Nomad Foods Ltd. (A) (B)		115,400		2,052,966
Post Holdings, Inc. (B)		106,587		10,120,436
Whole Earth Brands, Inc. (B)		92,350		350,006
				15,376,720
Gas Utilities - 0.7%
UGI Corp.		142,100		5,659,843
Health Care Equipment & Supplies - 1.1%
AngioDynamics, Inc. (B)		115,000		1,497,300
Koninklijke Philips NV (A)		403,500		6,907,920
OraSure Technologies, Inc. (B)		144,850		808,263
				9,213,483
Health Care Providers & Services - 4.5%
AmerisourceBergen Corp.		52,037		8,792,172
AMN Healthcare Services, Inc. (B)		18,750		1,797,000
Centene Corp. (B)		79,300		6,045,832
Cross Country Healthcare, Inc. (B)		196,000		5,439,000
Encompass Health Corp.		45,450		2,838,352
Enhabit, Inc. (B)		158,100		2,428,416
Laboratory Corp. of America Holdings		33,099		8,344,920
National HealthCare Corp.		11,700		696,618
				36,382,310
Hotels, Restaurants & Leisure - 0.3%
Churchill Downs, Inc.		8,200		2,034,420
Household Durables - 1.0%
Helen of Troy Ltd. (B)		12,500		1,413,875
KB Home		56,700		2,180,115
La-Z-Boy, Inc.		57,200		1,626,196
MDC Holdings, Inc.		22,350		843,936

	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
PulteGroup, Inc.		17,250		$   981,353
Sonos, Inc. (B)		65,850		1,214,274
				8,259,749
Household Products - 0.3%
Spectrum Brands Holdings, Inc.		36,000		2,443,680
Independent Power & Renewable Electricity Producers - 1.1%
Vistra Corp.		369,700		8,525,282
Insurance - 6.8%
Allstate Corp.		74,748		9,602,876
Arch Capital Group Ltd. (B)		72,600		4,671,810
Everest Re Group Ltd.		10,450		3,654,260
Fidelity National Financial, Inc.		171,900		7,568,757
Loews Corp.		56,300		3,461,324
Markel Corp. (B)		6,113		8,613,095
Old Republic International Corp.		281,600		7,431,424
Selective Insurance Group, Inc.		39,750		3,776,250
United Fire Group, Inc.		32,650		1,028,148
Willis Towers Watson PLC		20,600		5,236,314
				55,044,258
Interactive Media & Services - 0.9%
IAC, Inc. (B)		121,800		6,881,700
IT Services - 2.5%
FleetCor Technologies, Inc. (B)		48,100		10,043,761
Global Payments, Inc.		77,200		8,701,984
Perficient, Inc. (B)		13,350		989,769
				19,735,514
Leisure Products - 1.1%
BRP, Inc. (A)		25,150		2,101,534
Hayward Holdings, Inc. (A) (B)		102,600		1,384,074
MasterCraft Boat Holdings, Inc. (B)		96,200		2,766,712
Polaris, Inc.		20,400		2,342,736
				8,595,056
Life Sciences Tools & Services - 1.4%
Bio-Rad Laboratories, Inc., Class A (B)		21,200		9,910,152
Maravai LifeSciences Holdings, Inc., Class A (B)		65,850		965,361
				10,875,513
Machinery - 1.7%
CNH Industrial NV		136,600		2,420,552
Columbus McKinnon Corp.		66,850		2,403,257
Douglas Dynamics, Inc.		37,850		1,529,519
Gencor Industries, Inc. (B)		69,000		734,160
Miller Industries, Inc.		34,100		989,241
Mueller Industries, Inc.		61,000		3,998,550
Oshkosh Corp.		17,100		1,723,338
				13,798,617
Media - 5.8%
Altice USA, Inc., Class A (B)		485,200		2,377,480
DISH Network Corp., Class A (A) (B)		437,671		6,298,085
Fox Corp., Class A		244,200		8,288,148
Liberty Broadband Corp., Class C (B)		131,364		11,793,860
Liberty Media Corp. - Liberty SiriusXM, Class C (B)		234,379		9,445,474
News Corp., Class A		362,400		7,342,224
Perion Network Ltd. (B)		37,600		1,259,600
				46,804,871

Transamerica Funds Page    2

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining - 2.4%
Cleveland-Cliffs, Inc. (A) (B)		168,500		$   3,597,475
Commercial Metals Co.		56,100		3,044,547
Kaiser Aluminum Corp.		25,000		2,188,000
Schnitzer Steel Industries, Inc., Class A		45,500		1,539,720
TimkenSteel Corp. (B)		103,350		2,032,894
U.S. Steel Corp.		231,600		6,598,284
				19,000,920
Mortgage Real Estate Investment Trusts - 0.9%
Annaly Capital Management, Inc.		310,635		7,290,603
Multi-Utilities - 2.9%
CenterPoint Energy, Inc.		240,500		7,243,860
NiSource, Inc.		393,438		10,917,904
NorthWestern Corp.		84,300		4,788,240
				22,950,004
Multiline Retail - 1.0%
Dollar Tree, Inc. (B)		53,800		8,079,684
Oil, Gas & Consumable Fuels - 6.5%
Chesapeake Energy Corp. (A)		68,500		5,940,320
Delek US Holdings, Inc.		74,000		1,980,240
Diamondback Energy, Inc.		33,000		4,821,960
EQT Corp.		110,240		3,601,541
HF Sinclair Corp.		80,600		4,586,140
Kinder Morgan, Inc.		450,500		8,244,150
Magnolia Oil & Gas Corp., Class A		280,350		6,619,063
Ovintiv, Inc. (A)		56,250		2,769,188
REX American Resources Corp. (B)		81,100		2,653,592
Williams Cos., Inc.		346,200		11,161,488
				52,377,682
Paper & Forest Products - 0.6%
Louisiana-Pacific Corp.		76,000		5,174,840
Personal Products - 0.1%
Medifast, Inc.		4,700		523,815
Pharmaceuticals - 2.6%
Innoviva, Inc. (A) (B)		188,200		2,380,730
Jazz Pharmaceuticals PLC (B)		19,400		3,039,204
Organon & Co.		81,000		2,440,530
Perrigo Co. PLC		341,850		12,792,027
				20,652,491
Professional Services - 2.5%
ASGN, Inc. (B)		25,200		2,291,940
Clarivate PLC (A) (B)		122,200		1,358,864
FTI Consulting, Inc. (A) (B)		7,000		1,116,640
Heidrick & Struggles International, Inc.		58,600		1,802,536
ICF International, Inc.		40,100		4,097,819
KBR, Inc. (A)		88,000		4,508,240
Leidos Holdings, Inc.		22,650		2,238,726
Science Applications International Corp.		23,000		2,386,940
				19,801,705
Real Estate Management & Development - 0.1%
Newmark Group, Inc., Class A		71,000		608,470
Road & Rail - 0.2%
U-Haul Holding Co. (A)		1,750		117,303
U-Haul Holding Co.		26,700		1,649,793
				1,767,096

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 2.5%
AXT, Inc. (B)		33,650		$   198,198
Azenta, Inc. (B)		35,850		2,004,015
Cohu, Inc. (B)		77,550		2,798,004
Magnachip Semiconductor Corp. (B)		214,850		2,277,410
MaxLinear, Inc. (B)		16,600		683,920
MKS Instruments, Inc. (A)		17,300		1,770,136
Onto Innovation, Inc. (B)		31,300		2,461,745
Qorvo, Inc. (B)		13,100		1,423,446
Silicon Motion Technology Corp., ADR		49,700		3,185,770
Tower Semiconductor Ltd. (B)		48,100		2,010,099
Universal Display Corp.		11,600		1,537,348
				20,350,091
Software - 0.3%
Progress Software Corp.		47,350		2,511,444
Specialty Retail - 2.3%
Abercrombie & Fitch Co., Class A (B)		47,650		1,379,944
Academy Sports & Outdoors, Inc.		23,400		1,367,028
Advance Auto Parts, Inc.		31,400		4,781,592
American Eagle Outfitters, Inc.		140,900		2,274,126
Ross Stores, Inc.		37,300		4,408,487
Urban Outfitters, Inc. (B)		74,650		2,044,664
Williams-Sonoma, Inc.		19,600		2,644,824
				18,900,665
Technology Hardware, Storage & Peripherals - 0.9%
Western Digital Corp. (B)		163,623		7,191,231
Textiles, Apparel & Luxury Goods - 0.8%
Deckers Outdoor Corp. (B)		5,150		2,201,522
Steven Madden Ltd.		61,000		2,186,850
Tapestry, Inc.		43,250		1,970,903
				6,359,275
Thrifts & Mortgage Finance - 1.2%
Provident Financial Services, Inc.		81,850		1,920,201
TrustCo Bank Corp.		89,150		3,201,377
Washington Federal, Inc.		133,350		4,728,591
				9,850,169
Total Common Stocks (Cost $598,722,217)				773,318,862
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% (C)		4,302,066		4,302,066
Total Other Investment Company (Cost $4,302,066)				4,302,066

Transamerica Funds Page    3

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 3.9%
Fixed Income Clearing Corp., 1.80% (C), dated 01/31/2023, to be repurchased at $31,431,124 on 02/01/2023. Collateralized by U.S. Government Obligations, 0.13% - 1.75%, due 07/15/2024 - 07/31/2024, and with a total value of $32,058,291.		$  31,429,553		$   31,429,553
Total Repurchase Agreement (Cost $31,429,553)				31,429,553
Total Investments (Cost $634,453,836)				809,050,481
Net Other Assets (Liabilities) - (0.5)%				(4,236,882	)
Net Assets - 100.0%				$  804,813,599

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	773,318,862	$	—	$	—	$	773,318,862
Other Investment Company		4,302,066		—		—		4,302,066
Repurchase Agreement		—		31,429,553		—		31,429,553
Total Investments	$	777,620,928	$	31,429,553	$	—	$	809,050,481

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $47,434,145, collateralized by cash collateral of $4,302,066 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $44,289,447. 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.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at January 31, 2023.
(D)	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:

ADR American Depositary Receipt

Transamerica Funds Page    4

Transamerica Small/Mid Cap Value

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica Small/Mid Cap Value (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:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Transamerica Funds Page    5