FOR VALIDATION PURPOSES ONLY


	Shares		Value
EXCHANGE-TRADED FUNDS - 0.8%
U.S. Equity Funds - 0.8%
Alerian MLP ETF		24,636		$ 995,048
Vanguard S&P 500 ETF		3,648		1,362,309
Vanguard Short-Term Treasury ETF		94,279		5,491,752

Total Exchange-Traded Funds (Cost $7,804,148)				7,849,109


INVESTMENT COMPANIES - 93.9%
International Alternative Fund - 0.0% ^(A)
Transamerica Global Allocation Liquidating Trust ^{(B) (C) (D) (E)}		3,627		10,042

International Equity Funds - 15.2%
Transamerica Emerging Markets Opportunities ^(C)		1,317,856		10,740,529
Transamerica International Equity ^(C)		3,889,917		75,853,373
Transamerica International Focus ^(C)		1,966,244		16,005,228
Transamerica International Small Cap Value ^(C)		858,299		11,621,375
Transamerica International Stock ^(C)		2,845,814		29,169,595

				143,390,100

International Fixed Income Funds - 6.1%
Transamerica Emerging Markets Debt ^(C)		1,871,168		16,709,527
Transamerica Inflation Opportunities ^(C)		4,271,860		41,223,446

				57,932,973

U.S. Equity Funds - 29.8%
Transamerica Capital Growth ^(C)		576,078		3,594,726
Transamerica Large Cap Value ^(C)		7,628,739		97,647,856
Transamerica Mid Cap Growth ^(C)		1,610,032		12,316,742
Transamerica Mid Cap Value ^(C)		1,715,174		14,956,317
Transamerica Mid Cap Value Opportunities ^(C)		1,055		11,832
Transamerica Small Cap Growth ^(C)		770,879		4,841,122
Transamerica Small Cap Value ^(C)		906,965		5,296,673


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Sustainable Equity Income ^(C)		5,163,802		$ 38,263,774
Transamerica US Growth ^(C)		4,872,402		105,292,618

				282,221,660

U.S. Fixed Income Funds - 41.7%
Transamerica Bond ^(C)		10,177,075		83,757,325
Transamerica Core Bond ^(C)		26,405,669		232,633,945
Transamerica High Yield Bond ^(C)		32,985		264,540
Transamerica Short-Term Bond ^(C)		8,129,530		78,368,670

				395,024,480

U.S. Mixed Allocation Fund - 1.1%
Transamerica Energy Infrastructure ^(C)		1,430,791		10,015,539

Total Investment Companies (Cost $841,875,199)				888,594,794


	Principal		Value
REPURCHASE AGREEMENT - 3.6%
Fixed Income Clearing Corp., 1.80%^(F), dated 01/31/2023, to be repurchased at $33,864,492 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $34,540,150.		$ 33,862,799		33,862,799

Total Repurchase Agreement (Cost $33,862,799)				33,862,799

Total Investments (Cost $883,542,146)				930,306,702
Net Other Assets (Liabilities) - 1.7%				16,288,981

Net Assets - 100.0%				$ 946,595,683

Transamerica Asset Allocation – Moderate Portfolio (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 and derivative instruments.

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

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

Investment companies: Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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.

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

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


Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Notes		453		03/22/2023	$	51,224,584	$	51,875,578	$	650,994	$	—
S&P 500^® E-Mini Index		97		03/17/2023		19,389,705		19,836,500		446,795		—

Total Futures Contracts									$	1,097,789	$	—


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	7,849,109	$	—	$	—	$	7,849,109
Investment Companies		888,584,752		—		—		888,584,752
Repurchase Agreement		—		33,862,799		—		33,862,799

Total	$	896,433,861	$	33,862,799	$	—	$	930,296,660

Investment Companies Measured at Net Asset Value ^(E)								10,042

Total Investments							$	930,306,702

Other Financial Instruments
Futures Contracts ^(H)	$	1,097,789	$	—	$	—	$	1,097,789

Total Other Financial Instruments	$	1,097,789	$	—	$	—	$	1,097,789


(E)		Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)		Rate disclosed reflects the yield at January 31, 2023.
(G)		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.
(H)		Derivative instruments are valued at unrealized appreciation (depreciation).


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


Affiliated Investments	Value October 31, 2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value January 31, 2023		Shares as of January 31, 2023		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	51,061,754	$	28,734,453	$	—		$	—		$	3,961,118		$	83,757,325		10,177,075	$	734,453	$	—
Transamerica Capital Growth		3,502,554		—		—			—			92,172			3,594,726		576,078		—		—
Transamerica Core Bond		205,575,966		16,108,554		—			—			10,949,425			232,633,945		26,405,669		1,985,326		—
Transamerica Emerging Markets Debt		—		16,254,603		—			—			454,924			16,709,527		1,871,168		154,602		—
Transamerica Emerging Markets Opportunities		8,457,284		271,914		—			—			2,011,331			10,740,529		1,317,856		271,914		—
Transamerica Energy Infrastructure		9,940,403		114,534		—			—			(39,398	)		10,015,539		1,430,791		114,534		—
Transamerica Global Allocation Liquidating Trust		9,793		—		—			—			249			10,042		3,627		—		—
Transamerica High Yield Bond		252,282		3,741		—			—			8,517			264,540		32,985		3,741		—
Transamerica Inflation Opportunities		33,896,179		6,703,682		—			—			623,585			41,223,446		4,271,860		256,002		647,681
Transamerica International Equity		76,129,037		887,673		(16,000,000	)		1,268,210			13,568,453			75,853,373		3,889,917		887,673		—
Transamerica International Focus		15,261,092		271,661		(2,000,000	)		473,815			1,998,660			16,005,228		1,966,244		271,661		—
Transamerica International Small Cap Value		9,337,983		374,099		—			—			1,909,293			11,621,375		858,299		82,701		291,398
Transamerica International Stock		25,581,106		750,535		(1,500,000	)		(65,854	)		4,403,808			29,169,595		2,845,814		750,535		—
Transamerica Large Cap Value		101,916,768		5,729,842		(9,700,000	)		977			(299,731	)		97,647,856		7,628,739		345,329		5,384,513
Transamerica Mid Cap Growth		11,286,322		—		—			—			1,030,420			12,316,742		1,610,032		—		—
Transamerica Mid Cap Value		13,837,252		2,918,846		—			—			(1,799,781	)		14,956,317		1,715,174		146,783		2,772,063
Transamerica Mid Cap Value Opportunities		10,881		721		—			—			230			11,832		1,055		126		595
Transamerica Short-Term Bond		104,446,876		689,605		(28,500,000	)		(510,177	)		2,242,366			78,368,670		8,129,530		684,482		—
Transamerica Small Cap Growth		4,596,398		177,860		—			—			66,864			4,841,122		770,879		—		177,861
Transamerica Small Cap Value		7,680,909		1,334,271		(2,700,000	)		(2,498,926	)		1,480,419			5,296,673		906,965		173,166		1,161,105
Transamerica Sustainable Equity Income		35,217,874		160,923		—			—			2,884,977			38,263,774		5,163,802		160,923		—
Transamerica US Growth		99,613,099		4,064,383		—			—			1,615,136			105,292,618		4,872,402		—		4,064,383

Total	$	817,611,812	$	85,551,900	$	(60,400,000	)	$	(1,331,955	)	$	47,163,037		$	888,594,794		86,445,961	$	7,023,951	$	14,499,599


(D)		Restricted security. At January 31, 2023, the value of such security held by the Fund is as follows:


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