FOR VALIDATION PURPOSES ONLY


	Shares		Value
EXCHANGE-TRADED FUNDS - 0.8%
U.S. Equity Funds - 0.8%
Alerian MLP ETF		34,453		$ 1,391,556
Vanguard S&P 500 ETF		5,628		2,101,720
Vanguard Short-Term Treasury ETF		144,103		8,394,000

Total Exchange-Traded Funds (Cost $11,825,068)				11,887,276


INVESTMENT COMPANIES - 92.3%
International Alternative Fund - 0.0% ^(A)
Transamerica Global Allocation Liquidating Trust ^{(B) (C) (D) (E)}		5,843		16,177

International Equity Funds - 22.0%
Transamerica Emerging Markets Opportunities ^(C)		2,789,197		22,731,955
Transamerica International Equity ^(C)		8,459,242		164,955,226
Transamerica International Focus ^(C)		6,491,174		52,838,157
Transamerica International Small Cap Value ^(C)		1,249,933		16,924,096
Transamerica International Stock ^(C)		6,553,500		67,173,379

				324,622,813

International Fixed Income Funds - 4.7%
Transamerica Emerging Markets Debt ^(C)		2,892,564		25,830,594
Transamerica Inflation Opportunities ^(C)		4,486,125		43,291,107

				69,121,701

U.S. Equity Funds - 43.6%
Transamerica Capital Growth ^(C)		1,787,301		11,152,756
Transamerica Large Cap Value ^(C)		18,768,370		240,235,139
Transamerica Mid Cap Growth ^(C)		3,339,287		25,545,545
Transamerica Mid Cap Value ^(C)		3,773,970		32,909,021
Transamerica Mid Cap Value Opportunities ^(C)		4,661		52,292
Transamerica Small Cap Growth ^(C)		1,170,262		7,349,245
Transamerica Small Cap Value ^(C)		1,725,713		10,078,165


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Sustainable Equity Income ^(C)		11,253,930		$ 83,391,618
Transamerica US Growth ^(C)		10,838,029		234,209,802

				644,923,583

U.S. Fixed Income Funds - 21.0%
Transamerica Bond ^(C)		8,290,587		68,231,534
Transamerica Core Bond ^(C)		19,601,156		172,686,185
Transamerica High Yield Bond ^(C)		36,094		289,474
Transamerica Short-Term Bond ^(C)		7,149,002		68,916,382

				310,123,575

U.S. Mixed Allocation Fund - 1.0%
Transamerica Energy Infrastructure ^(C)		2,194,797		15,363,579

Total Investment Companies (Cost $1,257,423,704)				1,364,171,428


	Principal		Value
REPURCHASE AGREEMENT - 6.2%
Fixed Income Clearing Corp., 1.80%^(F), dated 01/31/2023, to be repurchased at $91,308,146 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $93,129,742.		$ 91,303,581		91,303,581

Total Repurchase Agreement (Cost $91,303,581)				91,303,581

Total Investments (Cost $1,360,552,353)				1,467,362,285
Net Other Assets (Liabilities) - 0.7%				10,019,147

Net Assets - 100.0%				$ 1,477,381,432

Transamerica Asset Allocation – Moderate Growth 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		749		03/22/2023	$	84,656,308	$	85,772,203	$	1,115,895	$	—
S&P 500^® E-Mini Index		133		03/17/2023		26,585,884		27,198,500		612,616		—

Total Futures Contracts									$	1,728,511	$	—


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	11,887,276	$	—	$	—	$	11,887,276
Investment Companies		1,364,155,251		—		—		1,364,155,251
Repurchase Agreement		—		91,303,581		—		91,303,581

Total	$	1,376,042,527	$	91,303,581	$	—	$	1,467,346,108

Investment Companies Measured at Net Asset Value ^(E)								16,177

Total Investments							$	1,467,362,285

Other Financial Instruments
Futures Contracts ^(H)	$	1,728,511	$	—	$	—	$	1,728,511

Total Other Financial Instruments	$	1,728,511	$	—	$	—	$	1,728,511


(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	$	22,209,845	$	43,067,815	$	—		$	—		$	2,953,874		$	68,231,534		8,290,587	$	567,814	$	—
Transamerica Capital Growth		10,866,788		—		—			—			285,968			11,152,756		1,787,301		—		—
Transamerica Core Bond		139,539,833		25,533,057		—			—			7,613,295			172,686,185		19,601,156		1,415,814		—
Transamerica Emerging Markets Debt		—		25,131,903		—			—			698,691			25,830,594		2,892,564		231,903		—
Transamerica Emerging Markets Opportunities		17,899,546		575,498		—			—			4,256,911			22,731,955		2,789,197		575,498		—
Transamerica Energy Infrastructure		15,248,321		175,692		—			—			(60,434	)		15,363,579		2,194,797		175,692		—
Transamerica Global Allocation Liquidating Trust		15,776		—		—			—			401			16,177		5,843		—		—
Transamerica High Yield Bond		276,061		4,093		—			—			9,320			289,474		36,094		4,093		—
Transamerica Inflation Opportunities		28,526,108		14,178,033		—			—			586,966			43,291,107		4,486,125		232,962		545,071
Transamerica International Equity		148,228,360		1,856,496		(14,600,000	)		1,665,651			27,804,719			164,955,226		8,459,242		1,856,497		—
Transamerica International Focus		44,732,168		4,828,942		(4,000,000	)		414,669			6,862,378			52,838,157		6,491,174		828,942		—
Transamerica International Small Cap Value		13,598,815		544,797		—			—			2,780,484			16,924,096		1,249,933		120,436		424,360
Transamerica International Stock		56,028,433		1,643,841		—			—			9,501,105			67,173,379		6,553,500		1,643,841		—
Transamerica Large Cap Value		244,450,610		14,139,418		(17,000,000	)		(1,476,074	)		121,185			240,235,139		18,768,370		852,161		13,287,257
Transamerica Mid Cap Growth		23,408,401		—		—			—			2,137,144			25,545,545		3,339,287		—		—
Transamerica Mid Cap Value		30,446,695		6,422,462		—			—			(3,960,136	)		32,909,021		3,773,970		322,974		6,099,488
Transamerica Mid Cap Value Opportunities		48,088		3,186		—			—			1,018			52,292		4,661		555		2,631
Transamerica Short-Term Bond		122,071,389		678,118		(55,600,000	)		(1,072,258	)		2,839,133			68,916,382		7,149,002		669,755		—
Transamerica Small Cap Growth		6,977,733		270,008		—			—			101,504			7,349,245		1,170,262		—		270,008
Transamerica Small Cap Value		9,476,231		1,646,140		—			—			(1,044,206	)		10,078,165		1,725,713		213,640		1,432,500
Transamerica Sustainable Equity Income		79,296,844		362,334		(2,700,000	)		(559,587	)		6,992,027			83,391,618		11,253,930		362,334		—
Transamerica US Growth		207,627,757		22,471,563		—			—			4,110,482			234,209,802		10,838,029		—		8,471,563

Total	$	1,220,973,802	$	163,533,396	$	(93,900,000	)	$	(1,027,599	)	$	74,591,829		$	1,364,171,428		122,860,737	$	10,074,911	$	30,532,878


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


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