Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 1.4%
HEICO Corp.		7,413		$  1,267,252
Lockheed Martin Corp.		7,408		3,431,830
				4,699,082
Air Freight & Logistics - 1.5%
Expeditors International of Washington, Inc.		6,085		658,093
United Parcel Service, Inc., Class B		23,985		4,442,741
				5,100,834
Airlines - 0.3%
Copa Holdings SA, Class A (A) (B)		4,907		451,836
United Airlines Holdings, Inc. (A)		12,756		624,534
				1,076,370
Auto Components - 0.5%
BorgWarner, Inc.		35,643		1,685,201
Automobiles - 0.4%
General Motors Co.		18,918		743,856
Tesla, Inc. (A)		3,248		562,618
				1,306,474
Banks - 7.6%
Bank of America Corp.		45,487		1,613,879
Citigroup, Inc.		30,328		1,583,728
Comerica, Inc.		30,389		2,227,818
Commerce Bancshares, Inc.		163		10,849
East West Bancorp, Inc.		45,553		3,576,822
JPMorgan Chase & Co.		29,513		4,130,639
Pinnacle Financial Partners, Inc.		11,975		942,792
Prosperity Bancshares, Inc.		26,978		2,046,551
Regions Financial Corp.		119,590		2,815,149
Truist Financial Corp.		38,086		1,881,067
US Bancorp		94,955		4,728,759
				25,558,053
Beverages - 2.5%
Coca-Cola Co.		66,230		4,061,224
PepsiCo, Inc.		25,258		4,319,623
				8,380,847
Biotechnology - 3.0%
AbbVie, Inc.		15,765		2,329,279
Amgen, Inc.		13,683		3,453,589
Regeneron Pharmaceuticals, Inc. (A)		3,297		2,500,676
United Therapeutics Corp. (A)		1,473		387,649
Vertex Pharmaceuticals, Inc. (A)		4,167		1,346,358
				10,017,551
Building Products - 0.6%
Builders FirstSource, Inc. (A)		4,841		385,828
Lennox International, Inc.		3,137		817,565
Owens Corning		8,538		825,197
				2,028,590
Capital Markets - 3.3%
Ameriprise Financial, Inc.		10,510		3,679,761
Charles Schwab Corp.		43,150		3,340,673
Coinbase Global, Inc., Class A (A)		9,180		536,846

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Interactive Brokers Group, Inc., Class A		19,037		$   1,521,818
Janus Henderson Group PLC (B)		22,802		591,028
LPL Financial Holdings, Inc.		5,841		1,385,018
				11,055,144
Chemicals - 1.9%
Albemarle Corp.		2,471		695,463
CF Industries Holdings, Inc.		18,012		1,525,616
Dow, Inc.		10,685		634,155
LyondellBasell Industries NV, Class A		16,120		1,558,643
Mosaic Co.		27,231		1,349,024
Olin Corp.		4,991		322,368
Westlake Corp.		3,241		397,833
				6,483,102
Commercial Services & Supplies - 1.1%
Tetra Tech, Inc.		3,448		536,233
Waste Management, Inc.		21,369		3,306,425
				3,842,658
Communications Equipment - 1.7%
Cisco Systems, Inc.		117,244		5,706,266
Consumer Finance - 1.9%
American Express Co.		13,654		2,388,494
Capital One Financial Corp.		14,677		1,746,563
Discover Financial Services		19,826		2,314,289
				6,449,346
Containers & Packaging - 0.2%
Packaging Corp. of America		4,005		571,514
Distributors - 0.5%
LKQ Corp.		28,964		1,707,717
Diversified Financial Services - 2.2%
Berkshire Hathaway, Inc., Class B (A)		22,247		6,930,386
Voya Financial, Inc.		5,908		412,201
				7,342,587
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		69,531		1,416,346
Lumen Technologies, Inc.		53,546		281,117
Verizon Communications, Inc.		54,817		2,278,743
				3,976,206
Electric Utilities - 1.9%
Edison International		13,821		952,267
Exelon Corp.		65,136		2,748,088
OGE Energy Corp.		57,969		2,279,341
PG&E Corp. (A)		34,716		551,984
				6,531,680
Electrical Equipment - 0.1%
Acuity Brands, Inc.		1,683		317,279
Electronic Equipment, Instruments & Components - 1.3%
Amphenol Corp., Class A		37,587		2,998,315
Arrow Electronics, Inc. (A)		11,976		1,407,060
				4,405,375
Energy Equipment & Services - 0.1%
Halliburton Co.		10,093		416,033

Transamerica Funds Page    1

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Entertainment - 0.5%
Electronic Arts, Inc.		8,164		$   1,050,543
Live Nation Entertainment, Inc. (A)		7,395		595,224
				1,645,767
Equity Real Estate Investment Trusts - 4.7%
Douglas Emmett, Inc.		39,380		659,615
EPR Properties		24,124		1,024,787
Host Hotels & Resorts, Inc.		95,263		1,795,708
Kilroy Realty Corp.		55,577		2,280,880
Public Storage		14,132		4,300,933
Regency Centers Corp.		24,484		1,631,369
Simon Property Group, Inc.		15,600		2,003,976
SL Green Realty Corp. (B)		52,964		2,179,469
				15,876,737
Food & Staples Retailing - 0.7%
Kroger Co.		35,500		1,584,365
Walmart, Inc.		4,912		706,689
				2,291,054
Food Products - 1.9%
General Mills, Inc.		40,924		3,206,804
Kellogg Co.		11,610		796,214
Pilgrim’s Pride Corp. (A)		20,903		507,525
Tyson Foods, Inc., Class A		28,661		1,884,461
				6,395,004
Gas Utilities - 0.8%
National Fuel Gas Co.		47,915		2,781,945
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories		2,342		258,908
Hologic, Inc. (A)		14,118		1,148,782
Medtronic PLC		42,733		3,576,325
				4,984,015
Health Care Providers & Services - 6.5%
AmerisourceBergen Corp.		2,619		442,506
Centene Corp. (A)		10,326		787,254
Cigna Corp.		3,340		1,057,678
CVS Health Corp.		47,752		4,212,682
Elevance Health, Inc.		5,419		2,709,446
Molina Healthcare, Inc. (A)		4,270		1,331,514
Premier, Inc., Class A		12,829		427,975
UnitedHealth Group, Inc.		22,217		11,090,504
				22,059,559
Hotels, Restaurants & Leisure - 1.9%
Airbnb, Inc., Class A (A)		7,094		788,214
Booking Holdings, Inc. (A)		1,058		2,575,278
Expedia Group, Inc. (A)		7,097		811,187
Hilton Worldwide Holdings, Inc.		8,386		1,216,725
Marriott International, Inc., Class A		2,335		406,710
Wyndham Hotels & Resorts, Inc.		8,289		642,481
				6,440,595
Household Products - 3.2%
Colgate-Palmolive Co.		29,866		2,225,913
Kimberly-Clark Corp.		4,469		581,015
Procter & Gamble Co.		56,799		8,087,041
				10,893,969
Industrial Conglomerates - 1.2%
3M Co.		35,147		4,044,717

	Shares		Value
COMMON STOCKS (continued)
Insurance - 4.5%
American International Group, Inc.		41,352		$   2,614,273
Arch Capital Group Ltd. (A)		21,969		1,413,705
CNA Financial Corp.		8,793		383,023
Everest Re Group Ltd.		5,688		1,989,037
Marsh & McLennan Cos., Inc.		13,631		2,384,198
MetLife, Inc.		36,591		2,671,875
Progressive Corp.		23,367		3,186,091
Unum Group		16,673		700,766
				15,342,968
Interactive Media & Services - 0.3%
Alphabet, Inc., Class A (A)		9,940		982,470
IT Services - 3.3%
Amdocs Ltd.		29,662		2,726,828
Mastercard, Inc., Class A		8,778		3,253,127
Paychex, Inc.		29,642		3,434,322
Visa, Inc., Class A (B)		7,925		1,824,414
				11,238,691
Machinery - 0.6%
PACCAR, Inc.		12,601		1,377,415
Snap-on, Inc.		3,068		763,104
				2,140,519
Media - 1.5%
Charter Communications, Inc., Class A (A)		5,597		2,150,983
Fox Corp., Class A		43,155		1,464,681
Nexstar Media Group, Inc.		1,527		312,684
Sirius XM Holdings, Inc. (B)		225,513		1,305,720
				5,234,068
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.		11,878		529,997
Nucor Corp.		5,859		990,288
				1,520,285
Multi-Utilities - 0.9%
Consolidated Edison, Inc.		6,104		581,772
DTE Energy Co.		21,912		2,549,900
				3,131,672
Oil, Gas & Consumable Fuels - 9.7%
Chevron Corp.		40,554		7,057,207
ConocoPhillips		21,327		2,599,121
Exxon Mobil Corp.		68,403		7,935,432
Marathon Petroleum Corp.		25,112		3,227,394
Occidental Petroleum Corp.		10,562		684,312
ONEOK, Inc.		48,212		3,301,558
Phillips 66		35,224		3,531,910
Pioneer Natural Resources Co.		9,976		2,297,972
Valero Energy Corp.		15,121		2,117,394
				32,752,300
Pharmaceuticals - 5.2%
Bristol-Myers Squibb Co.		48,815		3,546,410
Jazz Pharmaceuticals PLC (A)		3,596		563,349
Johnson & Johnson		29,055		4,748,168
Merck & Co., Inc.		16,390		1,760,450
Pfizer, Inc.		155,520		6,867,763
				17,486,140

Transamerica Funds Page    2

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Real Estate Management & Development - 0.1%
Zillow Group, Inc., Class A (A)		7,487		$   321,642
Road & Rail - 1.4%
Old Dominion Freight Line, Inc.		3,450		1,149,678
Schneider National, Inc., Class B		16,362		433,593
Union Pacific Corp.		15,020		3,066,934
				4,650,205
Semiconductors & Semiconductor Equipment - 5.2%
Broadcom, Inc.		12,483		7,302,680
Intel Corp.		53,694		1,517,392
Lam Research Corp.		1,644		822,164
Microchip Technology, Inc.		22,067		1,712,841
Texas Instruments, Inc.		34,143		6,050,481
				17,405,558
Software - 0.4%
Synopsys, Inc. (A)		3,736		1,321,610
Specialty Retail - 2.2%
AutoZone, Inc. (A)		762		1,858,404
Home Depot, Inc.		6,951		2,253,306
Lowe’s Cos., Inc.		9,321		1,941,098
O’Reilly Automotive, Inc. (A)		1,630		1,291,530
				7,344,338
Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc.		21,513		3,104,111
Textiles, Apparel & Luxury Goods - 0.2%
Capri Holdings Ltd. (A)		10,056		668,623
Tobacco - 1.3%
Altria Group, Inc.		48,757		2,196,015
Philip Morris International, Inc.		22,303		2,324,865
				4,520,880
Trading Companies & Distributors - 1.8%
Fastenal Co.		27,661		1,398,264
United Rentals, Inc. (A)		5,819		2,565,888
WW Grainger, Inc.		3,354		1,977,116
				5,941,268
Total Common Stocks (Cost $300,461,304)				331,178,619
EXCHANGE-TRADED FUND - 1.5%
U.S. Equity Fund - 1.5%
iShares Russell 1000 Value ETF		32,301		5,150,394
Total Exchange-Traded Fund (Cost $4,714,278)				5,150,394
MASTER LIMITED PARTNERSHIP - 0.4%
Capital Markets - 0.4%
Lazard Ltd., Class A		29,779		1,193,542
Total Master Limited Partnership (Cost $1,085,754)				1,193,542

	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% (C)		3,541,770		$   3,541,770
Total Other Investment Company (Cost $3,541,770)				3,541,770
Total Investments (Cost $309,803,106)				341,064,325
Net Other Assets (Liabilities) - (0.9)%				(3,163,121	)
Net Assets - 100.0%				$  337,901,204

Transamerica Funds Page    3

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At January 31, 2023

(unaudited)

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	$	331,178,619	$	—	$	—	$	331,178,619
Exchange-Traded Fund		5,150,394		—		—		5,150,394
Master Limited Partnership		1,193,542		—		—		1,193,542
Other Investment Company		3,541,770		—		—		3,541,770
Total Investments	$	341,064,325	$	—	$	—	$	341,064,325

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,288,639, collateralized by cash collateral of $3,541,770 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,898,318. 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)	Rate disclosed reflects the yield 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.

Transamerica Funds Page    4

Transamerica Large Value Opportunities

NOTES TO SCHEDULE OF INVESTMENTS

At January 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica Large Value Opportunities (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 and Master limited partnerships: 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.

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.

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    5