FOR VALIDATION PURPOSES ONLY


	Shares		Value
EXCHANGE-TRADED FUNDS - 46.1%
International Equity Funds - 12.8%
iShares Core MSCI EAFE ETF		52,673		$ 3,532,778
iShares Core MSCI Emerging Markets ETF		16,945		861,992
iShares Global REIT ETF		61,130		1,519,692

				5,914,462

U.S. Equity Fund - 14.8%
iShares Core S&P 500 ETF		16,830		6,871,857

U.S. Fixed Income Funds - 18.5%
iShares 0-5 Year TIPS Bond ETF ^(A)		29,450		2,878,738
iShares Core U.S. Aggregate Bond ETF		56,620		5,674,456

				8,553,194

Total Exchange-Traded Funds (Cost $24,385,988)				21,339,513


INVESTMENT COMPANIES - 53.4%
International Equity Funds - 7.0%
Transamerica Emerging Markets Opportunities ^(B)		92,438		757,992
Transamerica International Focus ^(B)		151,119		1,234,643
Transamerica International Stock ^(B)		121,692		1,247,345

				3,239,980

International Fixed Income Fund - 4.9%
Transamerica Emerging Markets Debt ^(B)		251,812		2,253,720

U.S. Equity Funds - 15.6%
Transamerica Large Cap Value ^(B)		189,483		2,425,376
Transamerica Large Growth ^(B)		236,070		2,186,006
Transamerica Mid Cap Growth ^(B)		92,881		709,609
Transamerica Mid Cap Value Opportunities ^(B)		65,396		741,587
Transamerica Small Cap Growth ^(B)		90,642		569,232
Transamerica Small Cap Value ^(B)		101,819		602,767

				7,234,577


	Shares		Value

INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 25.9%
Transamerica Bond ^(B)		1,108,520		$ 9,100,951
Transamerica High Yield Bond ^(B)		359,247		2,881,161

				11,982,112

Total Investment Companies (Cost $30,193,038)				24,710,389


OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.30% ^(C)		1,064,732		1,064,732

Total Other Investment Company (Cost $1,064,732)				1,064,732


	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 1.80%^(C), dated 01/31/2023, to be repurchased at $295,807 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $301,765.		$ 295,792		295,792

Total Repurchase Agreement (Cost $295,792)				295,792

Total Investments (Cost $55,939,550)				47,410,426
Net Other Assets (Liabilities) - (2.4)%				(1,095,496	)

Net Assets - 100.0%				$ 46,314,930

Transamerica ClearTrack^® 2025 (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:

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.

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.


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	$	8,625,017	$	84,759	$	(74,817	)	$	(12,760	)	$	478,752		$	9,100,951		1,108,520	$	84,759	$	—
Transamerica Emerging Markets Debt		2,092,830		27,743		(115,228	)		(24,280	)		272,655			2,253,720		251,812		27,743		—
Transamerica Emerging Markets Opportunities		605,076		19,336		(10,000	)		(4,255	)		147,835			757,992		92,438		19,337		—
Transamerica High Yield Bond		2,847,779		41,020		(100,126	)		(18,640	)		111,128			2,881,161		359,247		41,020		—
Transamerica International Focus		1,114,064		20,895		(78,727	)		(20,940	)		199,351			1,234,643		151,119		20,895		—
Transamerica International Stock		1,124,085		29,973		(93,727	)		(16,902	)		203,916			1,247,345		121,692		29,973		—
Transamerica Large Cap Value		2,300,727		133,078		—			—			(8,429	)		2,425,376		189,483		8,021		125,057
Transamerica Large Growth		2,100,508		26,827		—			—			58,671			2,186,006		236,070		—		26,827
Transamerica Mid Cap Growth		650,166		—		—			—			59,443			709,609		92,881		—		—
Transamerica Mid Cap Value Opportunities		681,942		44,742		—			—			14,903			741,587		65,396		7,797		36,945
Transamerica Small Cap Growth		540,457		20,913		—			—			7,862			569,232		90,642		—		20,913
Transamerica Small Cap Value		566,273		97,340		—			—			(60,846	)		602,767		101,819		12,625		84,715

Total	$	23,248,924	$	546,626	$	(472,625	)	$	(97,777	)	$	1,485,241		$	24,710,389		2,861,119	$	252,170	$	294,457


(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.


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS Investments
Exchange-Traded Funds	$	21,339,513	$	—	$	—	$	21,339,513
Investment Companies		24,710,389		—		—		24,710,389
Other Investment Company		1,064,732		—		—		1,064,732
Repurchase Agreement		—		295,792		—		295,792

Total Investments	$	47,114,634	$	295,792	$	—	$	47,410,426


(A)		All or a portion of the security is on loan. The value of the security on loan is $1,043,384, collateralized by cash collateral of $1,064,732. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
^(B)		Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:


Transamerica Funds			Page 1


REIT		Real Estate Investment Trust


Transamerica Funds			Page 2


Transamerica Funds			Page 3