FOR VALIDATION PURPOSES ONLY


	Shares		Value
EXCHANGE-TRADED FUNDS - 0.8%
U.S. Equity Funds - 0.8%
Alerian MLP ETF		13,715		$ 553,949
Vanguard S&P 500 ETF		2,008		749,868
Vanguard Short-Term Treasury ETF		51,399		2,993,992

Total Exchange-Traded Funds (Cost $4,272,531)				4,297,809


INVESTMENT COMPANIES - 95.8%
International Alternative Fund - 0.0% ^(A)
Transamerica Global Allocation Liquidating Trust ^{(B) (C) (D) (E)}		1,340		3,709

International Equity Funds - 10.7%
Transamerica Emerging Markets Opportunities ^(C)		447,051		3,643,467
Transamerica International Equity ^(C)		1,480,728		28,874,193
Transamerica International Focus ^(C)		661,247		5,382,547
Transamerica International Small Cap Value ^(C)		412,346		5,583,162
Transamerica International Stock ^(C)		1,160,029		11,890,300

				55,373,669

International Fixed Income Funds - 6.0%
Transamerica Emerging Markets Debt ^(C)		1,162,813		10,383,921
Transamerica Inflation Opportunities ^(C)		2,138,025		20,631,945

				31,015,866

U.S. Equity Funds - 19.8%
Transamerica Capital Growth ^(C)		27,192		169,676
Transamerica Large Cap Value ^(C)		2,858,046		36,582,992
Transamerica Mid Cap Growth ^(C)		465,909		3,564,204
Transamerica Mid Cap Value ^(C)		519,676		4,531,572
Transamerica Mid Cap Value Opportunities ^(C)		2,841		31,877
Transamerica Small Cap Growth ^(C)		427,905		2,687,241
Transamerica Small Cap Value ^(C)		518,056		3,025,444


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Sustainable Equity Income ^(C)		1,640,435		$ 12,155,621
Transamerica US Growth ^(C)		1,838,800		39,736,459

				102,485,086

U.S. Fixed Income Funds - 58.2%
Transamerica Bond ^(C)		6,556,612		53,960,919
Transamerica Core Bond ^(C)		22,684,900		199,853,972
Transamerica High Yield Bond ^(C)		24,136		193,571
Transamerica Short-Term Bond ^(C)		4,978,973		47,997,301

				302,005,763

U.S. Mixed Allocation Fund - 1.1%
Transamerica Energy Infrastructure ^(C)		797,062		5,579,433

Total Investment Companies (Cost $486,678,733)				496,463,526


	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 1.80%^(F), dated 01/31/2023, to be repurchased at $10,474,952 on 02/01/2023. Collateralized by a U.S. Government Obligation, 0.13%, due 07/15/2024, and with a value of $10,683,936.		$ 10,474,428		10,474,428

Total Repurchase Agreement (Cost $10,474,428)				10,474,428

Total Investments (Cost $501,425,692)				511,235,763
Net Other Assets (Liabilities) - 1.4%				7,053,811

Net Assets - 100.0%				$ 518,289,574

Transamerica Asset Allocation – Conservative 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		240		03/22/2023	$	27,120,994	$	27,483,750	$	362,756	$	—
S&P 500^® E-Mini Index		54		03/17/2023		10,794,269		11,043,000		248,731		—

Total Futures Contracts									$	611,487	$	—


(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).


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	4,297,809	$	—	$	—	$	4,297,809
Investment Companies		496,459,817		—		—		496,459,817
Repurchase Agreement		—		10,474,428		—		10,474,428

Total	$	500,757,626	$	10,474,428	$	—	$	511,232,054

Investment Companies Measured at Net Asset Value ^(E)								3,709

Total Investments							$	511,235,763

Other Financial Instruments
Futures Contracts ^(H)	$	611,487	$	—	$	—	$	611,487

Total Other Financial Instruments	$	611,487	$	—	$	—	$	611,487


(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	$	35,396,648	$	15,977,107	$	—		$	—		$	2,587,164		$	53,960,919		6,556,612	$	477,107	$	—
Transamerica Capital Growth		165,326		—		—			—			4,350			169,676		27,192		—		—
Transamerica Core Bond		184,070,173		8,565,220		(2,500,000	)		(46,785	)		9,765,364			199,853,972		22,684,900		1,745,266		—
Transamerica Emerging Markets Debt		—		10,099,203		—			—			284,718			10,383,921		1,162,813		99,203		—
Transamerica Emerging Markets Opportunities		2,868,931		92,240		—			—			682,296			3,643,467		447,051		92,240		—
Transamerica Energy Infrastructure		5,537,576		63,804		—			—			(21,947	)		5,579,433		797,062		63,804		—
Transamerica Global Allocation Liquidating Trust		3,617		—		—			—			92			3,709		1,340		—		—
Transamerica High Yield Bond		184,602		2,737		—			—			6,232			193,571		24,136		2,737		—
Transamerica Inflation Opportunities		16,677,274		3,645,334		—			—			309,337			20,631,945		2,138,025		126,667		318,667
Transamerica International Equity		33,606,286		360,579		(11,500,000	)		661,558			5,745,770			28,874,193		1,480,728		360,579		—
Transamerica International Focus		1,589,698		3,531,953		—			—			260,896			5,382,547		661,247		31,953		—
Transamerica International Small Cap Value		4,486,171		179,725		—			—			917,266			5,583,162		412,346		39,731		139,994
Transamerica International Stock		9,917,543		290,975		—			—			1,681,782			11,890,300		1,160,029		290,975		—
Transamerica Large Cap Value		37,741,728		2,100,449		(3,200,000	)		34,260			(93,445	)		36,582,992		2,858,046		126,591		1,973,858
Transamerica Mid Cap Growth		3,266,022		—		—			—			298,182			3,564,204		465,909		—		—
Transamerica Mid Cap Value		4,192,509		884,373		—			—			(545,310	)		4,531,572		519,676		44,474		839,899
Transamerica Mid Cap Value Opportunities		29,315		1,942		—			—			620			31,877		2,841		338		1,604
Transamerica Short-Term Bond		61,243,536		415,586		(14,700,000	)		(271,911	)		1,310,090			47,997,301		4,978,973		412,869		—
Transamerica Small Cap Growth		2,551,398		98,728		—			—			37,115			2,687,241		427,905		—		98,728
Transamerica Small Cap Value		2,844,745		494,168		—			—			(313,469	)		3,025,444		518,056		64,135		430,033
Transamerica Sustainable Equity Income		13,028,795		59,533		(2,000,000	)		(149,795	)		1,217,088			12,155,621		1,640,435		59,533		—
Transamerica US Growth		37,593,061		1,533,860		—			—			609,538			39,736,459		1,838,800		—		1,533,860

Total	$	456,994,954	$	48,397,516	$	(33,900,000	)	$	227,327		$	24,743,729		$	496,463,526		50,804,122	$	4,038,202	$	5,336,643


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


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