FOR VALIDATION PURPOSES ONLY


	Shares		Value
COMMON STOCKS - 98.4%
Aerospace & Defense - 3.7%
Raytheon Technologies Corp.		462,025		$ 46,133,196
Textron, Inc.		371,609		27,071,716

				73,204,912

Airlines - 1.1%
Southwest Airlines Co.		591,053		21,141,966

Automobiles - 1.6%
General Motors Co.		813,540		31,988,393

Banks - 9.4%
Bank of America Corp.		1,896,912		67,302,438
JPMorgan Chase & Co.		491,095		68,733,656
Wells Fargo & Co.		1,069,309		50,118,513

				186,154,607

Beverages - 2.6%
PepsiCo, Inc.		303,156		51,845,739

Biotechnology - 2.0%
AbbVie, Inc.		267,268		39,488,847

Capital Markets - 6.7%
BlackRock, Inc.		69,894		53,064,224
Charles Schwab Corp.		621,053		48,081,923
State Street Corp.		358,491		32,740,983

				133,887,130

Chemicals - 2.9%
Air Products & Chemicals, Inc.		178,114		57,087,318

Communications Equipment - 1.6%
Motorola Solutions, Inc.		120,520		30,974,845

Construction & Engineering - 2.1%
Quanta Services, Inc.		273,193		41,577,243

Construction Materials - 2.2%
Martin Marietta Materials, Inc.		120,259		43,249,947

Electric Utilities - 4.4%
Duke Energy Corp.		457,369		46,857,454
Xcel Energy, Inc.		604,432		41,566,789

				88,424,243

Energy Equipment & Services - 2.2%
Schlumberger Ltd.		772,885		44,038,987

Entertainment - 2.5%
Walt Disney Co.^(A)		467,148		50,680,887

Equity Real Estate Investment Trusts - 4.3%
American Tower Corp.		195,432		43,657,555
Prologis, Inc.		328,805		42,507,910

				86,165,465

Food Products - 2.9%
Mondelez International, Inc., Class A		404,890		26,496,002
Tyson Foods, Inc., Class A		478,884		31,486,623

				57,982,625


	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies - 2.1%
Boston Scientific Corp.^(A)		892,610		$ 41,283,212

Health Care Providers & Services - 4.7%
AmerisourceBergen Corp.		288,413		48,730,261
UnitedHealth Group, Inc.		88,711		44,283,644

				93,013,905

Insurance - 2.5%
Hartford Financial Services Group, Inc.		647,566		50,257,597

Interactive Media & Services - 4.3%
Alphabet, Inc., Class A^(A)		575,550		56,887,362
Meta Platforms, Inc., Class A^(A)		188,942		28,146,690

				85,034,052

IT Services - 2.1%
PayPal Holdings, Inc.^(A)		504,454		41,107,956

Life Sciences Tools & Services - 3.2%
Thermo Fisher Scientific, Inc.		113,315		64,626,944

Machinery - 4.3%
Caterpillar, Inc.		152,903		38,575,898
Parker-Hannifin Corp.		145,314		47,372,364

				85,948,262

Media - 1.6%
Fox Corp., Class A		962,512		32,667,657

Multiline Retail - 1.6%
Target Corp.		184,594		31,776,011

Oil, Gas & Consumable Fuels - 7.9%
ConocoPhillips		491,440		59,891,793
Exxon Mobil Corp.		830,059		96,295,144

				156,186,937

Pharmaceuticals - 4.7%
Bristol-Myers Squibb Co.		665,682		48,361,797
Eli Lilly & Co.		128,750		44,309,313

				92,671,110

Road & Rail - 1.8%
CSX Corp.		1,131,146		34,975,034

Semiconductors & Semiconductor Equipment - 1.5%
Micron Technology, Inc.		484,500		29,215,350

Software - 2.0%
Microsoft Corp.		164,490		40,762,267

Specialty Retail - 1.9%
Lowe’s Cos., Inc.		184,948		38,515,421

Total Common Stocks (Cost $1,604,190,904)				1,955,934,869


	Principal		Value
REPURCHASE AGREEMENT - 2.3%
Fixed Income Clearing Corp., 1.80%^(B), dated 01/31/2023, to be repurchased at $46,068,143 on 02/01/2023. Collateralized by a U.S. Government Obligation, 1.75%, due 07/31/2024, and with a value of $46,987,205.		$ 46,065,839		$ 46,065,839

Total Repurchase Agreement (Cost $46,065,839)				46,065,839

Total Investments (Cost $1,650,256,743)				2,002,000,708
Net Other Assets (Liabilities) - (0.7)%				(13,104,810	)

Net Assets - 100.0%				$ 1,988,895,898

Transamerica Large Cap Value (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 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: 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.

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.


(A)		Non-income producing securities.
(B)		Rate disclosed reflects the yield at January 31, 2023.
(C)		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
Common Stocks	$	1,955,934,869	$	—	$	—	$	1,955,934,869
Repurchase Agreement		—		46,065,839		—		46,065,839

Total Investments	$	1,955,934,869	$	46,065,839	$	—	$	2,002,000,708


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