Transamerica UltraShort Bond

SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 17.1%
ACM Auto Trust
Series 2023-2A, Class A,
7.97%, 06/20/2030 (A)		$  234,045		$  234,554
Avis Budget Rental Car Funding AESOP LLC
Series 2018-2A, Class A,
4.00%, 03/20/2025 (A)		200,000		198,333
CIFC Funding Ltd.
Series 2017-4A, Class A1R,
3-Month Term SOFR + 1.21%, 6.56% (B), 10/24/2030 (A)		233,919		232,819
Enterprise Fleet Financing LLC
Series 2020-2, Class A2,
0.61%, 07/20/2026 (A)		203,896		200,986
LCM XXV Ltd.
Series 25A, Class AR,
3-Month Term SOFR + 1.10%, 6.43% (B), 07/20/2030 (A)		185,578		184,614
New Residential Advance Receivables Trust
Series 2020-T1, Class DT1,
3.01%, 08/15/2053 (A)		400,000		398,887
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (A)		400,000		396,729
Series 2020-T2, Class BT2,
1.72%, 09/15/2053 (A)		250,000		247,816
PFS Financing Corp.
Series 2021-A, Class A,
0.71%, 04/15/2026 (A)		250,000		240,618
Santander Drive Auto Receivables Trust
Series 2021-4, Class C,
1.26%, 02/16/2027		250,000		241,435
Sierra Timeshare Receivables Funding LLC
Series 2020-2A, Class B,
2.32%, 07/20/2037 (A)		179,551		168,063
Sound Point CLO XVI Ltd.
Series 2017-2A, Class AR,
3-Month Term SOFR + 1.24%, 6.59% (B), 07/25/2030 (A)		188,559		187,613
Symphony CLO XIX Ltd.
Series 2018-19A, Class A,
3-Month Term SOFR + 1.22%, 6.53% (B), 04/16/2031 (A)		248,309		246,937
TCW CLO Ltd.
Series 2018-1A, Class A1R,
3-Month LIBOR + 0.97%, 6.58% (B), 04/25/2031 (A)		236,679		235,209
Tidewater Auto Receivables Trust
Series 2020-AA, Class D,
2.31%, 03/15/2027 (A)		250,000		246,609
Toyota Auto Loan Extended Note Trust
Series 2019-1A, Class A,
2.56%, 11/25/2031 (A)		250,000		243,601

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Venture XXVII CLO Ltd.
Series 2017-27A, Class AR,
3-Month Term SOFR + 1.31%, 6.64% (B), 07/20/2030 (A)		$   280,273		$   277,691
Veridian Auto Receivables Trust
Series 2023-1A, Class A2,
5.97%, 08/17/2026 (A)		172,000		171,527
Total Asset-Backed Securities (Cost $4,324,807)				4,354,041
CERTIFICATES OF DEPOSIT - 4.9%
Banks - 4.9%
MUFG Bank Ltd.
3-Month SOFR + 0.44%, 5.75% (B), 12/01/2023		250,000		250,078
Nordea Bank Abp
1-Month SOFR + 0.76%, 6.07% (B), 11/17/2023		500,000		500,731
Royal Bank of Canada
3-Month SOFR + 0.35%, 5.66% (B), 11/09/2023		500,000		500,109
Total Certificates of Deposit (Cost $1,250,674)				1,250,918
CORPORATE DEBT SECURITIES - 19.1%
Aerospace & Defense - 0.7%
Boeing Co.
1.43%, 02/04/2024		188,000		183,689
Automobiles - 0.6%
General Motors Financial Co., Inc.
3.95%, 04/13/2024		150,000		147,890
Banks - 5.2%
Bank of America Corp.
Fixed until 06/19/2025, 1.32% (B), 06/19/2026		262,000		240,661
Citigroup, Inc.
Fixed until 05/24/2024, 4.14% (B), 05/24/2025		187,000		184,608
Deutsche Bank AG
0.90%, 05/28/2024		150,000		143,701
Goldman Sachs Group, Inc.
3.50%, 11/16/2026		187,000		176,298
PNC Financial Services Group, Inc.
3.50%, 01/23/2024		125,000		123,755
Fixed until 10/28/2024, 5.67% (B), 10/28/2025		37,000		36,808
Truist Financial Corp.
2.85%, 10/26/2024		125,000		120,458
US Bancorp
1.45%, 05/12/2025		125,000		116,711
Wells Fargo & Co.
Fixed until 05/19/2024, 0.81% (B), 05/19/2025		188,000		180,120
				1,323,120
Beverages - 0.5%
Constellation Brands, Inc.
3.60%, 05/09/2024		125,000		123,065
Chemicals - 0.3%
Westlake Corp.
0.88%, 08/15/2024		76,000		72,052

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Transamerica UltraShort Bond

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.8%
Element Fleet Management Corp.
1.60%, 04/06/2024 (A)		$   75,000		$   72,598
Triton Container International Ltd.
0.80%, 08/01/2023 (A)		125,000		125,000
				197,598
Consumer Finance - 0.8%
Ally Financial, Inc.
1.45%, 10/02/2023		77,000		76,375
American Express Co.
3.38%, 05/03/2024		125,000		122,855
				199,230
Consumer Staples Distribution & Retail - 0.5%
7-Eleven, Inc.
0.80%, 02/10/2024 (A)		125,000		121,625
Containers & Packaging - 0.5%
Berry Global, Inc.
0.95%, 02/15/2024		125,000		121,478
Electric Utilities - 0.9%
Black Hills Corp.
1.04%, 08/23/2024		110,000		104,492
Southern Co.
0.60%, 02/26/2024		125,000		121,336
				225,828
Financial Services - 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.65%, 10/29/2024		150,000		141,646
Aviation Capital Group LLC
4.38%, 01/30/2024 (A)		125,000		123,219
Jackson Financial, Inc.
1.13%, 11/22/2023		114,000		112,322
				377,187
Health Care Providers & Services - 0.5%
Cigna Group
0.61%, 03/15/2024		125,000		120,940
Hotels, Restaurants & Leisure - 1.1%
Hyatt Hotels Corp.
1.30%, 10/01/2023		125,000		124,054
Warnermedia Holdings, Inc.
3.43%, 03/15/2024		150,000		147,660
				271,714
Insurance - 1.5%
Athene Global Funding
1.20%, 10/13/2023 (A)		125,000		123,621
Brighthouse Financial Global Funding
1.00%, 04/12/2024 (A)		125,000		120,623
Corebridge Global Funding
0.45%, 12/08/2023 (A)		155,000		152,183
				396,427
Leisure Products - 0.4%
Brunswick Corp.
0.85%, 08/18/2024		125,000		118,609
Oil, Gas & Consumable Fuels - 1.4%
Energy Transfer LP
4.20%, 09/15/2023		125,000		124,717

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Ovintiv, Inc.
5.65%, 05/15/2025		$   137,000		$   136,697
Williams Cos., Inc.
4.30%, 03/04/2024		101,000		100,024
				361,438
Pharmaceuticals - 0.9%
Pfizer Investment Enterprises Pte Ltd.
4.65%, 05/19/2025		122,000		120,873
Royalty Pharma PLC
0.75%, 09/02/2023		125,000		124,461
				245,334
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co.
5.90%, 10/01/2024		128,000		128,098
Wireless Telecommunication Services - 0.5%
Rogers Communications, Inc.
2.95%, 03/15/2025		125,000		119,096
Total Corporate Debt Securities (Cost $4,870,836)				4,854,418
MORTGAGE-BACKED SECURITIES - 4.4%
BX Commercial Mortgage Trust
Series 2019-XL, Class C,
1-Month Term SOFR + 1.36%, 6.59% (B), 10/15/2036 (A)		403,750		400,448
Series 2020-VKNG, Class C,
1-Month Term SOFR + 1.51%, 6.74% (B), 10/15/2037 (A)		245,000		240,160
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class D,
1-Month Term SOFR + 1.86%, 7.09% (B), 12/15/2037 (A)		250,000		246,861
Great Wolf Trust
Series 2019-WOLF, Class C,
1-Month Term SOFR + 1.75%, 6.97% (B), 12/15/2036 (A)		250,000		246,383
Total Mortgage-Backed Securities (Cost $1,122,830)				1,133,852
COMMERCIAL PAPER - 53.5%
Banks - 16.3%
Bank of China Ltd.
5.99% (C), 01/22/2024		250,000		243,208
Bedford Row Funding Corp.
5.28% (C), 08/09/2023 (A)		400,000		399,467
DNB Bank ASA
5.39% (C), 08/16/2023 (A)		300,000		299,298
HSBC Bank PLC
5.73% (C), 01/26/2024 (A)		500,000		500,004
Korea Development Bank
5.67% (C), 11/14/2023		500,000		491,985
Lloyds Bank PLC
5.89% (C), 03/12/2024		250,000		241,047
Macquarie Bank Ltd.
5.55% (C), 10/03/2023 (A)		500,000		495,156
NatWest Markets PLC
5.47% (C), 08/22/2023 (A)		500,000		498,337
Skandinaviska Enskilda Banken AB
5.71% (C), 12/13/2023 (A)		250,000		244,873

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Transamerica UltraShort Bond

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Banks (continued)
Svenska Handelsbanken AB
5.35% (C), 08/01/2023 (A)		$   250,000		$   249,963
5.85% (C), 01/24/2024 (A)		250,000		243,103
Westpac Banking Corp.
5.50% (C), 11/09/2023 (A)		250,000		246,197
				4,152,638
Chemicals - 2.0%
Nutrien Ltd.
5.62% (C), 08/01/2023 (A)		500,000		499,924
Consumer Finance - 0.9%
Toyota Motor Credit Corp.
5.86% (C), 01/05/2024		250,000		243,951
Containers & Packaging - 1.6%
Amcor Finance USA, Inc.
5.55% (C), 08/02/2023 (A)		400,000		399,877
Diversified Consumer Services - 1.3%
VW Credit, Inc.
5.58% (C), 08/29/2023 (A)		325,000		323,557
Diversified REITs - 2.0%
ERP Operating LP
5.48% (C), 08/09/2023 (A)		500,000		499,317
Diversified Telecommunication Services - 1.9%
AT&T, Inc.
5.79% (C), 12/19/2023 (A)		500,000		488,847
Electric Utilities - 6.3%
Entergy Corp.
5.62% (C), 09/06/2023 (A)		250,000		248,579
Evergy Kansas Central, Inc.
5.50% (C), 08/02/2023 (A)		500,000		499,848
Southern Co. Funding Corp.
5.65% (C), 08/21/2023 (A)		375,000		373,806
Virginia Electric & Power Co.
5.56% (C), 09/05/2023		500,000		497,230
				1,619,463
Financial Services - 12.8%
CAFCO LLC
5.70% (C), 11/13/2023 (A)		250,000		245,971
Chariot Funding LLC
5.76% (C), 12/20/2023 (A)		500,000		488,973
Fairway Finance Co. LLC
5.76% (C), 10/04/2023 (A)		500,000		500,000
Glencove Funding LLC
5.54% (C), 09/12/2023 (A)		250,000		248,390
5.61% (C), 08/02/2023 (A)		250,000		249,926
Liberty Street Funding LLC
5.66% (C), 11/01/2023 (A)		500,000		492,934
Mont Blanc Capital Corp.
5.41% (C), 09/05/2023 (A)		500,000		497,310
Sheffield Receivables Co. LLC
5.42% (C), 08/10/2023 (A)		300,000		299,553
Thunder Bay Funding LLC
5.62% (C), 11/07/2023 (A)		250,000		246,243
				3,269,300
Food Products - 1.0%
Mondelez International, Inc.
5.51% (C), 08/23/2023 (A)		250,000		249,135

	Principal		Value
COMMERCIAL PAPER (continued)
Health Care Providers & Services - 1.9%
Columbia Funding Co. LLC
5.46% (C), 09/28/2023 (A)		$   250,000		$   247,761
5.47% (C), 09/28/2023 (A)		250,000		247,761
				495,522
Household Durables - 2.0%
Mohawk Industries, Inc.
5.38% (C), 08/01/2023 (A)		500,000		499,924
Machinery - 1.6%
Stanley Black & Decker, Inc.
5.56% (C), 08/28/2023 (A)		400,000		398,280
Software - 1.9%
Manhattan Asset Funding Co. LLC
5.43% (C), 10/02/2023 (A)		250,000		247,614
5.45% (C), 10/12/2023 (A)		250,000		247,231
				494,845
Total Commercial Paper (Cost $13,637,605)				13,634,580
Total Investments (Cost $25,206,752)				25,227,809
Net Other Assets (Liabilities) - 1.0%				243,470
Net Assets - 100.0%				$  25,471,279

Transamerica Funds Page    3

Transamerica UltraShort Bond

SCHEDULE OF INVESTMENTS (continued)

At July 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
Asset-Backed Securities	$	—	$	4,354,041	$	—	$	4,354,041
Certificates of Deposit		—		1,250,918		—		1,250,918
Corporate Debt Securities		—		4,854,418		—		4,854,418
Mortgage-Backed Securities		—		1,133,852		—		1,133,852
Commercial Paper		—		13,634,580		—		13,634,580
Total Investments	$	—	$	25,227,809	$	—	$	25,227,809

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the total value of 144A securities is $18,002,486, representing 70.7% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of July 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Rates disclosed reflect the yields at July 31, 2023.
(D)	There were no transfers in or out of Level 3 during the period ended July 31, 2023. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

Transamerica Funds Page    4

Transamerica UltraShort Bond

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica UltraShort Bond (the “Fund”) is a series of the Transamerica Funds.

Transamerica Asset Management, Inc. (“TAM”) has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, 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 July 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:

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Certificate of Deposit: A certificate of deposit is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica Funds Page    5