FOR VALIDATION PURPOSES ONLY


	Principal		Value
CORPORATE DEBT SECURITIES - 0.6%
Commercial Services & Supplies - 0.2%
Wildflower Improvement Association
6.63%, 03/01/2031^{(A) (B)}		$ 185,250		$ 179,195

Pharmaceuticals - 0.4%
Teva Pharmaceutical Finance Netherlands III BV
6.00%, 04/15/2024		500,000		498,942

Total Corporate Debt Securities (Cost $682,251)				678,137


MUNICIPAL GOVERNMENT OBLIGATIONS - 86.3%
Alabama - 2.9%
Alabama State University, Revenue Bonds,
BAM,
5.00%, 09/01/2040		995,000		1,073,695
County of Perry, General Obligation Unlimited,
Series B,
7.38%, 12/01/2030		240,000		240,087
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds,
Series A,
6.00%, 05/01/2040^(A)		500,000		540,943
Tuscaloosa County Industrial Development Authority, Revenue Bonds,
Series A,
5.25%, 05/01/2044^(A)		1,550,000		1,499,220

				3,353,945

Arizona - 5.2%
Arizona Industrial Development Authority, Revenue Bonds
5.00%, 07/01/2055^(A)		170,000		144,813
Series A,
5.00%, 07/01/2027 - 07/01/2031		320,000		341,378
Series B,
5.00%, 07/01/2028		170,000		175,657
Industrial Development Authority of the City of Phoenix, Revenue Bonds,
4.63%, 07/01/2026^{(A) (B)}		375,000		376,053
Industrial Development Authority of the County of Pima, Revenue Bonds
5.00%, 07/01/2056^(A)		2,260,000		1,970,414
Series A,
7.00%, 11/15/2057^(A)		750,000		772,679
La Paz County Industrial Development Authority, Revenue Bonds,
5.88%, 06/15/2048^(A)		500,000		467,192
Maricopa County Elementary School District No. 62, General Obligation Unlimited,
Series A, AGM,
5.50%, 07/01/2043		215,000		249,583


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Maricopa County Industrial Development Authority, Revenue Bonds,
5.00%, 07/01/2036		$ 110,000		$ 112,155
Tempe Industrial Development Authority, Revenue Bonds,
Series B,
4.00%, 12/01/2056		2,130,000		1,493,978

				6,103,902

California - 2.7%
California County Tobacco Securitization Agency, Revenue Bonds,
5.88%, 06/01/2035		40,000		40,927
California Infrastructure & Economic Development Bank, Revenue Bonds,
Series A-1,
5.00%, 01/01/2056^(A)		130,000		102,018
California Municipal Finance Authority, Revenue Bonds
4.00%, 11/15/2056		665,000		508,460
Series A,
5.50%, 06/01/2038^(A)		600,000		603,203
California Public Finance Authority, Revenue Bonds,
Series A,
5.00%, 06/15/2049^(A)		225,000		203,435
California School Finance Authority, Revenue Bonds,
Series A,
5.88%, 06/01/2053^(A)		700,000		703,972
California Statewide Financing Authority, Revenue Bonds,
Series B,
6.00%, 05/01/2037		35,000		35,811
Golden State Tobacco Securitization Corp., Revenue Bonds,
Series B-2,
Zero Coupon, 06/01/2066		4,000,000		462,892
Sierra View Local Health Care District, Revenue Bonds,
4.00%, 07/01/2025		270,000		271,336
Washington Township Health Care District, General Obligation Unlimited,
Series B,
3.75%, 08/01/2040		100,000		93,208
Washington Township Health Care District, Revenue Bonds,
Series A,
5.75%, 07/01/2053		125,000		136,002

				3,161,264

Colorado - 17.6%
Access 25 Metropolitan District No. 2, General Obligation Limited,
6.75%, 12/01/2053^(A)		1,000,000		1,049,183
Arista Metropolitan District, General Obligation Limited,
Series A,
4.25%, 12/01/2043		500,000		504,915
Baseline Metropolitan District No. 1, General Obligation Unlimited,
Series A,
5.00%, 12/01/2051		1,000,000		911,673
Brighton Crossing Metropolitan District No. 6, General Obligation Limited,
5.00%, 12/01/2035		525,000		513,466


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Clear Creek Transit Metropolitan District No. 2, General Obligation Limited,
Series A,
5.00%, 12/01/2041 - 12/01/2050		$ 1,075,000		$ 975,368
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
3.00%, 01/15/2028		115,000		110,566
5.25%, 12/01/2052		250,000		263,060
Series A,
4.00%, 12/01/2048		500,000		469,066
Colorado International Center Metropolitan District No. 14, General Obligation Limited,
5.88%, 12/01/2046		1,000,000		1,000,057
Denver International Business Center Metropolitan District No. 1, General Obligation Limited,
6.00%, 12/01/2048		500,000		503,068
Fiddlers Business Improvement District, General Obligation Unlimited,
5.55%, 12/01/2047^(A)		400,000		407,092
Glen Metropolitan District No. 1, General Obligation Limited,
BAM,
2.00%, 12/01/2030		145,000		127,947
Glen Metropolitan District No. 2, General Obligation Limited,
Series A, BAM,
2.00%, 12/01/2030		415,000		385,726
Green Gables Metropolitan District No. 2, General Obligation Limited,
Series A, BAM,
5.00%, 12/01/2038		610,000		667,199
Hogback Metropolitan District, General Obligation Limited,
Series A,
5.00%, 12/01/2051		1,550,000		1,379,310
Littleton Village Metropolitan District No. 2, General Obligation Limited,
4.38%, 12/01/2043		250,000		254,823
Peak Metropolitan District No. 1, General Obligation Limited,
Series A,
5.00%, 12/01/2051^(A)		1,150,000		1,021,912
Peak Metropolitan District No. 3, General Obligation Limited,
7.50%, 12/01/2052		500,000		504,861
Rampart Range Metropolitan District No. 5, Revenue Bonds,
4.00%, 12/01/2051		3,000,000		2,205,135
Ravenna Metropolitan District, General Obligation Limited,
5.00%, 12/01/2043		385,000		413,635
Ridgeline Vista Metropolitan District, General Obligation Limited,
Series A,
5.25%, 12/01/2060		2,530,000		2,223,664
South Maryland Creek Ranch Metropolitan District, General Obligation Limited,
AGM,
5.00%, 12/01/2048		400,000		427,453
Transport Metropolitan District No. 3, General Obligation Limited
Series A-1,
4.13%, 12/01/2031		500,000		452,221
5.00%, 12/01/2041		1,365,000		1,172,488


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Verve Metropolitan District No. 1, General Obligation Limited,
6.75%, 12/01/2052		$ 1,000,000		$ 968,612
Westerly Metropolitan District No. 4, General Obligation Limited,
Series A,
5.00%, 12/01/2040 - 12/01/2050		1,700,000		1,540,091

				20,452,591

Connecticut - 1.4%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
Series A,
5.00%, 01/01/2055^(A)		625,000		495,856
Series L-1,
4.00%, 07/01/2027		210,000		213,483
Series M,
4.00%, 07/01/2039		900,000		887,877

				1,597,216

Delaware - 1.3%
Delaware State Economic Development Authority, Revenue Bonds,
Series B,
5.25%, 11/15/2053		1,500,000		1,549,111

District of Columbia - 0.2%
District of Columbia, Revenue Bonds,
Series B,
5.00%, 07/01/2048		160,000		161,621
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds,
Series A,
Zero Coupon, 06/15/2046		100,000		24,381

				186,002

Florida - 7.9%
Capital Trust Agency, Inc., Revenue Bonds,
Series A,
5.00%, 01/01/2056^(A)		450,000		347,330
City of Lakeland, Revenue Bonds,
5.00%, 11/15/2045		500,000		503,654
City of Pompano Beach, Revenue Bonds,
2.88%, 09/01/2026		20,000		19,103
County of Lake, Revenue Bonds,
5.00%, 01/15/2039 - 01/15/2054^(A)		925,000		843,874
Edgewater East Community Development District, Special Assessment,
4.00%, 05/01/2052		1,500,000		1,206,584
Florida Development Finance Corp., Revenue Bonds
4.00%, 07/01/2045		215,000		192,578
5.13%, 06/01/2040^(A)		400,000		355,069
Series A,
4.00%, 06/01/2030		1,000,000		935,400
Series B,
7.38%, 01/01/2049^(A)		2,230,000		2,265,511
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
1.65%, 01/01/2033		255,000		210,471
2.00%, 07/01/2032		75,000		64,941
Miami-Dade County Industrial Development Authority, Revenue Bonds,
Series A,
4.25%, 06/01/2030^(A)		650,000		606,024


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Palm Beach County Health Facilities Authority, Revenue Bonds,
Series A,
5.00%, 11/01/2031 - 11/01/2052		$ 445,000		$ 467,032
Pinellas County Educational Facilities Authority, Revenue Bonds
Series A,
4.00%, 06/01/2046^(A)		500,000		370,364
5.00%, 06/01/2056^(A)		1,000,000		829,648

				9,217,583

Georgia - 2.8%
Development Authority of Lagrange, Revenue Bonds,
5.00%, 10/15/2052		3,710,000		3,292,395

Idaho - 1.5%
Idaho Housing & Finance Association, Revenue Bonds,
Series A,
6.00%, 07/01/2049 - 07/01/2054^(A)		1,725,000		1,758,373

Illinois - 3.6%
Chicago Board of Education, General Obligation Unlimited,
Series A, AGM-CR,
5.00%, 12/01/2042		365,000		365,145
City of Chicago, General Obligation Unlimited,
7.52%, 01/01/2040		190,000		210,271
Cook County School District No. 132, General Obligation Limited,
Series A, AGM,
4.20%, 12/01/2027		271,000		279,112
Illinois Finance Authority, Revenue Bonds
Series A,
5.00%, 11/01/2049		975,000		799,521
5.63%, 08/01/2053^(A)		250,000		256,002
State of Illinois, General Obligation Unlimited
6.63%, 02/01/2035		23,077		24,236
7.35%, 07/01/2035		17,143		18,683
Village of Bolingbrook, General Obligation Unlimited,
Series A,
4.00%, 01/01/2027		135,000		135,594
Village of Oak Lawn, General Obligation Unlimited
Series A,
3.35%, 12/01/2026		315,000		311,803
5.23%, 12/01/2024		500,000		493,704
Western Illinois Economic Development Authority, Revenue Bonds,
4.00%, 06/01/2036		1,500,000		1,335,827

				4,229,898

Indiana - 1.4%
Fishers Town Hall Building Corp., Revenue Bonds,
Series A, BAM,
5.75%, 07/15/2058		455,000		517,978
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds,
Series F-1, BAM,
5.00%, 03/01/2058		1,000,000		1,060,126

				1,578,104


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Iowa - 0.6%
Lake Panorama Improvement Zone, General Obligation Limited,
AGM,
5.85%, 06/01/2038		$ 590,000		$ 650,726

Kansas - 0.1%
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds,
NATL,
Zero Coupon, 12/01/2027		115,000		98,776

Louisiana - 1.4%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds,
3.88%, 11/01/2045^(A)		1,225,000		1,061,062
Parish of St. James, Revenue Bonds,
Series 2,
6.35%, 07/01/2040^(A)		500,000		544,683

				1,605,745

Maine - 0.1%
Maine Health & Higher Educational Facilities Authority, Revenue Bonds
Series A, AGM,
4.38%, 07/01/2048		35,000		35,374
Series C,
5.13%, 07/01/2052		40,000		42,556

				77,930

Maryland - 0.4%
Maryland Economic Development Corp., Revenue Bonds,
5.75%, 09/01/2025		215,000		215,903
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds
AGM-CR,
5.00%, 07/01/2033		175,000		200,794
Series A,
4.00%, 07/01/2027		20,000		19,981

				436,678

Massachusetts - 0.3%
Massachusetts Development Finance Agency, Revenue Bonds,
5.00%, 10/01/2049		325,000		322,193

Michigan - 0.6%
Michigan Tobacco Settlement Finance Authority, Revenue Bonds,
Series C,
Zero Coupon, 06/01/2058		17,500,000		756,109

Minnesota - 0.7%
City of Ham Lake, Revenue Bonds,
Series A,
4.00%, 07/01/2028		140,000		133,498
City of Woodbury, Revenue Bonds,
4.00%, 07/01/2056		315,000		220,658
Duluth Economic Development Authority, Revenue Bonds,
4.00%, 07/01/2041		635,000		498,913

				853,069


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri - 0.1%
Health & Educational Facilities Authority, Revenue Bonds,
4.25%, 12/01/2042^{(A) (B)}		$ 75,000		$ 73,383

Nebraska - 1.0%
City of Blair Water System Revenue, Revenue Bonds,
6.10%, 05/15/2027		1,000,000		1,000,691
Omaha Public Facilities Corp., Revenue Bonds,
Series A,
4.25%, 10/15/2054		200,000		200,221

				1,200,912

Nevada - 0.1%
Carson City, Revenue Bonds,
Series A,
5.00%, 09/01/2037		155,000		158,887

New Jersey - 1.4%
Camden County Improvement Authority, Revenue Bonds,
6.00%, 06/15/2042		330,000		365,956
Essex County Improvement Authority, Revenue Bonds
Series A,
5.00%, 12/01/2035^{(C) (D)}		500,000		300,000
5.13%, 12/01/2045^{(C) (D)}		30,000		18,000
New Jersey Economic Development Authority, Revenue Bonds
Series A,
5.13%, 09/01/2052^(A)		760,000		717,051
Series B,
6.50%, 04/01/2031^(B)		10,000		10,113
Passaic County Improvement Authority, Revenue Bonds,
5.50%, 07/01/2058		250,000		258,335

				1,669,455

New York - 4.0%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds,
Series A,
5.00%, 08/01/2052		375,000		343,645
Build NYC Resource Corp., Revenue Bonds
Series A,
4.00%, 06/15/2056^(A)		350,000		245,590
5.00%, 12/01/2051^(A)		750,000		638,207
New York City Industrial Development Agency, Revenue Bonds,
FGIC,
CPI-YoY + 0.89%, 4.03%^(E), 03/01/2027		20,000		20,058
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,
Series D-1,
5.00%, 02/01/2037		515,000		516,348
New York Counties Tobacco Trust IV, Revenue Bonds,
Series A,
5.00%, 06/01/2038		25,000		24,746


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York State Dormitory Authority, Revenue Bonds,
AMBAC,
5.25%, 07/01/2025		$ 100,000		$ 101,842
New York State Thruway Authority, Revenue Bonds,
Series B, AGM,
4.00%, 01/01/2045		1,000,000		1,001,569
Village of Brewster, General Obligation Unlimited,
5.00%, 05/01/2033		50,000		55,199
Westchester County Local Development Corp., Revenue Bonds
AGM,
5.00%, 11/01/2047		615,000		655,129
5.75%, 11/01/2048		515,000		587,021
Yonkers Economic Development Corp., Revenue Bonds,
Series A,
5.00%, 10/15/2054		440,000		410,605

				4,599,959

North Carolina - 0.9%
North Carolina Medical Care Commission, Revenue Bonds
Series C,
3.00%, 10/01/2036		25,000		21,873
4.00%, 10/01/2031		30,000		30,135
North Carolina Turnpike Authority, Revenue Bonds,
Series B,
5.00%, 02/01/2024		1,000,000		1,000,000

				1,052,008

North Dakota - 0.5%
City of Grand Forks, Revenue Bonds
4.00%, 12/01/2035		105,000		100,383
Series A, AGM,
5.00%, 12/01/2043 - 12/01/2048		440,000		469,784

				570,167

Ohio - 3.7%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds,
Series B-3, Class 2,
Zero Coupon, 06/01/2057		13,000,000		1,329,095
City of Cleveland, Revenue Bonds,
5.38%, 09/15/2027^(B)		20,000		20,002
County of Hamilton, Revenue Bonds,
Series A,
5.25%, 01/01/2038		1,000,000		1,016,320
Ohio Air Quality Development Authority, Revenue Bonds,
2.88%, 02/01/2026		145,000		139,638
Ohio Higher Educational Facility Commission, Revenue Bonds
5.00%, 01/01/2028 - 01/01/2032		65,000		68,164
5.38%, 12/01/2052		1,285,000		1,270,059
West Holmes Local School District, Certificate of Participation,
5.25%, 12/01/2053		400,000		433,777

				4,277,055


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma - 0.4%
Pontotoc County Educational Facilities Authority, Revenue Bonds,
4.00%, 09/01/2032		$ 410,000		$ 430,491

Oregon - 1.1%
Salem Hospital Facility Authority, Revenue Bonds,
4.00%, 05/15/2040 - 05/15/2057		965,000		742,242
Yamhill County Hospital Authority, Revenue Bonds,
Series A,
5.00%, 11/15/2056		725,000		557,513

				1,299,755

Pennsylvania - 2.3%
Cumberland County Municipal Authority, Revenue Bonds,
5.00%, 01/01/2039 - 01/01/2045		535,000		478,114
Montgomery County Industrial Development Authority, Revenue Bonds,
Series A,
4.00%, 10/01/2041		450,000		396,951
Pennsylvania Economic Development Financing Authority, Revenue Bonds
4.00%, 07/01/2046		2,000,000		1,754,231
4.13%, 12/31/2038		55,000		53,581

				2,682,877

Puerto Rico - 0.1%
Puerto Rico Electric Power Authority, Revenue Bonds,
Series UU, AGM,
5.00%, 07/01/2024		110,000		110,005

Rhode Island - 0.2%
City of Providence, General Obligation Unlimited,
Series A,
5.00%, 01/15/2025		240,000		243,726

South Carolina - 0.3%
South Carolina Jobs-Economic Development Authority, Revenue Bonds,
5.00%, 10/01/2026^(A)		350,000		348,426

Tennessee - 2.0%
Knox County Health Educational & Housing Facility Board, Revenue Bonds,
Series A-1,
5.50%, 07/01/2059		1,500,000		1,639,739
Metropolitan Government Nashville & Davidson County Industrial Development Board, Special Assessment,
4.00%, 06/01/2051^(A)		750,000		632,764

				2,272,503

Texas - 2.0%
Bexar County Health Facilities Development Corp., Revenue Bonds,
5.00%, 07/15/2042		500,000		441,084
City of Rowlett, Special Assessment
4.13%, 09/15/2041^(A)		448,000		397,676
4.25%, 09/15/2051^(A)		514,000		434,347


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Municipal Utility District No. 165, General Obligation Unlimited,
3.10%, 03/01/2034		$ 50,000		$ 46,582
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
5.00%, 01/01/2047 - 01/01/2055		1,000,000		804,005
Van Alstyne Economic Development Corp., Revenue Bonds,
4.00%, 08/15/2031		240,000		223,076

				2,346,770

Utah - 1.3%
Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited,
6.00%, 03/01/2053^(A)		1,500,000		1,501,950

Virginia - 4.8%
Danville Industrial Development Authority, Revenue Bonds,
Series A,
4.00%, 10/01/2027		60,000		55,914
Henrico County Economic Development Authority, Revenue Bonds,
Series C,
5.00%, 12/01/2047		255,000		250,797
Isle Wight County Industrial Development Authority, Revenue Bonds
4.75%, 07/01/2053		690,000		714,054
5.25%, 07/01/2048 - 07/01/2053		1,825,000		2,006,961
James City County Economic Development Authority, Revenue Bonds,
Series A,
6.88%, 12/01/2058		1,500,000		1,607,756
Virginia Small Business Financing Authority, Revenue Bonds,
Series A,
5.00%, 01/01/2027		50,000		51,447
Williamsburg Economic Development Authority, Revenue Bonds,
Series B,
5.25%, 07/01/2053		785,000		857,610

				5,544,539

Washington - 1.8%
Washington State Housing Finance Commission, Revenue Bonds,
6.38%, 07/01/2063^(A)		1,875,000		2,055,164

Wisconsin - 5.6%
Public Finance Authority, Revenue Bonds
5.00%, 06/15/2053		125,000		117,536
6.38%, 07/01/2043^(A)		275,000		281,741
6.63%, 07/01/2053^(A)		500,000		512,741
6.75%, 07/01/2058^(A)		520,000		535,513
Series A,
4.00%, 07/01/2051		215,000		166,948
4.25%, 12/01/2051^(A)		1,500,000		1,194,644
5.00%, 06/15/2049^(A)		90,000		82,046
6.75%, 06/01/2062^(A)		650,000		634,273
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
4.00%, 12/01/2051 - 12/01/2056		1,200,000		815,349
5.00%, 08/01/2039		450,000		346,893


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (continued)
Series A,
5.13%, 04/01/2057		$ 2,280,000		$ 1,799,071

				6,486,755

Total Municipal Government Obligations (Cost $109,961,058)				100,206,397


SHORT-TERM U.S. GOVERNMENT OBLIGATION - 4.3%
U.S. Treasury Bills
5.39%^(F), 02/27/2024		5,000,000		4,981,033

Total Short-Term U.S. Government Obligation (Cost $4,980,965)				4,981,033


REPURCHASE AGREEMENT - 9.9%
Fixed Income Clearing Corp., 2.50%^(F), dated 01/31/2024, to be repurchased at $11,535,122 on 02/01/2024. Collateralized by a U.S. Government Obligation, 4.50%, due 07/15/2026, and with a value of $11,765,061.		11,534,321		11,534,321

Total Repurchase Agreement (Cost $11,534,321)				11,534,321

Total Investments (Cost $127,158,595)				117,399,888
Net Other Assets (Liabilities) - (1.1)%				(1,251,982	)

Net Assets - 100.0%				$ 116,147,906

Transamerica High Yield Muni (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 January 31, 2024, 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:

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.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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.

Short-term notes: The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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.


Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Wildflower Improvement Association 6.63%, 03/01/2031		12/10/2020	$	181,870	$	179,195		0.2	%
Municipal Government Obligations	Industrial Development Authority of the City of Phoenix Revenue Bonds 4.63%, 07/01/2026		04/06/2016		375,006		376,053		0.3
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042		09/10/2019		78,020		73,383		0.1
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		10,113		0.0	^(H)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015		20,062		20,002		0.0	^(H)

Total				$	665,493	$	658,746		0.6	%


(C)		Securities in default; no interest payments received and/or dividends declared during the last 12 months. At January 31, 2024, the total value of such securities is $318,000, representing 0.3% of the Fund’s net assets.
(D)		Non-income producing securities.
(E)		Floating or variable rate security. The rate disclosed is as of January 31, 2024. 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.
(F)		Rates disclosed reflect the yields at January 31, 2024.
(G)		There were no transfers in or out of Level 3 during the period ended January 31, 2024. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.
(H)		Percentage rounds to less than 0.1% or (0.1)%.


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	678,137	$	—	$	678,137
Municipal Government Obligations		—		100,206,397		—		100,206,397
Short-Term U.S. Government Obligation		—		4,981,033		—		4,981,033
Repurchase Agreement		—		11,534,321		—		11,534,321

Total Investments	$	—	$	117,399,888	$	—	$	117,399,888


(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 January 31, 2024, the total value of 144A securities is $30,060,636, representing 25.9% of the Fund’s net assets.
(B)		Restricted securities. At January 31, 2024, the value of such securities held by the Fund are as follows:


AGM		Assured Guaranty Municipal Corp.
AMBAC		AMBAC Financial Group, Inc.
BAM		Build America Mutual Assurance Co.
FGIC		Financial Guaranty Insurance Co.
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
NATL		National Public Finance Guarantee Corp.


CPI-YoY		Consumer Price Index–Year over Year
CR		Custodial Receipts


Transamerica Funds			Page 1


Transamerica Funds			Page 2


Transamerica Funds			Page 3


Transamerica Funds			Page 4