Transamerica Capital Growth SCHEDULE OF INVESTMENTS At July 31, 2025 (unaudited)

 

	Shares	Value
COMMON STOCKS - 94.0%
Automobiles - 6.4%
Tesla, Inc. (A)	334,874	$  103,231,608
Biotechnology - 1.2%
Roivant Sciences Ltd. (A)	1,723,776	19,582,095
Broadline Retail - 4.4%
MercadoLibre, Inc. (A)	29,901	70,981,685
Capital Markets - 2.1%
Coinbase Global, Inc., Class A (A)	41,997	15,864,787
Intercontinental Exchange, Inc.	98,951	18,289,113
		34,153,900
Entertainment - 7.6%
ROBLOX Corp., Class A (A)	885,108	121,959,031
Financial Services - 7.8%
Affirm Holdings, Inc. (A)	1,459,714	100,077,992
Federal National Mortgage Association (A)(B)	3,276,122	26,274,498
		126,352,490
Hotels, Restaurants & Leisure - 4.8%
DoorDash, Inc., Class A (A)	310,226	77,634,057
IT Services - 24.2%
Cloudflare, Inc., Class A (A)	1,139,650	236,682,512
Shopify, Inc., Class A (A)	635,455	77,658,956
Snowflake, Inc., Class A (A)	341,457	76,315,639
		390,657,107
Pharmaceuticals - 4.8%
Royalty Pharma PLC, Class A	2,102,528	77,373,030
Software - 23.0%
AppLovin Corp., Class A (A)	208,840	81,593,787
Aurora Innovation, Inc. (A)	10,787,833	62,677,310
Crowdstrike Holdings, Inc., Class A (A)	155,090	70,499,261
MicroStrategy, Inc., Class A (A)	261,711	105,171,183
Samsara, Inc., Class A (A)	1,369,431	52,079,461
		372,021,002

	Shares	Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 3.0%
IonQ, Inc. (A)(B)	1,222,095	$  48,724,928
Trading Companies & Distributors - 4.7%
Core & Main, Inc., Class A (A)	401,273	25,537,014
QXO, Inc. (A)	2,503,218	50,214,553
		75,751,567
Total Common Stocks (Cost $938,690,265)		1,518,422,500
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.27% (C)	30,562,978	30,562,978
Total Other Investment Company (Cost $30,562,978)		30,562,978

 

	Principal	Value
REPURCHASE AGREEMENT - 5.7%
Fixed Income Clearing Corp., 1.80% (C), dated 07/31/2025, to be repurchased at $91,455,346 on 08/01/2025. Collateralized by a U.S. Government Obligation, 3.75% due 04/30/2027, and with a value of $93,279,928.	$  91,450,773	91,450,773
Total Repurchase Agreement (Cost $91,450,773)		91,450,773
Total Investments Excluding Options Purchased (Cost $1,060,704,016)		1,640,436,251
Total Options Purchased - 0.1% (Cost $7,562,795)		910,647
Total Investments (Cost $1,068,266,811)		1,641,346,898
Net Other Assets (Liabilities) - (1.7)%		(26,912,008)
Net Assets - 100.0%		$  1,614,434,890

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:   

Description	Counterparty	Exercise Price		Expiration Date	Notional Amount/ Number of Contracts		Premiums Paid	Value
Put – USD vs. CNH	JPM	USD	7.66	09/01/2025	USD	146,188,177	$606,425	$877
Put – USD vs. CNH	GSI	USD	7.71	05/13/2026	USD	353,765,109	1,472,585	506,945
Put – USD vs. CNH	SCB	USD	7.77	10/16/2025	USD	297,057,541	1,292,794	16,338
Put – USD vs. CNH	JPM	USD	7.82	02/25/2026	USD	360,004,316	1,486,457	210,243
Put – USD vs. CNH	SCB	USD	7.90	04/01/2026	USD	230,522,470	1,120,114	136,469
Put – USD vs. CNH	GSI	USD	8.02	12/02/2025	USD	334,239,765	1,584,420	39,775
Total							$7,562,795	$910,647

Transamerica Funds

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Transamerica Capital Growth SCHEDULE OF INVESTMENTS (continued) At July 31, 2025 (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
Common Stocks	$1,518,422,500	$—	$—	$1,518,422,500
Other Investment Company	30,562,978	—	—	30,562,978
Repurchase Agreement	—	91,450,773	—	91,450,773
Over-the-Counter Foreign Exchange Options Purchased	—	910,647	—	910,647
Total Investments	$1,548,985,478	$92,361,420	$—	$1,641,346,898

FOOTNOTES TO SCHEDULE OF INVESTMENTS: 

(A)	Non-income producing security.
(B)	All or a portion of the security is on loan. The total value of the securities on loan is $52,843,212, collateralized by cash collateral of $30,562,978 and non-cash collateral, such as U.S. government securities of $23,477,135. The amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at July 31, 2025.
(D)	There were no transfers in or out of Level 3 during the period ended July 31, 2025. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

CURRENCY ABBREVIATION(S): 

CNH	Chinese Yuan Renminbi (offshore)
USD	United States Dollar

COUNTERPARTY ABBREVIATION(S): 

GSI	Goldman Sachs International
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank

Transamerica Funds

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Transamerica Capital Growth NOTES TO SCHEDULE OF INVESTMENTS At July 31, 2025 (unaudited)

INVESTMENT VALUATION

Transamerica Capital Growth (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 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 July 31, 2025, 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.

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.

Transamerica Funds

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Transamerica Capital Growth NOTES TO SCHEDULE OF INVESTMENTS (continued) At July 31, 2025 (unaudited)

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.

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.

Transamerica Funds

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