Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 2.2%
Transamerica International Equity (A)		170,233		$  2,779,906
Money Market Fund - 0.1%
Transamerica Government Money Market (A)		161,225		161,225
U.S. Equity Funds - 8.6%
Transamerica Large Growth (A)		267,018		4,379,098
Transamerica Large Value Opportunities (A)		479,499		4,013,405
Transamerica Small Cap Growth (A)		174,134		1,252,026
Transamerica Small Cap Value (A)		159,697		1,252,026
				10,896,555

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 89.2%
Transamerica High Quality Bond (A)		2,134,066		$   21,255,296
Transamerica High Yield Bond (A)		1,463,992		12,707,450
Transamerica Inflation-Protected Securities (A)		1,926,928		20,984,244
Transamerica Intermediate Bond (A)		5,342,735		59,037,226
				113,984,216
Total Investment Companies (Cost $120,446,064)				127,821,902
Total Investments (Cost $120,446,064)				127,821,902
Net Other Assets (Liabilities) - (0.1)%				(66,043	)
Net Assets - 100.0%				$  127,755,859

INVESTMENT VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	127,821,902	$	—	$	—	$	127,821,902
Total Investments	$	127,821,902	$	—	$	—	$	127,821,902

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Affiliated investment in the Class I3 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value July 31, 2020		Shares as of July 31, 2020		Dividend Income		Net Capital Gain Distributions
Transamerica Government Money Market	$	151,422	$	22,647,094	$	(22,637,291	)	$	—		$	—		$	161,225		161,225	$	1,411	$	—
Transamerica High Quality Bond		23,223,808		1,016,633		(2,873,093	)		(110,089	)		(1,963	)		21,255,296		2,134,066		531,906		—
Transamerica High Yield Bond		13,070,738		1,737,256		(1,604,732	)		(24,584	)		(471,228	)		12,707,450		1,463,992		519,814		—
Transamerica Inflation-Protected Securities		21,768,493		656,464		(2,769,453	)		84,460			1,244,280			20,984,244		1,926,928		187,540		—
Transamerica Intermediate Bond		61,655,367		2,318,703		(7,854,768	)		276,394			2,641,530			59,037,226		5,342,735		1,051,221		—
Transamerica International Equity		2,650,989		600,010		(332,220	)		(5,073	)		(133,800	)		2,779,906		170,233		75,467		—
Transamerica Large Growth		4,301,252		888,739		(1,770,208	)		397,170			562,145			4,379,098		267,018		29,158		770,190
Transamerica Large Value Opportunities		4,477,681		679,436		(811,903	)		(11,491	)		(320,318	)		4,013,405		479,499		81,999		20,687
Transamerica Small Cap Core		2,581,653		926,698		(3,252,368	)		(392,794	)		136,811			—		—		27,984		—
Transamerica Small Cap Growth		—		1,252,026		—			—			—			1,252,026		174,134		—		—
Transamerica Small Cap Value		—		1,252,026		—			—			—			1,252,026		159,697		—		—
Total	$	133,881,403	$	33,975,085	$	(43,906,036	)	$	213,993		$	3,657,457		$	127,821,902		12,279,527	$	2,506,500	$	790,877

(B) There were no transfers in or out of Level 3 during the period ended July 31, 2020. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Funds Page    1

Transamerica Asset Allocation Short Horizon

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

INVESTMENT VALUATION

All investments in securities are recorded at their estimated fair value. The Fund values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Fund 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 the Fund’s own assumptions used in determining the fair value of 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 (“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, 2020, 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:

Investment companies: Certain investment companies are valued at the NAV of the underlying investments 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 of the underlying investments and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

The notes are an integral part of this report. Transamerica Funds Page    2