Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At July 31, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		874		$  3,126
International Equity Funds - 38.2%
Transamerica Emerging Markets Equity (C)		4,883,572		50,154,282
Transamerica Emerging Markets Opportunities (B) (C)		6,661,852		64,819,817
Transamerica Global Real Estate Securities (C)		242,394		3,029,925
Transamerica International Equity (C)		7,878,529		127,710,950
Transamerica International Growth (C)		13,211,040		103,706,667
Transamerica International Small Cap Value (C)		2,892,988		33,876,891
Transamerica International Stock (C)		1,126,720		10,084,144
				393,382,676
U.S. Alternative Fund - 1.9%
Transamerica Event Driven (C)		1,753,370		19,620,208
U.S. Equity Funds - 56.2%
Transamerica Capital Growth (C)		6,173,608		121,064,456
Transamerica Dividend Focused (C)		18,394,257		128,943,741
Transamerica Large Cap Value (C)		11,542,246		106,073,239

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (C)		1,130,585		$   13,634,859
Transamerica Mid Cap Value (C)		3,214,350		33,397,101
Transamerica Mid Cap Value Opportunities (C)		1,402,154		13,825,237
Transamerica Small Cap Growth (C)		1,913,964		13,780,543
Transamerica Small Cap Value (C)		2,002,180		15,657,045
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		5,111		3,587
Transamerica US Growth (C)		5,025,390		131,765,723
				578,145,531
U.S. Mixed Allocation Fund - 3.8%
Transamerica MLP & Energy Income (C)		7,981,645		39,429,326
Total Investment Companies (Cost $948,779,579)				1,030,580,867
Total Investments (Cost $948,779,579)				1,030,580,867
Net Other Assets (Liabilities) - (0.1)%				(802,710	)
Net Assets - 100.0%				$  1,029,778,157

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,030,574,154	$	—	$	—	$	1,030,574,154
Total	$	1,030,574,154	$	—	$	—	$	1,030,574,154
Investment Companies Measured at Net Asset Value (E)								6,713
Total Investments							$	1,030,580,867

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

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and liquidating trusts of former 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 Capital Growth	$	95,871,975	$	22,275,481	$	(46,824,725	)	$	3,894,557		$	45,847,168		$	121,064,456		6,173,608	$	—	$	19,068,806
Transamerica Dividend Focused		130,221,023		52,559,538		(17,727,622	)		(3,381,731	)		(32,727,467	)		128,943,741		18,394,257		3,074,144		13,581,362
Transamerica Emerging Markets Equity		136,359,256		3,606,129		(92,696,471	)		(5,790,125	)		8,675,493			50,154,282		4,883,572		3,606,129		—
Transamerica Emerging Markets Opportunities		—		66,509,782		(174,108	)		(8,249	)		(1,507,608	)		64,819,817		6,661,852		—		—
Transamerica Event Driven		21,758,434		90,127		(3,603,292	)		212,070			1,162,869			19,620,208		1,753,370		90,128		—
Transamerica Global Allocation Liquidating Trust		3,306		—		—			—			(180	)		3,126		874		—		—
Transamerica Global Multifactor Macro		16,457,255		366,368		(16,901,121	)		(253,606	)		331,104			—		—		366,368		—
Transamerica Global Real Estate Securities		3,933,552		382,674		(529,689	)		5,974			(762,586	)		3,029,925		242,394		143,912		127,872
Transamerica International Equity		155,803,003		8,763,075		(21,157,575	)		(3,735,071	)		(11,962,482	)		127,710,950		7,878,529		4,426,586		—
Transamerica International Growth		109,937,917		5,276,720		(14,819,522	)		(2,766,933	)		6,078,485			103,706,667		13,211,040		2,135,239		—
Transamerica International Small Cap Value		40,311,478		2,079,814		(5,357,525	)		(434,917	)		(2,721,959	)		33,876,891		2,892,988		935,614		—
Transamerica International Stock		3,445,875		7,502,110		(15,729	)		(1,644	)		(846,468	)		10,084,144		1,126,720		13,042		—
Transamerica Large Cap Value		97,149,539		39,057,697		(13,999,188	)		(1,595,567	)		(14,539,242	)		106,073,239		11,542,246		1,468,261		2,619,810
Transamerica Managed Futures Strategy		24,078,521		899,287		(24,160,621	)		(6,292,077	)		5,474,890			—		—		899,287		—
Transamerica Mid Cap Growth		632,486		10,875,216		(20,245	)		923			2,146,479			13,634,859		1,130,585		—		10,884
Transamerica Mid Cap Value		43,749,074		5,179,991		(6,039,726	)		(509,511	)		(8,982,727	)		33,397,101		3,214,350		508,770		3,428,962
Transamerica Mid Cap Value Opportunities		18,141,343		1,233,779		(2,516,752	)		(150,625	)		(2,882,508	)		13,825,237		1,402,154		201,905		512,366
Transamerica MLP & Energy Income		57,733,616		3,843,076		(10,898,271	)		(2,302,296	)		(8,946,799	)		39,429,326		7,981,645		2,238,355		—
Transamerica Small Cap Core		2,042,175		76,883		(1,805,883	)		(347,552	)		34,377			—		—		21,392		—
Transamerica Small Cap Growth		12,306,612		2,720,352		(1,767,418	)		(237,254	)		758,251			13,780,543		1,913,964		—		801,119
Transamerica Small Cap Value		22,099,825		1,521,919		(3,035,052	)		(589,389	)		(4,340,258	)		15,657,045		2,002,180		458,633		457,549
Transamerica Small Company Growth Liquidating Trust		3,180		—		—			—			407			3,587		5,111		—		—
Transamerica US Growth		147,721,996		16,274,900		(52,877,688	)		5,402,272			15,244,243			131,765,723		5,025,390		498,998		11,151,914
Total	$	1,139,761,441	$	251,094,918	$	(336,928,223	)	$	(18,880,751	)	$	(4,466,518	)	$	1,030,580,867		97,436,829	$	21,086,763	$	51,760,644

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

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At July 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	8,994	$	3,126		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,587		0.0	(A)
Total				$	60,105	$	6,713		0.0	%(A)

(E)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(F)	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    3

Transamerica Asset Allocation – Growth Portfolio

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.

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.

The notes are an integral part of this report. Transamerica Funds Page    4