Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

	Principal		Value
ASSET-BACKED SECURITY - 0.4%
American Express Credit Account Master Trust
Series 2022-3, Class A,
3.75%, 08/15/2027		$  300,000		$  291,368
Total Asset-Backed Security (Cost $292,371)				291,368
CORPORATE DEBT SECURITIES - 5.9%
Banks - 2.0%
BAC Capital Trust XIV
3-Month LIBOR + 0.40%, 5.95% (A), 08/21/2023 (B)		394,000		315,200
Banco Santander Chile
3.18%, 10/26/2031 (C)		263,000		225,979
Bank of America Corp.
4.18%, 11/25/2027		100,000		95,256
Citigroup, Inc.
Fixed until 11/03/2031, 2.52% (A), 11/03/2032		170,000		136,719
Goldman Sachs Group, Inc.
Fixed until 07/21/2031, 2.38% (A), 07/21/2032		250,000		199,616
HSBC Holdings PLC
Fixed until 11/03/2032, 8.11% (A), 11/03/2033		200,000		221,521
Intesa Sanpaolo SpA
Fixed until 06/01/2041, 4.95% (A), 06/01/2042 (C)		215,000		143,680
Morgan Stanley
Fixed until 09/16/2031, 2.48% (A), 09/16/2036		55,000		42,010
NatWest Group PLC
Fixed until 08/28/2030, 3.03% (A), 11/28/2035		200,000		156,718
				1,536,699
Chemicals - 0.3%
Albemarle Corp.
5.65%, 06/01/2052		200,000		187,592
Commercial Services & Supplies - 0.1%
Triton Container International Ltd.
3.15%, 06/15/2031 (C)		136,000		104,699
Food Products - 0.2%
Smithfield Foods, Inc.
5.20%, 04/01/2029 (C)		200,000		185,020
Hotels, Restaurants & Leisure - 0.3%
Warnermedia Holdings, Inc.
5.14%, 03/15/2052		247,000		200,481

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 0.8%
Enstar Group Ltd.
3.10%, 09/01/2031		$   197,000		$   153,289
Hartford Financial Services Group, Inc.
3-Month LIBOR + 2.13%, 7.45% (A), 02/12/2067 (C)		487,000		416,488
				569,777
Metals & Mining - 0.7%
Glencore Funding LLC
2.63%, 09/23/2031 (C)		152,000		121,907
2.85%, 04/27/2031 (C) (D)		200,000		164,461
South32 Treasury Ltd.
4.35%, 04/14/2032 (C)		311,000		272,035
				558,403
Oil, Gas & Consumable Fuels - 1.4%
Apache Corp.
4.25%, 01/15/2030		140,000		126,942
Enbridge, Inc.
Fixed until 07/15/2027, 5.50% (A), 07/15/2077		397,000		358,668
Energy Transfer LP
3-Month LIBOR + 4.03%, 9.35% (A), 08/21/2023 (B)		375,000		339,375
Enterprise Products Operating LLC
3.70%, 01/31/2051		152,000		114,956
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		132,000		117,165
				1,057,106
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
6.20%, 06/15/2030 (C)		49,000		49,445
Total Corporate Debt Securities (Cost $5,175,575)				4,449,222
FOREIGN GOVERNMENT OBLIGATIONS - 12.3%
Australia - 2.3%
Australia Government Bonds
2.50%, 09/20/2030 (E)		AUD  775,000		770,736
Series 27CI,
0.75%, 11/21/2027 (E)		1,200,000		942,785
				1,713,521
Canada - 1.4%
Canada Government Real Return Bonds
4.25%, 12/01/2026		CAD  1,340,558		1,085,431
France - 1.0%
French Republic Government Bonds OAT
3.15%, 07/25/2032 (E)		EUR  530,408		721,788
Germany - 1.8%
Deutsche Bundesrepublik Inflation-Linked Bonds
0.10%, 04/15/2026 (E)		1,235,270		1,338,456
Japan - 2.3%
Japan Government CPI-Linked Bonds
0.10%, 03/10/2026 - 03/10/2028		JPY  234,797,000		1,731,665

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Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico - 0.4%
Mexico Government International Bonds
4.28%, 08/14/2041		$  351,000		$  289,665
New Zealand - 1.6%
New Zealand Government Inflation-Linked Bonds
2.00%, 09/20/2025 (E)		NZD  1,500,000		1,184,090
United Kingdom - 1.5%
U.K. Inflation-Linked Gilt
0.13%, 03/22/2024 - 03/22/2044 (E)		GBP  959,638		1,138,075
Total Foreign Government Obligations (Cost $9,652,356)				9,202,691
U.S. GOVERNMENT OBLIGATIONS - 81.0%
U.S. Treasury Inflation-Protected Securities - 81.0%
U.S. Treasury Inflation-Protected Indexed Bonds
0.13%, 02/15/2051		$  846,836		543,695
0.25%, 02/15/2050		1,182,840		797,424
0.63%, 02/15/2043		1,117,682		893,949
0.75%, 02/15/2042 - 02/15/2045		2,922,717		2,405,960
1.00%, 02/15/2046 - 02/15/2048		4,591,830		3,849,790
1.38%, 02/15/2044		1,109,120		1,018,538
1.50%, 02/15/2053		613,824		577,492
2.00%, 01/15/2026		3,271,204		3,224,777
2.13%, 02/15/2040 - 02/15/2041		3,332,082		3,507,318
2.38%, 01/15/2025 - 01/15/2027		4,751,300		4,738,508
2.50%, 01/15/2029		1,232,135		1,271,939
3.38%, 04/15/2032		619,169		700,586
3.63%, 04/15/2028		893,090		958,929
U.S. Treasury Inflation-Protected Indexed Notes
0.13%, 07/15/2024 - 01/15/2032		13,513,112		12,506,892
0.25%, 01/15/2025		1,925,880		1,846,011
0.38%, 07/15/2025 - 07/15/2027		7,794,719		7,376,260
0.50%, 04/15/2024 - 01/15/2028		4,998,986		4,776,596
0.63%, 01/15/2024 - 01/15/2026		5,468,627		5,266,979
0.75%, 07/15/2028		1,211,480		1,151,557
0.88%, 01/15/2029		722,610		686,381
1.13%, 01/15/2033		1,327,170		1,265,724
1.25%, 04/15/2028		912,465		884,824
1.63%, 10/15/2027		513,290		506,538
Total U.S. Government Obligations (Cost $66,224,000)				60,756,667
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.2%
Money Market Fund - 0.2%
State Street Institutional U.S. Government Money Market Fund, 5.19% (F)		143,052		143,052
Total Short-Term Investment Company (Cost $143,052)				143,052
Total Investments (Cost $81,487,354)				74,843,000
Net Other Assets (Liabilities) - 0.2%				157,506
Net Assets - 100.0%				$  75,000,506

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Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
JPMS		09/07/2023	USD	1,565,282	AUD	2,340,000	$	—	$	(8,675	)
JPMS		09/07/2023	USD	808,538	CAD	1,100,000		—		(26,084	)
JPMS		09/07/2023	USD	1,824,212	EUR	1,650,000		6,509		—
JPMS		09/07/2023	USD	1,684,841	GBP	1,350,000		—		(47,996	)
JPMS		09/07/2023	USD	1,813,080	JPY	243,000,000		94,299		—
JPMS		09/07/2023	USD	1,330,215	NZD	2,150,000		—		(5,230	)
JPMS		09/07/2023	GBP	639,000	USD	804,608		15,601		—
JPMS		09/07/2023	NZD	600,000	USD	376,488		—		(3,805	)
JPMS		09/07/2023	EUR	100,000	USD	109,764		399		—
Total							$	116,808	$	(91,790	)

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Security	$	—	$	291,368		$	—	$	291,368
Corporate Debt Securities		—		4,449,222			—		4,449,222
Foreign Government Obligations		—		9,202,691			—		9,202,691
U.S. Government Obligations		—		60,756,667			—		60,756,667
Short-Term Investment Company		143,052		—			—		143,052
Total Investments	$	143,052	$	74,699,948		$	—	$	74,843,000
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	116,808		$	—	$	116,808
Total Other Financial Instruments	$	—	$	116,808		$	—	$	116,808
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(91,790	)	$	—	$	(91,790	)
Total Other Financial Instruments	$	—	$	(91,790	)	$	—	$	(91,790	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	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.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	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 $1,683,714, representing 2.2% of the Fund’s net assets.
(D)	All or a portion of the security is on loan. The value of the security on loan is $164,275, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $167,805. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2023, the total value of Regulation S securities is $6,095,930, representing 8.1% of the Fund’s net assets.
(F)	Rate disclosed reflects the yield at July 31, 2023.
(G)	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.
(H)	Derivative instruments are valued at unrealized appreciation (depreciation).

Transamerica Funds Page    3

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS	JPMorgan Securities LLC
PORTFOLIO ABBREVIATIONS:
CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate

Transamerica Funds Page    4

Transamerica Inflation-Protected Securities

NOTES TO SCHEDULE OF INVESTMENTS

At July 31, 2023

(unaudited)

INVESTMENT VALUATION

Transamerica Inflation-Protected Securities (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, 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.

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.

Foreign government obligations: Foreign government obligations are normally valued 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. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government obligations: U.S. government obligations are normally valued 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. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica Funds Page    5

Transamerica Inflation-Protected Securities

NOTES TO SCHEDULE OF INVESTMENTS (continued)

At July 31, 2023

(unaudited)

Investment companies: Certain investment companies are valued at the NAV 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 and no valuation adjustments are applied. These investment companies are categorized in Level 1 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.

SUBSEQUENT EVENT

The Board has approved the reorganization of Transamerica Inflation-Protected Securities into Transamerica Inflation Opportunities. If all closing conditions are satisfied, it is expected that the reorganization would occur in the fourth quarter of 2023.

Transamerica Funds Page    6