Transamerica Asset Allocation - Growth Portfolio
SCHEDULE OF INVESTMENTS
At January 31, 2025
(unaudited)
 
 
Shares
Value
INVESTMENT COMPANIES - 98.9% 
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating
Trust (B)(C)(D)(E)
874
$  987
International Equity Funds - 25.2% 
Transamerica Emerging Markets Equity (C)
2,039,753
16,338,424
Transamerica International Equity (C)
4,851,463
103,530,228
Transamerica International Focus (C)
5,536,245
37,480,382
Transamerica International Small Cap
Value (C)
730,380
10,707,364
Transamerica International Stock (C)
9,311,351
110,898,187
 
 
278,954,585
U.S. Equity Funds - 72.1% 
Transamerica Capital Growth (B)(C)
2,133,341
26,474,757
Transamerica Large Cap Value (C)
21,629,968
330,289,611
Transamerica Mid Cap Growth (C)
1,702,890
18,578,535
Transamerica Mid Cap Value
Opportunities (C)
1,235,460
13,552,994
Transamerica Small Cap Growth (C)
1,954,197
12,760,904
Transamerica Small Cap Value (C)
2,393,112
11,965,561
Transamerica Sustainable Equity Income (C)
4,287,574
35,158,109
Transamerica US Growth (C)
11,183,884
348,937,170
 
 
797,717,641
U.S. Mixed Allocation Fund - 1.6% 
Transamerica Energy Infrastructure (C)
1,982,768
18,142,329
Total Investment Companies
(Cost $829,158,246)
 
1,094,815,542
 
Shares
Value
EXCHANGE-TRADED FUNDS - 0.1% 
U.S. Equity Funds - 0.1% 
Alerian MLP ETF
9,720
$  501,261
Health Care Select Sector SPDR Fund
8,875
1,303,471
Total Exchange-Traded Funds
(Cost $1,686,341)
 
1,804,732
 
 
Principal
Value
REPURCHASE AGREEMENT - 0.9% 
Fixed Income Clearing Corp.,
1.80% (F), dated 01/31/2025, to be
repurchased at $9,318,198 on 02/03/2025.
Collateralized by a U.S. Government
Obligation, 4.25%, due 11/30/2026, and
with a value of $9,503,302.
$  9,316,801
9,316,801
Total Repurchase Agreement
(Cost $9,316,801)
9,316,801
Total Investments
(Cost $840,161,388)
1,105,937,075
Net Other Assets (Liabilities) - 0.1%
1,371,787
Net Assets - 100.0%
 $  1,107,308,862
FUTURES CONTRACTS:
  
Long Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
Unrealized
Depreciation
S&P 500® E-Mini Index
128
03/21/2025
$38,383,295
$38,830,400
$447,105
$—
TOPIX Index
19
03/13/2025
3,350,178
3,419,130
68,952
—
Total Futures Contracts
$516,057
$—
Transamerica Funds
Page 1
Transamerica Asset Allocation - Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2025
(unaudited)
INVESTMENT VALUATION:
  
Valuation Inputs (G)
 
 
 
 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Value
ASSETS
Investments
Investment Companies
$1,094,814,555
$—
$—
$1,094,814,555
Exchange-Traded Funds
1,804,732
—
—
1,804,732
Repurchase Agreement
—
9,316,801
—
9,316,801
Total
$1,096,619,287
$9,316,801
$—
$1,105,936,088
Investment Companies Measured at Net Asset Value (D)
987
Total Investments
$1,105,937,075
Other Financial Instruments
Futures Contracts (H)
$516,057
$—
$—
$516,057
Total Other Financial Instruments
$516,057
$—
$—
$516,057
FOOTNOTES TO SCHEDULE OF INVESTMENTS: 
(A)
Percentage rounds to less than 0.1% or (0.1)%.
(B)
Non-income producing security.
(C)
Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s
transactions and earnings from these underlying funds are as follows: 
 
Affiliated Investments
Value
October 31,
2024
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Net Change in
Unrealized
Appreciation
(Depreciation)
Value
January 31,
2025
Shares as of
January 31,
2025
Dividend
Income
Net Capital
Gain
Distributions
Transamerica Capital
Growth
$23,847,106
$—
$(4,000,001
)
$595,756
$6,031,896
$26,474,757
2,133,341
$—
$—
Transamerica Emerging
Markets Equity
25,593,863
37,870
(8,999,999
)
(1,904,047
)
1,610,737
16,338,424
2,039,753
37,869
—
Transamerica Energy
Infrastructure
16,297,181
167,881
—
—
1,677,267
18,142,329
1,982,768
167,881
—
Transamerica Global
Allocation Liquidating Trust
1,051
—
—
—
(64
)
987
874
—
—
Transamerica International
Equity
92,321,738
10,749,770
—
—
458,720
103,530,228
4,851,463
2,449,811
299,959
Transamerica International
Focus
42,006,903
6,187,035
(5,500,000
)
985,152
(6,198,708
)
37,480,382
5,536,245
570,843
5,616,192
Transamerica International
Small Cap Value
7,416,361
3,420,796
—
—
(129,793
)
10,707,364
730,380
316,061
104,736
Transamerica International
Stock
104,404,955
9,139,216
—
—
(2,645,984
)
110,898,187
9,311,351
2,975,584
3,163,632
Transamerica Large Cap
Value
283,933,591
39,012,935
—
—
7,343,085
330,289,611
21,629,968
2,478,484
3,534,451
Transamerica Mid Cap
Growth
16,427,321
676,747
—
—
1,474,467
18,578,535
1,702,890
—
676,747
Transamerica Mid Cap
Value Opportunities
13,137,662
1,212,543
—
—
(797,211
)
13,552,994
1,235,460
199,531
1,013,012
Transamerica Small Cap
Growth
7,071,677
5,825,135
—
—
(135,908
)
12,760,904
1,954,197
—
825,135
Transamerica Small Cap
Value
7,839,820
5,739,264
—
—
(1,613,523
)
11,965,561
2,393,112
147,043
1,592,221
Transamerica Sustainable
Equity Income
33,226,135
3,351,388
—
—
(1,419,414
)
35,158,109
4,287,574
108,818
2,242,570
Transamerica US Growth
292,629,356
80,378,382
(9,000,000
)
(30,833
)
(15,039,735
)
348,937,170
11,183,884
504,748
41,873,635
Total
$966,154,720
$165,898,962
$(27,500,000
)
$(353,972
)
$(9,384,168
)
$1,094,815,542
70,973,260
$9,956,673
$60,942,290
 
Transamerica Funds
Page 2
Transamerica Asset Allocation - Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At January 31, 2025
(unaudited)
(D)
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.
(E)
Restricted security. At January 31, 2025, the total value of such securities held by the Fund is 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
$987
0.0
%(A)
 
(F)
Rate disclosed reflects the yield at January 31, 2025.
(G)
There were no transfers in or out of Level 3 during the period ended January 31, 2025. 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).
PORTFOLIO ABBREVIATION(S): 
TOPIX
Tokyo Price Index
Transamerica Funds
Page 3
Transamerica Asset Allocation - Growth Portfolio
NOTES TO SCHEDULE OF INVESTMENTS
At January 31, 2025
(unaudited)
INVESTMENT VALUATION
Transamerica Asset Allocation - Growth Portfolio (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 January 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:
Exchange-traded funds ("ETF"): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.
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.
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.
Transamerica Funds
Page 4
Transamerica Asset Allocation - Growth Portfolio
NOTES TO SCHEDULE OF INVESTMENTS (continued)
At January 31, 2025
(unaudited)
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
Page 5