# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-25-155306
**Filing Date:** 2025-7
**Character Count:** 5173805
**Document Hash:** c05149a3536168a62fb05fd8fd7163dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155306.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001193125-25-155306

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 198

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 251104005

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA IDEX MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20040301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FDS
- **DATE OF NAME CHANGE:** 20010504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FUNDS /
- **DATE OF NAME CHANGE:** 20010423

## Series and Classes Contracts Data

### Transamerica International Focus (Series ID: S000007778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021184 | I2           |  |
| C000198978 | A            | TGRHX           |
| C000198979 | C            | TGRJX           |
| C000198980 | I            | TGRGX           |
| C000198983 | R6           | TGRFX           |

### Transamerica Capital Growth (Series ID: S000007785)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021200 | A            | IALAX           |
| C000021202 | C            | ILLLX           |
| C000021203 | I2           |  |
| C000081825 | I            | TFOIX           |
| C000215064 | R6           | TCPWX           |
| C000234682 | R            | TAAEX           |

### Transamerica Multi-Managed Balanced (Series ID: S000007792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021228 | A            | IBALX           |
| C000021230 | C            | IBLLX           |
| C000021231 | I2           |  |
| C000081953 | I            | TBLIX           |
| C000156741 | R6           | TAMMX           |
| C000234683 | R            | TAAHX           |

### Transamerica High Yield Bond (Series ID: S000007793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021232 | A            | IHIYX           |
| C000021234 | C            | INCLX           |
| C000021235 | I2           |  |
| C000081826 | I            | TDHIX           |
| C000156743 | R6           | TAHBX           |
| C000171808 | R            | TAHRX           |
| C000171809 | R4           | TAHFX           |
| C000171810 | I3           | TAHTX           |

### Transamerica Bond (Series ID: S000007796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021244 | A            | IDITX           |
| C000021246 | C            | IFLLX           |
| C000021247 | I2           |  |
| C000081828 | I            | TFXIX           |
| C000156745 | R6           | TAFLX           |
| C000234684 | R            | TAADX           |

### Transamerica Government Money Market (Series ID: S000007798)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021252 | A            | IATXX           |
| C000021254 | C            | IMLXX           |
| C000021255 | I2           |  |
| C000081830 | I            | TAMXX           |
| C000171811 | R2           | TGRXX           |
| C000171812 | R4           | TFGXX           |
| C000171813 | I3           | TGTXX           |

### Transamerica Short-Term Bond (Series ID: S000007799)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021256 | I2           | TSIWX           |
| C000054268 | A            | ITAAX           |
| C000054269 | C            | ITACX           |
| C000081831 | I            | TSTIX           |
| C000156747 | R6           | TASTX           |
| C000237766 | I3           |  |
| C000237767 | R            |  |
| C000237768 | R4           |  |

### Transamerica Small/Mid Cap Value (Series ID: S000007801)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021260 | A            | IIVAX           |
| C000021262 | C            | IIVLX           |
| C000021263 | I2           | TSMVX           |
| C000081833 | I            | TSVIX           |
| C000156749 | R6           | TASMX           |

### Transamerica US Growth (Series ID: S000026829)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000080716 | A            | TADAX           |
| C000080718 | C            | TADCX           |
| C000080720 | I2           |  |
| C000081840 | I            | TDEIX           |
| C000110015 | T            | TWMTX           |
| C000228027 | R6           | TAGHX           |

### Transamerica Large Cap Value (Series ID: S000030315)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000093288 | A            | TWQAX           |
| C000093289 | C            | TWQCX           |
| C000093290 | I            | TWQIX           |
| C000093291 | I2           | TWQZX           |
| C000156757 | R6           | TALCX           |

### Transamerica International Equity (Series ID: S000030928)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095924 | A            | TRWAX           |
| C000095925 | C            | TRWCX           |
| C000095926 | I            | TSWIX           |
| C000095927 | I2           | TRWIX           |
| C000156759 | R6           | TAINX           |
| C000171814 | R            | TRWRX           |
| C000171815 | R4           | TRWFX           |
| C000171816 | I3           | TRWTX           |

### Transamerica Emerging Markets Debt (Series ID: S000033683)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000103735 | A            | EMTAX           |
| C000103736 | C            | EMTCX           |
| C000103737 | I            | EMTIX           |
| C000103738 | I2           |  |
| C000156761 | R6           | TAEDX           |

### Transamerica Small Cap Value (Series ID: S000036913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112971 | C            | TSLCX           |
| C000112972 | I            | TSLIX           |
| C000112973 | I2           |  |
| C000112974 | A            | TSLAX           |
| C000171817 | R            | TRSLX           |
| C000171818 | R4           | TSLFX           |
| C000171819 | I3           | TSLTX           |
| C000172145 | R6           | TSLRX           |

### Transamerica Small Cap Growth (Series ID: S000038166)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117711 | A            | ASGTX           |
| C000117712 | C            | CSGTX           |
| C000117713 | I            | ISCGX           |
| C000117714 | I2           | TSPIX           |
| C000171820 | R            | TSPRX           |
| C000171821 | R4           | TSPFX           |
| C000171822 | I3           | TSPTX           |
| C000172147 | R6           | RTSGX           |

### Transamerica Intermediate Muni (Series ID: S000038853)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119592 | A            | TAMUX           |
| C000119593 | C            | TCMUX           |
| C000119594 | I            | TIMUX           |
| C000173651 | I2           | TIMTX           |

### Transamerica Sustainable Equity Income (Series ID: S000039595)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122141 | A            | TDFAX           |
| C000122142 | C            | TDFCX           |
| C000122143 | I            | TDFIX           |
| C000122144 | I2           | TRDIX           |
| C000156763 | R6           | TADFX           |

### Transamerica International Small Cap Value (Series ID: S000039596)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122145 | I            | TISVX           |
| C000122146 | I2           |  |
| C000250399 | R6           | TSLSX           |

### Transamerica Energy Infrastructure (Series ID: S000040645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125977 | A            | TMLAX           |
| C000125978 | C            | TMCLX           |
| C000125979 | I            | TMLPX           |
| C000125980 | I2           |  |

### Transamerica High Yield Muni (Series ID: S000041702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129483 | A            | THAYX           |
| C000129484 | C            | THCYX           |
| C000129485 | I            | THYIX           |
| C000173652 | I2           | THYTX           |

### Transamerica Floating Rate (Series ID: S000042771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132297 | A            | TFLAX           |
| C000132298 | C            | TFLCX           |
| C000132299 | I            | TFLIX           |
| C000132300 | I2           |  |

### Transamerica Mid Cap Growth (Series ID: S000042772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132301 | A            | MCGAX           |
| C000132302 | C            | MGTCX           |
| C000132303 | I            | IMCGX           |
| C000132304 | I2           |  |
| C000171823 | R            | TMIRX           |
| C000171824 | R4           | TMIFX           |
| C000171825 | I3           | TMITX           |
| C000228028 | R6           | TAGFX           |

### Transamerica Inflation Opportunities (Series ID: S000044274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137927 | C            | TIOCX           |
| C000137928 | I            | ITIOX           |
| C000137929 | I2           |  |
| C000137930 | A            | TIOAX           |
| C000172159 | R6           | RTIOX           |
| C000244909 | R4           |  |
| C000244910 | R            |  |
| C000244911 | I3           |  |

### Transamerica Core Bond (formerly Transamerica Intermediate Bond) (Series ID: S000044275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137931 | I2           |  |
| C000171829 | R            | TMBRX           |
| C000171830 | R4           | TMBFX           |
| C000171831 | I3           | TMBTX           |
| C000228029 | R6           | TAGMX           |
| C000240465 | I            | TABGX           |
| C000240466 | A            | TABDX           |
| C000240467 | C            | TABEX           |

### Transamerica Multi-Asset Income (Series ID: S000044276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137932 | A            | TASHX           |
| C000137933 | C            | TCSHX           |
| C000137934 | I            | TSHIX           |
| C000137935 | I2           |  |

### Transamerica Mid Cap Value Opportunities (Series ID: S000045275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140993 | A            | MCVAX           |
| C000140994 | C            | MCVCX           |
| C000140995 | I            | MVTIX           |
| C000140996 | I2           | IAAEX           |
| C000171832 | R            | TOTRX           |
| C000171833 | R4           | TOTFX           |
| C000171834 | I3           | TOTTX           |
| C000172163 | R6           | MVTRX           |

### Transamerica Strategic Income (Series ID: S000047479)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000149082 | A            | TUNAX           |
| C000149084 | I            | TUNIX           |
| C000149085 | I2           |  |
| C000263010 | R6           | TUNRX           |

### Transamerica Asset Allocation Intermediate Horizon (Series ID: S000054674)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171782 | R            | TAARX           |
| C000171783 | R4           | TAAFX           |

### Transamerica Balanced II (Series ID: S000054678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171790 | R            | TBLRX           |
| C000171791 | R4           | TBLFX           |
| C000171792 | I3           | TBLTX           |

### Transamerica Large Core ESG (Series ID: S000054681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171799 | R            | TLARX           |
| C000171800 | R4           | TLAFX           |
| C000171801 | I3           | TLATX           |
| C000241382 | A            | TLACX           |
| C000241383 | R6           | TLASX           |

### Transamerica Large Growth (Series ID: S000054682)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171802 | R            | TGWRX           |
| C000171803 | R4           | TGWFX           |
| C000171804 | I3           | TGWTX           |
| C000228030 | R6           | TAGDX           |

### Transamerica Large Value Opportunities (Series ID: S000054683)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171805 | R            | TLORX           |
| C000171806 | R4           | TLOFX           |
| C000171807 | I3           | TLOTX           |

### Transamerica International Stock (Series ID: S000062055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200975 | Class A      | TIHAX           |
| C000200976 | Class I      | TIHBX           |
| C000200977 | Class R6     | TIHJX           |
| C000200978 | Class I2     | TIHIX           |

### Transamerica Emerging Markets Equity (formerly, Transamerica Emerging Markets Opportunities) (Series ID: S000067321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216501 | R6           | TEOOX           |
| C000216502 | R4           | TEOPX           |
| C000216503 | R3           | TEOQX           |
| C000216504 | A            | TEOAX           |
| C000216505 | I2           | TEOJX           |
| C000216506 | I            | TEOIX           |
| C000216507 | C            | TEOCX           |
| C000216508 | R            | TEORX           |

### Transamerica International Sustainable Equity (Series ID: S000080096)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241756 | I            | TISJX           |
| C000241757 | R6           | TISLX           |
| C000241758 | I2           | TISKX           |
| C000241759 | A            | TISDX           |

### Transamerica Long Credit (Series ID: S000080097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241760 | C            | TLCFX           |
| C000241761 | I            | TLCJX           |
| C000241762 | R6           | TLCKX           |
| C000241763 | A            | TLCDX           |
| C000246912 | I2           |  |

### Transamerica Sustainable Growth Equity (Series ID: S000080098)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241764 | I            | TSGJX           |
| C000241765 | R6           | TSGMX           |
| C000241766 | I2           | TSGKX           |
| C000241767 | A            | TSGDX           |

### Transamerica UltraShort Bond (Series ID: S000080099)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241768 | I            | TUSFX           |
| C000241769 | R6           | TUSHX           |
| C000241770 | C            | TUSDX           |
| C000241771 | A            | TUSBX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

As filed with the Securities and Exchange Commission on July 3, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

#### REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: <u>811-04556</u>

<u>TRANSAMERICA FUNDS</u> 

(Exact name of registrant as specified in charter)

<u>1801 California St., Suite 5200, Denver, CO 80202</u> 

(Address of principal executive offices) (Zip code)

<u>Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, CO 80202</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-233-4339

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>April 30, 2025\*</u>

<u>\*This Form N-CSR pertains to each series of the registrant except Transamerica Stock Index, which has a fiscal</u> 

<u>year end of December 31.</u> 

------

**Item 1.** **Reports to Stockholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Balanced II

# Class I3

## TBLTX
April 30, 2025

## Fund Overview
Transamerica Balanced II (the "Fund") seeks to provide a high total investment return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $31 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65653498 |
| Number of Portfolio Holdings | 533 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.5% |
| Corporate Debt Securities | 12.4 |
| U.S. Government Obligations | 11.4 |
| U.S. Government Agency Obligations | 10.3 |
| Commercial Paper | 7.2 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Repurchase Agreements | 1 |
| Other Investment Company | 0.3 |
| Foreign Government Obligations | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Balanced II

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.2 |
| Berkshire Hathaway, Inc., Class B | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Balanced II

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Balanced II

# Class R

## TBLRX
April 30, 2025

## Fund Overview
Transamerica Balanced II (the "Fund") seeks to provide a high total investment return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $54 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65653498 |
| Number of Portfolio Holdings | 533 |
| Portfolio Turnover Rate | 29% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.5% |
| Corporate Debt Securities | 12.4 |
| U.S. Government Obligations | 11.4 |
| U.S. Government Agency Obligations | 10.3 |
| Commercial Paper | 7.2 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Repurchase Agreements | 1 |
| Other Investment Company | 0.3 |
| Foreign Government Obligations | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Balanced II

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.4% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.2 |
| Berkshire Hathaway, Inc., Class B | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Balanced II

Class R

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class A

## IDITX
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class C

## IFLLX
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $76 | 1.52%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class I

## TFXIX
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class R

## TAADX
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond

# Class R6

## TAFLX
April 30, 2025

## Fund Overview
Transamerica Bond (the "Fund") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2361924034 |
| Number of Portfolio Holdings | 553 |
| Portfolio Turnover Rate | 27% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.22 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| U.S. Government Obligations | 28.0 |
| Asset-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 10.2 |
| U.S. Government Agency Obligations | 9.4 |
| Commercial Paper | 5.5 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.7 |
| Short-Term U.S. Government Obligation | 0.5 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Bond

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 37.4% |
| AAA | 15.4 |
| AA | 1.2 |
| A | 11.6 |
| BBB | 20.7 |
| BB | 7.7 |
| B | 1.7 |
| CCC | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 6.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.6% |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 2.3 |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 05/01/2055 | 2.2 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.3 |
| U.S. Treasury Bonds, 4.25%, 05/15/2039 | 1.2 |
| U.S. Treasury Notes, 2.63%, 01/31/2026 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.1 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Bond

# Class R6
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class A

## IALAX
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $59 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class C

## ILLLX
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $100 | 1.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class I

## TFOIX
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $39 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class R

## TAAEX
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $75 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Capital Growth

# Class R6

## TCPWX
April 30, 2025

## Fund Overview
Transamerica Capital Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $39 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1334180902 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 48% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.4% |
| Consumer Discretionary | 25.9 |
| Financials | 9.8 |
| Health Care | 8.0 |
| Communication Services | 4.8 |
| Industrials | 0.5 |
| Repurchase Agreements | 6.7 |
| Other Investment Company | 1.1 |
| Purchased Options | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Capital Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 11.1% |
| MicroStrategy, Inc., Class A | 7.5 |
| DoorDash, Inc., Class A | 7.4 |
| Tesla, Inc. | 7.1 |
| MercadoLibre, Inc. | 6.6 |
| Aurora Innovation, Inc. | 5.3 |
| Crowdstrike Holdings, Inc., Class A | 4.9 |
| ROBLOX Corp., Class A | 4.8 |
| Snowflake, Inc., Class A | 4.8 |
| Royalty Pharma PLC, Class A | 4.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Capital Growth

Class R6

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class A

## TABDX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class C

## TABEX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $76 | 1.52%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class I

## TABGX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class I3

## TMBTX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class I3

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class I3
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class R

## TMBRX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $47 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class R4

## TMBFX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class R4

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Core Bond

# Class R6

## TAGMX
April 30, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1658796466 |
| Number of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 36% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.46 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 30.7% |
| Corporate Debt Securities | 30.4 |
| U.S. Government Agency Obligations | 25.5 |
| Commercial Paper | 17.6 |
| Mortgage-Backed Securities | 6.1 |
| Asset-Backed Securities | 4.4 |
| Repurchase Agreements | 1.8 |
| Short-Term U.S. Government Obligations | 1.3 |
| Foreign Government Obligations | 0.8 |
| Other Investment Company | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (18.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Core Bond

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 57.5% |
| AAA | 9.0 |
| AA | 1.4 |
| A | 10.4 |
| BBB | 17.7 |
| BB | 2.8 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.2 |
| NR (Not Rated) | 17.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 3.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 2.4 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 05/01/2055 | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 06/01/2052 | 1.8 |
| U.S. Treasury Notes, 4.13%, 02/28/2027 | 1.6 |
| Thunder Bay Funding LLC, 4.58%, 05/16/2025 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 03/01/2052 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Core Bond

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class A

## EMTAX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229514495 |
| Number of Portfolio Holdings | 223 |
| Portfolio Turnover Rate | 100% |
| Average Maturity<sup>Footnote Reference§</sup> | 10.29 years |
| Duration<sup>Footnote Reference†</sup> | 5.05 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 57.5% |
| Corporate Debt Securities | 35.1 |
| Repurchase Agreements | 5.5 |
| Other Investment Company | 3.1 |
| Short-Term Foreign Government Obligations | 1.1 |
| U.S. Government Obligations | 0.4 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Debt

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 0.4% |
| AAA | 3.0 |
| AA | 4.3 |
| A | 8.2 |
| BBB | 25.9 |
| BB | 21.5 |
| B | 15.9 |
| CCC | 6.1 |
| Below CCC | 1.4 |
| NR (Not Rated) | 6.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 2.0% |
| Mexico Government International Bonds, 7.38%, 05/13/2055 | 2 |
| Mexico Government International Bonds, 6.88%, 05/13/2037 | 1.5 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.3 |
| Philippines Government International Bonds, 5.50%, 02/04/2035 | 1.3 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.1 |
| Egypt Treasury Bills, 26.40%, 10/21/2025 | 1.1 |
| Turkiye Government Bonds, 12.60%, 10/01/2025 | 1 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2033 | 1 |
| Petroleos Mexicanos, 6.84%, 01/23/2030 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Debt

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class C

## EMTCX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $96 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229514495 |
| Number of Portfolio Holdings | 223 |
| Portfolio Turnover Rate | 100% |
| Average Maturity<sup>Footnote Reference§</sup> | 10.29 years |
| Duration<sup>Footnote Reference†</sup> | 5.05 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 57.5% |
| Corporate Debt Securities | 35.1 |
| Repurchase Agreements | 5.5 |
| Other Investment Company | 3.1 |
| Short-Term Foreign Government Obligations | 1.1 |
| U.S. Government Obligations | 0.4 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Debt

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 0.4% |
| AAA | 3.0 |
| AA | 4.3 |
| A | 8.2 |
| BBB | 25.9 |
| BB | 21.5 |
| B | 15.9 |
| CCC | 6.1 |
| Below CCC | 1.4 |
| NR (Not Rated) | 6.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 2.0% |
| Mexico Government International Bonds, 7.38%, 05/13/2055 | 2 |
| Mexico Government International Bonds, 6.88%, 05/13/2037 | 1.5 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.3 |
| Philippines Government International Bonds, 5.50%, 02/04/2035 | 1.3 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.1 |
| Egypt Treasury Bills, 26.40%, 10/21/2025 | 1.1 |
| Turkiye Government Bonds, 12.60%, 10/01/2025 | 1 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2033 | 1 |
| Petroleos Mexicanos, 6.84%, 01/23/2030 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Debt

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class I

## EMTIX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229514495 |
| Number of Portfolio Holdings | 223 |
| Portfolio Turnover Rate | 100% |
| Average Maturity<sup>Footnote Reference§</sup> | 10.29 years |
| Duration<sup>Footnote Reference†</sup> | 5.05 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 57.5% |
| Corporate Debt Securities | 35.1 |
| Repurchase Agreements | 5.5 |
| Other Investment Company | 3.1 |
| Short-Term Foreign Government Obligations | 1.1 |
| U.S. Government Obligations | 0.4 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Debt

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 0.4% |
| AAA | 3.0 |
| AA | 4.3 |
| A | 8.2 |
| BBB | 25.9 |
| BB | 21.5 |
| B | 15.9 |
| CCC | 6.1 |
| Below CCC | 1.4 |
| NR (Not Rated) | 6.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 2.0% |
| Mexico Government International Bonds, 7.38%, 05/13/2055 | 2 |
| Mexico Government International Bonds, 6.88%, 05/13/2037 | 1.5 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.3 |
| Philippines Government International Bonds, 5.50%, 02/04/2035 | 1.3 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.1 |
| Egypt Treasury Bills, 26.40%, 10/21/2025 | 1.1 |
| Turkiye Government Bonds, 12.60%, 10/01/2025 | 1 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2033 | 1 |
| Petroleos Mexicanos, 6.84%, 01/23/2030 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Debt

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class I2

## IAADX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229514495 |
| Number of Portfolio Holdings | 223 |
| Portfolio Turnover Rate | 100% |
| Average Maturity<sup>Footnote Reference§</sup> | 10.29 years |
| Duration<sup>Footnote Reference†</sup> | 5.05 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 57.5% |
| Corporate Debt Securities | 35.1 |
| Repurchase Agreements | 5.5 |
| Other Investment Company | 3.1 |
| Short-Term Foreign Government Obligations | 1.1 |
| U.S. Government Obligations | 0.4 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Debt

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 0.4% |
| AAA | 3.0 |
| AA | 4.3 |
| A | 8.2 |
| BBB | 25.9 |
| BB | 21.5 |
| B | 15.9 |
| CCC | 6.1 |
| Below CCC | 1.4 |
| NR (Not Rated) | 6.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 2.0% |
| Mexico Government International Bonds, 7.38%, 05/13/2055 | 2 |
| Mexico Government International Bonds, 6.88%, 05/13/2037 | 1.5 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.3 |
| Philippines Government International Bonds, 5.50%, 02/04/2035 | 1.3 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.1 |
| Egypt Treasury Bills, 26.40%, 10/21/2025 | 1.1 |
| Turkiye Government Bonds, 12.60%, 10/01/2025 | 1 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2033 | 1 |
| Petroleos Mexicanos, 6.84%, 01/23/2030 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Debt

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class R6

## TAEDX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $229514495 |
| Number of Portfolio Holdings | 223 |
| Portfolio Turnover Rate | 100% |
| Average Maturity<sup>Footnote Reference§</sup> | 10.29 years |
| Duration<sup>Footnote Reference†</sup> | 5.05 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 57.5% |
| Corporate Debt Securities | 35.1 |
| Repurchase Agreements | 5.5 |
| Other Investment Company | 3.1 |
| Short-Term Foreign Government Obligations | 1.1 |
| U.S. Government Obligations | 0.4 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Debt

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 0.4% |
| AAA | 3.0 |
| AA | 4.3 |
| A | 8.2 |
| BBB | 25.9 |
| BB | 21.5 |
| B | 15.9 |
| CCC | 6.1 |
| Below CCC | 1.4 |
| NR (Not Rated) | 6.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 2.0% |
| Mexico Government International Bonds, 7.38%, 05/13/2055 | 2 |
| Mexico Government International Bonds, 6.88%, 05/13/2037 | 1.5 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.3 |
| Philippines Government International Bonds, 5.50%, 02/04/2035 | 1.3 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.1 |
| Egypt Treasury Bills, 26.40%, 10/21/2025 | 1.1 |
| Turkiye Government Bonds, 12.60%, 10/01/2025 | 1 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2033 | 1 |
| Petroleos Mexicanos, 6.84%, 01/23/2030 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Debt

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class I

## TEOIX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Equity (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $130530255 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.0 |
| Financials | 17.6 |
| Communication Services | 13.2 |
| Consumer Staples | 8.1 |
| Industrials | 6.3 |
| Energy | 6.0 |
| Health Care | 3.3 |
| Materials | 2.8 |
| Real Estate | 2.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Equity

# Class I

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| China | 21.1% |
| India | 13.7 |
| Taiwan | 13.3 |
| Republic of Korea | 10.6 |
| Brazil | 5.3 |
| Republic of South Africa | 4.9 |
| Mexico | 4.2 |
| Greece | 4.0 |
| Turkey | 3.1 |
| Uruguay | 2.6 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| Tencent Holdings Ltd. | 5.4 |
| Alibaba Group Holding Ltd. | 4.3 |
| Naspers Ltd., Class N | 3.6 |
| NetEase, Inc. | 3.4 |
| Samsung Electronics Co. Ltd. | 3.2 |
| Reliance Industries Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.3 |
| AIA Group Ltd. | 2.1 |
| Fairfax India Holdings Corp. | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Equity

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class I2

## TEOJX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Equity (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $130530255 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.0 |
| Financials | 17.6 |
| Communication Services | 13.2 |
| Consumer Staples | 8.1 |
| Industrials | 6.3 |
| Energy | 6.0 |
| Health Care | 3.3 |
| Materials | 2.8 |
| Real Estate | 2.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Equity

# Class I2

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| China | 21.1% |
| India | 13.7 |
| Taiwan | 13.3 |
| Republic of Korea | 10.6 |
| Brazil | 5.3 |
| Republic of South Africa | 4.9 |
| Mexico | 4.2 |
| Greece | 4.0 |
| Turkey | 3.1 |
| Uruguay | 2.6 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| Tencent Holdings Ltd. | 5.4 |
| Alibaba Group Holding Ltd. | 4.3 |
| Naspers Ltd., Class N | 3.6 |
| NetEase, Inc. | 3.4 |
| Samsung Electronics Co. Ltd. | 3.2 |
| Reliance Industries Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.3 |
| AIA Group Ltd. | 2.1 |
| Fairfax India Holdings Corp. | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Equity

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class R6

## TEOOX
April 30, 2025

## Fund Overview
Transamerica Emerging Markets Equity (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $130530255 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.0 |
| Financials | 17.6 |
| Communication Services | 13.2 |
| Consumer Staples | 8.1 |
| Industrials | 6.3 |
| Energy | 6.0 |
| Health Care | 3.3 |
| Materials | 2.8 |
| Real Estate | 2.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Emerging Markets Equity

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| China | 21.1% |
| India | 13.7 |
| Taiwan | 13.3 |
| Republic of Korea | 10.6 |
| Brazil | 5.3 |
| Republic of South Africa | 4.9 |
| Mexico | 4.2 |
| Greece | 4.0 |
| Turkey | 3.1 |
| Uruguay | 2.6 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| Tencent Holdings Ltd. | 5.4 |
| Alibaba Group Holding Ltd. | 4.3 |
| Naspers Ltd., Class N | 3.6 |
| NetEase, Inc. | 3.4 |
| Samsung Electronics Co. Ltd. | 3.2 |
| Reliance Industries Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.3 |
| AIA Group Ltd. | 2.1 |
| Fairfax India Holdings Corp. | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Emerging Markets Equity

# Class R6
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class A

## TMLAX
April 30, 2025

## Fund Overview
Transamerica Energy Infrastructure (the "Fund") seeks long-term growth of capital while providing current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 1.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $142953173 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.6% |
| Master Limited Partnerships | 23.7 |
| Repurchase Agreements | 6.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Energy Infrastructure

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 9.6% |
| Cheniere Energy, Inc. | 8.8 |
| Enterprise Products Partners LP | 7.5 |
| Energy Transfer LP | 6.8 |
| Kinder Morgan, Inc. | 6.4 |
| MPLX LP | 6.1 |
| TC Energy Corp. | 4.5 |
| Enbridge, Inc. | 4.4 |
| DT Midstream, Inc. | 4.2 |
| Targa Resources Corp. | 4.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Energy Infrastructure

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class C

## TMCLX
April 30, 2025

## Fund Overview
Transamerica Energy Infrastructure (the "Fund") seeks long-term growth of capital while providing current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $119 | 2.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $142953173 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.6% |
| Master Limited Partnerships | 23.7 |
| Repurchase Agreements | 6.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Energy Infrastructure

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 9.6% |
| Cheniere Energy, Inc. | 8.8 |
| Enterprise Products Partners LP | 7.5 |
| Energy Transfer LP | 6.8 |
| Kinder Morgan, Inc. | 6.4 |
| MPLX LP | 6.1 |
| TC Energy Corp. | 4.5 |
| Enbridge, Inc. | 4.4 |
| DT Midstream, Inc. | 4.2 |
| Targa Resources Corp. | 4.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Energy Infrastructure

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class I

## TMLPX
April 30, 2025

## Fund Overview
Transamerica Energy Infrastructure (the "Fund") seeks long-term growth of capital while providing current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $66 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $142953173 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.6% |
| Master Limited Partnerships | 23.7 |
| Repurchase Agreements | 6.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Energy Infrastructure

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 9.6% |
| Cheniere Energy, Inc. | 8.8 |
| Enterprise Products Partners LP | 7.5 |
| Energy Transfer LP | 6.8 |
| Kinder Morgan, Inc. | 6.4 |
| MPLX LP | 6.1 |
| TC Energy Corp. | 4.5 |
| Enbridge, Inc. | 4.4 |
| DT Midstream, Inc. | 4.2 |
| Targa Resources Corp. | 4.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Energy Infrastructure

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Energy Infrastructure (the "Fund") seeks long-term growth of capital while providing current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $61 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $142953173 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.6% |
| Master Limited Partnerships | 23.7 |
| Repurchase Agreements | 6.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Energy Infrastructure

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 9.6% |
| Cheniere Energy, Inc. | 8.8 |
| Enterprise Products Partners LP | 7.5 |
| Energy Transfer LP | 6.8 |
| Kinder Morgan, Inc. | 6.4 |
| MPLX LP | 6.1 |
| TC Energy Corp. | 4.5 |
| Enbridge, Inc. | 4.4 |
| DT Midstream, Inc. | 4.2 |
| Targa Resources Corp. | 4.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Energy Infrastructure

Class I2

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Floating Rate

# Class A

## TFLAX
April 30, 2025

## Fund Overview
Transamerica Floating Rate (the "Fund") seeks to achieve a high level of current income with capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $49 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $269338039 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 21% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.23 years |
| Duration<sup>Footnote Reference†</sup> | 0.43 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 86.4% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.9 |
| Asset-Backed Securities | 2.4 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 0.6 |
| Common Stocks | 0.1 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Floating Rate

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 2.4% |
| BBB | 0.9 |
| BB | 16.5 |
| B | 69.7 |
| CCC | 3.7 |
| Below CCC | 0.2 |
| NR (Not Rated) | 2.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.1% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan, 1-Month Term SOFR + 3.25%, 7.67%, 05/10/2027 | 0.9 |
| Magenta Security Holdings LLC, Super Priority Term Loan, 3-Month Term SOFR + 6.25%, 10.53%, 07/27/2028 | 0.8 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 8.44%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 1-Month Term SOFR + 3.75%, 8.17%, 02/11/2028 | 0.8 |
| First Brands Group LLC, Term Loan, 3-Month Term SOFR + 5.00%, 9.54%, 03/30/2027 | 0.7 |
| Apro LLC, Term Loan B, 3-Month Term SOFR + 3.75%, 8.05%, 07/09/2031 | 0.7 |
| Veritiv Corp., Term Loan B, 3-Month Term SOFR + 4.00%, 8.30%, 11/30/2030 | 0.7 |
| Upfield BV, Term Loan B12, 3-Month Term SOFR + 3.75%, 8.07%, 01/03/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Floating Rate

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Floating Rate

# Class C

## TFLCX
April 30, 2025

## Fund Overview
Transamerica Floating Rate (the "Fund") seeks to achieve a high level of current income with capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $269338039 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 21% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.23 years |
| Duration<sup>Footnote Reference†</sup> | 0.43 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 86.4% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.9 |
| Asset-Backed Securities | 2.4 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 0.6 |
| Common Stocks | 0.1 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Floating Rate

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 2.4% |
| BBB | 0.9 |
| BB | 16.5 |
| B | 69.7 |
| CCC | 3.7 |
| Below CCC | 0.2 |
| NR (Not Rated) | 2.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.1% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan, 1-Month Term SOFR + 3.25%, 7.67%, 05/10/2027 | 0.9 |
| Magenta Security Holdings LLC, Super Priority Term Loan, 3-Month Term SOFR + 6.25%, 10.53%, 07/27/2028 | 0.8 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 8.44%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 1-Month Term SOFR + 3.75%, 8.17%, 02/11/2028 | 0.8 |
| First Brands Group LLC, Term Loan, 3-Month Term SOFR + 5.00%, 9.54%, 03/30/2027 | 0.7 |
| Apro LLC, Term Loan B, 3-Month Term SOFR + 3.75%, 8.05%, 07/09/2031 | 0.7 |
| Veritiv Corp., Term Loan B, 3-Month Term SOFR + 4.00%, 8.30%, 11/30/2030 | 0.7 |
| Upfield BV, Term Loan B12, 3-Month Term SOFR + 3.75%, 8.07%, 01/03/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Floating Rate

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Floating Rate

# Class I

## TFLIX
April 30, 2025

## Fund Overview
Transamerica Floating Rate (the "Fund") seeks to achieve a high level of current income with capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $269338039 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 21% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.23 years |
| Duration<sup>Footnote Reference†</sup> | 0.43 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 86.4% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.9 |
| Asset-Backed Securities | 2.4 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 0.6 |
| Common Stocks | 0.1 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Floating Rate

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 2.4% |
| BBB | 0.9 |
| BB | 16.5 |
| B | 69.7 |
| CCC | 3.7 |
| Below CCC | 0.2 |
| NR (Not Rated) | 2.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.1% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan, 1-Month Term SOFR + 3.25%, 7.67%, 05/10/2027 | 0.9 |
| Magenta Security Holdings LLC, Super Priority Term Loan, 3-Month Term SOFR + 6.25%, 10.53%, 07/27/2028 | 0.8 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 8.44%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 1-Month Term SOFR + 3.75%, 8.17%, 02/11/2028 | 0.8 |
| First Brands Group LLC, Term Loan, 3-Month Term SOFR + 5.00%, 9.54%, 03/30/2027 | 0.7 |
| Apro LLC, Term Loan B, 3-Month Term SOFR + 3.75%, 8.05%, 07/09/2031 | 0.7 |
| Veritiv Corp., Term Loan B, 3-Month Term SOFR + 4.00%, 8.30%, 11/30/2030 | 0.7 |
| Upfield BV, Term Loan B12, 3-Month Term SOFR + 3.75%, 8.07%, 01/03/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Floating Rate

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Floating Rate

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Floating Rate (the "Fund") seeks to achieve a high level of current income with capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $269338039 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 21% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.23 years |
| Duration<sup>Footnote Reference†</sup> | 0.43 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 86.4% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.9 |
| Asset-Backed Securities | 2.4 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 0.6 |
| Common Stocks | 0.1 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Floating Rate

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 2.4% |
| BBB | 0.9 |
| BB | 16.5 |
| B | 69.7 |
| CCC | 3.7 |
| Below CCC | 0.2 |
| NR (Not Rated) | 2.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.1% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan, 1-Month Term SOFR + 3.25%, 7.67%, 05/10/2027 | 0.9 |
| Magenta Security Holdings LLC, Super Priority Term Loan, 3-Month Term SOFR + 6.25%, 10.53%, 07/27/2028 | 0.8 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 8.44%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 1-Month Term SOFR + 3.75%, 8.17%, 02/11/2028 | 0.8 |
| First Brands Group LLC, Term Loan, 3-Month Term SOFR + 5.00%, 9.54%, 03/30/2027 | 0.7 |
| Apro LLC, Term Loan B, 3-Month Term SOFR + 3.75%, 8.05%, 07/09/2031 | 0.7 |
| Veritiv Corp., Term Loan B, 3-Month Term SOFR + 4.00%, 8.30%, 11/30/2030 | 0.7 |
| Upfield BV, Term Loan B12, 3-Month Term SOFR + 3.75%, 8.07%, 01/03/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Floating Rate

# Class I2
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class A

## IATXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class A

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class A
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class C

## IMLXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $73 | 1.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class C

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class C
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class I

## TAMXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class I

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class I
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $19 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class I2

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class I2
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class I3

## TGTXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $19 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class I3

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class I3
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class R2

## TGRXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class R2

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class R2
![Image](g11914id1d61b91099f26ffd4c2.jpg)

Semi-Annual Shareholder Report

# Transamerica Government Money Market

# Class R4

## TFGXX
April 30, 2025

## Fund Overview
Transamerica Government Money Market (the "Fund") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $266871937 |
| Number of Portfolio Holdings | 92 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.18 years |
| Duration<sup>Footnote Reference†</sup> | 0.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica Government Money Market

# Class R4

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.3% |
| U.S. Treasury Bills, 4.50%, 05/29/2025 | 2.5 |
| U.S. Treasury Floating Rate Notes, 4.37%, 01/31/2027 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.40%, 07/31/2025 | 2.1 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.7 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.7 |
| Federal Home Loan Banks, 4.37%, 07/03/2025 | 1.6 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.5 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.4 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.1% |
| Short-Term U.S. Government Obligations | 20.0 |
| U.S. Government Obligations | 10.7 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Government Money Market

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class A

## IHIYX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class C

## INCLX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $85 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class I

## TDHIX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class I3

## TAHTX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class I3

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class I3
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class R

## TAHRX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class R4

## TAHFX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class R4

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Bond

# Class R6

## TAHBX
April 30, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1193433291 |
| Number of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 5.46 years |
| Duration<sup>Footnote Reference†</sup> | 3.01 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 90.0% |
| Other Investment Company | 12.7 |
| Loan Assignments | 6.2 |
| Repurchase Agreements | 0.8 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Bond

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.1% |
| BB | 44.4 |
| B | 35.7 |
| CCC | 7.9 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.6% |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.3 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 1.81%, 6.12%, 12/21/2065 | 1.2 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 | 1.1 |
| Constellium SE, 6.38%, 08/15/2032 | 1 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032 | 0.9 |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030 | 0.8 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.8 |
| UKG, Inc., Term Loan B, 1-Month Term SOFR + 3.00%, 7.32%, 02/10/2031 | 0.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Bond

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Muni

# Class A

## THAYX
April 30, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112632407 |
| Number of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 32% |
| Average Maturity<sup>Footnote Reference§</sup> | 16.66 years |
| Duration<sup>Footnote Reference†</sup> | 9.10 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.6% |
| Repurchase Agreements | 2.5 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Muni

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 0.2% |
| AA | 6.9 |
| A | 6.3 |
| BBB | 18.4 |
| BB | 6.5 |
| NR (Not Rated) | 57.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 3.4% |
| Development Authority of Lagrange, Revenue Bonds, Series A, 5.00%, 10/15/2052 | 2.0 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.5 |
| New Hampshire Business Finance Authority, Revenue Bonds, Zero Coupon, 12/01/2031 | 1.5 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.4 |
| Delaware State Economic Development Authority, Revenue Bonds, Series B, 5.25%, 11/15/2053 | 1.3 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation, Series 2, 6.00%, 06/15/2054 | 1.3 |
| Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited, Series A, 6.00%, 03/01/2053 | 1.3 |
| Washington State Housing Finance Commission, Revenue Bonds, 6.38%, 07/01/2063 | 1.3 |
| District of Columbia, Tax Allocation, Series B, Zero Coupon, 06/01/2049 | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Muni

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Muni

# Class C

## THCYX
April 30, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112632407 |
| Number of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 32% |
| Average Maturity<sup>Footnote Reference§</sup> | 16.66 years |
| Duration<sup>Footnote Reference†</sup> | 9.10 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.6% |
| Repurchase Agreements | 2.5 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Muni

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 0.2% |
| AA | 6.9 |
| A | 6.3 |
| BBB | 18.4 |
| BB | 6.5 |
| NR (Not Rated) | 57.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 3.4% |
| Development Authority of Lagrange, Revenue Bonds, Series A, 5.00%, 10/15/2052 | 2.0 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.5 |
| New Hampshire Business Finance Authority, Revenue Bonds, Zero Coupon, 12/01/2031 | 1.5 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.4 |
| Delaware State Economic Development Authority, Revenue Bonds, Series B, 5.25%, 11/15/2053 | 1.3 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation, Series 2, 6.00%, 06/15/2054 | 1.3 |
| Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited, Series A, 6.00%, 03/01/2053 | 1.3 |
| Washington State Housing Finance Commission, Revenue Bonds, 6.38%, 07/01/2063 | 1.3 |
| District of Columbia, Tax Allocation, Series B, Zero Coupon, 06/01/2049 | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Muni

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Muni

# Class I

## THYIX
April 30, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112632407 |
| Number of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 32% |
| Average Maturity<sup>Footnote Reference§</sup> | 16.66 years |
| Duration<sup>Footnote Reference†</sup> | 9.10 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.6% |
| Repurchase Agreements | 2.5 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Muni

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 0.2% |
| AA | 6.9 |
| A | 6.3 |
| BBB | 18.4 |
| BB | 6.5 |
| NR (Not Rated) | 57.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 3.4% |
| Development Authority of Lagrange, Revenue Bonds, Series A, 5.00%, 10/15/2052 | 2.0 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.5 |
| New Hampshire Business Finance Authority, Revenue Bonds, Zero Coupon, 12/01/2031 | 1.5 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.4 |
| Delaware State Economic Development Authority, Revenue Bonds, Series B, 5.25%, 11/15/2053 | 1.3 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation, Series 2, 6.00%, 06/15/2054 | 1.3 |
| Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited, Series A, 6.00%, 03/01/2053 | 1.3 |
| Washington State Housing Finance Commission, Revenue Bonds, 6.38%, 07/01/2063 | 1.3 |
| District of Columbia, Tax Allocation, Series B, Zero Coupon, 06/01/2049 | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Muni

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica High Yield Muni

# Class I2

## THYTX
April 30, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $112632407 |
| Number of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 32% |
| Average Maturity<sup>Footnote Reference§</sup> | 16.66 years |
| Duration<sup>Footnote Reference†</sup> | 9.10 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.6% |
| Repurchase Agreements | 2.5 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica High Yield Muni

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 0.2% |
| AA | 6.9 |
| A | 6.3 |
| BBB | 18.4 |
| BB | 6.5 |
| NR (Not Rated) | 57.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 3.4% |
| Development Authority of Lagrange, Revenue Bonds, Series A, 5.00%, 10/15/2052 | 2.0 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.5 |
| New Hampshire Business Finance Authority, Revenue Bonds, Zero Coupon, 12/01/2031 | 1.5 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.4 |
| Delaware State Economic Development Authority, Revenue Bonds, Series B, 5.25%, 11/15/2053 | 1.3 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation, Series 2, 6.00%, 06/15/2054 | 1.3 |
| Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited, Series A, 6.00%, 03/01/2053 | 1.3 |
| Washington State Housing Finance Commission, Revenue Bonds, 6.38%, 07/01/2063 | 1.3 |
| District of Columbia, Tax Allocation, Series B, Zero Coupon, 06/01/2049 | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica High Yield Muni

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class A

## TIOAX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class C

## TIOCX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $86 | 1.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I

## ITIOX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I3

## TIOBX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class I3

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class I3
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R

## TIODX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R4

## TIOEX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class R4

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R6

## RTIOX
April 30, 2025

## Fund Overview
Transamerica Inflation Opportunities (the "Fund") seeks maximum real return, consistent with appreciation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $139088221 |
| Number of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 14% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.17 years |
| Duration<sup>Footnote Reference†</sup> | 6.20 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 72.7% |
| Corporate Debt Securities | 13.7 |
| Foreign Government Obligations | 9.8 |
| Short-Term U.S. Government Obligations | 2.2 |
| Short-Term Investment Companies | 1.3 |
| Asset-Backed Securities | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Inflation Opportunities

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 74.9% |
| AAA | 1.6 |
| AA | 1.2 |
| A | 6.7 |
| BBB | 14.5 |
| NR (Not Rated) | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 07/15/2027 | 3.5% |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 3.2 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.7 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 07/15/2026 | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Inflation Opportunities

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Intermediate Muni

# Class A

## TAMUX
April 30, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $980877617 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 66% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.67 years |
| Duration<sup>Footnote Reference†</sup> | 5.81 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 97.4% |
| Repurchase Agreements | 4.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Intermediate Muni

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 9.0% |
| AA | 62.1 |
| A | 13.3 |
| BBB | 6.5 |
| BB | 0.6 |
| NR (Not Rated) | 5.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| County of Montgomery, General Obligation Unlimited, Series E, 2.30%, 11/01/2037 | 2.4% |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series A-4-1, 2.10%, 07/01/2049 | 1.8 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A4, 2.50%, 08/01/2045 | 1.7 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 2.50%, 06/15/2048 | 1.2 |
| Development Authority of Burke County, Revenue Bonds, 2.40%, 11/01/2052 | 1.1 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AGM), 5.25%, 07/01/2048 | 0.8 |
| California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 10/01/2039 | 0.8 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, (AGM), 4.00%, 11/15/2039 | 0.8 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Intermediate Muni

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Intermediate Muni

# Class C

## TCMUX
April 30, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $64 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $980877617 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 66% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.67 years |
| Duration<sup>Footnote Reference†</sup> | 5.81 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 97.4% |
| Repurchase Agreements | 4.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Intermediate Muni

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 9.0% |
| AA | 62.1 |
| A | 13.3 |
| BBB | 6.5 |
| BB | 0.6 |
| NR (Not Rated) | 5.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| County of Montgomery, General Obligation Unlimited, Series E, 2.30%, 11/01/2037 | 2.4% |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series A-4-1, 2.10%, 07/01/2049 | 1.8 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A4, 2.50%, 08/01/2045 | 1.7 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 2.50%, 06/15/2048 | 1.2 |
| Development Authority of Burke County, Revenue Bonds, 2.40%, 11/01/2052 | 1.1 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AGM), 5.25%, 07/01/2048 | 0.8 |
| California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 10/01/2039 | 0.8 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, (AGM), 4.00%, 11/15/2039 | 0.8 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Intermediate Muni

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Intermediate Muni

# Class I

## TIMUX
April 30, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $24 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $980877617 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 66% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.67 years |
| Duration<sup>Footnote Reference†</sup> | 5.81 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 97.4% |
| Repurchase Agreements | 4.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Intermediate Muni

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 9.0% |
| AA | 62.1 |
| A | 13.3 |
| BBB | 6.5 |
| BB | 0.6 |
| NR (Not Rated) | 5.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| County of Montgomery, General Obligation Unlimited, Series E, 2.30%, 11/01/2037 | 2.4% |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series A-4-1, 2.10%, 07/01/2049 | 1.8 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A4, 2.50%, 08/01/2045 | 1.7 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 2.50%, 06/15/2048 | 1.2 |
| Development Authority of Burke County, Revenue Bonds, 2.40%, 11/01/2052 | 1.1 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AGM), 5.25%, 07/01/2048 | 0.8 |
| California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 10/01/2039 | 0.8 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, (AGM), 4.00%, 11/15/2039 | 0.8 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Intermediate Muni

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Intermediate Muni

# Class I2

## TIMTX
April 30, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $24 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $980877617 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 66% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.67 years |
| Duration<sup>Footnote Reference†</sup> | 5.81 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 97.4% |
| Repurchase Agreements | 4.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Intermediate Muni

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| AAA | 9.0% |
| AA | 62.1 |
| A | 13.3 |
| BBB | 6.5 |
| BB | 0.6 |
| NR (Not Rated) | 5.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| County of Montgomery, General Obligation Unlimited, Series E, 2.30%, 11/01/2037 | 2.4% |
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Series A-4-1, 2.10%, 07/01/2049 | 1.8 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A4, 2.50%, 08/01/2045 | 1.7 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 2.50%, 06/15/2048 | 1.2 |
| Development Authority of Burke County, Revenue Bonds, 2.40%, 11/01/2052 | 1.1 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AGM), 5.25%, 07/01/2048 | 0.8 |
| California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 10/01/2039 | 0.8 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, (AGM), 4.00%, 11/15/2039 | 0.8 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Intermediate Muni

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class A

## TRWAX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $65 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class A

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class C

## TRWCX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $101 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class C

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class I

## TSWIX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $46 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class I

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class I2

## TRWIX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $41 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class I2

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class I3

## TRWTX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $41 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class I3

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I3
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class R

## TRWRX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $67 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class R

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class R4

## TRWFX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $54 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class R4

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Equity

# Class R6

## TAINX
April 30, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $41 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4200210441 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.7% |
| Industrials | 15.0 |
| Consumer Discretionary | 11.5 |
| Information Technology | 11.3 |
| Consumer Staples | 10.3 |
| Health Care | 9.9 |
| Materials | 6.6 |
| Energy | 5.9 |
| Utilities | 1.9 |
| Communication Services | 1.3 |
| Real Estate | 0.5 |
| Other Investment Company | 0.8 |
| Repurchase Agreements | 0.6 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Equity

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 19.2% |
| United Kingdom | 15.8 |
| Germany | 12.7 |
| France | 11.9 |
| Switzerland | 7.5 |
| Netherlands | 4.7 |
| Ireland | 4.6 |
| Australia | 2.9 |
| Belgium | 2.8 |
| Hong Kong | 2.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.6% |
| Roche Holding AG | 2.3 |
| SAP SE | 2.0 |
| Nestle SA | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Veolia Environnement SA | 1.9 |
| Lloyds Banking Group PLC | 1.8 |
| Hitachi Ltd. | 1.8 |
| Societe Generale SA | 1.8 |
| Toyota Industries Corp. | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus

# Class A

## TGRHX
April 30, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $728470830 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.1 |
| Industrials | 19.4 |
| Financials | 9.1 |
| Consumer Staples | 8.6 |
| Materials | 7.3 |
| Communication Services | 6.0 |
| Health Care | 4.4 |
| Repurchase Agreements | 4.3 |
| Other Investment Company | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Focus

# Class A

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.1% |
| Canada | 13.2 |
| United States | 9.1 |
| Netherlands | 9.0 |
| Germany | 7.1 |
| France | 6.5 |
| Switzerland | 6.4 |
| United Kingdom | 4.0 |
| Sweden | 4.0 |
| Italy | 3.5 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ITOCHU Corp. | 4.3% |
| Compass Group PLC | 4.0 |
| Safran SA | 4.0 |
| Waste Connections, Inc. | 3.9 |
| Constellation Software, Inc. | 3.9 |
| SAP SE | 3.9 |
| Linde PLC | 3.7 |
| Sika AG | 3.7 |
| Wolters Kluwer NV | 3.5 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus

# Class I

## TGRGX
April 30, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $728470830 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.1 |
| Industrials | 19.4 |
| Financials | 9.1 |
| Consumer Staples | 8.6 |
| Materials | 7.3 |
| Communication Services | 6.0 |
| Health Care | 4.4 |
| Repurchase Agreements | 4.3 |
| Other Investment Company | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Focus

# Class I

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.1% |
| Canada | 13.2 |
| United States | 9.1 |
| Netherlands | 9.0 |
| Germany | 7.1 |
| France | 6.5 |
| Switzerland | 6.4 |
| United Kingdom | 4.0 |
| Sweden | 4.0 |
| Italy | 3.5 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ITOCHU Corp. | 4.3% |
| Compass Group PLC | 4.0 |
| Safran SA | 4.0 |
| Waste Connections, Inc. | 3.9 |
| Constellation Software, Inc. | 3.9 |
| SAP SE | 3.9 |
| Linde PLC | 3.7 |
| Sika AG | 3.7 |
| Wolters Kluwer NV | 3.5 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $728470830 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.1 |
| Industrials | 19.4 |
| Financials | 9.1 |
| Consumer Staples | 8.6 |
| Materials | 7.3 |
| Communication Services | 6.0 |
| Health Care | 4.4 |
| Repurchase Agreements | 4.3 |
| Other Investment Company | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Focus

# Class I2

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.1% |
| Canada | 13.2 |
| United States | 9.1 |
| Netherlands | 9.0 |
| Germany | 7.1 |
| France | 6.5 |
| Switzerland | 6.4 |
| United Kingdom | 4.0 |
| Sweden | 4.0 |
| Italy | 3.5 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ITOCHU Corp. | 4.3% |
| Compass Group PLC | 4.0 |
| Safran SA | 4.0 |
| Waste Connections, Inc. | 3.9 |
| Constellation Software, Inc. | 3.9 |
| SAP SE | 3.9 |
| Linde PLC | 3.7 |
| Sika AG | 3.7 |
| Wolters Kluwer NV | 3.5 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus

# Class R6

## TGRFX
April 30, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $728470830 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 20.3% |
| Consumer Discretionary | 20.1 |
| Industrials | 19.4 |
| Financials | 9.1 |
| Consumer Staples | 8.6 |
| Materials | 7.3 |
| Communication Services | 6.0 |
| Health Care | 4.4 |
| Repurchase Agreements | 4.3 |
| Other Investment Company | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Focus

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.1% |
| Canada | 13.2 |
| United States | 9.1 |
| Netherlands | 9.0 |
| Germany | 7.1 |
| France | 6.5 |
| Switzerland | 6.4 |
| United Kingdom | 4.0 |
| Sweden | 4.0 |
| Italy | 3.5 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ITOCHU Corp. | 4.3% |
| Compass Group PLC | 4.0 |
| Safran SA | 4.0 |
| Waste Connections, Inc. | 3.9 |
| Constellation Software, Inc. | 3.9 |
| SAP SE | 3.9 |
| Linde PLC | 3.7 |
| Sika AG | 3.7 |
| Wolters Kluwer NV | 3.5 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Small Cap Value

# Class I

## TISVX
April 30, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $55 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $849877710 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.8% |
| Financials | 21.2 |
| Consumer Discretionary | 12.5 |
| Information Technology | 9.0 |
| Communication Services | 7.3 |
| Consumer Staples | 5.7 |
| Materials | 5.4 |
| Health Care | 5.1 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Other Investment Company | 1.3 |
| Preferred Stocks | 0.5 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Small Cap Value

# Class I

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 34.0% |
| United Kingdom | 14.5 |
| France | 6.1 |
| Netherlands | 5.4 |
| Germany | 5.0 |
| Australia | 4.7 |
| Norway | 3.4 |
| Ireland | 3.4 |
| Switzerland | 3.3 |
| Italy | 3.3 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Swissquote Group Holding SA | 3.3% |
| Bank of Ireland Group PLC | 2.9 |
| Sanwa Holdings Corp. | 2.8 |
| Van Lanschot Kempen NV | 2.7 |
| Capcom Co. Ltd. | 2.6 |
| Hikari Tsushin, Inc. | 1.9 |
| Square Enix Holdings Co. Ltd. | 1.9 |
| Barratt Redrow PLC | 1.8 |
| Logista Integral SA | 1.8 |
| Buzzi SpA | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Small Cap Value

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $49 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $849877710 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.8% |
| Financials | 21.2 |
| Consumer Discretionary | 12.5 |
| Information Technology | 9.0 |
| Communication Services | 7.3 |
| Consumer Staples | 5.7 |
| Materials | 5.4 |
| Health Care | 5.1 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Other Investment Company | 1.3 |
| Preferred Stocks | 0.5 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Small Cap Value

# Class I2

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 34.0% |
| United Kingdom | 14.5 |
| France | 6.1 |
| Netherlands | 5.4 |
| Germany | 5.0 |
| Australia | 4.7 |
| Norway | 3.4 |
| Ireland | 3.4 |
| Switzerland | 3.3 |
| Italy | 3.3 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Swissquote Group Holding SA | 3.3% |
| Bank of Ireland Group PLC | 2.9 |
| Sanwa Holdings Corp. | 2.8 |
| Van Lanschot Kempen NV | 2.7 |
| Capcom Co. Ltd. | 2.6 |
| Hikari Tsushin, Inc. | 1.9 |
| Square Enix Holdings Co. Ltd. | 1.9 |
| Barratt Redrow PLC | 1.8 |
| Logista Integral SA | 1.8 |
| Buzzi SpA | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Small Cap Value

# Class R6

## TSLSX
April 30, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $49 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $849877710 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.8% |
| Financials | 21.2 |
| Consumer Discretionary | 12.5 |
| Information Technology | 9.0 |
| Communication Services | 7.3 |
| Consumer Staples | 5.7 |
| Materials | 5.4 |
| Health Care | 5.1 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Other Investment Company | 1.3 |
| Preferred Stocks | 0.5 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Small Cap Value

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 34.0% |
| United Kingdom | 14.5 |
| France | 6.1 |
| Netherlands | 5.4 |
| Germany | 5.0 |
| Australia | 4.7 |
| Norway | 3.4 |
| Ireland | 3.4 |
| Switzerland | 3.3 |
| Italy | 3.3 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Swissquote Group Holding SA | 3.3% |
| Bank of Ireland Group PLC | 2.9 |
| Sanwa Holdings Corp. | 2.8 |
| Van Lanschot Kempen NV | 2.7 |
| Capcom Co. Ltd. | 2.6 |
| Hikari Tsushin, Inc. | 1.9 |
| Square Enix Holdings Co. Ltd. | 1.9 |
| Barratt Redrow PLC | 1.8 |
| Logista Integral SA | 1.8 |
| Buzzi SpA | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Stock

# Class A

## TIHAX
April 30, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $59 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $453665934 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Industrials | 16.4 |
| Health Care | 11.7 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 7.0 |
| Communication Services | 5.2 |
| Utilities | 4.2 |
| Materials | 3.5 |
| Real Estate | 1.9 |
| Energy | 1.8 |
| Repurchase Agreements | 4.2 |
| Other Investment Company | 3.5 |
| Preferred Stocks | 1.3 |
| Exchange-Traded Funds | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Stock

# Class A

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 23.6% |
| United Kingdom | 17.5 |
| Germany | 10.5 |
| France | 8.9 |
| Switzerland | 6.8 |
| Netherlands | 4.7 |
| Spain | 4.4 |
| Australia | 4.1 |
| Singapore | 3.4 |
| Italy | 2.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| SAP SE | 2.1% |
| Banco Santander SA | 2.1 |
| 3i Group PLC | 2.1 |
| ASML Holding NV | 1.8 |
| HSBC Holdings PLC | 1.8 |
| DBS Group Holdings Ltd. | 1.6 |
| Renault SA | 1.5 |
| KDDI Corp. | 1.5 |
| Rolls-Royce Holdings PLC | 1.5 |
| Novartis AG | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Stock

# Class I

## TIHBX
April 30, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $453665934 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Industrials | 16.4 |
| Health Care | 11.7 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 7.0 |
| Communication Services | 5.2 |
| Utilities | 4.2 |
| Materials | 3.5 |
| Real Estate | 1.9 |
| Energy | 1.8 |
| Repurchase Agreements | 4.2 |
| Other Investment Company | 3.5 |
| Preferred Stocks | 1.3 |
| Exchange-Traded Funds | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Stock

# Class I

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 23.6% |
| United Kingdom | 17.5 |
| Germany | 10.5 |
| France | 8.9 |
| Switzerland | 6.8 |
| Netherlands | 4.7 |
| Spain | 4.4 |
| Australia | 4.1 |
| Singapore | 3.4 |
| Italy | 2.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| SAP SE | 2.1% |
| Banco Santander SA | 2.1 |
| 3i Group PLC | 2.1 |
| ASML Holding NV | 1.8 |
| HSBC Holdings PLC | 1.8 |
| DBS Group Holdings Ltd. | 1.6 |
| Renault SA | 1.5 |
| KDDI Corp. | 1.5 |
| Rolls-Royce Holdings PLC | 1.5 |
| Novartis AG | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Stock

# Class I2

## TIHIX
April 30, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $40 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $453665934 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Industrials | 16.4 |
| Health Care | 11.7 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 7.0 |
| Communication Services | 5.2 |
| Utilities | 4.2 |
| Materials | 3.5 |
| Real Estate | 1.9 |
| Energy | 1.8 |
| Repurchase Agreements | 4.2 |
| Other Investment Company | 3.5 |
| Preferred Stocks | 1.3 |
| Exchange-Traded Funds | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Stock

# Class I2

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 23.6% |
| United Kingdom | 17.5 |
| Germany | 10.5 |
| France | 8.9 |
| Switzerland | 6.8 |
| Netherlands | 4.7 |
| Spain | 4.4 |
| Australia | 4.1 |
| Singapore | 3.4 |
| Italy | 2.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| SAP SE | 2.1% |
| Banco Santander SA | 2.1 |
| 3i Group PLC | 2.1 |
| ASML Holding NV | 1.8 |
| HSBC Holdings PLC | 1.8 |
| DBS Group Holdings Ltd. | 1.6 |
| Renault SA | 1.5 |
| KDDI Corp. | 1.5 |
| Rolls-Royce Holdings PLC | 1.5 |
| Novartis AG | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Stock

# Class R6

## TIHJX
April 30, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $40 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $453665934 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Industrials | 16.4 |
| Health Care | 11.7 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 7.0 |
| Communication Services | 5.2 |
| Utilities | 4.2 |
| Materials | 3.5 |
| Real Estate | 1.9 |
| Energy | 1.8 |
| Repurchase Agreements | 4.2 |
| Other Investment Company | 3.5 |
| Preferred Stocks | 1.3 |
| Exchange-Traded Funds | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Stock

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 23.6% |
| United Kingdom | 17.5 |
| Germany | 10.5 |
| France | 8.9 |
| Switzerland | 6.8 |
| Netherlands | 4.7 |
| Spain | 4.4 |
| Australia | 4.1 |
| Singapore | 3.4 |
| Italy | 2.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| SAP SE | 2.1% |
| Banco Santander SA | 2.1 |
| 3i Group PLC | 2.1 |
| ASML Holding NV | 1.8 |
| HSBC Holdings PLC | 1.8 |
| DBS Group Holdings Ltd. | 1.6 |
| Renault SA | 1.5 |
| KDDI Corp. | 1.5 |
| Rolls-Royce Holdings PLC | 1.5 |
| Novartis AG | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Sustainable Equity

# Class A

## TISDX
April 30, 2025

## Fund Overview
Transamerica International Sustainable Equity (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5843576 |
| Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 19.4% |
| Industrials | 16.6 |
| Information Technology | 14.5 |
| Health Care | 13.1 |
| Consumer Discretionary | 13.0 |
| Consumer Staples | 6.8 |
| Materials | 6.6 |
| Utilities | 3.6 |
| Communication Services | 2.2 |
| Real Estate | 1.3 |
| Other Investment Company | 3.2 |
| Repurchase Agreements | 2.5 |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Sustainable Equity

# Class A

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 13.1% |
| United Kingdom | 10.6 |
| France | 9.0 |
| Ireland | 6.2 |
| Germany | 6.1 |
| China | 4.4 |
| Switzerland | 4.3 |
| Hong Kong | 4.0 |
| Spain | 3.8 |
| Taiwan | 3.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8% |
| Sony Group Corp., ADR | 2.9 |
| BYD Co. Ltd., Class H | 2.9 |
| SAP SE | 2.8 |
| HDFC Bank Ltd., ADR | 2.8 |
| AIA Group Ltd. | 2.3 |
| Kerry Group PLC, Class A | 2.1 |
| Hitachi Ltd. | 2.0 |
| Aviva PLC | 1.8 |
| Koninklijke Ahold Delhaize NV | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Sustainable Equity

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica International Sustainable Equity

# Class R6

## TISLX
April 30, 2025

## Fund Overview
Transamerica International Sustainable Equity (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5843576 |
| Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 19.4% |
| Industrials | 16.6 |
| Information Technology | 14.5 |
| Health Care | 13.1 |
| Consumer Discretionary | 13.0 |
| Consumer Staples | 6.8 |
| Materials | 6.6 |
| Utilities | 3.6 |
| Communication Services | 2.2 |
| Real Estate | 1.3 |
| Other Investment Company | 3.2 |
| Repurchase Agreements | 2.5 |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica International Sustainable Equity

# Class R6

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 13.1% |
| United Kingdom | 10.6 |
| France | 9.0 |
| Ireland | 6.2 |
| Germany | 6.1 |
| China | 4.4 |
| Switzerland | 4.3 |
| Hong Kong | 4.0 |
| Spain | 3.8 |
| Taiwan | 3.8 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8% |
| Sony Group Corp., ADR | 2.9 |
| BYD Co. Ltd., Class H | 2.9 |
| SAP SE | 2.8 |
| HDFC Bank Ltd., ADR | 2.8 |
| AIA Group Ltd. | 2.3 |
| Kerry Group PLC, Class A | 2.1 |
| Hitachi Ltd. | 2.0 |
| Aviva PLC | 1.8 |
| Koninklijke Ahold Delhaize NV | 1.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Sustainable Equity

# Class R6
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Cap Value

# Class A

## TWQAX
April 30, 2025

## Fund Overview
Transamerica Large Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $49 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1878122293 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.0% |
| Health Care | 19.0 |
| Industrials | 15.9 |
| Communication Services | 7.8 |
| Energy | 6.9 |
| Information Technology | 6.5 |
| Consumer Discretionary | 5.5 |
| Materials | 5.2 |
| Consumer Staples | 5.2 |
| Real Estate | 3.7 |
| Utilities | 2.2 |
| Repurchase Agreements | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.5 |
| Abbott Laboratories | 3.3 |
| Blackrock, Inc. | 3.1 |
| Intercontinental Exchange, Inc. | 3.1 |
| RTX Corp. | 3.0 |
| Hartford Insurance Group, Inc. | 2.9 |
| AbbVie, Inc. | 2.8 |
| Boston Scientific Corp. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Cap Value

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Cap Value

# Class C

## TWQCX
April 30, 2025

## Fund Overview
Transamerica Large Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $86 | 1.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1878122293 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.0% |
| Health Care | 19.0 |
| Industrials | 15.9 |
| Communication Services | 7.8 |
| Energy | 6.9 |
| Information Technology | 6.5 |
| Consumer Discretionary | 5.5 |
| Materials | 5.2 |
| Consumer Staples | 5.2 |
| Real Estate | 3.7 |
| Utilities | 2.2 |
| Repurchase Agreements | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.5 |
| Abbott Laboratories | 3.3 |
| Blackrock, Inc. | 3.1 |
| Intercontinental Exchange, Inc. | 3.1 |
| RTX Corp. | 3.0 |
| Hartford Insurance Group, Inc. | 2.9 |
| AbbVie, Inc. | 2.8 |
| Boston Scientific Corp. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Cap Value

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Cap Value

# Class I

## TWQIX
April 30, 2025

## Fund Overview
Transamerica Large Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1878122293 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.0% |
| Health Care | 19.0 |
| Industrials | 15.9 |
| Communication Services | 7.8 |
| Energy | 6.9 |
| Information Technology | 6.5 |
| Consumer Discretionary | 5.5 |
| Materials | 5.2 |
| Consumer Staples | 5.2 |
| Real Estate | 3.7 |
| Utilities | 2.2 |
| Repurchase Agreements | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.5 |
| Abbott Laboratories | 3.3 |
| Blackrock, Inc. | 3.1 |
| Intercontinental Exchange, Inc. | 3.1 |
| RTX Corp. | 3.0 |
| Hartford Insurance Group, Inc. | 2.9 |
| AbbVie, Inc. | 2.8 |
| Boston Scientific Corp. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Cap Value

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Cap Value

# Class I2

## TWQZX
April 30, 2025

## Fund Overview
Transamerica Large Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $31 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1878122293 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.0% |
| Health Care | 19.0 |
| Industrials | 15.9 |
| Communication Services | 7.8 |
| Energy | 6.9 |
| Information Technology | 6.5 |
| Consumer Discretionary | 5.5 |
| Materials | 5.2 |
| Consumer Staples | 5.2 |
| Real Estate | 3.7 |
| Utilities | 2.2 |
| Repurchase Agreements | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.5 |
| Abbott Laboratories | 3.3 |
| Blackrock, Inc. | 3.1 |
| Intercontinental Exchange, Inc. | 3.1 |
| RTX Corp. | 3.0 |
| Hartford Insurance Group, Inc. | 2.9 |
| AbbVie, Inc. | 2.8 |
| Boston Scientific Corp. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Cap Value

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Cap Value

# Class R6

## TALCX
April 30, 2025

## Fund Overview
Transamerica Large Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $30 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1878122293 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.0% |
| Health Care | 19.0 |
| Industrials | 15.9 |
| Communication Services | 7.8 |
| Energy | 6.9 |
| Information Technology | 6.5 |
| Consumer Discretionary | 5.5 |
| Materials | 5.2 |
| Consumer Staples | 5.2 |
| Real Estate | 3.7 |
| Utilities | 2.2 |
| Repurchase Agreements | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.5 |
| Abbott Laboratories | 3.3 |
| Blackrock, Inc. | 3.1 |
| Intercontinental Exchange, Inc. | 3.1 |
| RTX Corp. | 3.0 |
| Hartford Insurance Group, Inc. | 2.9 |
| AbbVie, Inc. | 2.8 |
| Boston Scientific Corp. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Cap Value

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Core ESG

# Class A

## TLACX
April 30, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $150062929 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 55% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Financials | 15.5 |
| Health Care | 10.2 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.6 |
| Communication Services | 8.1 |
| Consumer Staples | 5.4 |
| Energy | 4.1 |
| Utilities | 2.5 |
| Real Estate | 1.6 |
| Materials | 1.5 |
| Exchange-Traded Funds | 0.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Core ESG

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 2.6 |
| JPMorgan Chase & Co. | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Broadcom, Inc. | 2.0 |
| Mastercard, Inc., Class A | 2.0 |
| Eli Lilly & Co. | 1.6 |
| Alphabet, Inc., Class A | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Core ESG

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Core ESG

# Class I3

## TLATX
April 30, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $27 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $150062929 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 55% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Financials | 15.5 |
| Health Care | 10.2 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.6 |
| Communication Services | 8.1 |
| Consumer Staples | 5.4 |
| Energy | 4.1 |
| Utilities | 2.5 |
| Real Estate | 1.6 |
| Materials | 1.5 |
| Exchange-Traded Funds | 0.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Core ESG

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 2.6 |
| JPMorgan Chase & Co. | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Broadcom, Inc. | 2.0 |
| Mastercard, Inc., Class A | 2.0 |
| Eli Lilly & Co. | 1.6 |
| Alphabet, Inc., Class A | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Core ESG

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Core ESG

# Class R

## TLARX
April 30, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $51 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $150062929 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 55% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Financials | 15.5 |
| Health Care | 10.2 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.6 |
| Communication Services | 8.1 |
| Consumer Staples | 5.4 |
| Energy | 4.1 |
| Utilities | 2.5 |
| Real Estate | 1.6 |
| Materials | 1.5 |
| Exchange-Traded Funds | 0.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Core ESG

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 2.6 |
| JPMorgan Chase & Co. | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Broadcom, Inc. | 2.0 |
| Mastercard, Inc., Class A | 2.0 |
| Eli Lilly & Co. | 1.6 |
| Alphabet, Inc., Class A | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Core ESG

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Core ESG

# Class R4

## TLAFX
April 30, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $150062929 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 55% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Financials | 15.5 |
| Health Care | 10.2 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.6 |
| Communication Services | 8.1 |
| Consumer Staples | 5.4 |
| Energy | 4.1 |
| Utilities | 2.5 |
| Real Estate | 1.6 |
| Materials | 1.5 |
| Exchange-Traded Funds | 0.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Core ESG

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 2.6 |
| JPMorgan Chase & Co. | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Broadcom, Inc. | 2.0 |
| Mastercard, Inc., Class A | 2.0 |
| Eli Lilly & Co. | 1.6 |
| Alphabet, Inc., Class A | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Core ESG

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Core ESG

# Class R6

## TLASX
April 30, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $27 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $150062929 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 55% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Financials | 15.5 |
| Health Care | 10.2 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.6 |
| Communication Services | 8.1 |
| Consumer Staples | 5.4 |
| Energy | 4.1 |
| Utilities | 2.5 |
| Real Estate | 1.6 |
| Materials | 1.5 |
| Exchange-Traded Funds | 0.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Core ESG

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.3 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 2.6 |
| JPMorgan Chase & Co. | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Broadcom, Inc. | 2.0 |
| Mastercard, Inc., Class A | 2.0 |
| Eli Lilly & Co. | 1.6 |
| Alphabet, Inc., Class A | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Core ESG

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Growth

# Class I3

## TGWTX
April 30, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319143083 |
| Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.6% |
| Consumer Discretionary | 19.2 |
| Communication Services | 10.6 |
| Financials | 9.1 |
| Health Care | 7.7 |
| Industrials | 1.8 |
| Consumer Staples | 1.4 |
| Real Estate | 0.8 |
| Materials | 0.8 |
| Energy | 0.1 |
| Repurchase Agreements | 4.0 |
| Purchased Options | 0.1 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 5.7% |
| Tesla, Inc. | 4.5 |
| Apple, Inc. | 4.2 |
| NVIDIA Corp. | 4.1 |
| DoorDash, Inc., Class A | 4.1 |
| MicroStrategy, Inc., Class A | 3.6 |
| Microsoft Corp. | 3.6 |
| MercadoLibre, Inc. | 3.4 |
| Shopify, Inc., Class A | 3.0 |
| Affirm Holdings, Inc. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Growth

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Growth

# Class R

## TGWRX
April 30, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $63 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319143083 |
| Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.6% |
| Consumer Discretionary | 19.2 |
| Communication Services | 10.6 |
| Financials | 9.1 |
| Health Care | 7.7 |
| Industrials | 1.8 |
| Consumer Staples | 1.4 |
| Real Estate | 0.8 |
| Materials | 0.8 |
| Energy | 0.1 |
| Repurchase Agreements | 4.0 |
| Purchased Options | 0.1 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 5.7% |
| Tesla, Inc. | 4.5 |
| Apple, Inc. | 4.2 |
| NVIDIA Corp. | 4.1 |
| DoorDash, Inc., Class A | 4.1 |
| MicroStrategy, Inc., Class A | 3.6 |
| Microsoft Corp. | 3.6 |
| MercadoLibre, Inc. | 3.4 |
| Shopify, Inc., Class A | 3.0 |
| Affirm Holdings, Inc. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Growth

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Growth

# Class R4

## TGWFX
April 30, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319143083 |
| Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.6% |
| Consumer Discretionary | 19.2 |
| Communication Services | 10.6 |
| Financials | 9.1 |
| Health Care | 7.7 |
| Industrials | 1.8 |
| Consumer Staples | 1.4 |
| Real Estate | 0.8 |
| Materials | 0.8 |
| Energy | 0.1 |
| Repurchase Agreements | 4.0 |
| Purchased Options | 0.1 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 5.7% |
| Tesla, Inc. | 4.5 |
| Apple, Inc. | 4.2 |
| NVIDIA Corp. | 4.1 |
| DoorDash, Inc., Class A | 4.1 |
| MicroStrategy, Inc., Class A | 3.6 |
| Microsoft Corp. | 3.6 |
| MercadoLibre, Inc. | 3.4 |
| Shopify, Inc., Class A | 3.0 |
| Affirm Holdings, Inc. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Growth

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Growth

# Class R6

## TAGDX
April 30, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $38 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319143083 |
| Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.6% |
| Consumer Discretionary | 19.2 |
| Communication Services | 10.6 |
| Financials | 9.1 |
| Health Care | 7.7 |
| Industrials | 1.8 |
| Consumer Staples | 1.4 |
| Real Estate | 0.8 |
| Materials | 0.8 |
| Energy | 0.1 |
| Repurchase Agreements | 4.0 |
| Purchased Options | 0.1 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 5.7% |
| Tesla, Inc. | 4.5 |
| Apple, Inc. | 4.2 |
| NVIDIA Corp. | 4.1 |
| DoorDash, Inc., Class A | 4.1 |
| MicroStrategy, Inc., Class A | 3.6 |
| Microsoft Corp. | 3.6 |
| MercadoLibre, Inc. | 3.4 |
| Shopify, Inc., Class A | 3.0 |
| Affirm Holdings, Inc. | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Growth

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class I3

## TLOTX
April 30, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $26 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $233215370 |
| Number of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 62% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 24.6% |
| Health Care | 14.1 |
| Industrials | 10.8 |
| Consumer Staples | 9.7 |
| Information Technology | 9.7 |
| Consumer Discretionary | 7.8 |
| Energy | 6.7 |
| Utilities | 4.8 |
| Communication Services | 3.6 |
| Materials | 3.5 |
| Real Estate | 2.7 |
| Exchange-Traded Funds | 1.7 |
| Other Investment Company | 1.6 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Value Opportunities

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc., Class B | 3.9% |
| JPMorgan Chase & Co. | 3.6 |
| Exxon Mobil Corp. | 2.9 |
| Home Depot, Inc. | 1.9 |
| iShares Russell 1000 Value ETF | 1.7 |
| PepsiCo, Inc. | 1.7 |
| QUALCOMM, Inc. | 1.6 |
| TJX Cos., Inc. | 1.5 |
| Progressive Corp. | 1.5 |
| Altria Group, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Value Opportunities

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class R

## TLORX
April 30, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $49 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $233215370 |
| Number of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 62% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 24.6% |
| Health Care | 14.1 |
| Industrials | 10.8 |
| Consumer Staples | 9.7 |
| Information Technology | 9.7 |
| Consumer Discretionary | 7.8 |
| Energy | 6.7 |
| Utilities | 4.8 |
| Communication Services | 3.6 |
| Materials | 3.5 |
| Real Estate | 2.7 |
| Exchange-Traded Funds | 1.7 |
| Other Investment Company | 1.6 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Value Opportunities

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc., Class B | 3.9% |
| JPMorgan Chase & Co. | 3.6 |
| Exxon Mobil Corp. | 2.9 |
| Home Depot, Inc. | 1.9 |
| iShares Russell 1000 Value ETF | 1.7 |
| PepsiCo, Inc. | 1.7 |
| QUALCOMM, Inc. | 1.6 |
| TJX Cos., Inc. | 1.5 |
| Progressive Corp. | 1.5 |
| Altria Group, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Value Opportunities

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class R4

## TLOFX
April 30, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $233215370 |
| Number of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 62% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 24.6% |
| Health Care | 14.1 |
| Industrials | 10.8 |
| Consumer Staples | 9.7 |
| Information Technology | 9.7 |
| Consumer Discretionary | 7.8 |
| Energy | 6.7 |
| Utilities | 4.8 |
| Communication Services | 3.6 |
| Materials | 3.5 |
| Real Estate | 2.7 |
| Exchange-Traded Funds | 1.7 |
| Other Investment Company | 1.6 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Large Value Opportunities

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc., Class B | 3.9% |
| JPMorgan Chase & Co. | 3.6 |
| Exxon Mobil Corp. | 2.9 |
| Home Depot, Inc. | 1.9 |
| iShares Russell 1000 Value ETF | 1.7 |
| PepsiCo, Inc. | 1.7 |
| QUALCOMM, Inc. | 1.6 |
| TJX Cos., Inc. | 1.5 |
| Progressive Corp. | 1.5 |
| Altria Group, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Large Value Opportunities

Class R4

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Long Credit

# Class A

## TLCDX
April 30, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $560449538 |
| Number of Portfolio Holdings | 271 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 22.66 years |
| Duration<sup>Footnote Reference†</sup> | 12.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 86.2% |
| U.S. Government Obligations | 7.5 |
| Foreign Government Obligations | 2.5 |
| Other Investment Company | 1.7 |
| Asset-Backed Securities | 1.4 |
| Repurchase Agreements | 0.9 |
| U.S. Government Agency Obligations | 0.5 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Long Credit

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.0% |
| AAA | 2.3 |
| AA | 4.8 |
| A | 31.5 |
| BBB | 50.1 |
| BB | 1.3 |
| B | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.6% |
| U.S. Treasury Bonds, 1.88%, 11/15/2051 | 1.5 |
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.2 |
| JPMorgan Chase & Co., 3-Month Term SOFR, 3.11%, 04/22/2041 | 1.1 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 1 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Long Credit

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Long Credit

# Class I

## TLCJX
April 30, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $560449538 |
| Number of Portfolio Holdings | 271 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 22.66 years |
| Duration<sup>Footnote Reference†</sup> | 12.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 86.2% |
| U.S. Government Obligations | 7.5 |
| Foreign Government Obligations | 2.5 |
| Other Investment Company | 1.7 |
| Asset-Backed Securities | 1.4 |
| Repurchase Agreements | 0.9 |
| U.S. Government Agency Obligations | 0.5 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Long Credit

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.0% |
| AAA | 2.3 |
| AA | 4.8 |
| A | 31.5 |
| BBB | 50.1 |
| BB | 1.3 |
| B | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.6% |
| U.S. Treasury Bonds, 1.88%, 11/15/2051 | 1.5 |
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.2 |
| JPMorgan Chase & Co., 3-Month Term SOFR, 3.11%, 04/22/2041 | 1.1 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 1 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Long Credit

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Long Credit

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $560449538 |
| Number of Portfolio Holdings | 271 |
| Portfolio Turnover Rate | 17% |
| Average Maturity<sup>Footnote Reference§</sup> | 22.66 years |
| Duration<sup>Footnote Reference†</sup> | 12.07 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 86.2% |
| U.S. Government Obligations | 7.5 |
| Foreign Government Obligations | 2.5 |
| Other Investment Company | 1.7 |
| Asset-Backed Securities | 1.4 |
| Repurchase Agreements | 0.9 |
| U.S. Government Agency Obligations | 0.5 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Long Credit

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.0% |
| AAA | 2.3 |
| AA | 4.8 |
| A | 31.5 |
| BBB | 50.1 |
| BB | 1.3 |
| B | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.6% |
| U.S. Treasury Bonds, 1.88%, 11/15/2051 | 1.5 |
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.2 |
| JPMorgan Chase & Co., 3-Month Term SOFR, 3.11%, 04/22/2041 | 1.1 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 1 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Long Credit

# Class I2
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class A

## MCGAX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class C

## MGTCX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 1.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I

## IMCGX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I3

## TMITX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R

## TMIRX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $66 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R4

## TMIFX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $47 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R6

## TAGFX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $128996440 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 49% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 31.0% |
| Industrials | 19.4 |
| Financials | 12.4 |
| Communication Services | 10.1 |
| Health Care | 9.5 |
| Consumer Staples | 5.5 |
| Consumer Discretionary | 5.2 |
| Energy | 4.1 |
| Real Estate | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Palantir Technologies, Inc., Class A | 6.3% |
| ARES Management Corp., Class A | 4.4 |
| Targa Resources Corp. | 4.1 |
| Clean Harbors, Inc. | 4.1 |
| Axon Enterprise, Inc. | 3.6 |
| Gartner, Inc. | 3.6 |
| Tradeweb Markets, Inc., Class A | 3.3 |
| CDW Corp. | 3.3 |
| Veeva Systems, Inc., Class A | 3.3 |
| HubSpot, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Growth

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class A

## MCVAX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class C

## MCVCX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $93 | 1.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I

## MVTIX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I2

## IAAEX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I3

## TOTTX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R

## TOTRX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $61 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R4

## TOTFX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $44 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R6

## MVTRX
April 30, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $964066658 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 30% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.8% |
| Consumer Staples | 13.8 |
| Communication Services | 11.8 |
| Industrials | 11.7 |
| Financials | 11.5 |
| Materials | 9.2 |
| Utilities | 7.9 |
| Energy | 6.2 |
| Information Technology | 4.3 |
| Real Estate | 2.6 |
| Consumer Discretionary | 2.6 |
| Repurchase Agreements | 1.6 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Mid Cap Value Opportunities

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mosaic Co. | 2.7% |
| Huntington Ingalls Industries, Inc. | 2.5 |
| Dominion Energy, Inc. | 2.4 |
| HF Sinclair Corp. | 2.3 |
| Baxter International, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| First Citizens BancShares, Inc., Class A | 2.1 |
| Archer-Daniels-Midland Co. | 2.1 |
| Liberty Broadband Corp., Class C | 2.1 |
| LKQ Corp. | 2.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Mid Cap Value Opportunities

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class A

## TASHX
April 30, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $48 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717364639 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 52.0% |
| Common Stocks | 41.8 |
| Other Investment Company | 6.1 |
| Preferred Stocks | 4.9 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Multi-Asset Income

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 2.6% |
| Alphabet, Inc., Class C | 2.5 |
| Apple, Inc. | 2.2 |
| International Business Machines Corp. | 2.2 |
| Goldman Sachs Group, Inc. | 1.9 |
| Merck & Co., Inc. | 1.8 |
| AbbVie, Inc. | 1.6 |
| Broadcom, Inc. | 1.6 |
| Blackrock, Inc. | 1.5 |
| Meta Platforms, Inc., Class A | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Multi-Asset Income

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class C

## TCSHX
April 30, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717364639 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 52.0% |
| Common Stocks | 41.8 |
| Other Investment Company | 6.1 |
| Preferred Stocks | 4.9 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Multi-Asset Income

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 2.6% |
| Alphabet, Inc., Class C | 2.5 |
| Apple, Inc. | 2.2 |
| International Business Machines Corp. | 2.2 |
| Goldman Sachs Group, Inc. | 1.9 |
| Merck & Co., Inc. | 1.8 |
| AbbVie, Inc. | 1.6 |
| Broadcom, Inc. | 1.6 |
| Blackrock, Inc. | 1.5 |
| Meta Platforms, Inc., Class A | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Multi-Asset Income

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class I

## TSHIX
April 30, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $36 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717364639 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 52.0% |
| Common Stocks | 41.8 |
| Other Investment Company | 6.1 |
| Preferred Stocks | 4.9 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Multi-Asset Income

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 2.6% |
| Alphabet, Inc., Class C | 2.5 |
| Apple, Inc. | 2.2 |
| International Business Machines Corp. | 2.2 |
| Goldman Sachs Group, Inc. | 1.9 |
| Merck & Co., Inc. | 1.8 |
| AbbVie, Inc. | 1.6 |
| Broadcom, Inc. | 1.6 |
| Blackrock, Inc. | 1.5 |
| Meta Platforms, Inc., Class A | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Multi-Asset Income

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717364639 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 52.0% |
| Common Stocks | 41.8 |
| Other Investment Company | 6.1 |
| Preferred Stocks | 4.9 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Multi-Asset Income

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 2.6% |
| Alphabet, Inc., Class C | 2.5 |
| Apple, Inc. | 2.2 |
| International Business Machines Corp. | 2.2 |
| Goldman Sachs Group, Inc. | 1.9 |
| Merck & Co., Inc. | 1.8 |
| AbbVie, Inc. | 1.6 |
| Broadcom, Inc. | 1.6 |
| Blackrock, Inc. | 1.5 |
| Meta Platforms, Inc., Class A | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Multi-Asset Income

Class I2

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class A

## IBALX
April 30, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1329929622 |
| Number of Portfolio Holdings | 639 |
| Portfolio Turnover Rate | 26% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.32 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| U.S. Government Obligations | 12.3 |
| Corporate Debt Securities | 11.7 |
| U.S. Government Agency Obligations | 10.1 |
| Commercial Paper | 7.3 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1.3 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Multi-Managed Balanced

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.9 |
| BBB | 6.9 |
| BB | 0.9 |
| NR (Not Rated) | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Multi-Managed Balanced

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class C

## IBLLX
April 30, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1329929622 |
| Number of Portfolio Holdings | 639 |
| Portfolio Turnover Rate | 26% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.32 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| U.S. Government Obligations | 12.3 |
| Corporate Debt Securities | 11.7 |
| U.S. Government Agency Obligations | 10.1 |
| Commercial Paper | 7.3 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1.3 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Multi-Managed Balanced

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.9 |
| BBB | 6.9 |
| BB | 0.9 |
| NR (Not Rated) | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Multi-Managed Balanced

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class I

## TBLIX
April 30, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $36 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1329929622 |
| Number of Portfolio Holdings | 639 |
| Portfolio Turnover Rate | 26% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.32 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| U.S. Government Obligations | 12.3 |
| Corporate Debt Securities | 11.7 |
| U.S. Government Agency Obligations | 10.1 |
| Commercial Paper | 7.3 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1.3 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Multi-Managed Balanced

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.9 |
| BBB | 6.9 |
| BB | 0.9 |
| NR (Not Rated) | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Multi-Managed Balanced

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class R

## TAAHX
April 30, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $60 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1329929622 |
| Number of Portfolio Holdings | 639 |
| Portfolio Turnover Rate | 26% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.32 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| U.S. Government Obligations | 12.3 |
| Corporate Debt Securities | 11.7 |
| U.S. Government Agency Obligations | 10.1 |
| Commercial Paper | 7.3 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1.3 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Multi-Managed Balanced

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.9 |
| BBB | 6.9 |
| BB | 0.9 |
| NR (Not Rated) | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Multi-Managed Balanced

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class R6

## TAMMX
April 30, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1329929622 |
| Number of Portfolio Holdings | 639 |
| Portfolio Turnover Rate | 26% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.32 years |
| Duration<sup>Footnote Reference†</sup> | 5.87 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| U.S. Government Obligations | 12.3 |
| Corporate Debt Securities | 11.7 |
| U.S. Government Agency Obligations | 10.1 |
| Commercial Paper | 7.3 |
| Mortgage-Backed Securities | 2.1 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1.3 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Multi-Managed Balanced

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.9 |
| BBB | 6.9 |
| BB | 0.9 |
| NR (Not Rated) | 7.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| Apple, Inc. | 4.0 |
| NVIDIA Corp. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Meta Platforms, Inc., Class A | 1.8 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 05/01/2054 | 1.6 |
| Alphabet, Inc., Class A | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 02/01/2052 | 1.2 |
| Broadcom, Inc. | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 05/01/2054 | 1.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Multi-Managed Balanced

# Class R6
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class A

## ITAAX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class C

## ITACX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $74 | 1.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class C

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class C
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I

## TSTIX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I2

## TSIWX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class I2
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I3

## TAAQX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class I3

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class I3
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R

## TAASX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class R

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class R
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R4

## TAAUX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class R4

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class R4
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R6

## TASTX
April 30, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3352686129 |
| Number of Portfolio Holdings | 345 |
| Portfolio Turnover Rate | 29% |
| Average Maturity<sup>Footnote Reference§</sup> | 1.97 years |
| Duration<sup>Footnote Reference†</sup> | 1.89 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 63.8% |
| Asset-Backed Securities | 13.8 |
| Mortgage-Backed Securities | 9.9 |
| U.S. Government Obligations | 8.5 |
| Repurchase Agreements | 2.0 |
| U.S. Government Agency Obligations | 1.3 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Short-Term Bond

# Class R6

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 9.9% |
| AAA | 19.3 |
| AA | 2.5 |
| A | 21.5 |
| BBB | 42.7 |
| BB | 2.6 |
| Below CCC | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 3.4% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 2.5 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1.8 |
| Wells Fargo & Co., Fixed until 05/22/2027, 3.58%, 05/22/2028 | 1 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., Fixed until 06/09/2026, 1.46%, 06/09/2027 | 0.8 |
| Barclays PLC, Fixed until 11/02/2025, 7.33%, 11/02/2026 | 0.8 |
| Bank of America Corp., Fixed until 04/27/2027, 4.38%, 04/27/2028 | 0.8 |
| Infor LLC, 1.75%, 07/15/2025 | 0.8 |
| PNC Financial Services Group, Inc., Fixed until 01/21/2027, 5.30%, 01/21/2028 | 0.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Short-Term Bond

# Class R6
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class A

## ASGTX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class C

## CSGTX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $103 | 2.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I

## ISCGX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $53 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I2

## TSPIX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $48 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I3

## TSPTX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $48 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R

## TSPRX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $72 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R4

## TSPFX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $56 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R6

## RTSGX
April 30, 2025

## Fund Overview
Transamerica Small Cap Growth (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $48 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $83766123 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 26.9% |
| Industrials | 23.0 |
| Information Technology | 15.4 |
| Consumer Discretionary | 11.1 |
| Energy | 9.2 |
| Financials | 7.1 |
| Consumer Staples | 5.1 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.9% |
| Texas Roadhouse, Inc. | 4.2 |
| Casella Waste Systems, Inc., Class A | 3.7 |
| AAON, Inc. | 3.5 |
| ADMA Biologics, Inc. | 3.4 |
| HealthEquity, Inc. | 3.4 |
| Chemed Corp. | 3.0 |
| Paylocity Holding Corp. | 3.0 |
| Excelerate Energy, Inc., Class A | 2.9 |
| LeMaitre Vascular, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Growth

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class A

## TSLAX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class C

## TSLCX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $95 | 2.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class I

## TSLIX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $47 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $42 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class I3

## TSLTX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $42 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class I3

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class R

## TRSLX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $65 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class R

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class R4

## TSLFX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $52 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class R4

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small Cap Value

# Class R6

## TSLRX
April 30, 2025

## Fund Overview
Transamerica Small Cap Value (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $42 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $73325580 |
| Number of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 22% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.5% |
| Industrials | 19.2 |
| Consumer Discretionary | 11.6 |
| Information Technology | 10.2 |
| Health Care | 10.0 |
| Real Estate | 7.5 |
| Energy | 6.1 |
| Materials | 3.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.9 |
| Communication Services | 1.9 |
| Repurchase Agreements | 1.1 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.0% |
| Northwestern Energy Group, Inc. | 2.0 |
| Magnolia Oil & Gas Corp., Class A | 1.9 |
| EMCOR Group, Inc. | 1.8 |
| OSI Systems, Inc. | 1.8 |
| Webster Financial Corp. | 1.6 |
| Encompass Health Corp. | 1.5 |
| Atlantic Union Bankshares Corp. | 1.5 |
| Stride, Inc. | 1.5 |
| WaFd, Inc. | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small Cap Value

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class A

## IIVAX
April 30, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $57 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $609652953 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 23% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.4% |
| Industrials | 14.5 |
| Health Care | 13.8 |
| Consumer Staples | 9.5 |
| Communication Services | 7.5 |
| Information Technology | 6.6 |
| Materials | 6.3 |
| Consumer Discretionary | 6.0 |
| Utilities | 5.8 |
| Energy | 5.7 |
| Real Estate | 4.4 |
| Repurchase Agreements | 4.7 |
| Other Investment Company | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small/Mid Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Huntington Ingalls Industries, Inc. | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Jazz Pharmaceuticals PLC | 1.5 |
| Kraft Heinz Co. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Archer-Daniels-Midland Co. | 1.3 |
| Mosaic Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small/Mid Cap Value

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class C

## IIVLX
April 30, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $94 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $609652953 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 23% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.4% |
| Industrials | 14.5 |
| Health Care | 13.8 |
| Consumer Staples | 9.5 |
| Communication Services | 7.5 |
| Information Technology | 6.6 |
| Materials | 6.3 |
| Consumer Discretionary | 6.0 |
| Utilities | 5.8 |
| Energy | 5.7 |
| Real Estate | 4.4 |
| Repurchase Agreements | 4.7 |
| Other Investment Company | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small/Mid Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Huntington Ingalls Industries, Inc. | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Jazz Pharmaceuticals PLC | 1.5 |
| Kraft Heinz Co. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Archer-Daniels-Midland Co. | 1.3 |
| Mosaic Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small/Mid Cap Value

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class I

## TSVIX
April 30, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $609652953 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 23% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.4% |
| Industrials | 14.5 |
| Health Care | 13.8 |
| Consumer Staples | 9.5 |
| Communication Services | 7.5 |
| Information Technology | 6.6 |
| Materials | 6.3 |
| Consumer Discretionary | 6.0 |
| Utilities | 5.8 |
| Energy | 5.7 |
| Real Estate | 4.4 |
| Repurchase Agreements | 4.7 |
| Other Investment Company | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small/Mid Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Huntington Ingalls Industries, Inc. | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Jazz Pharmaceuticals PLC | 1.5 |
| Kraft Heinz Co. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Archer-Daniels-Midland Co. | 1.3 |
| Mosaic Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small/Mid Cap Value

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class I2

## TSMVX
April 30, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $39 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $609652953 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 23% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.4% |
| Industrials | 14.5 |
| Health Care | 13.8 |
| Consumer Staples | 9.5 |
| Communication Services | 7.5 |
| Information Technology | 6.6 |
| Materials | 6.3 |
| Consumer Discretionary | 6.0 |
| Utilities | 5.8 |
| Energy | 5.7 |
| Real Estate | 4.4 |
| Repurchase Agreements | 4.7 |
| Other Investment Company | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small/Mid Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Huntington Ingalls Industries, Inc. | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Jazz Pharmaceuticals PLC | 1.5 |
| Kraft Heinz Co. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Archer-Daniels-Midland Co. | 1.3 |
| Mosaic Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small/Mid Cap Value

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class R6

## TASMX
April 30, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $39 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $609652953 |
| Number of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 23% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.4% |
| Industrials | 14.5 |
| Health Care | 13.8 |
| Consumer Staples | 9.5 |
| Communication Services | 7.5 |
| Information Technology | 6.6 |
| Materials | 6.3 |
| Consumer Discretionary | 6.0 |
| Utilities | 5.8 |
| Energy | 5.7 |
| Real Estate | 4.4 |
| Repurchase Agreements | 4.7 |
| Other Investment Company | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Small/Mid Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Huntington Ingalls Industries, Inc. | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Jazz Pharmaceuticals PLC | 1.5 |
| Kraft Heinz Co. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Archer-Daniels-Midland Co. | 1.3 |
| Mosaic Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Small/Mid Cap Value

Class R6

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class A

## TUNAX
April 30, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $214137701 |
| Number of Portfolio Holdings | 819 |
| Portfolio Turnover Rate | 47% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.16 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 46.6% |
| Loan Assignments | 17.9 |
| U.S. Government Agency Obligations | 15.7 |
| Short-Term Investment Companies | 7.7 |
| Short-Term U.S. Government Obligations | 4.9 |
| Asset-Backed Securities | 4.7 |
| Other Investment Company | 4.4 |
| U.S. Government Obligations | 2.8 |
| Preferred Stocks | 0.7 |
| Foreign Government Obligations | 0.4 |
| Common Stocks | 0.2 |
| Convertible Bonds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Strategic Income

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 0.1 |
| AA | 1.1 |
| A | 6.7 |
| BBB | 17.8 |
| BB | 18.7 |
| B | 22.6 |
| CCC | 2.8 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, 4.29%, 12/31/2030 | 7.7% |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 2.7 |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.6 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.9 |
| U.S. Treasury Bills, 4.24%, 07/24/2025 | 1.8 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.4 |
| U.S. Treasury Bills, 4.22%, 09/11/2025 | 1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR + 3.85%, 8.17%, 04/26/2038 | 1 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 1 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR + 3.05%, 7.37%, 08/20/2034 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Strategic Income

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class I

## TUNIX
April 30, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $214137701 |
| Number of Portfolio Holdings | 819 |
| Portfolio Turnover Rate | 47% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.16 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 46.6% |
| Loan Assignments | 17.9 |
| U.S. Government Agency Obligations | 15.7 |
| Short-Term Investment Companies | 7.7 |
| Short-Term U.S. Government Obligations | 4.9 |
| Asset-Backed Securities | 4.7 |
| Other Investment Company | 4.4 |
| U.S. Government Obligations | 2.8 |
| Preferred Stocks | 0.7 |
| Foreign Government Obligations | 0.4 |
| Common Stocks | 0.2 |
| Convertible Bonds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Strategic Income

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 0.1 |
| AA | 1.1 |
| A | 6.7 |
| BBB | 17.8 |
| BB | 18.7 |
| B | 22.6 |
| CCC | 2.8 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, 4.29%, 12/31/2030 | 7.7% |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 2.7 |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.6 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.9 |
| U.S. Treasury Bills, 4.24%, 07/24/2025 | 1.8 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.4 |
| U.S. Treasury Bills, 4.22%, 09/11/2025 | 1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR + 3.85%, 8.17%, 04/26/2038 | 1 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 1 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR + 3.05%, 7.37%, 08/20/2034 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Strategic Income

# Class I
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $35 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $214137701 |
| Number of Portfolio Holdings | 819 |
| Portfolio Turnover Rate | 47% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.16 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 46.6% |
| Loan Assignments | 17.9 |
| U.S. Government Agency Obligations | 15.7 |
| Short-Term Investment Companies | 7.7 |
| Short-Term U.S. Government Obligations | 4.9 |
| Asset-Backed Securities | 4.7 |
| Other Investment Company | 4.4 |
| U.S. Government Obligations | 2.8 |
| Preferred Stocks | 0.7 |
| Foreign Government Obligations | 0.4 |
| Common Stocks | 0.2 |
| Convertible Bonds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica Strategic Income

# Class I2

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 23.6% |
| AAA | 0.1 |
| AA | 1.1 |
| A | 6.7 |
| BBB | 17.8 |
| BB | 18.7 |
| B | 22.6 |
| CCC | 2.8 |
| Below CCC | 0.3 |
| NR (Not Rated) | 0.9 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, 4.29%, 12/31/2030 | 7.7% |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 2.7 |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.6 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.9 |
| U.S. Treasury Bills, 4.24%, 07/24/2025 | 1.8 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.4 |
| U.S. Treasury Bills, 4.22%, 09/11/2025 | 1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR + 3.85%, 8.17%, 04/26/2038 | 1 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 1 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR + 3.05%, 7.37%, 08/20/2034 | 1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Strategic Income

# Class I2
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class A

## TDFAX
April 30, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180852978 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.8% |
| Industrials | 19.5 |
| Information Technology | 15.3 |
| Health Care | 14.5 |
| Consumer Staples | 7.3 |
| Materials | 6.2 |
| Real Estate | 4.2 |
| Consumer Discretionary | 4.0 |
| Communication Services | 2.9 |
| Energy | 1.5 |
| Utilities | 1.3 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Equity Income

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| CME Group, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.2 |
| Cisco Systems, Inc. | 3.9 |
| Republic Services, Inc. | 3.8 |
| Colgate-Palmolive Co. | 3.7 |
| MetLife, Inc. | 3.5 |
| Quest Diagnostics, Inc. | 3.0 |
| Automatic Data Processing, Inc. | 2.8 |
| Home Depot, Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Equity Income

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class C

## TDFCX
April 30, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $93 | 1.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180852978 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.8% |
| Industrials | 19.5 |
| Information Technology | 15.3 |
| Health Care | 14.5 |
| Consumer Staples | 7.3 |
| Materials | 6.2 |
| Real Estate | 4.2 |
| Consumer Discretionary | 4.0 |
| Communication Services | 2.9 |
| Energy | 1.5 |
| Utilities | 1.3 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Equity Income

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| CME Group, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.2 |
| Cisco Systems, Inc. | 3.9 |
| Republic Services, Inc. | 3.8 |
| Colgate-Palmolive Co. | 3.7 |
| MetLife, Inc. | 3.5 |
| Quest Diagnostics, Inc. | 3.0 |
| Automatic Data Processing, Inc. | 2.8 |
| Home Depot, Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Equity Income

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class I

## TDFIX
April 30, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180852978 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.8% |
| Industrials | 19.5 |
| Information Technology | 15.3 |
| Health Care | 14.5 |
| Consumer Staples | 7.3 |
| Materials | 6.2 |
| Real Estate | 4.2 |
| Consumer Discretionary | 4.0 |
| Communication Services | 2.9 |
| Energy | 1.5 |
| Utilities | 1.3 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Equity Income

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| CME Group, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.2 |
| Cisco Systems, Inc. | 3.9 |
| Republic Services, Inc. | 3.8 |
| Colgate-Palmolive Co. | 3.7 |
| MetLife, Inc. | 3.5 |
| Quest Diagnostics, Inc. | 3.0 |
| Automatic Data Processing, Inc. | 2.8 |
| Home Depot, Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Equity Income

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class I2

## TRDIX
April 30, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $38 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180852978 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.8% |
| Industrials | 19.5 |
| Information Technology | 15.3 |
| Health Care | 14.5 |
| Consumer Staples | 7.3 |
| Materials | 6.2 |
| Real Estate | 4.2 |
| Consumer Discretionary | 4.0 |
| Communication Services | 2.9 |
| Energy | 1.5 |
| Utilities | 1.3 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Equity Income

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| CME Group, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.2 |
| Cisco Systems, Inc. | 3.9 |
| Republic Services, Inc. | 3.8 |
| Colgate-Palmolive Co. | 3.7 |
| MetLife, Inc. | 3.5 |
| Quest Diagnostics, Inc. | 3.0 |
| Automatic Data Processing, Inc. | 2.8 |
| Home Depot, Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Equity Income

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class R6

## TADFX
April 30, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $38 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180852978 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.8% |
| Industrials | 19.5 |
| Information Technology | 15.3 |
| Health Care | 14.5 |
| Consumer Staples | 7.3 |
| Materials | 6.2 |
| Real Estate | 4.2 |
| Consumer Discretionary | 4.0 |
| Communication Services | 2.9 |
| Energy | 1.5 |
| Utilities | 1.3 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Equity Income

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| CME Group, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.2 |
| Cisco Systems, Inc. | 3.9 |
| Republic Services, Inc. | 3.8 |
| Colgate-Palmolive Co. | 3.7 |
| MetLife, Inc. | 3.5 |
| Quest Diagnostics, Inc. | 3.0 |
| Automatic Data Processing, Inc. | 2.8 |
| Home Depot, Inc. | 2.8 |
| Texas Instruments, Inc. | 2.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Equity Income

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Growth Equity

# Class A

## TSGDX
April 30, 2025

## Fund Overview
Transamerica Sustainable Growth Equity (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7715598 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 43.5% |
| Industrials | 12.8 |
| Financials | 11.1 |
| Health Care | 10.8 |
| Communication Services | 10.2 |
| Consumer Discretionary | 7.2 |
| Consumer Staples | 2.2 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Growth Equity

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8% |
| Apple, Inc. | 9.3 |
| NVIDIA Corp. | 9.1 |
| Amazon.com, Inc. | 7.2 |
| Ascendis Pharma AS, ADR | 4.5 |
| Visa, Inc., Class A | 4.4 |
| Axon Enterprise, Inc. | 3.8 |
| Alphabet, Inc., Class C | 3.5 |
| Alphabet, Inc., Class A | 3.5 |
| TransDigm Group, Inc. | 3.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Growth Equity

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica Sustainable Growth Equity

# Class R6

## TSGMX
April 30, 2025

## Fund Overview
Transamerica Sustainable Growth Equity (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $7715598 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 43.5% |
| Industrials | 12.8 |
| Financials | 11.1 |
| Health Care | 10.8 |
| Communication Services | 10.2 |
| Consumer Discretionary | 7.2 |
| Consumer Staples | 2.2 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Sustainable Growth Equity

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8% |
| Apple, Inc. | 9.3 |
| NVIDIA Corp. | 9.1 |
| Amazon.com, Inc. | 7.2 |
| Ascendis Pharma AS, ADR | 4.5 |
| Visa, Inc., Class A | 4.4 |
| Axon Enterprise, Inc. | 3.8 |
| Alphabet, Inc., Class C | 3.5 |
| Alphabet, Inc., Class A | 3.5 |
| TransDigm Group, Inc. | 3.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Sustainable Growth Equity

Class R6

![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica UltraShort Bond

# Class A

## TUSBX
April 30, 2025

## Fund Overview
Transamerica UltraShort Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30408754 |
| Number of Portfolio Holdings | 121 |
| Portfolio Turnover Rate | 25% |
| Average Maturity<sup>Footnote Reference§</sup> | 0.60 years |
| Duration<sup>Footnote Reference†</sup> | 0.51 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| Commercial Paper | 36.1 |
| Asset-Backed Securities | 20.4 |
| Short-Term U.S. Government Obligation | 4.0 |
| Repurchase Agreements | 2.0 |
| Mortgage-Backed Securities | 1.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica UltraShort Bond

# Class A

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 4.0% |
| AAA | 18.3 |
| AA | 2.9 |
| A | 16.6 |
| BBB | 21.5 |
| NR (Not Rated) | 36.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 02/19/2026 | 4.0% |
| Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31%, 03/15/2028 | 2.0 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37%, 10/17/2033 | 1.9 |
| WEC Energy Group, Inc., 4.69%, 05/15/2025 | 1.7 |
| Liberty Street Funding LLC, 4.68%, 05/19/2025 | 1.6 |
| EIDP, Inc., 4.62%, 05/27/2025 | 1.6 |
| Siemens Capital Co. LLC, 4.41%, 05/30/2025 | 1.6 |
| Manhattan Asset Funding Co. LLC, 4.48%, 06/04/2025 | 1.6 |
| Britannia Funding Co. LLC, 4.49%, 06/04/2025 | 1.6 |
| Mont Blanc Capital Corp., 4.49%, 06/05/2025 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica UltraShort Bond

# Class A
![Image](g11914idb53c299bf81defc9584.jpg)

Semi-Annual Shareholder Report

# Transamerica UltraShort Bond

# Class I

## TUSFX
April 30, 2025

## Fund Overview
Transamerica UltraShort Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $30408754 |
| Number of Portfolio Holdings | 121 |
| Portfolio Turnover Rate | 25% |
| Average Maturity<sup>Footnote Reference§</sup> | 0.60 years |
| Duration<sup>Footnote Reference†</sup> | 0.51 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Fund invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 36.9% |
| Commercial Paper | 36.1 |
| Asset-Backed Securities | 20.4 |
| Short-Term U.S. Government Obligation | 4.0 |
| Repurchase Agreements | 2.0 |
| Mortgage-Backed Securities | 1.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

# Transamerica UltraShort Bond

# Class I

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 4.0% |
| AAA | 18.3 |
| AA | 2.9 |
| A | 16.6 |
| BBB | 21.5 |
| NR (Not Rated) | 36.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 02/19/2026 | 4.0% |
| Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31%, 03/15/2028 | 2.0 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37%, 10/17/2033 | 1.9 |
| WEC Energy Group, Inc., 4.69%, 05/15/2025 | 1.7 |
| Liberty Street Funding LLC, 4.68%, 05/19/2025 | 1.6 |
| EIDP, Inc., 4.62%, 05/27/2025 | 1.6 |
| Siemens Capital Co. LLC, 4.41%, 05/30/2025 | 1.6 |
| Manhattan Asset Funding Co. LLC, 4.48%, 06/04/2025 | 1.6 |
| Britannia Funding Co. LLC, 4.49%, 06/04/2025 | 1.6 |
| Mont Blanc Capital Corp., 4.49%, 06/05/2025 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica UltraShort Bond

# Class I
![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class A

## TADAX
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $49 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class A

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class C

## TADCX
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $88 | 1.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class C

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class I

## TDEIX
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $38 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class I

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class I2

## Ticker: N/A
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class I2

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class R6

## TAGHX
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class R6

![Image](g11914i4928acc958b378da319a.jpg)

Semi-Annual Shareholder Report

# Transamerica US Growth

# Class T

## TWMTX
April 30, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class T | $34 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2369813154 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 44.1% |
| Communication Services | 16.2 |
| Consumer Discretionary | 12.3 |
| Health Care | 8.6 |
| Financials | 8.4 |
| Industrials | 3.4 |
| Consumer Staples | 2.8 |
| Real Estate | 1.7 |
| Materials | 1.6 |
| Energy | 0.3 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica US Growth

Class T

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 8.2% |
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 7.0 |
| Amazon.com, Inc. | 5.1 |
| Meta Platforms, Inc., Class A | 5.0 |
| Alphabet, Inc., Class A | 4.8 |
| Broadcom, Inc. | 4.4 |
| Eli Lilly & Co. | 3.9 |
| Mastercard, Inc., Class A | 3.4 |
| Netflix, Inc. | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g11914ib9b895500323e1d1c7ac.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica US Growth

Class T

------

(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(a) Not applicable for semi-annual reports.

**Item 3.** **Audit Committee Financial Experts.** <br>

Not applicable for semi-annual reports.

**Item 4.** **Principal Accountant Fees and Services** <br>

Not applicable for semi-annual reports.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to the registrant.

**Item 6.** **Investments.** <br>

(a) The Schedules of Investments are included within the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ------

![](g947814img4cdbe0b31.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Balanced II**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgaa5ebf2e2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_SOI-RunningFooter-150_1) | 2 |
| [Statement of Assets and Liabilities](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_FS-RunningFooter-150_1) | 13 |
| [Statement of Operations](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_FS-RunningFooter-150_2) | 14 |
| [Statement of Changes in Net Assets](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_FS-RunningFooter-150_3) | 15 |
| [Financial Highlights](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_FIHI-RunningFooter-150_1) | 16 |
| [Notes to Financial Statements](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_NTF-RunningFooter-150_1) | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_DWA-RunningFooter-150_1)**<br> **[Companies](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_DWA-RunningFooter-150_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_PD-RunningFooter-150_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_REMU-RunningFooter-150_1)**<br> **[Companies](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_REMU-RunningFooter-150_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_167f713e-acc4-4a2d-b639-582f23b1fffd_AIAC-RunningFooter-150_1)** | 33 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 60.5%**  | **COMMON STOCKS - 60.5%**  | **COMMON STOCKS - 60.5%**  |
| **Aerospace & Defense - 1.4%**  | **Aerospace & Defense - 1.4%**  | **Aerospace & Defense - 1.4%**  |
| Howmet Aerospace, Inc. | 2326 | $322337 |
| RTX Corp. | 1848 | 233088 |
| Textron, Inc. | 1181 | 83107 |
| TransDigm Group, Inc. | 177 | 250114 |
|  |  | 888646 |
| **Air Freight & Logistics - 0.4%**  | **Air Freight & Logistics - 0.4%**  | **Air Freight & Logistics - 0.4%**  |
| FedEx Corp. | 401 | 84342 |
| United Parcel Service, Inc., Class B | 1723 | 164202 |
|  |  | 248544 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 549 | 31326 |
| **Automobiles - 1.0%**  | **Automobiles - 1.0%**  | **Automobiles - 1.0%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 2239 | 631756 |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| Bank of America Corp. | 11037 | 440156 |
| Citigroup, Inc. | 2395 | 163770 |
| Fifth Third Bancorp | 4087 | 146887 |
| Truist Financial Corp. | 3768 | 144465 |
| U.S. Bancorp | 2810 | 113355 |
| Wells Fargo & Co. | 5670 | 402627 |
|  |  | 1411260 |
| **Beverages - 1.3%**  | **Beverages - 1.3%**  | **Beverages - 1.3%**  |
| Coca-Cola Co. | 3636 | 263792 |
| Keurig Dr. Pepper, Inc. | 5824 | 201452 |
| PepsiCo, Inc. | 2878 | 390199 |
|  |  | 855443 |
| **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  |
| AbbVie, Inc. | 2664 | 519746 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 262 | 28215 |
| Regeneron Pharmaceuticals, Inc. | 275 | 164659 |
| Sarepta Therapeutics, Inc. <sup>(A)</sup> <br>| 127 | 7925 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 386 | 196667 |
|  |  | 917212 |
| **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 8925 | 1645948 |
| **Building Products - 1.0%**  | **Building Products - 1.0%**  | **Building Products - 1.0%**  |
| Carrier Global Corp. | 2666 | 166732 |
| Masco Corp. | 1463 | 88672 |
| Trane Technologies PLC | 1035 | 396726 |
|  |  | 652130 |
| **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  |
| Ameriprise Financial, Inc. | 324 | 152610 |
| Charles Schwab Corp. | 2929 | 238421 |
| CME Group, Inc. | 746 | 206702 |
| Goldman Sachs Group, Inc. | 373 | 204236 |
| Raymond James Financial, Inc. | 353 | 48375 |
|  |  | 850344 |
| **Chemicals - 1.0%**  | **Chemicals - 1.0%**  | **Chemicals - 1.0%**  |
| Dow, Inc. | 1674 | 51207 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Linde PLC | 773 | $350347 |
| LyondellBasell Industries NV, Class A | 1161 | 67582 |
| PPG Industries, Inc. | 950 | 103417 |
| Sherwin-Williams Co. | 149 | 52585 |
|  |  | 625138 |
| **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 1020 | 83915 |
| Motorola Solutions, Inc. | 141 | 62095 |
|  |  | 146010 |
| **Construction Materials - 0.1%**  | **Construction Materials - 0.1%**  | **Construction Materials - 0.1%**  |
| Martin Marietta Materials, Inc. | 132 | 69165 |
| **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  |
| American Express Co. | 580 | 154518 |
| Capital One Financial Corp. | 323 | 58224 |
|  |  | 212742 |
| **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  |
| Costco Wholesale Corp. | 225 | 223763 |
| Walmart, Inc. | 1668 | 162213 |
|  |  | 385976 |
| **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  |
| AT&T, Inc. | 7040 | 195008 |
| **Electric Utilities - 1.4%**  | **Electric Utilities - 1.4%**  | **Electric Utilities - 1.4%**  |
| Entergy Corp. | 364 | 30274 |
| NextEra Energy, Inc. | 4825 | 322696 |
| NRG Energy, Inc. | 183 | 20053 |
| PG&E Corp. | 9726 | 160673 |
| Southern Co. | 4037 | 370960 |
|  |  | 904656 |
| **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  |
| Eaton Corp. PLC | 535 | 157488 |
| **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  |
| TE Connectivity PLC | 265 | 38791 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Baker Hughes Co. | 2649 | 93775 |
| **Entertainment - 0.7%**  | **Entertainment - 0.7%**  | **Entertainment - 0.7%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 185 | 209368 |
| Walt Disney Co. | 2185 | 198726 |
| Warner Music Group Corp., Class A | 1276 | 38854 |
|  |  | 446948 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| Apollo Global Management, Inc. | 979 | 133614 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 1372 | 731619 |
| Corpay, Inc. <sup>(A)</sup> <br>| 562 | 182858 |
| Fidelity National Information Services, Inc. | 2185 | 172353 |
| Mastercard, Inc., Class A | 1293 | 708641 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 1505 | 53548 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 1971 | $680980 |
| WEX, Inc. <sup>(A)</sup> <br>| 118 | 15384 |
|  |  | 2678997 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Mondelez International, Inc., Class A | 4005 | 272861 |
| **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  |
| CSX Corp. | 3808 | 106891 |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 3052 | 247242 |
|  |  | 354133 |
| **Health Care Equipment & Supplies - 1.5%**  | **Health Care Equipment & Supplies - 1.5%**  | **Health Care Equipment & Supplies - 1.5%**  |
| Abbott Laboratories | 401 | 52431 |
| Baxter International, Inc. | 758 | 23627 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 2509 | 258101 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 1496 | 112933 |
| Medtronic PLC | 2512 | 212917 |
| Stryker Corp. | 875 | 327180 |
|  |  | 987189 |
| **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  |
| Cigna Group | 516 | 175461 |
| HCA Healthcare, Inc. | 138 | 47621 |
| Humana, Inc. | 248 | 65036 |
| McKesson Corp. | 112 | 79832 |
| UnitedHealth Group, Inc. | 1167 | 480150 |
|  |  | 848100 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| Alexandria Real Estate Equities, Inc. | 213 | 15477 |
| Ventas, Inc. | 3053 | 213954 |
| Welltower, Inc. | 849 | 129549 |
|  |  | 358980 |
| **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  |
| Booking Holdings, Inc. | 33 | 168276 |
| Carnival Corp. <sup>(A)</sup> <br>| 2654 | 48674 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 4187 | 211527 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 390 | 75227 |
| Expedia Group, Inc. | 778 | 122092 |
| Hilton Worldwide Holdings, Inc. | 784 | 176776 |
| McDonald's Corp. | 1335 | 426733 |
| Royal Caribbean Cruises Ltd. | 343 | 73714 |
| Yum! Brands, Inc. | 1488 | 223855 |
|  |  | 1526874 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 421 | 45725 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 702 | 69737 |
| **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  |
| Vistra Corp. | 803 | 104093 |
| **Industrial Conglomerates - 0.2%**  | **Industrial Conglomerates - 0.2%**  | **Industrial Conglomerates - 0.2%**  |
| 3M Co. | 1185 | 164608 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  |
| Prologis, Inc. | 1271 | $129896 |
| **Insurance - 1.2%**  | **Insurance - 1.2%**  | **Insurance - 1.2%**  |
| Aon PLC, Class A | 534 | 189458 |
| Arthur J Gallagher & Co. | 809 | 259438 |
| Progressive Corp. | 1273 | 358655 |
|  |  | 807551 |
| **Interactive Media & Services - 3.7%**  | **Interactive Media & Services - 3.7%**  | **Interactive Media & Services - 3.7%**  |
| Alphabet, Inc., Class A | 4990 | 792412 |
| Alphabet, Inc., Class C | 2642 | 425071 |
| Meta Platforms, Inc., Class A | 2191 | 1202859 |
|  |  | 2420342 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| Accenture PLC, Class A | 78 | 23334 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 2617 | 192532 |
|  |  | 215866 |
| **Life Sciences Tools & Services - 0.5%**  | **Life Sciences Tools & Services - 0.5%**  | **Life Sciences Tools & Services - 0.5%**  |
| Thermo Fisher Scientific, Inc. | 769 | 329901 |
| **Machinery - 1.2%**  | **Machinery - 1.2%**  | **Machinery - 1.2%**  |
| Caterpillar, Inc. | 462 | 142883 |
| Deere & Co. | 535 | 248005 |
| Ingersoll Rand, Inc. | 938 | 70753 |
| Otis Worldwide Corp. | 2016 | 194080 |
| PACCAR, Inc. | 1152 | 103922 |
|  |  | 759643 |
| **Media - 0.6%**  | **Media - 0.6%**  | **Media - 0.6%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 362 | 141854 |
| Comcast Corp., Class A | 6701 | 229174 |
|  |  | 371028 |
| **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  |
| Freeport-McMoRan, Inc. | 1211 | 43632 |
| Nucor Corp. | 312 | 37244 |
|  |  | 80876 |
| **Oil, Gas & Consumable Fuels - 1.8%**  | **Oil, Gas & Consumable Fuels - 1.8%**  | **Oil, Gas & Consumable Fuels - 1.8%**  |
| ConocoPhillips | 3299 | 294007 |
| Diamondback Energy, Inc. | 719 | 94915 |
| EOG Resources, Inc. | 1495 | 164943 |
| Exxon Mobil Corp. | 5828 | 615612 |
|  |  | 1169477 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| Delta Air Lines, Inc. | 1499 | 62403 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| Kenvue, Inc. | 3696 | 87226 |
| **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  |
| Bristol-Myers Squibb Co. | 4813 | 241613 |
| Eli Lilly & Co. | 585 | 525886 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Johnson & Johnson | 2340 | $365765 |
| Merck & Co., Inc. | 600 | 51120 |
|  |  | 1184384 |
| **Professional Services - 0.3%**  | **Professional Services - 0.3%**  | **Professional Services - 0.3%**  |
| Equifax, Inc. | 174 | 45262 |
| Leidos Holdings, Inc. | 1032 | 151890 |
|  |  | 197152 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 883 | 57201 |
| **Semiconductors & Semiconductor Equipment - 6.7%**  | **Semiconductors & Semiconductor Equipment - 6.7%**  | **Semiconductors & Semiconductor Equipment - 6.7%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 805 | 78367 |
| Analog Devices, Inc. | 1467 | 285948 |
| Broadcom, Inc. | 3936 | 757562 |
| Lam Research Corp. | 2462 | 176451 |
| Micron Technology, Inc. | 1774 | 136509 |
| NVIDIA Corp. | 22278 | 2426520 |
| NXP Semiconductors NV | 1360 | 250661 |
| Texas Instruments, Inc. | 1695 | 271285 |
|  |  | 4383303 |
| **Software - 6.4%**  | **Software - 6.4%**  | **Software - 6.4%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 131 | 49122 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 193 | 57464 |
| Fair Isaac Corp. <sup>(A)</sup> <br>| 22 | 43773 |
| Intuit, Inc. | 191 | 119847 |
| Microsoft Corp. | 7232 | 2858520 |
| Oracle Corp. | 2129 | 299593 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 999 | 118322 |
| Salesforce, Inc. | 1358 | 364908 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 338 | 322793 |
|  |  | 4234342 |
| **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  |
| Equinix, Inc. | 187 | 160960 |
| SBA Communications Corp. | 598 | 145553 |
|  |  | 306513 |
| **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 39 | 146741 |
| Best Buy Co., Inc. | 704 | 46950 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 514 | 115671 |
| Lowe's Cos., Inc. | 1688 | 377369 |
| Ross Stores, Inc. | 1621 | 225319 |
|  |  | 912050 |
| **Technology Hardware, Storage & Peripherals - 4.4%**  | **Technology Hardware, Storage & Peripherals - 4.4%**  | **Technology Hardware, Storage & Peripherals - 4.4%**  |
| Apple, Inc. | 12409 | 2636913 |
| Dell Technologies, Inc., Class C | 531 | 48725 |
| Sandisk Corp. <sup>(A)</sup> <br>| 102 | 3275 |
| Seagate Technology Holdings PLC | 1904 | 173321 |
| Western Digital Corp. <sup>(A)</sup> <br>| 306 | 13421 |
|  |  | 2875655 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Tobacco - 0.4%**  | **Tobacco - 0.4%**  | **Tobacco - 0.4%**  |
| Altria Group, Inc. | 1434 | $84821 |
| Philip Morris International, Inc. | 1057 | 181128 |
|  |  | 265949 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 82 | 51779 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $23,980,378)**<br>|  | 39722140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 12.4%**  | **CORPORATE DEBT SECURITIES - 12.4%**  | **CORPORATE DEBT SECURITIES - 12.4%**  |
| **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $38000 | 28557 |
| 6.53%, 05/01/2034 | 47000 | 50465 |
| 6.86%, 05/01/2054 | 33000 | 35275 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 16000 | 13212 |
| 4.50%, 03/11/2044 | 33000 | 28784 |
| 5.88%, 01/14/2038 | 8000 | 8410 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 45000 | 45401 |
|  |  | 210104 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 20000 | 17355 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 151000 | 132441 |
|  |  | 149796 |
| **Automobiles - 0.4%**  | **Automobiles - 0.4%**  | **Automobiles - 0.4%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(B)</sup> <br>| 25000 | 24601 |
| Ford Motor Co. |  |  |
| 4.35%, 12/08/2026 | 24000 | 23525 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 6000 | 5659 |
| General Motors Financial Co., Inc. |  |  |
| 5.00%, 04/09/2027 | 28000 | 28002 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(B)</sup> <br>| 200000 | 184308 |
|  |  | 266095 |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.51% <sup>(C)</sup>, 01/24/2036<br>| 71000 | 71886 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 123000 | 128034 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 8000 | 7999 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 203000 | 205255 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| $34000 | $34635 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 22000 | 22494 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 61000 | 52833 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(C)</sup>, 01/28/2056<br>| 37000 | 36107 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(C)</sup>, 04/22/2027<br>| 44000 | 42766 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| 123000 | 124850 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.34% <sup>(C)</sup>, 01/23/2035<br>| 19000 | 19132 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 24000 | 24849 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/13/2031, <br>6.08% <sup>(C)</sup>, 03/13/2032<br>| 13000 | 13507 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 13000 | 13970 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 26000 | 25843 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 100000 | 103303 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(C)</sup>, 01/22/2035<br>| 6000 | 6106 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 42000 | 43408 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(C)</sup>, 01/26/2034<br>| 75000 | 73345 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(C)</sup>, 10/30/2029<br>| 12000 | 12945 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(C)</sup>, 08/12/2033 <sup>(B)</sup> <br>| 262000 | 280073 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(C)</sup>, 01/24/2031<br>| 46000 | 46887 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(C)</sup>, 07/25/2034<br>| 47000 | 47575 |
|  |  | 1437802 |
| **Beverages - 0.0% \*** | **Beverages - 0.0% \*** | **Beverages - 0.0% \*** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 28000 | 23585 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 17000 | 12006 |
| 5.60%, 03/02/2043 | 30000 | 29204 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 16000 | 14033 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | $36000 | $36071 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 53000 | 45908 |
|  |  | 137222 |
| **Building Products - 0.1%**  | **Building Products - 0.1%**  | **Building Products - 0.1%**  |
| Holcim Finance U.S. LLC |  |  |
| 5.40%, 04/07/2035 <sup>(B)</sup> <br>| 28000 | 27965 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 41000 | 32440 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 27000 | 27166 |
|  |  | 87571 |
| **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 30000 | 30413 |
| **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 79000 | 74521 |
| Ashtead Capital, Inc. |  |  |
| 5.80%, 04/15/2034 <sup>(B)</sup> <br>| 200000 | 200071 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/2028 <sup>(B)</sup> <br>| 52000 | 54638 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 33000 | 33396 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 62000 | 52305 |
| 6.50%, 05/06/2034 | 17000 | 16967 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 21000 | 18977 |
| 5.25%, 08/09/2034 | 9000 | 8866 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 28000 | 28519 |
|  |  | 488260 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/2030 | 56000 | 53936 |
| 5.15%, 04/15/2034 | 54000 | 53931 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 70000 | 59985 |
| 2.99%, 10/30/2056 | 44000 | 26185 |
|  |  | 194037 |
| **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  |
| D.R. Horton, Inc. |  |  |
| 5.00%, 10/15/2034 | 31000 | 30124 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 200000 | 200660 |
|  |  | 230784 |
| **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| 30000 | 24900 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | $45000 | $41878 |
|  |  | 66778 |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 <sup>(D)</sup> <br>| 16000 | 16549 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 38000 | 38238 |
| SBA Tower Trust |  |  |
| 1.88%, 07/15/2050 <sup>(B)</sup> <br>| 56000 | 54808 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 49000 | 48648 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 43000 | 41581 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 29000 | 28394 |
|  |  | 211669 |
| **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  |
| Appalachian Power Co. |  |  |
| 3.40%, 06/01/2025 | 33000 | 32938 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 195501 | 194181 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 16000 | 16473 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 10000 | 8803 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 47000 | 39060 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 66000 | 47694 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 29000 | 21042 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 14000 | 13832 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 9000 | 8567 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 43000 | 37054 |
| Public Service Electric & Gas Co. |  |  |
| 3.00%, 05/15/2025 | 25000 | 24980 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 42000 | 43420 |
|  |  | 488044 |
| **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 13000 | 13051 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 24000 | 24029 |
| 4.95%, 10/15/2034 | 10000 | 9710 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 50000 | 46138 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 <sup>(E)</sup> <br>| $52000 | $51316 |
|  |  | 144244 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(B)</sup> <br>| 56000 | 55173 |
| **Financial Services - 0.6%**  | **Financial Services - 0.6%**  | **Financial Services - 0.6%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 150000 | 149285 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 43000 | 44424 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(B)</sup> <br>| 17000 | 16612 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(B)</sup> <br>| 16000 | 16019 |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 52000 | 52560 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 9000 | 8869 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(C)</sup>, 05/19/2034<br>| 59000 | 61540 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(B)</sup> <br>| 9000 | 9146 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 13000 | 13243 |
|  |  | 371698 |
| **Food Products - 0.7%**  | **Food Products - 0.7%**  | **Food Products - 0.7%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 7000 | 7101 |
| BAT Capital Corp. |  |  |
| 6.00%, 02/20/2034 | 43000 | 44903 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 40000 | 38718 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 39000 | 39096 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 12000 | 12709 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 19000 | 18588 |
| Philip Morris International, Inc. |  |  |
| 4.90%, 11/01/2034 | 42000 | 41319 |
| 5.63%, 11/17/2029 | 32000 | 33522 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 26000 | 25971 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(B)</sup> <br>| 200000 | 200915 |
|  |  | 462842 |
| **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(B)</sup> <br>| 63000 | 64689 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  |
| GE HealthCare Technologies, Inc. |  |  |
| 5.86%, 03/15/2030 | $100000 | $104684 |
| **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 36000 | 32812 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 20000 | 18088 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/2030 | 25000 | 22393 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 39000 | 39149 |
| 6.00%, 04/01/2054 | 40000 | 38095 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 8000 | 7710 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 22000 | 20460 |
| 4.80%, 10/01/2034 | 40000 | 38431 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 31000 | 27392 |
|  |  | 244530 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(B)</sup><sup>(D)</sup> <br>| 33000 | 32716 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 27000 | 27054 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 69000 | 68711 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 29000 | 21826 |
|  |  | 150307 |
| **Insurance - 0.5%**  | **Insurance - 0.5%**  | **Insurance - 0.5%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 59000 | 60169 |
| 5.25%, 03/30/2033 | 22000 | 22225 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 32000 | 30986 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 27000 | 27543 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 18000 | 18244 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 5000 | 4327 |
| 6.00%, 05/16/2054 | 26000 | 25809 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(C)</sup>, 10/01/2050<br>| 39000 | 34816 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 20000 | 20514 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 54000 | 53640 |
|  |  | 298273 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | $52000 | $51084 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | 43000 | 44264 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 12000 | 11626 |
|  |  | 106974 |
| **IT Services - 0.1%**  | **IT Services - 0.1%**  | **IT Services - 0.1%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 15000 | 13896 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 35000 | 32967 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 27000 | 26021 |
|  |  | 72884 |
| **Machinery - 0.1%**  | **Machinery - 0.1%**  | **Machinery - 0.1%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 45000 | 41346 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 25000 | 25158 |
|  |  | 66504 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 34000 | 25342 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 5000 | 2913 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 38000 | 32277 |
|  |  | 60532 |
| **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 54000 | 56138 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| 43000 | 37283 |
|  |  | 93421 |
| **Mortgage Real Estate Investment Trusts - 0.1**  | **Mortgage Real Estate Investment Trusts - 0.1**  | **Mortgage Real Estate Investment Trusts - 0.1**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| 31000 | 30628 |
| **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/2029 | 3000 | 2681 |
| 2.25%, 03/15/2026 | 9000 | 8780 |
|  |  | 11461 |
| **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 36000 | 32686 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 16000 | 15355 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 47000 | 45933 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | $91000 | $86738 |
| Enbridge, Inc. |  |  |
| 5.63%, 04/05/2034 | 53000 | 53463 |
| Energy Transfer LP |  |  |
| 5.15%, 03/15/2045 | 32000 | 26852 |
| 5.55%, 02/15/2028 | 13000 | 13320 |
| 5.95%, 10/01/2043 | 9000 | 8363 |
| Enterprise Products Operating LLC |  |  |
| 4.25%, 02/15/2048 | 67000 | 53295 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(B)</sup> <br>| 23000 | 23570 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 38000 | 38601 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 15000 | 14775 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 58000 | 60154 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 27000 | 26548 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | 58000 | 51608 |
| 7.69%, 01/23/2050 | 17000 | 12466 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 3.55%, 12/15/2029 | 40000 | 37788 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 13000 | 12899 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 12000 | 9080 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 43000 | 42106 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 <sup>(D)</sup> <br>| 42000 | 42401 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 9000 | 8241 |
|  |  | 716242 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 15223 | 14525 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 18886 | 18576 |
|  |  | 33101 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 46000 | 47369 |
| **Pharmaceuticals - 0.3%**  | **Pharmaceuticals - 0.3%**  | **Pharmaceuticals - 0.3%**  |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 8000 | 7697 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 32000 | 32284 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 9000 | 9113 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. (continued) |  |  |
| 6.00%, 06/01/2044 | $32000 | $30983 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 82000 | 82921 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 11000 | 10017 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 32000 | 29989 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 16000 | 15074 |
|  |  | 218078 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 47000 | 46791 |
| **Semiconductors & Semiconductor Equipment - 0.7%**  | **Semiconductors & Semiconductor Equipment - 0.7%**  | **Semiconductors & Semiconductor Equipment - 0.7%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | 48000 | 45658 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 37000 | 30600 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 200000 | 200486 |
| KLA Corp. |  |  |
| 3.30%, 03/01/2050 | 34000 | 23108 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 36000 | 36021 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 37000 | 37101 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 39000 | 24181 |
| 3.40%, 05/01/2030 | 18000 | 16667 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 25000 | 16877 |
|  |  | 430699 |
| **Software - 0.4%**  | **Software - 0.4%**  | **Software - 0.4%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 43000 | 42897 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 18000 | 17605 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 29000 | 29671 |
| Infor LLC |  |  |
| 1.75%, 07/15/2025 <sup>(B)</sup> <br>| 31000 | 30776 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 8000 | 7834 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 22000 | 16816 |
| 6.90%, 11/09/2052 | 38000 | 41047 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 31000 | 30079 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 25000 | 25020 |
| 5.70%, 04/01/2055 | 15000 | 14525 |
|  |  | 256270 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Transportation Infrastructure - 0.0% \*** | **Transportation Infrastructure - 0.0% \*** | **Transportation Infrastructure - 0.0% \*** |
| United Parcel Service, Inc. |  |  |
| 5.15%, 05/22/2034 <sup>(D)</sup> <br>| $20000 | $20241 |
|  |  | 20241 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $8,335,977)**<br>|  | 8146344 |
| **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  |
| **U.S. Treasury - 10.6%**  | **U.S. Treasury - 10.6%**  | **U.S. Treasury - 10.6%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 307000 | 149734 |
| 1.38%, 11/15/2040 | 262000 | 168263 |
| 1.88%, 02/15/2051 - 11/15/2051 | 195000 | 110412 |
| 2.00%, 02/15/2050 | 32000 | 19043 |
| 2.25%, 08/15/2046 - 02/15/2052 | 215000 | 137235 |
| 2.38%, 02/15/2042 | 31000 | 22733 |
| 2.50%, 02/15/2045 - 05/15/2046 | 341000 | 239365 |
| 2.75%, 08/15/2047 - 11/15/2047 | 323000 | 232579 |
| 2.88%, 08/15/2045 | 128000 | 96705 |
| 3.00%, 08/15/2048 - 08/15/2052 | 226700 | 168365 |
| 3.13%, 05/15/2048 | 189000 | 145065 |
| 3.50%, 02/15/2039 | 119000 | 107867 |
| 3.63%, 02/15/2044 - 05/15/2053 | 188600 | 158983 |
| 3.88%, 02/15/2043 | 66000 | 59743 |
| 4.00%, 11/15/2052 | 19000 | 16883 |
| 4.13%, 08/15/2053 | 63000 | 57168 |
| 4.25%, 05/15/2039 - 08/15/2054 | 148000 | 141525 |
| 4.50%, 11/15/2054 | 158000 | 153211 |
| 4.63%, 05/15/2044 - 02/15/2055 | 303000 | 299966 |
| 4.75%, 11/15/2043 - 11/15/2053 | 247000 | 248927 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 | 210000 | 179911 |
| 1.38%, 11/15/2031 | 101000 | 86146 |
| 1.50%, 01/31/2027 - 02/15/2030 | 477000 | 443295 |
| 1.63%, 08/15/2029 - 05/15/2031 | 169900 | 151862 |
| 1.88%, 02/15/2032 | 226000 | 198085 |
| 2.25%, 11/15/2027 | 136300 | 131785 |
| 2.63%, 01/31/2026 | 281000 | 278054 |
| 2.75%, 02/15/2028 | 134000 | 130927 |
| 2.88%, 05/15/2028 | 130000 | 127187 |
| 3.50%, 01/31/2028 | 105000 | 104672 |
| 3.63%, 05/31/2028 | 259000 | 258949 |
| 3.88%, 04/30/2030 | 238000 | 239320 |
| 4.00%, 01/15/2027 | 219000 | 220112 |
| 4.13%, 07/31/2028 - 02/29/2032 | 524000 | 530560 |
| 4.25%, 11/15/2034 | 53000 | 53315 |
| 4.38%, 08/31/2028 - 11/30/2028 | 435000 | 444832 |
| 4.50%, 03/31/2026 - 05/31/2029 | 224000 | 228485 |
| 4.63%, 02/15/2035 | 410000 | 424670 |
|  |  | 6965939 |
| **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.75%, 01/15/2028 | 109647 | 111800 |
| 2.50%, 01/15/2029 | 217990 | 227988 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | $217758 | $204137 |
|  |  | 543925 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $7,875,294)**<br>|  | 7509864 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.3%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.50%, 04/01/2053 - 07/01/2053 | 275698 | 275344 |
| 1-Year RFUCC Treasury + 1.90%, |  |  |
| 6.78% <sup>(C)</sup>, 02/01/2041 | 319 | 326 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 1.38%, 06/25/2030 | 155000 | 135038 |
| 3.01%, 07/25/2025 | 140550 | 139930 |
| Federal National Mortgage Association |  |  |
| 3.50%, 11/01/2028 - 01/01/2029 | 14171 | 14007 |
| 4.00%, 10/01/2025 - 07/01/2026 | 1059 | 1052 |
| 4.50%, 08/01/2052 | 175237 | 167575 |
| 5.00%, 04/01/2039 - 02/01/2054 | 856879 | 840878 |
| 5.50%, 09/01/2036 - 03/01/2053 | 248111 | 249840 |
| 6.00%, 05/01/2038 - 06/01/2054 | 267435 | 272564 |
| 6.50%, 05/01/2040 | 11829 | 12340 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.63% <sup>(C)</sup>, 03/01/2041 | 336 | 345 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(C)</sup>, 02/16/2053 | 57255 | 866 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(D)</sup> <br>| 76000 | 75710 |
| 5.88%, 04/01/2036 | 79000 | 87417 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 05/01/2039 - 05/01/2055 <sup>(E)</sup> <br>| 522000 | 428317 |
| 2.50%, 05/01/2039 - 05/01/2054 <sup>(E)</sup> <br>| 1339000 | 1117800 |
| 3.00%, 03/01/2037 - 02/01/2052 <sup>(E)</sup> <br>| 975000 | 849157 |
| 3.50%, 05/01/2039 - 03/01/2052 <sup>(E)</sup> <br>| 509000 | 465593 |
| 4.00%, 06/01/2052 <sup>(E)</sup> <br>| 511000 | 475063 |
| 4.50%, 05/01/2055 <sup>(E)</sup> <br>| 497000 | 474344 |
| 5.00%, 05/01/2054 <sup>(E)</sup> <br>| 176000 | 172008 |
| 5.50%, 05/01/2054 <sup>(E)</sup> <br>| 318000 | 316907 |
| 6.00%, 05/01/2054 <sup>(E)</sup> <br>| 167000 | 169243 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $6,825,578)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $6,825,578)** | 6741664 |
| **MORTGAGE-BACKED SECURITIES - 2.1%**  | **MORTGAGE-BACKED SECURITIES - 2.1%**  | **MORTGAGE-BACKED SECURITIES - 2.1%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-22, Class 2A16, <br>6.50%, 09/25/2037<br>| 136615 | 49473 |
| BB-UBS Trust |  |  |
| &nbsp;&nbsp; Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(B)</sup> <br>| 25816 | 24807 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 112908 | 113734 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| $11148 | $10922 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 76292 | 76754 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 113962 | 96124 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 96168 | 86568 |
| GMACM Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR1, Class 3A, <br>4.07% <sup>(C)</sup>, 03/18/2035<br>| 6910 | 5980 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 100000 | 102622 |
| Impac CMB Trust |  |  |
| &nbsp;&nbsp; Series 2004-6, Class 1A1, <br>1-Month Term SOFR + 0.91%, <br>5.24% <sup>(C)</sup>, 10/25/2034<br>| 4229 | 4191 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.48% <sup>(C)</sup>, 08/25/2037<br>| 71733 | 49831 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-F, Class A1, <br>1-Month Term SOFR + 0.75%, <br>5.08% <sup>(C)</sup>, 10/25/2028<br>| 2658 | 2499 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(C)</sup>, 12/25/2052 <sup>(B)</sup> <br>| 19081 | 18207 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(C)</sup>, 01/25/2054 <sup>(B)</sup> <br>| 9236 | 8950 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 24108 | 22897 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(C)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 17548 | 16915 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(C)</sup>, 09/25/2056 <sup>(B)</sup> <br>| 15247 | 14391 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 30544 | 29643 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 52700 | 50989 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(C)</sup>, 05/25/2057 <sup>(B)</sup> <br>| 18681 | 17977 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 20418 | 19780 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| 68125 | 63654 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 59034 | 59266 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 76886 | 77323 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(C)</sup>, 01/19/2034<br>| 21537 | 20212 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| $11159 | $10918 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(C)</sup>, 01/25/2058 <sup>(B)</sup> <br>| 13247 | 13053 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 101235 | 95411 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(B)</sup> <br>| 87918 | 79797 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(C)</sup>, 11/25/2061 <sup>(B)</sup> <br>| 105134 | 97622 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(C)</sup>, 07/25/2062 <sup>(B)</sup> <br>| 70750 | 66872 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $1,545,349)**<br>|  | 1407382 |
| **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(B)</sup> <br>| 22251 | 20634 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 58704 | 59773 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.53% <sup>(C)</sup>, 10/18/2030 <sup>(B)</sup> <br>| 177030 | 177044 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 95000 | 96685 |
| GoodLeap Sustainable Home Solutions <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-4GS, Class A, <br>1.93%, 07/20/2048 <sup>(B)</sup> <br>| 66514 | 52789 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 100000 | 101682 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(B)</sup> <br>| 29005 | 29674 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 71103 | 72533 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 70409 | 71223 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(B)</sup> <br>| 91018 | 82658 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| 48340 | 48607 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 100000 | 101655 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(B)</sup> <br>| 24263 | 23708 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 35330 | 35581 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Sierra Timeshare Receivables <br> Funding LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| $39934 | $40796 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(B)</sup> <br>| 93763 | 94363 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $1,122,460)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $1,122,460)** | 1109405 |
| **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 116000 | 113036 |
| &nbsp;&nbsp; **Total Foreign Government Obligation** <br>**(Cost $115,847)**<br>|  | 113036 |
| **COMMERCIAL PAPER - 7.2%**  | **COMMERCIAL PAPER - 7.2%**  | **COMMERCIAL PAPER - 7.2%**  |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| Australia & New Zealand Banking Group <br> Ltd. |  |  |
| 4.44% <sup>(F)</sup>, 08/26/2025 <sup>(B)</sup> <br>| 300000 | 295817 |
| DNB Bank ASA |  |  |
| 4.39% <sup>(F)</sup>, 05/23/2025 <sup>(B)</sup> <br>| 250000 | 249313 |
| Macquarie Bank Ltd. |  |  |
| 4.43% <sup>(F)</sup>, 09/10/2025 <sup>(B)</sup> <br>| 275000 | 270577 |
| Sheffield Receivables Co. LLC |  |  |
| 4.47% <sup>(F)</sup>, 06/16/2025 <sup>(B)</sup> <br>| 275000 | 273420 |
| Swedbank AB |  |  |
| 4.40% <sup>(F)</sup>, 09/02/2025 <sup>(B)</sup> <br>| 300000 | 295527 |
|  |  | 1384654 |
| **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.50% <sup>(F)</sup>, 05/21/2025 <sup>(B)</sup> <br>| 250000 | 249362 |
| **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  |
| Emerson Electric Co. |  |  |
| 4.43% <sup>(F)</sup>, 08/19/2025 <sup>(B)</sup> <br>| 325000 | 320693 |
| **Financial Services - 4.2%**  | **Financial Services - 4.2%**  | **Financial Services - 4.2%**  |
| Barton Capital SA |  |  |
| 4.54% <sup>(F)</sup>, 08/04/2025 <sup>(B)</sup> <br>| 250000 | 247065 |
| Britannia Funding Co. LLC |  |  |
| 4.51% <sup>(F)</sup>, 06/11/2025 <sup>(B)</sup> <br>| 250000 | 248720 |
| Columbia Funding Co. LLC |  |  |
| 4.54% <sup>(F)</sup>, 08/13/2025 <sup>(B)</sup> <br>| 313000 | 308988 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.53% <sup>(F)</sup>, 05/21/2025 <sup>(B)</sup> <br>| 250000 | 249354 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| GTA Funding LLC |  |  |
| 4.51% <sup>(F)</sup>, 08/28/2025 <sup>(B)</sup> <br>| $300000 | $295600 |
| Liberty Street Funding LLC |  |  |
| 4.43% <sup>(F)</sup>, 09/02/2025 <sup>(B)</sup> <br>| 300000 | 295457 |
| LMA-Americas LLC |  |  |
| 4.47% <sup>(F)</sup>, 06/16/2025 <sup>(B)</sup> <br>| 265000 | 263475 |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(F)</sup>, 08/27/2025 <sup>(B)</sup> <br>| 275000 | 270999 |
| Mont Blanc Capital Corp. |  |  |
| 4.46% <sup>(F)</sup>, 08/15/2025 <sup>(B)</sup> <br>| 275000 | 271409 |
| Victory Receivables Corp. |  |  |
| 4.46% <sup>(F)</sup>, 05/30/2025 <sup>(B)</sup> <br>| 325000 | 323808 |
|  |  | 2774875 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $4,730,593)**<br>|  | 4729584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  |
| **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(F)</sup> <br>| 193848 | 193848 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $193,848)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $193,848)** | 193848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $614,329 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 1.75% - 4.00%, <br> due 01/31/2029 - 01/31/2031, and with a <br> total value of $626,666.<br>| $614298 | 614298 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $614,298)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $614,298)** | 614298 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,339,622)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,339,622)** | 70287565 |
| **Net Other Assets (Liabilities) - (7.1)%** | **Net Other Assets (Liabilities) - (7.1)%** | (4634067) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$65653498** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| S&P 500<sup>®</sup> E-Mini Index | 1 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; $256340 | &nbsp;&nbsp;&nbsp; $279350 | &nbsp;&nbsp;&nbsp; $23010 | &nbsp;&nbsp;&nbsp; $— |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $39722140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39722140 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 8146344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8146344 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 7509864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7509864 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 6741664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6741664 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 1407382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1407382 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 1109405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1109405 |
| Foreign Government Obligation |  | &nbsp;&nbsp; 113036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113036 |
| Commercial Paper |  | &nbsp;&nbsp; 4729584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4729584 |
| Other Investment Company | 193848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193848 |
| Repurchase Agreement |  | &nbsp;&nbsp; 614298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 614298 |
| **Total Investments** | **$39915988** | &nbsp;&nbsp; **$30371577** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$70287565** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $23010 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23010 |
| **Total Other Financial Instruments** | **$23010** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$23010** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $9,553,655, representing 14.6% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $189,943, collateralized by cash collateral of $193,848. 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.* 

<sup>(E)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Balanced II**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $54,725,324) (including securities loaned of $189,943) | $69673267 |
| Repurchase agreement, at value (cost $614,298) | 614298 |
| Cash | 2205 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 83000 |
| Receivables and other assets: |  |
| Investments sold  | 146653 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 989806 |
| Net income from securities lending | 39 |
| Shares of beneficial interest sold  | 8746 |
| Dividends  | 17630 |
| Interest | 192397 |
| Variation margin receivable on futures contracts | 209 |
| Prepaid expenses | 202 |
| Total assets | 71728452 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 193848 |
| Payables and other liabilities: |  |
| Investments purchased | 239578 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 5555800 |
| Shares of beneficial interest redeemed | 2 |
| Investment management fees | 16687 |
| Distribution and service fees | 8374 |
| Transfer agent fees | 569 |
| Trustee and CCO fees | 431 |
| Audit and tax fees  | 18071 |
| Custody fees | 28712 |
| Legal fees | 2201 |
| Printing and shareholder reports fees | 344 |
| Registration fees | 4103 |
| Other accrued expenses | 6234 |
| Total liabilities | 6074954 |
| **Net assets**  | $65653498 |
| **Net assets consist of:** |  |
| Paid-in capital | $37117390 |
| Total distributable earnings (accumulated losses) | 28536108 |
| **Net assets** | $65653498 |
| **Net assets by class:** |  |
| Class I3 | $44846444 |
| Class R | 20807054 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 3933662 |
| Class R | 1820709 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I3 | $11.40 |
| Class R | 11.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I3 and R shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Balanced II**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $318986 |
| Interest income | 756620 |
| Net income from securities lending | 407 |
| Withholding taxes on foreign income | (520)<br>|
| Total investment income  | 1075493 |
| **Expenses:** |  |
| Investment management fees | 194330 |
| Distribution and service fees: |  |
| Class R | 84290 |
| Transfer agent fees: |  |
| Class I3 | 1772 |
| Class R | 472 |
| Trustee and CCO fees | 1930 |
| Audit and tax fees | 19396 |
| Custody fees | 30850 |
| Legal fees | 3679 |
| Printing and shareholder reports fees | 1699 |
| Registration fees | 11884 |
| Other | 11684 |
| Total expenses before waiver and/or reimbursement and recapture | 361986 |
| Expenses waived and/or reimbursed: |  |
| Class I3 | (17626)<br>|
| Class R | (15492)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I3 | 4072 |
| Class R | 1562 |
| Net expenses | 334502 |
| **Net investment income (loss)** | 740991 |
| **Net realized gain (loss) on:** |  |
| Investments | 13826500 |
| Futures contracts | (39045)<br>|
| Net realized gain (loss) | 13787455 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (14432260)<br>|
| Futures contracts | 32039 |
| Net change in unrealized appreciation (depreciation) | (14400221)<br>|
| Net realized and change in unrealized gain (loss) | (612766)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $128225 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Balanced II**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $740991 | &nbsp;&nbsp;&nbsp;&nbsp; $1863760 |
| Net realized gain (loss) | 13787455 | &nbsp;&nbsp;&nbsp;&nbsp; 8503242 |
| Net change in unrealized appreciation (depreciation) | (14400221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14593547 |
| Net increase (decrease) in net assets resulting from operations | 128225 | &nbsp;&nbsp;&nbsp;&nbsp; 24960549 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (6237683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1863892)<br>|
| Class R | (2758412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2052866)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (8996095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3916758)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 413243 | &nbsp;&nbsp;&nbsp;&nbsp; 1499173 |
| Class R | 556609 | &nbsp;&nbsp;&nbsp;&nbsp; 2479737 |
|  | 969852 | &nbsp;&nbsp;&nbsp;&nbsp; 3978910 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 6237683 | &nbsp;&nbsp;&nbsp;&nbsp; 1863892 |
| Class R | 2758412 | &nbsp;&nbsp;&nbsp;&nbsp; 2052866 |
|  | 8996095 | &nbsp;&nbsp;&nbsp;&nbsp; 3916758 |
| Cost of shares redeemed: |  |  |
| Class I3 | (4106315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6788363)<br>|
| Class R | (43642340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6909466)<br>|
|  | (47748655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13697829)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (37782708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5802161)<br>|
| **Net increase (decrease) in net assets** | (46650578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15241630 |
| **Net assets:** |  |  |
| Beginning of period/year | 112304076 | &nbsp;&nbsp;&nbsp;&nbsp; 97062446 |
| End of period/year | $65653498 | &nbsp;&nbsp;&nbsp;&nbsp; $112304076 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 34983 | &nbsp;&nbsp;&nbsp;&nbsp; 121015 |
| Class R | 44249 | &nbsp;&nbsp;&nbsp;&nbsp; 198489 |
|  | 79232 | &nbsp;&nbsp;&nbsp;&nbsp; 319504 |
| Shares reinvested: |  |  |
| Class I3 | 528745 | &nbsp;&nbsp;&nbsp;&nbsp; 153888 |
| Class R | 233124 | &nbsp;&nbsp;&nbsp;&nbsp; 170141 |
|  | 761869 | &nbsp;&nbsp;&nbsp;&nbsp; 324029 |
| Shares redeemed: |  |  |
| Class I3 | (341441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (543220)<br>|
| Class R | (3275090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (557970)<br>|
|  | (3616531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1101190)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | 222287 | &nbsp;&nbsp;&nbsp;&nbsp; (268317)<br>|
| Class R | (2997717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (189340)<br>|
|  | (2775430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (457657)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Balanced II**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.16 | $10.80 | $10.71 | $13.87 | $11.62 | $10.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.24 | 0.22 | 0.16 | 0.13 | 0.16 |
| Net realized and unrealized gain (loss) | (0.18)<br>| 2.60 | 0.55 | (2.04)<br>| 2.72 | 0.91 |
| Total investment operations | (0.06)<br>| 2.84 | 0.77 | (1.88)<br>| 2.85 | 1.07 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.26)<br>| (0.22)<br>| (0.16)<br>| (0.14)<br>| (0.17)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>| (0.27)<br>|
| Total dividends and/or distributions to shareholders | (1.70)<br>| (0.48)<br>| (0.68)<br>| (1.28)<br>| (0.60)<br>| (0.44)<br>|
| **Net asset value, end of period/year** | $11.40 | $13.16 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Total return** | (0.81 )%<sup>(B)</sup><br>| 26.70<br> %<br>| 7.40<br> %<br>| (14.90)%<br>| 25.21<br> %<br>| 10.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $44846 | $48855 | $42972 | $44058 | $58098 | $52587 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.69 %<sup>(C)</sup><br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63 %<sup>(C)</sup><br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>|
| Net investment income (loss) to average net assets | 2.02 %<sup>(C)</sup><br>| 1.97<br> %<br>| 1.98<br> %<br>| 1.32<br> %<br>| 1.04<br> %<br>| 1.44<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(B)</sup><br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>| 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.17 | $10.80 | $10.71 | $13.87 | $11.62 | $10.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.10 | 0.18 | 0.16 | 0.10 | 0.07 | 0.11 |
| Net realized and unrealized gain (loss) | (0.19)<br>| 2.61 | 0.55 | (2.04)<br>| 2.72 | 0.90 |
| Total investment operations | (0.09)<br>| 2.79 | 0.71 | (1.94)<br>| 2.79 | 1.01 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.20)<br>| (0.16)<br>| (0.10)<br>| (0.08)<br>| (0.11)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>| (0.27)<br>|
| Total dividends and/or distributions to shareholders | (1.65)<br>| (0.42)<br>| (0.62)<br>| (1.22)<br>| (0.54)<br>| (0.38)<br>|
| **Net asset value, end of period/year** | $11.43 | $13.17 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Total return** | (1.07 )%<sup>(B)</sup><br>| 26.19<br> %<br>| 6.85<br> %<br>| (15.34)%<br>| 24.59<br> %<br>| 9.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $20807 | $63449 | $54090 | $56015 | $76911 | $66033 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18 %<sup>(C)</sup><br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10 %<sup>(C)</sup><br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | 1.56 %<sup>(C)</sup><br>| 1.49<br> %<br>| 1.47<br> %<br>| 0.82<br> %<br>| 0.55<br> %<br>| 0.96<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(B)</sup><br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>| 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Balanced II (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class I3 and Class R.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

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**Page 17**

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**Transamerica Balanced II**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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.

**Transamerica Funds**

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**Page 18**

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**Transamerica Balanced II**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP 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 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 April 30, 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:

*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.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**Transamerica Funds**

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**Transamerica Balanced II**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at April 30, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**Transamerica Funds**

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**Transamerica Balanced II**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Balanced II**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $115624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115624 |
| U.S. Government Agency Obligations | 78224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78224 |
| Total Securities Lending Transactions | $193848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $193848 |
| **Total Borrowings** | **$193848** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$193848** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Transamerica Funds**

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**Page 22**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $— | $— | $23010 | $— | $— | $23010 |
| **Total** | **$—** | **$—** | **$23010** | **$—** | **$—** | **$23010** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $— | $(39045)<br>| $— | $— | $(39045)<br>|
| **Total** | **$—** | **$—** | **$(39045)**<br>| **$—** | **$—** | **$(39045)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $— | $— | $32039 | $— | $— | $32039 |
| **Total** | **$—** | **$—** | **$32039** | **$—** | **$—** | **$32039** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $332412 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

A**sset class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $65653498 | 100.00<br> % <br>|

---

**Investment management fees:** TAM serves as the Funds investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM at an annual rate of 0.48% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3 | 0.63<br> % <br>| March 1, 2026 |
| Class R | 1.10 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class I3 | $— | $— | $— | $13554 | $13554 |
| Class R |  |  | 5992 | 15492 | 21484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1782 | &nbsp;&nbsp; $272 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $14611459 | &nbsp;&nbsp; $6615266 | &nbsp;&nbsp; $51871599 | &nbsp;&nbsp; $10785095 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $55339622 | &nbsp;&nbsp; $16503622 | &nbsp;&nbsp; $(1532669)<br>| &nbsp;&nbsp; $14970953 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Balanced II** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Balanced II** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Balanced II** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Balanced II** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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![](g947814imgaecdc2573.gif)

![](g947814img139b4d384.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA BAL II 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img27556b1b5.gif)

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![](g947814img31ce95e01.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img0214f3f32.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_SOI-RunningFooter-155_1) | 2 |
| [Statement of Assets and Liabilities](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_FS-RunningFooter-155_1) | 15 |
| [Statement of Operations](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_FS-RunningFooter-155_2) | 16 |
| [Statement of Changes in Net Assets](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_FS-RunningFooter-155_3) | 17 |
| [Financial Highlights](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_FIHI-RunningFooter-155_1) | 19 |
| [Notes to Financial Statements](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_NTF-RunningFooter-155_1) | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_DWA-RunningFooter-155_1)**<br> **[Companies](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_DWA-RunningFooter-155_1)**<br>| 33 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_PD-RunningFooter-155_1)** | 34 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_REMU-RunningFooter-155_1)**<br> **[Companies](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_REMU-RunningFooter-155_1)**<br>| 35 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_abb80bf9-68fc-44f1-983b-348cf2a3534c_AIAC-RunningFooter-155_1)** | 36 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  |
| **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  |
| Boeing Co. |  |  |
| 5.93%, 05/01/2060 | $3136000 | $2899859 |
| 6.53%, 05/01/2034 | 3612000 | 3878266 |
| 6.86%, 05/01/2054 | 2005000 | 2143214 |
| Embraer Netherlands Finance BV |  |  |
| 7.00%, 07/28/2030 <sup>(A)</sup> <br>| 2343000 | 2495224 |
| General Electric Co. |  |  |
| 4.50%, 03/11/2044 | 3922000 | 3420962 |
| 5.88%, 01/14/2038 | 1446000 | 1520110 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 4621000 | 4662197 |
|  |  | 21019832 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1867000 | 1620038 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2236000 | 1961181 |
|  |  | 3581219 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(A)</sup> <br>| 2036000 | 2003461 |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 4543000 | 4489834 |
| 6.95%, 06/10/2026 | 4469000 | 4514813 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 2887000 | 2722861 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(A)</sup> <br>| 2488000 | 2292789 |
|  |  | 16023758 |
| **Banks - 5.7%**  | **Banks - 5.7%**  | **Banks - 5.7%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 2800000 | 2841867 |
| 6.03%, 01/17/2035 | 1200000 | 1245627 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/11/2031, <br>2.65% <sup>(B)</sup>, 03/11/2032<br>| 3181000 | 2817012 |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.51% <sup>(B)</sup>, 01/24/2036<br>| 7532000 | 7626026 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 8985000 | 9352756 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 1453000 | 1452741 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2054, <br>6.04% <sup>(B)</sup>, 03/12/2055<br>| 916000 | 908772 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 7197000 | 7276941 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2029, <br>5.88% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 4265000 | 4094928 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 11/17/2027 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| $6095000 | $6412866 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 3080000 | 3137517 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| 1849000 | 1890512 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 5960000 | 5162084 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(B)</sup>, 01/28/2056<br>| 3261000 | 3182268 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 3791000 | 4324052 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 8726000 | 8857237 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.34% <sup>(B)</sup>, 01/23/2035<br>| 4780000 | 4813241 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 1568000 | 1623492 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2032, <br>4.98% <sup>(B)</sup>, 08/11/2033<br>| 2443000 | 2395094 |
| &nbsp;&nbsp; Fixed until 01/05/2034, <br>5.68% <sup>(B)</sup>, 01/05/2035<br>| 4693000 | 4744223 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/13/2031, <br>6.08% <sup>(B)</sup>, 03/13/2032<br>| 2506000 | 2603737 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1872000 | 2011641 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 3460000 | 3439143 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 8830000 | 9121615 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(B)</sup>, 01/22/2035<br>| 788000 | 801897 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 3678000 | 3801324 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(B)</sup>, 01/26/2034<br>| 6379000 | 6238260 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(B)</sup>, 10/30/2029<br>| 1641000 | 1770234 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2044, <br>5.38% <sup>(B)</sup>, 09/06/2045 <sup>(A)</sup> <br>| 1998000 | 1889289 |
| &nbsp;&nbsp; Fixed until 11/13/2028 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 3524000 | 3807753 |
| Uzbek Industrial & Construction Bank ATB |  |  |
| 8.95%, 07/24/2029 <sup>(A)</sup> <br>| 5250000 | 5370750 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| $4306000 | $4389004 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(B)</sup>, 07/25/2034<br>| 5095000 | 5157386 |
|  |  | 134561289 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(A)</sup> <br>| 6397000 | 6069455 |
| **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 2919000 | 2061499 |
| 5.60%, 03/02/2043 | 2264000 | 2203894 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 4446000 | 3899373 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 4043000 | 4050952 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 4009000 | 3472581 |
|  |  | 15688299 |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 03/01/2030 <sup>(A)</sup> <br>| 859000 | 825000 |
| CRH America, Inc. |  |  |
| 3.88%, 05/18/2025 <sup>(A)</sup> <br>| 1000000 | 999280 |
| Holcim Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 1003000 | 829158 |
| 5.40%, 04/07/2035 <sup>(A)</sup> <br>| 2567000 | 2563769 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 3797000 | 3004239 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 3112000 | 3131219 |
|  |  | 11352665 |
| **Chemicals - 0.5%**  | **Chemicals - 0.5%**  | **Chemicals - 0.5%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 1.50%, Cash Rate 5.85%, <br>09/30/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 511683 | 204673 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/2027 | 1464000 | 1445877 |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/2029 | 3845000 | 3790947 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 2141000 | 2160440 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.80%, 05/13/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 3687000 | 3684530 |
|  |  | 11286467 |
| **Commercial Services & Supplies - 1.5%**  | **Commercial Services & Supplies - 1.5%**  | **Commercial Services & Supplies - 1.5%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 5252000 | 4954197 |
| Ambipar Lux SARL |  |  |
| 9.88%, 02/06/2031 <sup>(A)</sup> <br>| 2309000 | 2216149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| $1291000 | $1275316 |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 1862000 | 1862664 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/2028 <sup>(A)</sup> <br>| 4617000 | 4851259 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 2473000 | 2502701 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 8569000 | 7229001 |
| 6.50%, 05/06/2034 | 2249000 | 2244634 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2166000 | 1957389 |
| 5.25%, 08/09/2034 | 1757000 | 1730811 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 2694000 | 2743900 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/2029 <sup>(A)</sup> <br>| 2587000 | 2546686 |
|  |  | 36114707 |
| **Communications Equipment - 1.0%**  | **Communications Equipment - 1.0%**  | **Communications Equipment - 1.0%**  |
| CommScope LLC |  |  |
| 4.75%, 09/01/2029 <sup>(A)</sup><sup>(F)</sup> <br>| 4218000 | 3730547 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2994000 | 2781034 |
| 3.88%, 04/15/2030 | 1503000 | 1447604 |
| 5.15%, 04/15/2034 | 4721000 | 4714939 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 3689000 | 3161232 |
| 1.75%, 01/20/2031 | 3098000 | 2646935 |
| 4.13%, 03/16/2027 | 2263000 | 2260119 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.75%, 07/15/2031 <sup>(A)</sup> <br>| 2500000 | 2196423 |
|  |  | 22938833 |
| **Construction & Engineering - 0.7%**  | **Construction & Engineering - 0.7%**  | **Construction & Engineering - 0.7%**  |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co. |  |  |
| 4.63%, 08/01/2029 - 04/01/2030 <sup>(A)</sup> <br>| 2660000 | 2451310 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/2029 <sup>(A)</sup> <br>| 2383000 | 2125006 |
| 6.75%, 06/01/2027 | 2138000 | 2138323 |
| D.R. Horton, Inc. |  |  |
| 5.00%, 10/15/2034 | 3265000 | 3172748 |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(A)</sup> <br>| 1357764 | 1357381 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 5297000 | 5314480 |
|  |  | 16559248 |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 6064000 | 5033046 |
| InRetail Consumer |  |  |
| 3.25%, 03/22/2028 <sup>(A)</sup> <br>| 3042000 | 2844391 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 5027000 | 4678278 |
|  |  | 12555715 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| $3895000 | $3922993 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(A)</sup> <br>| 2309000 | 2316465 |
| WRKCo, Inc. |  |  |
| 3.90%, 06/01/2028 | 3383000 | 3308255 |
|  |  | 9547713 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 <sup>(F)</sup> <br>| 1703000 | 1761477 |
| **Diversified REITs - 0.8%**  | **Diversified REITs - 0.8%**  | **Diversified REITs - 0.8%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 4.00%, 01/15/2030 | 2499000 | 2356534 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 4090000 | 4115622 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(A)</sup> <br>| 3250000 | 3093077 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 4032000 | 4003057 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3472000 | 3357426 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 3127000 | 3061619 |
|  |  | 19987335 |
| **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  |
| Black Hills Corp. |  |  |
| 3.15%, 01/15/2027 | 2146000 | 2088249 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(A)</sup> <br>| 6168000 | 5707762 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 3930548 | 3904016 |
| Cleveland Electric Illuminating Co. |  |  |
| 3.50%, 04/01/2028 <sup>(A)</sup> <br>| 5099000 | 4903608 |
| Duke Energy Corp. |  |  |
| 5.00%, 12/08/2027 | 1288000 | 1306320 |
| Investment Energy Resources Ltd. |  |  |
| 6.25%, 04/26/2029 <sup>(A)</sup> <br>| 1200000 | 1144625 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/2029 <sup>(A)</sup> <br>| 598000 | 553469 |
| 3.63%, 02/15/2031 <sup>(A)</sup> <br>| 854000 | 767521 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 617000 | 609595 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 2244000 | 1933725 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2201000 | 2275392 |
|  |  | 25194282 |
| **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 1674000 | 1680606 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 3064000 | 3067719 |
| 4.95%, 10/15/2034 | 1680000 | 1631277 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| $2676000 | $2469287 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 <sup>(E)</sup> <br>| 4750000 | 4687513 |
|  |  | 13536402 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(A)</sup> <br>| 1841000 | 1813802 |
| **Financial Services - 2.2%**  | **Financial Services - 2.2%**  | **Financial Services - 2.2%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 3793000 | 3774933 |
| 4.95%, 09/10/2034 | 2097000 | 2005601 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 3701000 | 3823581 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(A)</sup> <br>| 2035000 | 1988546 |
| 3.50%, 11/01/2027 <sup>(A)</sup> <br>| 1598000 | 1541261 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(A)</sup> <br>| 4920000 | 4925733 |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 5581000 | 5641085 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 1067000 | 1051505 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(B)</sup>, 05/19/2034<br>| 6168000 | 6433504 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(A)</sup> <br>| 1060000 | 1077243 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 3511000 | 3405925 |
| LPL Holdings, Inc. |  |  |
| 4.00%, 03/15/2029 <sup>(A)</sup> <br>| 2937000 | 2825764 |
| 5.70%, 05/20/2027 | 1901000 | 1936481 |
| Mexico Remittances Funding Fiduciary <br> Estate Management SARL |  |  |
| 12.50%, 10/15/2031 <sup>(A)</sup> <br>| 6194000 | 6085605 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 <sup>(A)</sup> <br>| 4725000 | 4705458 |
|  |  | 51222225 |
| **Food Products - 1.7%**  | **Food Products - 1.7%**  | **Food Products - 1.7%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 4995000 | 4937965 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 561000 | 569090 |
| BAT Capital Corp. |  |  |
| 6.00%, 02/20/2034 | 4488000 | 4686581 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 5491000 | 5314977 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 3579000 | 3587834 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 2566000 | 2717647 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | $3165000 | $3096326 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 4025000 | 3338100 |
| 4.90%, 11/01/2034 | 4786000 | 4708442 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 2545000 | 2542140 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(A)</sup> <br>| 5125000 | 5148445 |
|  |  | 40647547 |
| **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 2615000 | 2681859 |
| **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 739000 | 717686 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 2774000 | 2790755 |
| 5.86%, 03/15/2030 | 1747000 | 1828825 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 1483000 | 1385047 |
| 5.25%, 10/01/2029 <sup>(A)</sup> <br>| 489000 | 464359 |
|  |  | 7186672 |
| **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 4221000 | 3847255 |
| Charles River Laboratories International, <br> Inc. |  |  |
| 4.00%, 03/15/2031 <sup>(A)</sup> <br>| 1839000 | 1615851 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(A)</sup> <br>| 1927000 | 1643191 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 2791000 | 2524170 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/2030 | 2250000 | 2015320 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 946000 | 949617 |
| 6.00%, 04/01/2054 | 3003000 | 2859945 |
| 7.50%, 11/06/2033 | 2610000 | 2939491 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1457000 | 1404231 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 1797000 | 1671244 |
| 4.80%, 10/01/2034 | 4308000 | 4139029 |
| Tenet Healthcare Corp. |  |  |
| 5.13%, 11/01/2027 | 2510000 | 2489410 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 3167000 | 2798355 |
|  |  | 30897109 |
| **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  |
| Boyd Gaming Corp. |  |  |
| 4.75%, 12/01/2027 | 849000 | 831253 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| $999000 | $950263 |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(A)</sup><sup>(F)</sup> <br>| 2588000 | 2565750 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.75%, 05/01/2029 <sup>(A)</sup> <br>| 4057000 | 3813584 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 2990000 | 2995965 |
| Light & Wonder International, Inc. |  |  |
| 7.00%, 05/15/2028 <sup>(A)</sup> <br>| 699000 | 699158 |
| 7.25%, 11/15/2029 <sup>(A)</sup> <br>| 796000 | 810446 |
| Marriott International, Inc. |  |  |
| 2.75%, 10/15/2033 | 2529000 | 2090483 |
| 5.75%, 05/01/2025 | 323000 | 323000 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 | 2761000 | 2661753 |
| 6.13%, 09/15/2029 | 3543000 | 3528167 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 03/15/2026 <sup>(A)</sup> <br>| 429000 | 426887 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 04/01/2028 <sup>(A)</sup> <br>| 2263000 | 2264030 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/2027 <sup>(A)</sup> <br>| 5420000 | 5402719 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 2601000 | 1957532 |
|  |  | 31320990 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Newell Brands, Inc. |  |  |
| 6.38%, 05/15/2030 <sup>(F)</sup> <br>| 1664000 | 1514861 |
| **Insurance - 2.1%**  | **Insurance - 2.1%**  | **Insurance - 2.1%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 6194000 | 6316707 |
| 5.25%, 03/30/2033 | 1943000 | 1962835 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 3770000 | 3650568 |
| AXA SA |  |  |
| 8.60%, 12/15/2030 | 5184000 | 6080866 |
| Cloverie PLC for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/24/2026, <br>5.63% <sup>(B)</sup>, 06/24/2046 <sup>(G)</sup> <br>| 6682000 | 6672244 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 8154000 | 7934264 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 2219000 | 2263587 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 1778000 | 1802134 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 660000 | 571180 |
| 6.00%, 05/16/2054 | 2519000 | 2500445 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 2200000 | 2222693 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 1990000 | 2041162 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| $6123000 | $6082221 |
|  |  | 50100906 |
| **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 4986000 | 4898148 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | 3709000 | 3818087 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1767000 | 1711939 |
|  |  | 10428174 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 583000 | 540109 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 4856000 | 4573923 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/2028 <sup>(A)</sup> <br>| 2475000 | 2439437 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 4779000 | 4605634 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(A)</sup><sup>(F)</sup> <br>| 695000 | 673497 |
| 5.13%, 04/15/2029 <sup>(A)</sup> <br>| 584000 | 557466 |
|  |  | 13390066 |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 5843000 | 5368626 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2846000 | 2863981 |
|  |  | 8232607 |
| **Media - 0.8%**  | **Media - 0.8%**  | **Media - 0.8%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 5.13%, 07/01/2049 | 3926000 | 3062115 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(F)</sup> <br>| 1392000 | 1141808 |
| Comcast Corp. |  |  |
| 4.15%, 10/15/2028 | 5240000 | 5223551 |
| CSC Holdings LLC |  |  |
| 4.50%, 11/15/2031 <sup>(A)</sup> <br>| 2454000 | 1669323 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 2800000 | 2517424 |
| 5.50%, 05/15/2029 <sup>(A)</sup> <br>| 5224000 | 5028406 |
|  |  | 18642627 |
| **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 4541000 | 4720769 |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88%, 11/01/2029 <sup>(A)</sup> <br>| 3041000 | 2944682 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 4557000 | 3951117 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Novelis Corp. |  |  |
| 3.25%, 11/15/2026 <sup>(A)</sup> <br>| $236000 | $228868 |
| 3.88%, 08/15/2031 <sup>(A)</sup> <br>| 236000 | 203673 |
|  |  | 12049109 |
| **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(A)</sup> <br>| 8155000 | 7943176 |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 1665000 | 1645030 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 3184000 | 3201363 |
|  |  | 12789569 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/2029 <sup>(F)</sup> <br>| 822000 | 734746 |
| 2.25%, 03/15/2026 | 1833000 | 1788157 |
|  |  | 2522903 |
| **Oil, Gas & Consumable Fuels - 3.8%**  | **Oil, Gas & Consumable Fuels - 3.8%**  | **Oil, Gas & Consumable Fuels - 3.8%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 4707000 | 4273714 |
| Cheniere Energy Partners LP |  |  |
| 4.00%, 03/01/2031 | 5421000 | 5057600 |
| 4.50%, 10/01/2029 | 2900000 | 2829556 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 1880000 | 1804234 |
| Diamondback Energy, Inc. |  |  |
| 5.15%, 01/30/2030 | 4729000 | 4793450 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 2195000 | 2092186 |
| 8.38%, 01/19/2036 | 2500000 | 2340553 |
| Enbridge, Inc. |  |  |
| 5.63%, 04/05/2034 | 5168000 | 5213116 |
| Energy Transfer LP |  |  |
| 6.00%, 06/15/2048 | 4879000 | 4492321 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 1161000 | 1189765 |
| Expand Energy Corp. |  |  |
| 5.38%, 03/15/2030 | 1472000 | 1460601 |
| Exxon Mobil Corp. |  |  |
| 3.04%, 03/01/2026 | 2580000 | 2555910 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 4187000 | 4065789 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 1920000 | 1930099 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 1934000 | 1964604 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 | 2493000 | 2268080 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 3036000 | 3026069 |
| 6.00%, 06/01/2026 | 350000 | 350099 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | $3143000 | $3095795 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 4665000 | 4838235 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 3194000 | 3140577 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 3507000 | 3221513 |
| 6.84%, 01/23/2030 | 2838000 | 2525248 |
| 6.88%, 10/16/2025 | 2440000 | 2430975 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 3.55%, 12/15/2029 | 1813000 | 1712718 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.90%, 09/15/2037 | 2786000 | 2823088 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.00%, 01/15/2032 | 2740000 | 2506632 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 4963000 | 5141618 |
| Vital Energy, Inc. |  |  |
| 7.75%, 07/31/2029 <sup>(A)</sup><sup>(F)</sup> <br>| 2937000 | 2491177 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 <sup>(F)</sup> <br>| 3673000 | 3708051 |
| YPF SA |  |  |
| 9.50%, 01/17/2031 <sup>(A)</sup> <br>| 1063000 | 1099771 |
|  |  | 90443144 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.15%, 08/15/2033 | 1329898 | 1211094 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/2028 <sup>(A)</sup> <br>| 4280000 | 4249820 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 1034022 | 1017042 |
|  |  | 6477956 |
| **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 4511000 | 4645246 |
| **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  |
| Bausch Health Cos., Inc. |  |  |
| 5.00%, 02/15/2029 <sup>(A)</sup> <br>| 970000 | 611100 |
| 5.25%, 01/30/2030 - 02/15/2031 <sup>(A)</sup> <br>| 3724000 | 2178653 |
| 6.25%, 02/15/2029 <sup>(A)</sup> <br>| 520000 | 340600 |
| 7.00%, 01/15/2028 <sup>(A)</sup> <br>| 617000 | 495390 |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 1757000 | 1721726 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1539000 | 1480751 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 2368000 | 2389049 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 1642000 | 1662590 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. (continued) |  |  |
| 6.00%, 06/01/2044 | $2984000 | $2889114 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 4579000 | 4630417 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1472000 | 1340480 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| 1876000 | 1768603 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 2735000 | 2563091 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 2254000 | 2123594 |
|  |  | 26195158 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 5199000 | 5175934 |
| **Semiconductors & Semiconductor Equipment - 1.2%**  | **Semiconductors & Semiconductor Equipment - 1.2%**  | **Semiconductors & Semiconductor Equipment - 1.2%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | 3511000 | 3339657 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 5567000 | 4604126 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 4081000 | 4090908 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 3633000 | 3699525 |
| KLA Corp. |  |  |
| 4.65%, 07/15/2032 | 3001000 | 2975126 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 3599000 | 3601142 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 4668000 | 4680727 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1513000 | 1021384 |
|  |  | 28012595 |
| **Software - 1.1%**  | **Software - 1.1%**  | **Software - 1.1%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 3809000 | 3799833 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 2285000 | 2234883 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(A)</sup> <br>| 1059000 | 1058051 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 3450000 | 3529857 |
| Infor LLC |  |  |
| 1.75%, 07/15/2025 <sup>(A)</sup> <br>| 2616000 | 2597100 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1261000 | 1234800 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 2556000 | 1953739 |
| 6.90%, 11/09/2052 | 2909000 | 3142273 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 3267000 | 3169948 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | $2408000 | $2409938 |
| 5.70%, 04/01/2055 | 1725000 | 1670298 |
|  |  | 26800720 |
| **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  |
| Iron Mountain, Inc. |  |  |
| 5.25%, 03/15/2028 <sup>(A)</sup> <br>| 5152000 | 5072332 |
| **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  |
| MV24 Capital BV |  |  |
| 6.75%, 06/01/2034 <sup>(A)</sup> <br>| 2839177 | 2706108 |
| United Parcel Service, Inc. |  |  |
| 5.15%, 05/22/2034 <sup>(F)</sup> <br>| 2355000 | 2383428 |
|  |  | 5089536 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $884,839,136)**<br>|  | 871132343 |
| **U.S. GOVERNMENT OBLIGATIONS - 28.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 28.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 28.0%**  |
| **U.S. Treasury - 27.8%**  | **U.S. Treasury - 27.8%**  | **U.S. Treasury - 27.8%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 56137000 | 27379945 |
| 1.38%, 11/15/2040 | 19625000 | 12603696 |
| 2.00%, 02/15/2050 | 19226000 | 11440972 |
| 2.25%, 05/15/2041 - 08/15/2046 | 41069000 | 29228307 |
| 2.38%, 02/15/2042 | 35044000 | 25698477 |
| 2.50%, 02/15/2045 - 05/15/2046 | 15417000 | 10857709 |
| 2.75%, 08/15/2042 - 11/15/2047 | 49414000 | 36968296 |
| 2.88%, 11/15/2046 - 05/15/2049 | 11346000 | 8331950 |
| 3.00%, 08/15/2048 | 5566000 | 4164281 |
| 3.25%, 05/15/2042 | 2636000 | 2200854 |
| 3.50%, 02/15/2039 | 34622000 | 31382950 |
| 3.63%, 05/15/2053 | 5009000 | 4151404 |
| 3.88%, 02/15/2043 | 2143000 | 1939834 |
| 4.13%, 08/15/2044 - 08/15/2053 | 11097000 | 10213478 |
| 4.25%, 05/15/2039 - 08/15/2054 | 51218000 | 49074095 |
| 4.50%, 02/15/2044 - 11/15/2054 | 28332000 | 27641704 |
| 4.63%, 05/15/2044 - 02/15/2055 | 29796000 | 29531521 |
| 4.75%, 11/15/2043 - 11/15/2053 | 36093000 | 36440534 |
| U.S. Treasury Bonds, Principal Only <br> STRIPS |  |  |
| Zero Coupon, 08/15/2052 | 46411000 | 12663700 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 | 18425000 | 15785043 |
| 1.25%, 08/15/2031 | 27846000 | 23728925 |
| 1.38%, 11/15/2031 | 10570000 | 9015467 |
| 1.63%, 05/15/2031 | 9258000 | 8138361 |
| 1.88%, 02/15/2032 | 1063400 | 932053 |
| 2.63%, 01/31/2026 | 28113000 | 27818253 |
| 2.75%, 08/15/2032 | 13750500 | 12675168 |
| 2.88%, 05/15/2032 | 7840000 | 7312331 |
| 3.38%, 05/15/2033 | 7101300 | 6769259 |
| 3.63%, 08/31/2029 | 2654000 | 2644670 |
| 3.75%, 12/31/2030 - 08/31/2031 | 19004000 | 18875789 |
| 3.88%, 03/15/2028 - 09/30/2029 | 29831000 | 30044739 |
| 4.13%, 02/28/2027 - 11/15/2032 | 34040200 | 34342636 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 4.25%, 02/28/2031 - 11/15/2034 | $27508000 | $27803293 |
| 4.50%, 05/31/2029 - 11/15/2033 | 5064000 | 5213482 |
| 4.63%, 02/15/2035 | 51783700 | 53636586 |
|  |  | 656649762 |
| **U.S. Treasury Inflation-Protected Securities - 0.2%**  | **U.S. Treasury Inflation-Protected Securities - 0.2%**  | **U.S. Treasury Inflation-Protected Securities - 0.2%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 5944164 | 5572351 |
|  |  | 5572351 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $704,229,560)**<br>|  | 662222113 |
| **ASSET-BACKED SECURITIES - 11.3%**  | **ASSET-BACKED SECURITIES - 11.3%**  | **ASSET-BACKED SECURITIES - 11.3%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 401694 | 403364 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(A)</sup> <br>| 1532551 | 1425309 |
| &nbsp;&nbsp; Series 2021-1H, Class D, <br>3.58%, 10/20/2040 <sup>(A)</sup> <br>| 917860 | 823408 |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>7.97%, 06/20/2030 <sup>(A)</sup> <br>| 62567 | 62664 |
| Anchorage Capital CLO 25 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-25A, Class C, <br>3-Month Term SOFR + 2.35%, <br>6.62% <sup>(B)</sup>, 04/20/2035 <sup>(A)</sup> <br>| 4400000 | 4402165 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> <br>| 1134494 | 1046558 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 4255000 | 4370000 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(A)</sup> <br>| 6610000 | 6744330 |
| Battalion CLO XXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-21A, Class A, <br>3-Month Term SOFR + 1.44%, <br>5.70% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> <br>| 3680000 | 3675356 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class A, <br>1.55%, 02/28/2036 <sup>(A)</sup> <br>| 511804 | 482107 |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 2257168 | 2298260 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class A1, <br>4.40%, 10/15/2054 <sup>(A)</sup> <br>| 11397700 | 10933831 |
| CARS-DB5 LP |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A3, <br>1.92%, 08/15/2051 <sup>(A)</sup> <br>| 4072792 | 3882891 |
| CARS-DB7 LP |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A1, <br>5.75%, 09/15/2053 <sup>(A)</sup> <br>| 3758333 | 3792961 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp; Series 2002-S3, Class A5, <br>4.93% <sup>(B)</sup>, 05/25/2032<br>| $3473 | $3033 |
| DataBank Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(A)</sup> <br>| 4727000 | 4598019 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.65% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 3250000 | 3236539 |
| Diamond Infrastructure Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(A)</sup> <br>| 3375000 | 3188584 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2024-1, Class C, <br>5.43%, 11/17/2031<br>| 8500000 | 8623140 |
| &nbsp;&nbsp; Series 2024-2, Class C, <br>4.67%, 05/17/2032<br>| 5700000 | 5695996 |
| Dryden 80 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-80A, Class AR, <br>3-Month Term SOFR + 1.25%, <br>5.53% <sup>(B)</sup>, 01/17/2033 <sup>(A)</sup> <br>| 3374437 | 3372142 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 14450000 | 14540617 |
| GoodLeap Sustainable Home Solutions <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-4GS, Class A, <br>1.93%, 07/20/2048 <sup>(A)</sup> <br>| 2201602 | 1747311 |
| &nbsp;&nbsp; Series 2021-5CS, Class A, <br>2.31%, 10/20/2048 <sup>(A)</sup> <br>| 2439899 | 1908805 |
| &nbsp;&nbsp; Series 2022-1GS, Class A, <br>2.70%, 01/20/2049 <sup>(A)</sup> <br>| 4482628 | 3560262 |
| &nbsp;&nbsp; Series 2022-3CS, Class A, <br>4.95%, 07/20/2049 <sup>(A)</sup> <br>| 2504381 | 2291484 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class A3, <br>1-Month Term SOFR + 0.77%, <br>5.10% <sup>(B)</sup>, 01/25/2036<br>| 847053 | 343874 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 6630000 | 6741531 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class B, <br>2.12%, 12/27/2027 <sup>(A)</sup> <br>| 6890000 | 6554724 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2018-AA, Class C, <br>4.00%, 02/25/2032 <sup>(A)</sup> <br>| 165018 | 164780 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(A)</sup> <br>| 1562469 | 1594809 |
| &nbsp;&nbsp; Series 2024-1B, Class B, <br>5.99%, 09/15/2039 <sup>(A)</sup> <br>| 783147 | 797673 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(A)</sup> <br>| 475688 | 485054 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 2531273 | 2582160 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(A)</sup> <br>| 7649353 | 7713704 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.71%, 08/27/2040 <sup>(A)</sup> <br>| 4887087 | 4948125 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(A)</sup> <br>| $1504192 | $1521582 |
| &nbsp;&nbsp; Series 2024-A, Class B, <br>5.84%, 03/15/2043 <sup>(A)</sup> <br>| 1728221 | 1748097 |
| &nbsp;&nbsp; Series 2024-A, Class C, <br>6.32%, 03/15/2043 <sup>(A)</sup> <br>| 1926646 | 1945989 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.73% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 6500000 | 6475222 |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.55% <sup>(B)</sup>, 04/17/2034 <sup>(A)</sup> <br>| 4500000 | 4483134 |
| JG Wentworth XXI LLC |  |  |
| &nbsp;&nbsp; Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(A)</sup> <br>| 137721 | 136628 |
| JGWPT XXIII LLC |  |  |
| &nbsp;&nbsp; Series 2011-1A, Class A, <br>4.70%, 10/15/2056 <sup>(A)</sup> <br>| 881672 | 869241 |
| KKR CLO 15 Ltd. |  |  |
| &nbsp;&nbsp; Series 15, Class A1R2, <br>3-Month Term SOFR + 1.10%, <br>5.37% <sup>(B)</sup>, 01/18/2032 <sup>(A)</sup> <br>| 4785165 | 4779351 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2019-2A, Class B, <br>2.44%, 10/20/2038 <sup>(A)</sup> <br>| 266714 | 261285 |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(A)</sup> <br>| 528986 | 511655 |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(A)</sup> <br>| 1782129 | 1697800 |
| &nbsp;&nbsp; Series 2021-1WA, Class C, <br>1.94%, 01/22/2041 <sup>(A)</sup> <br>| 1417494 | 1343781 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 2613241 | 2627691 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>6.18%, 11/20/2040 <sup>(A)</sup> <br>| 2471836 | 2558937 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.51%, 02/20/2043 <sup>(A)</sup> <br>| 2946159 | 2974515 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(A)</sup> <br>| 1918284 | 1895964 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>4.92%, 03/20/2042 <sup>(A)</sup> <br>| 6103630 | 5953666 |
| MVW Owner Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> <br>| 431090 | 430548 |
| Octagon 54 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1, <br>3-Month Term SOFR + 1.38%, <br>5.64% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> <br>| 2750000 | 2748603 |
| Octagon Investment Partners 40 Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class CRR, <br>3-Month Term SOFR + 1.75%, <br>6.02% <sup>(B)</sup>, 01/20/2035 <sup>(A)</sup> <br>| 7250000 | 7079277 |
| OZLM XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-19A, Class A1RR, <br>3-Month Term SOFR + 1.35%, <br>5.61% <sup>(B)</sup>, 01/15/2035 <sup>(A)</sup> <br>| 10000000 | 9980000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Pikes Peak CLO 4 |  |  |
| &nbsp;&nbsp; Series 2019-4A, Class ARR, <br>3-Month Term SOFR + 1.21%, <br>5.47% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> <br>| $4395000 | $4372454 |
| Retained Vantage Data Centers <br> Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A2, <br>4.99%, 09/15/2049 <sup>(A)</sup> <br>| 8500000 | 8410200 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-2, Class D, <br>1.35%, 07/15/2027<br>| 1404132 | 1397044 |
| &nbsp;&nbsp; Series 2023-5, Class A2, <br>6.31%, 07/15/2027<br>| 138643 | 138734 |
| &nbsp;&nbsp; Series 2025-1, Class D, <br>5.43%, 03/17/2031<br>| 5900000 | 5915601 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| 5100000 | 5184425 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>1.33%, 07/20/2037 <sup>(A)</sup> <br>| 77106 | 76698 |
| &nbsp;&nbsp; Series 2020-2A, Class B, <br>2.32%, 07/20/2037 <sup>(A)</sup> <br>| 374438 | 372834 |
| &nbsp;&nbsp; Series 2021-1A, Class C, <br>1.79%, 11/20/2037 <sup>(A)</sup> <br>| 737851 | 720647 |
| &nbsp;&nbsp; Series 2021-1A, Class D, <br>3.17%, 11/20/2037 <sup>(A)</sup> <br>| 511394 | 499609 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 1978471 | 1992551 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1281884 | 1309562 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 2713138 | 2795968 |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>5.94%, 01/20/2043 <sup>(A)</sup> <br>| 1127744 | 1141744 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>5.83%, 06/20/2041 <sup>(A)</sup> <br>| 2387152 | 2406733 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(A)</sup> <br>| 3754289 | 3755088 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(A)</sup> <br>| 4667097 | 4654927 |
| Sunnova Helios V Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.80%, 02/20/2048 <sup>(A)</sup> <br>| 2042599 | 1569907 |
| Symphony CLO XVIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-18A, Class A1R3, <br>3-Month Term SOFR + 1.10%, <br>5.38% <sup>(B)</sup>, 07/23/2033 <sup>(A)</sup> <br>| 4641849 | 4629943 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A2, <br>1.65%, 09/15/2045 <sup>(A)</sup> <br>| 5085000 | 5012515 |
| Venture 38 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-38A, Class ARR, <br>3-Month Term SOFR + 1.00%, <br>5.28% <sup>(B)</sup>, 07/30/2032 <sup>(A)</sup> <br>| 5686315 | 5669256 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.61% <sup>(B)</sup>, 04/15/2034 <sup>(A)</sup> <br>| 3000000 | 2993673 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Venture 44 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-44A, Class A1NR, <br>3-Month Term SOFR + 1.14%, <br>5.41% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| $5400000 | $5347674 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class BR, <br>3-Month Term SOFR + 2.61%, <br>6.88% <sup>(B)</sup>, 07/20/2032 <sup>(A)</sup> <br>| 5000000 | 4988460 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2022-3A, Class B, <br>5.99%, 12/15/2027 <sup>(A)</sup> <br>| 1430695 | 1431983 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $270,418,934)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $270,418,934)** | 267846766 |
| **MORTGAGE-BACKED SECURITIES - 10.2%**  | **MORTGAGE-BACKED SECURITIES - 10.2%**  | **MORTGAGE-BACKED SECURITIES - 10.2%**  |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class C, <br>3.20% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 2550000 | 2142000 |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-280P, Class E, <br>1-Month Term SOFR + 2.42%, <br>6.72% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> <br>| 4630000 | 4352887 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-14, Class 4A1, <br>1-Month Term SOFR + 0.55%, <br>4.88% <sup>(B)</sup>, 05/25/2035<br>| 458596 | 417087 |
| &nbsp;&nbsp; Series 2006-OC1, Class 2A3A, <br>1-Month Term SOFR + 0.75%, <br>5.08% <sup>(B)</sup>, 03/25/2036<br>| 711513 | 668688 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp; Series 2007-2, Class A1, <br>1-Month Term SOFR + 0.24%, <br>4.57% <sup>(B)</sup>, 03/25/2047<br>| 213768 | 184234 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 7382444 | 7407600 |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2019-BPR, Class BNM, <br>3.47%, 11/05/2032 <sup>(A)</sup> <br>| 5000000 | 4617514 |
| &nbsp;&nbsp; Series 2019-BPR, Class CNM, <br>3.84% <sup>(B)</sup>, 11/05/2032 <sup>(A)</sup> <br>| 3970000 | 3483702 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class C, <br>1-Month Term SOFR + 1.32%, <br>5.64% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 7065000 | 6123835 |
| &nbsp;&nbsp; Series 2018-TALL, Class E, <br>1-Month Term SOFR + 2.63%, <br>6.96% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 850000 | 652566 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, <br>6.29% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 7530566 | 7588013 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 1091439 | 1099425 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(B)</sup>, 10/27/2064 <sup>(A)</sup> <br>| 2893854 | 2898808 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 6459207 | 6476713 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BXP Trust |  |  |
| &nbsp;&nbsp; Series 2017-CQHP, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.37% <sup>(B)</sup>, 11/15/2034 <sup>(A)</sup> <br>| $1825000 | $1232530 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2005-11, Class 4A1, <br>1-Month Term SOFR + 0.38%, <br>4.71% <sup>(B)</sup>, 04/25/2035<br>| 61463 | 57307 |
| &nbsp;&nbsp; Series 2006-3, Class 3A1, <br>1-Month Term SOFR + 0.61%, <br>4.94% <sup>(B)</sup>, 02/25/2036<br>| 1232549 | 1072073 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> <br>| 4026202 | 3559128 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> <br>| 26633 | 25922 |
| &nbsp;&nbsp; Series 2015-PS1, Class A1, <br>3.75% <sup>(B)</sup>, 09/25/2042 <sup>(A)</sup> <br>| 158101 | 152236 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-1, Class A1, <br>5.84% <sup>(B)</sup>, 02/25/2069 <sup>(A)</sup> <br>| 4859323 | 4869659 |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 2860965 | 2878268 |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(B)</sup>, 06/25/2069 <sup>(A)</sup> <br>| 9285481 | 9376856 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(B)</sup>, 07/25/2069 <sup>(A)</sup> <br>| 5158972 | 5188421 |
| &nbsp;&nbsp; Series 2024-5, Class A1, <br>5.12% <sup>(B)</sup>, 08/25/2069 <sup>(A)</sup> <br>| 10925822 | 10863087 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2020-RPL4, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 9736533 | 8731847 |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 4662087 | 3932352 |
| &nbsp;&nbsp; Series 2021-RPL3, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 2852695 | 2510189 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> <br>| 3098753 | 2789428 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM1, Class A1, <br>6.01% <sup>(B)</sup>, 01/25/2059 <sup>(A)</sup> <br>| 2098332 | 2108273 |
| GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-OA1, Class 2A1, <br>1-Month Term SOFR + 0.24%, <br>4.57% <sup>(B)</sup>, 05/25/2037<br>| 139212 | 61423 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 5710000 | 5859740 |
| ILPT Trust |  |  |
| &nbsp;&nbsp; Series 2019-SURF, Class C, <br>4.44% <sup>(B)</sup>, 02/11/2041 <sup>(A)</sup> <br>| 1930000 | 1824574 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.48% <sup>(B)</sup>, 08/25/2037<br>| 506138 | 351602 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust |  |  |
| &nbsp;&nbsp; Series 2020-NNN, Class CFX, <br>3.27%, 01/16/2037 <sup>(A)</sup> <br>| 2675000 | 1813650 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2006-A1, Class 1A1, <br>5.00% <sup>(B)</sup>, 03/25/2036<br>| $610355 | $355129 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> <br>| 1637722 | 1562785 |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(B)</sup>, 04/25/2058 <sup>(A)</sup> <br>| 238819 | 234696 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 2626470 | 2383847 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25% <sup>(B)</sup>, 10/25/2069 <sup>(A)</sup> <br>| 2652647 | 2577975 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(B)</sup>, 11/26/2035 <sup>(A)</sup> <br>| 223164 | 215682 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> <br>| 1134411 | 1100936 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(B)</sup>, 03/25/2057 <sup>(A)</sup> <br>| 3856719 | 3753644 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 374851 | 362680 |
| &nbsp;&nbsp; Series 2018-2A, Class A1, <br>4.50% <sup>(B)</sup>, 02/25/2058 <sup>(A)</sup> <br>| 234045 | 230591 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 2033671 | 1970129 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 957275 | 937298 |
| &nbsp;&nbsp; Series 2019-3A, Class A1A, <br>3.75% <sup>(B)</sup>, 11/25/2058 <sup>(A)</sup> <br>| 2815595 | 2707146 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 3298970 | 3082435 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 3696269 | 3504169 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> <br>| 2654112 | 2517807 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> <br>| 2735011 | 2656293 |
| &nbsp;&nbsp; Series 2020-1A, Class A1B, <br>3.50% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 3519547 | 3297199 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 7314900 | 7343637 |
| &nbsp;&nbsp; Series 2024-NQM14, Class A1, <br>4.94% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 5679610 | 5640163 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.13% <sup>(B)</sup>, 12/25/2063 <sup>(A)</sup> <br>| 7184238 | 7229970 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 1348576 | 1356252 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 1570038 | 1577826 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 3275968 | 3309774 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(B)</sup>, 05/25/2064 <sup>(A)</sup> <br>| 5002750 | 5046981 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 4909112 | 4922973 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| RALI Trust |  |  |
| &nbsp;&nbsp; Series 2006-QO1, Class 3A1, <br>1-Month Term SOFR + 0.65%, <br>4.98% <sup>(B)</sup>, 02/25/2046<br>| $2104181 | $798135 |
| &nbsp;&nbsp; Series 2007-QH5, Class AI1, <br>1-Month Term SOFR + 0.53%, <br>4.86% <sup>(B)</sup>, 06/25/2037<br>| 93009 | 56514 |
| Residential Asset Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2004-A4, Class A11, <br>5.50%, 08/25/2034<br>| 1091929 | 1043503 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 980995 | 954705 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 4210312 | 4119688 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 613248 | 604090 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 2533805 | 2388038 |
| &nbsp;&nbsp; Series 2018-5, Class A1A, <br>3.25% <sup>(B)</sup>, 07/25/2058 <sup>(A)</sup> <br>| 403708 | 398041 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 4954142 | 4813649 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 1680544 | 1607200 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(A)</sup> <br>| 8173112 | 7418100 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(B)</sup>, 07/25/2062 <sup>(A)</sup> <br>| 3325233 | 3143000 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(A)</sup> <br>| 6472464 | 6216538 |
| VEGAS Trust |  |  |
| 5.52%, 11/10/2039 <sup>(A)</sup> <br>| 11400000 | 11546862 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2024-7, Class A1, <br>5.10% <sup>(B)</sup>, 09/25/2069 <sup>(A)</sup> <br>| 9391569 | 9337984 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $250,411,830)**<br>|  | 241695701 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.50%, 04/01/2053 - 07/01/2053 | 19830896 | 19805343 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.19%, 07/25/2027 | 5857000 | 5747756 |
| Federal Home Loan Mortgage Corp., <br> Interest Only STRIPS |  |  |
| 5.00%, 08/01/2035 | 269678 | 35797 |
| Federal National Mortgage Association |  |  |
| 4.50%, 08/01/2052 | 6492314 | 6208450 |
| 5.00%, 03/01/2053 - 02/01/2054 | 30193396 | 29593322 |
| 5.50%, 03/01/2053 | 6997337 | 6998177 |
| 6.00%, 06/01/2054 | 9674544 | 9811856 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(F)</sup> <br>| 3882000 | 3867188 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 05/01/2055 <sup>(E)</sup> <br>| 65286000 | 51715017 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, <br> TBA (continued)<br>|  |  |
| 2.50%, 05/01/2054 <sup>(E)</sup> <br>| $31316000 | $25942732 |
| 5.50%, 05/01/2054 <sup>(E)</sup> <br>| 61224000 | 61013526 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $221,598,246)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $221,598,246)** | 220739164 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/2031 | 1792000 | 1440574 |
| **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 5813000 | 5378769 |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 4.88%, 09/23/2032 <sup>(A)</sup> <br>| 782000 | 700985 |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 5006000 | 4908884 |
|  |  | 5609869 |
| **Ecuador - 0.0% \*** | **Ecuador - 0.0% \*** | **Ecuador - 0.0% \*** |
| Ecuador Government International Bonds |  |  |
| Zero Coupon, 07/31/2030 <sup>(A)</sup> <br>| 119808 | 72848 |
| 5.00% <sup>(H)</sup>, 07/31/2040 <sup>(A)</sup> <br>| 435840 | 227238 |
| 5.50% <sup>(H)</sup>, 07/31/2035 <sup>(A)</sup> <br>| 740626 | 444163 |
|  |  | 744249 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corp. Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 2400000 | 2405861 |
| **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  |
| Republic of Uzbekistan International Bonds |  |  |
| 3.90%, 10/19/2031 <sup>(A)</sup> <br>| 3049000 | 2582960 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $19,359,252)**<br>|  | 18162282 |
| **LOAN ASSIGNMENTS - 0.1%**  | **LOAN ASSIGNMENTS - 0.1%**  | **LOAN ASSIGNMENTS - 0.1%**  |
| **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  |
| &nbsp;&nbsp; Spin Holdco, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.56% <sup>(B)</sup>, 03/04/2028<br>| 2905871 | 2357388 |
| **Software - 0.0% \*** | **Software - 0.0% \*** | **Software - 0.0% \*** |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.69% <sup>(B)</sup>, 05/15/2028<br>| 924223 | 913248 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $3,792,890)**<br>|  | 3270636 |
| **COMMERCIAL PAPER - 5.5%**  | **COMMERCIAL PAPER - 5.5%**  | **COMMERCIAL PAPER - 5.5%**  |
| **Banks - 0.5%**  | **Banks - 0.5%**  | **Banks - 0.5%**  |
| Macquarie Bank Ltd. |  |  |
| 4.43% <sup>(I)</sup>, 09/10/2025 <sup>(A)</sup> <br>| 1400000 | 1377481 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Swedbank AB |  |  |
| 4.40% <sup>(I)</sup>, 09/02/2025 <sup>(A)</sup> <br>| $11000000 | $10835987 |
|  |  | 12213468 |
| **Capital Markets - 0.9%**  | **Capital Markets - 0.9%**  | **Capital Markets - 0.9%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.50% <sup>(I)</sup>, 05/21/2025 <sup>(A)</sup> <br>| 21000000 | 20946442 |
| **Diversified Telecommunication Services - 0.0% \*** | **Diversified Telecommunication Services - 0.0% \*** | **Diversified Telecommunication Services - 0.0% \*** |
| Cisco Systems, Inc. |  |  |
| 4.44% <sup>(I)</sup>, 08/01/2025 <sup>(A)</sup> <br>| 500000 | 494460 |
| **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  |
| Emerson Electric Co. |  |  |
| 4.40% <sup>(I)</sup>, 08/18/2025 <sup>(A)</sup> <br>| 2950000 | 2911240 |
| **Financial Services - 4.0%**  | **Financial Services - 4.0%**  | **Financial Services - 4.0%**  |
| Anglesea Funding LLC |  |  |
| 4.56% <sup>(I)</sup>, 07/18/2025 <sup>(A)</sup> <br>| 5956000 | 5898243 |
| Britannia Funding Co. LLC |  |  |
| 4.51% <sup>(I)</sup>, 06/10/2025 <sup>(A)</sup> <br>| 18750000 | 18656312 |
| CRC Funding LLC |  |  |
| 4.68% <sup>(I)</sup>, 05/16/2025 <sup>(A)</sup> <br>| 8700000 | 8683111 |
| Endeavour Funding Co. LLC |  |  |
| 4.58% <sup>(I)</sup>, 07/07/2025 <sup>(A)</sup> <br>| 731000 | 724893 |
| GTA Funding LLC |  |  |
| 4.52% <sup>(I)</sup>, 07/30/2025 <sup>(A)</sup> <br>| 1200000 | 1186596 |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(I)</sup>, 08/27/2025 <sup>(A)</sup>  | 12250000 | 12071791 |
| 4.55% <sup>(I)</sup>, 08/04/2025 <sup>(A)</sup> <br>| 12250000 | 12105483 |
| MUFG Securities Canada Ltd. |  |  |
| 4.54% <sup>(I)</sup>, 09/18/2025 <sup>(A)</sup> <br>| 24000000 | 23587951 |
| Starbird Funding Corp. |  |  |
| 4.50% <sup>(I)</sup>, 08/04/2025 <sup>(A)</sup> <br>| 8300000 | 8202525 |
| Versailles Commercial Paper LLC |  |  |
| 4.46% <sup>(I)</sup>, 07/03/2025 | 2820000 | 2797757 |
|  |  | 93914662 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $130,503,900)**<br>|  | 130480272 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>4.19% <sup>(I)</sup>, 10/16/2025<br>| $11133000 | $10922086 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $10,922,820)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $10,922,820)** | 10922086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  |
| **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(I)</sup> <br>| 17002648 | 17002648 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,002,648)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,002,648)** | 17002648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(I)</sup>, dated 04/30/2025, to be <br> repurchased at $15,354,051 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $15,660,415.<br>| $15353283 | 15353283 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,353,283)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,353,283)** | 15353283 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,528,432,499)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,528,432,499)** | 2458827294 |
| **Net Other Assets (Liabilities) - (4.1)%** | **Net Other Assets (Liabilities) - (4.1)%** | (96903260) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$2361924034** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(J)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $871132343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $871132343 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 662222113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 662222113 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 267846766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267846766 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 241695701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241695701 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 220739164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 220739164 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 18162282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18162282 |
| Loan Assignments |  | &nbsp;&nbsp; 3270636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3270636 |
| Commercial Paper |  | &nbsp;&nbsp; 130480272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130480272 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 10922086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10922086 |
| Other Investment Company | 17002648 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17002648 |
| Repurchase Agreement |  | &nbsp;&nbsp; 15353283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15353283 |
| **Total Investments** | **$17002648** | &nbsp;&nbsp; **$2441824646** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2458827294** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $918,834,067, representing 38.9% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(E)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(F)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $16,658,573, collateralized by cash collateral of $17,002,648. 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.* 

<sup>(G)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $6,672,244, representing 0.3%* *of the Fund's net assets.* 

<sup>(H)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2025; the maturity date disclosed is the ultimate maturity* *date.* 

<sup>(I)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(J)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $2,513,079,216) (including securities loaned of $16,658,573) | $2443474011 |
| Repurchase agreement, at value (cost $15,353,283) | 15353283 |
| Cash | 60638 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | 658762 |
| Receivables and other assets: |  |
| Investments sold  | 15787744 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 2836149 |
| Net income from securities lending | 3146 |
| Shares of beneficial interest sold  | 42107310 |
| Interest | 21163534 |
| Prepaid expenses | 9014 |
| Total assets | 2541453591 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 17002648 |
| Payables and other liabilities: |  |
| Investments purchased | 3179932 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 153398620 |
| Dividends and/or distributions | 760363 |
| Shares of beneficial interest redeemed | 4056712 |
| Investment management fees | 661190 |
| Distribution and service fees | 50574 |
| Transfer agent fees | 163802 |
| Trustee and CCO fees | 8819 |
| Audit and tax fees  | 28577 |
| Custody fees | 111966 |
| Legal fees | 25400 |
| Printing and shareholder reports fees | 44809 |
| Registration fees | 5233 |
| Other accrued expenses | 30912 |
| Total liabilities | 179529557 |
| **Net assets**  | $2361924034 |
| **Net assets consist of:** |  |
| Paid-in capital | $2582002189 |
| Total distributable earnings (accumulated losses) | (220078155)<br>|
| **Net assets** | $2361924034 |
| **Net assets by class:** |  |
| Class A | $105699842 |
| Class C | 34815464 |
| Class I | 1635103225 |
| Class I2 | 429442413 |
| Class R | 348415 |
| Class R6 | 156514675 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 13175685 |
| Class C | 4370449 |
| Class I | 203307081 |
| Class I2 | 53397698 |
| Class R | 43433 |
| Class R6 | 19487492 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.02 |
| Class C | 7.97 |
| Class I | 8.04 |
| Class I2 | 8.04 |
| Class R | 8.02 |
| Class R6 | 8.03 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $8.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Bond**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $57908319 |
| Net income from securities lending | 37365 |
| Withholding taxes on foreign income | 236 |
| Total investment income  | 57945920 |
| **Expenses:** |  |
| Investment management fees | 4519410 |
| Distribution and service fees: |  |
| Class A | 128702 |
| Class C | 178114 |
| Class R | 792 |
| Transfer agent fees: |  |
| Class A | 89352 |
| Class C | 16137 |
| Class I | 859538 |
| Class I2 | 14007 |
| Class R | 392 |
| Class R6 | 6454 |
| Trustee and CCO fees | 47795 |
| Audit and tax fees | 28948 |
| Custody fees | 87354 |
| Legal fees | 73049 |
| Printing and shareholder reports fees | 123896 |
| Registration fees | 77469 |
| Other | 62043 |
| Total expenses before waiver and/or reimbursement and recapture | 6313452 |
| Expenses waived and/or reimbursed: |  |
| Class A | (2979)<br>|
| Class I | (263984)<br>|
| Class R | (265)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 130 |
| Class I | 54 |
| Net expenses | 6046408 |
| **Net investment income (loss)** | 51899512 |
| **Net realized gain (loss) on:** |  |
| Investments | (17448591)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 14542431 |
| Net realized and change in unrealized gain (loss) | (2906160)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $48993352 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $51899512 | &nbsp;&nbsp;&nbsp;&nbsp; $93791911 |
| Net realized gain (loss) | (17448591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18755477)<br>|
| Net change in unrealized appreciation (depreciation) | 14542431 | &nbsp;&nbsp;&nbsp;&nbsp; 121830136 |
| Net increase (decrease) in net assets resulting from operations | 48993352 | &nbsp;&nbsp;&nbsp;&nbsp; 196866570 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2146351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3999901)<br>|
| Class C | (618499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1176609)<br>|
| Class I | (37064915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63689259)<br>|
| Class I2 | (8507224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17497338)<br>|
| Class R | (6309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10407)<br>|
| Class R6 | (3907193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8221842)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (52250491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94595356)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 34805822 | &nbsp;&nbsp;&nbsp;&nbsp; 33007660 |
| Class C | 3267062 | &nbsp;&nbsp;&nbsp;&nbsp; 13422185 |
| Class I | 387320570 | &nbsp;&nbsp;&nbsp;&nbsp; 1137995308 |
| Class I2 | 119939115 | &nbsp;&nbsp;&nbsp;&nbsp; 166432572 |
| Class R | 97558 | &nbsp;&nbsp;&nbsp;&nbsp; 201710 |
| Class R6 | 54756092 | &nbsp;&nbsp;&nbsp;&nbsp; 156810853 |
|  | 600186219 | &nbsp;&nbsp;&nbsp;&nbsp; 1507870288 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1890155 | &nbsp;&nbsp;&nbsp;&nbsp; 3550163 |
| Class C | 534740 | &nbsp;&nbsp;&nbsp;&nbsp; 1017205 |
| Class I | 32849128 | &nbsp;&nbsp;&nbsp;&nbsp; 56147997 |
| Class I2 | 8507224 | &nbsp;&nbsp;&nbsp;&nbsp; 17496649 |
| Class R | 6309 | &nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| Class R6 | 3884930 | &nbsp;&nbsp;&nbsp;&nbsp; 8180512 |
|  | 47672486 | &nbsp;&nbsp;&nbsp;&nbsp; 86402933 |
| Cost of shares redeemed: |  |  |
| Class A | (29570607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40026727)<br>|
| Class C | (4424232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10476193)<br>|
| Class I | (524800249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (569239564)<br>|
| Class I2 | (92406881)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174038102)<br>|
| Class R | (174502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8829)<br>|
| Class R6 | (92787886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64475393)<br>|
|  | (744164357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (858264808)<br>|
| Automatic conversions: |  |  |
| Class A | 1353406 | &nbsp;&nbsp;&nbsp;&nbsp; 1805523 |
| Class C | (1353406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1805523)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (96305652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 736008413 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2332 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 164 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
| **Net increase (decrease) in net assets** | (99562791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 838282123 |
| **Net assets:** |  |  |
| Beginning of period/year | 2461486825 | &nbsp;&nbsp;&nbsp;&nbsp; 1623204702 |
| End of period/year | $2361924034 | &nbsp;&nbsp;&nbsp;&nbsp; $2461486825 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 4365774 | &nbsp;&nbsp;&nbsp;&nbsp; 4104665 |
| Class C | 411010 | &nbsp;&nbsp;&nbsp;&nbsp; 1678156 |
| Class I | 48317479 | &nbsp;&nbsp;&nbsp;&nbsp; 141441884 |
| Class I2 | 14942519 | &nbsp;&nbsp;&nbsp;&nbsp; 20534378 |
| Class R | 12224 | &nbsp;&nbsp;&nbsp;&nbsp; 24682 |
| Class R6 | 6870197 | &nbsp;&nbsp;&nbsp;&nbsp; 19624056 |
|  | 74919203 | &nbsp;&nbsp;&nbsp;&nbsp; 187407821 |
| Shares reinvested: |  |  |
| Class A | 235731 | &nbsp;&nbsp;&nbsp;&nbsp; 443034 |
| Class C | 67164 | &nbsp;&nbsp;&nbsp;&nbsp; 127847 |
| Class I | 4087153 | &nbsp;&nbsp;&nbsp;&nbsp; 6984700 |
| Class I2 | 1058560 | &nbsp;&nbsp;&nbsp;&nbsp; 2177348 |
| Class R | 787 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| Class R6 | 483967 | &nbsp;&nbsp;&nbsp;&nbsp; 1019903 |
|  | 5933362 | &nbsp;&nbsp;&nbsp;&nbsp; 10754128 |
| Shares redeemed: |  |  |
| Class A | (3710648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5004937)<br>|
| Class C | (556627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1318393)<br>|
| Class I | (65390942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70874785)<br>|
| Class I2 | (11513549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21879679)<br>|
| Class R | (21784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1078)<br>|
| Class R6 | (11575038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7992175)<br>|
|  | (92768588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107071047)<br>|
| Automatic conversions: |  |  |
| Class A | 169440 | &nbsp;&nbsp;&nbsp;&nbsp; 224966 |
| Class C | (170674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (226604)<br>|
|  | (1234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1638)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1060297 | &nbsp;&nbsp;&nbsp;&nbsp; (232272)<br>|
| Class C | (249127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 261006 |
| Class I | (12986310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77551799 |
| Class I2 | 4487530 | &nbsp;&nbsp;&nbsp;&nbsp; 832047 |
| Class R | (8773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24900 |
| Class R6 | (4220874)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12651784 |
|  | (11917257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91089264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Bond**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.04 | $7.55 | $7.78 | $9.53 | $9.57 | $9.43 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.32 | 0.28 | 0.22 | 0.20 | 0.22 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.50 | (0.22)<br>| (1.69)<br>| 0.03 | 0.15 |
| Total investment operations | 0.15 | 0.82 | 0.06 | (1.47)<br>| 0.23 | 0.37 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.33)<br>| (0.29)<br>| (0.23)<br>| (0.21)<br>| (0.23)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|  |
| Total dividends and/or distributions to shareholders | (0.17)<br>| (0.33)<br>| (0.29)<br>| (0.28)<br>| (0.27)<br>| (0.23)<br>|
| **Net asset value, end of period/year** | $8.02 | $8.04 | $7.55 | $7.78 | $9.53 | $9.57 |
| **Total return** <sup>(E)</sup> <br>| 1.83 %<sup>(F)</sup><br>| 10.91 %<sup>(C)</sup><br>| 0.58<br> %<br>| (15.75 )%<sup>(D)</sup><br>| 2.34<br> %<br>| 4.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $105700 | $97351 | $93194 | $107307 | $142958 | $149010 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.85 %<sup>(G)</sup><br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>| 0.88<br> %<br>| 0.93<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.85 %<sup>(G)(H)(I)</sup><br>| 0.84<br> %<br>| 0.89 %<sup>(I)</sup><br>| 0.90 %<sup>(I)</sup><br>| 0.88<br> %<br>| 0.93<br> %<br>|
| Net investment income (loss) to average net assets | 4.12 %<sup>(G)</sup><br>| 4.03<br> %<br>| 3.51<br> %<br>| 2.51<br> %<br>| 2.07<br> %<br>| 2.36<br> %<br>|
| Portfolio turnover rate | 27 %<sup>(F)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.98 | $7.49 | $7.72 | $9.47 | $9.50 | $9.37 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.27 | 0.23 | 0.16 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.49 | (0.23)<br>| (1.69)<br>| 0.04 | 0.15 |
| Total investment operations | 0.13 | 0.76 |  | (1.53)<br>| 0.18 | 0.31 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.27)<br>| (0.23)<br>| (0.17)<br>| (0.15)<br>| (0.18)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|  |
| Total dividends and/or distributions to shareholders | (0.14)<br>| (0.27)<br>| (0.23)<br>| (0.22)<br>| (0.21)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $7.97 | $7.98 | $7.49 | $7.72 | $9.47 | $9.50 |
| **Total return** <sup>(E)</sup> <br>| 1.60 %<sup>(F)</sup><br>| 10.19 %<sup>(C)</sup><br>| (0.10)%<br>| (16.40 )%<sup>(D)</sup><br>| 1.80<br> %<br>| 3.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $34816 | $36856 | $32667 | $39109 | $71237 | $89962 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52 %<sup>(G)</sup><br>| 1.53<br> %<br>| 1.55<br> %<br>| 1.53<br> %<br>| 1.50<br> %<br>| 1.53<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.52 %<sup>(G)</sup><br>| 1.53<br> %<br>| 1.55 %<sup>(H)</sup><br>| 1.53 %<sup>(H)</sup><br>| 1.50<br> %<br>| 1.53<br> %<br>|
| Net investment income (loss) to average net assets | 3.44 %<sup>(G)</sup><br>| 3.33<br> %<br>| 2.85<br> %<br>| 1.85<br> %<br>| 1.45<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate | 27 %<sup>(F)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.05 | $7.57 | $7.79 | $9.55 | $9.59 | $9.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.35 | 0.31 | 0.25 | 0.24 | 0.26 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.48 | (0.21)<br>| (1.70)<br>| 0.02 | 0.15 |
| Total investment operations | 0.17 | 0.83 | 0.10 | (1.45)<br>| 0.26 | 0.41 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.35)<br>| (0.32)<br>| (0.26)<br>| (0.24)<br>| (0.27)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|  |
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.35)<br>| (0.32)<br>| (0.31)<br>| (0.30)<br>| (0.27)<br>|
| **Net asset value, end of period/year** | $8.04 | $8.05 | $7.57 | $7.79 | $9.55 | $9.59 |
| **Total return** | 2.12 %<sup>(D)</sup><br>| 11.11<br> %<br>| 1.11<br> %<br>| (15.48 )%<sup>(C)</sup><br>| 2.73<br> %<br>| 4.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1635103 | $1742186 | $1049832 | $704476 | $1144560 | $1286752 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53 %<sup>(E)</sup><br>| 0.53<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>| 0.56<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50 %<sup>(E)</sup><br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 4.46 %<sup>(E)</sup><br>| 4.36<br> %<br>| 3.93<br> %<br>| 2.89<br> %<br>| 2.45<br> %<br>| 2.78<br> %<br>|
| Portfolio turnover rate | 27 %<sup>(D)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.06 | $7.57 | $7.80 | $9.56 | $9.59 | $9.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.36 | 0.32 | 0.26 | 0.24 | 0.26 |
| Net realized and unrealized gain (loss) | (0.02)<br>| 0.49 | (0.23)<br>| (1.70)<br>| 0.04 | 0.16 |
| Total investment operations | 0.16 | 0.85 | 0.09 | (1.44)<br>| 0.28 | 0.42 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>| (0.28)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|  |
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $8.04 | $8.06 | $7.57 | $7.80 | $9.56 | $9.59 |
| **Total return** | 2.02 %<sup>(B)</sup><br>| 11.32<br> %<br>| 1.03<br> %<br>| (15.42)%<br>| 2.90<br> %<br>| 4.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $429442 | $393975 | $363743 | $283641 | $376686 | $352650 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>| 0.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>| 0.46<br> %<br>|
| Net investment income (loss) to average net assets | 4.52 %<sup>(C)</sup><br>| 4.43<br> %<br>| 3.97<br> %<br>| 2.95<br> %<br>| 2.52<br> %<br>| 2.73<br> %<br>|
| Portfolio turnover rate | 27 %<sup>(B)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.03 | $7.55 | $7.79 | $9.14 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.16 | 0.31 | 0.28 | 0.16 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.48 | (0.23)<br>| (1.36)<br>|
| Total investment operations | 0.15 | 0.79 | 0.05 | (1.20)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.16)<br>| (0.31)<br>| (0.29)<br>| (0.15)<br>|
| **Net asset value, end of period/year** | $8.02 | $8.03 | $7.55 | $7.79 |
| **Total return** | 1.86 %<sup>(C)</sup><br>| 10.60<br> %<br>| 0.52<br> %<br>| (13.24 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $348 | $419 | $206 | $9 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18 %<sup>(D)</sup><br>| 1.14<br> %<br>| 0.96<br> %<br>| 1.20 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.01 %<sup>(D)</sup><br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.95 %<sup>(D)</sup><br>| 3.88<br> %<br>| 3.57<br> %<br>| 2.89 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 27 %<sup>(C)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.04 | $7.56 | $7.79 | $9.55 | $9.58 | $9.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.36 | 0.32 | 0.26 | 0.24 | 0.27 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.48 | (0.23)<br>| (1.70)<br>| 0.04 | 0.14 |
| Total investment operations | 0.17 | 0.84 | 0.09 | (1.44)<br>| 0.28 | 0.41 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>| (0.28)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|  |
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $8.03 | $8.04 | $7.56 | $7.79 | $9.55 | $9.58 |
| **Total return** | 2.15 %<sup>(B)</sup><br>| 11.19<br> %<br>| 1.03<br> %<br>| (15.43)%<br>| 2.90<br> %<br>| 4.41<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $156515 | $190700 | $83563 | $79972 | $26448 | $23672 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>| 0.45<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43 %<sup>(D)</sup><br>| 0.45<br> %<br>|
| Net investment income (loss) to average net assets | 4.51 %<sup>(C)</sup><br>| 4.45<br> %<br>| 3.97<br> %<br>| 3.05<br> %<br>| 2.52<br> %<br>| 2.83<br> %<br>|
| Portfolio turnover rate | 27 %<sup>(B)</sup><br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers six classes of shares, Class A, Class C, Class I, Class I2, Class R and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Transamerica Funds**

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**Page 22**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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.

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**Page 23**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

**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.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

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**Semi-Annual Financial Statements 2025**

**Page 24**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Fund held no unfunded loan participations at April 30, 2025. Open funded loan participations and assignments at April 30, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at April 30, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting

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**Semi-Annual Financial Statements 2025**

**Page 25**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities.

**Transamerica Funds**

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**Page 26**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $13039302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13039302 |
| U.S. Government Agency Obligations | 3963346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3963346 |
| Total Securities Lending Transactions | $17002648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17002648 |
| **Total Borrowings** | **$17002648** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17002648** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Bank obligations risk:** Investments in bank obligations may expose the Fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $438609293 | 18.57<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.410<br> % <br>|
| Over $500 million up to $1 billion  | 0.390 |
| Over $1 billion up to $1.5 billion  | 0.380 |
| Over $1.5 billion | 0.375 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.90<br> % <br>| March 1, 2026 |
| Class C | 1.59 | March 1, 2026 |
| Class I | 0.50 | March 1, 2026 |
| Class I2, Class R6 | 0.49 | March 1, 2026 |
| Class R | 1.01 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 0.93 |  |
| Class C | 1.59 |  |
| Class I, Class I2, Class R6 | 0.50 |  |
| Class R | 1.01 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $1059 | $1059 |
| Class I | 179394 | 388643 | 479137 | 263984 | 1311158 |
| Class R |  |  | 399 | 265 | 664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $30626 | &nbsp;&nbsp;&nbsp;&nbsp; $3619 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1937 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $972569 | &nbsp;&nbsp; $160031 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $244982652 | &nbsp;&nbsp; $336138539 | &nbsp;&nbsp; $361084623 | &nbsp;&nbsp; $389571908 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $2528432499 | &nbsp;&nbsp; $15039121 | &nbsp;&nbsp; $(84644326)<br>| &nbsp;&nbsp; $(69605205)<br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Bond** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Bond** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Bond** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

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**Transamerica Bond** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

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![](g947814imgbd51df143.gif)

![](g947814imgf4cff6384.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA BOND 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img9b58b1c45.gif)

------

![](g947814imgb413997c1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Capital Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgf16976752.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_SOI-RunningFooter-179_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_FS-RunningFooter-179_1) | 4 |
| [Statement of Operations](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_FS-RunningFooter-179_3) | 6 |
| [Statement of Changes in Net Assets](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_FS-RunningFooter-179_4) | 7 |
| [Financial Highlights](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_FIHI-RunningFooter-179_1) | 9 |
| [Notes to Financial Statements](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_NTF-RunningFooter-179_1) | 12 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_DWA-RunningFooter-179_1)**<br> **[Companies](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_DWA-RunningFooter-179_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_PD-RunningFooter-179_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_REMU-RunningFooter-179_1)**<br> **[Companies](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_REMU-RunningFooter-179_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2e0837ff-4131-49f5-bb2f-c2623bfc6629_AIAC-RunningFooter-179_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Capital Growth**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.4%**  | **COMMON STOCKS - 93.4%**  | **COMMON STOCKS - 93.4%**  |
| **Automobiles - 7.1%**  | **Automobiles - 7.1%**  | **Automobiles - 7.1%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 334874 | $94488048 |
| **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 1723776 | 20030277 |
| **Broadline Retail - 8.1%**  | **Broadline Retail - 8.1%**  | **Broadline Retail - 8.1%**  |
| Global-e Online Ltd. <sup>(A)</sup> <br>| 554025 | 19895038 |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 37861 | 88248312 |
|  |  | 108143350 |
| **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 36263 | 7357400 |
| Intercontinental Exchange, Inc. | 98951 | 16620800 |
|  |  | 23978200 |
| **Entertainment - 4.8%**  | **Entertainment - 4.8%**  | **Entertainment - 4.8%**  |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 964705 | 64683470 |
| **Financial Services - 8.0%**  | **Financial Services - 8.0%**  | **Financial Services - 8.0%**  |
| Adyen NV <sup>(A)(B)</sup> <br>| 18334 | 29447254 |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 1277772 | 63581935 |
| Federal National Mortgage Association <sup>(A)(C)</sup> <br>| 2170847 | 13698044 |
|  |  | 106727233 |
| **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  |
| Dexcom, Inc. <sup>(A)</sup> <br>| 313607 | 22385268 |
| **Hotels, Restaurants & Leisure - 10.7%**  | **Hotels, Restaurants & Leisure - 10.7%**  | **Hotels, Restaurants & Leisure - 10.7%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 360137 | 43907903 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 509509 | 98279191 |
|  |  | 142187094 |
| **IT Services - 20.6%**  | **IT Services - 20.6%**  | **IT Services - 20.6%**  |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 1225537 | 148020359 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 654909 | 62216355 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 405493 | 64672078 |
|  |  | 274908792 |
| **Pharmaceuticals - 4.8%**  | **Pharmaceuticals - 4.8%**  | **Pharmaceuticals - 4.8%**  |
| Royalty Pharma PLC, Class A | 1959921 | 64324607 |
| **Software - 23.8%**  | **Software - 23.8%**  | **Software - 23.8%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 234739 | 63217560 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Aurora Innovation, Inc. <sup>(A)</sup> <br>| 9789669 | $70877204 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 151172 | 64833136 |
| MicroStrategy, Inc., Class A <sup>(A)(C)</sup> <br>| 261711 | 99478968 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 489276 | 19404686 |
|  |  | 317811554 |
| **Trading Companies & Distributors - 0.5%**  | **Trading Companies & Distributors - 0.5%**  | **Trading Companies & Distributors - 0.5%**  |
| QXO, Inc. <sup>(C)</sup> <br>| 492089 | 6564467 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $923,735,539)**<br>|  | 1246232360 |
| **OTHER INVESTMENT COMPANY - 1.1%**  | **OTHER INVESTMENT COMPANY - 1.1%**  | **OTHER INVESTMENT COMPANY - 1.1%**  |
| **Securities Lending Collateral - 1.1%**  | **Securities Lending Collateral - 1.1%**  | **Securities Lending Collateral - 1.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 14034054 | 14034054 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,034,054)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,034,054)** | 14034054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 6.7%**  | **REPURCHASE AGREEMENT - 6.7%**  | **REPURCHASE AGREEMENT - 6.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $89,421,389 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 4.00% - 4.25%, <br> due 06/30/2029 - 10/31/2029, and with a <br> total value of $91,205,457.<br>| $89416919 | 89416919 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $89,416,919)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $89,416,919)** | 89416919 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $1,027,186,512)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $1,027,186,512)** | 1349683333 |
| &nbsp;&nbsp; **Total Options Purchased - 0.2%** <br>**(Cost $6,676,945)** | &nbsp;&nbsp; **Total Options Purchased - 0.2%** <br>**(Cost $6,676,945)** | 2942914 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,033,863,457)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,033,863,457)** | 1352626247 |
| **Net Other Assets (Liabilities) - (1.4)%** | **Net Other Assets (Liabilities) - (1.4)%** | (18445345) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1334180902** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | **Premiums** <br>**Paid**<br>| **Value** |
| Put – USD vs. CNH | JPM | USD | 7.66 | 09/01/2025 | USD | 146188177 | &nbsp;&nbsp; $606425 | &nbsp;&nbsp; $194430 |
| Put – USD vs. CNH | JPM | USD | 7.77 | 07/31/2025 | USD | 134819683 | &nbsp;&nbsp; 586735 | &nbsp;&nbsp; 41659 |
| Put – USD vs. CNH | SCB | USD | 7.77 | 10/16/2025 | USD | 297057541 | &nbsp;&nbsp; 1292794 | &nbsp;&nbsp; 404889 |
| Put – USD vs. CNH | JPM | USD | 7.82 | 02/25/2026 | USD | 360004316 | &nbsp;&nbsp; 1486457 | &nbsp;&nbsp; 1177214 |
| Put – USD vs. CNH | SCB | USD | 7.90 | 04/01/2026 | USD | 230522470 | &nbsp;&nbsp; 1120114 | &nbsp;&nbsp; 730987 |
| Put – USD vs. CNH | GSI | USD | 8.02 | 12/02/2025 | USD | 334239765 | &nbsp;&nbsp; 1584420 | &nbsp;&nbsp; 393735 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **$6676945** | &nbsp;&nbsp; **$2942914** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Capital Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $1216785106 | &nbsp;&nbsp; $29447254 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1246232360 |
| Other Investment Company | 14034054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14034054 |
| Repurchase Agreement |  | &nbsp;&nbsp; 89416919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89416919 |
| Over-the-Counter Foreign Exchange Options Purchased |  | &nbsp;&nbsp; 2942914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2942914 |
| **Total Investments** | **$1230819160** | &nbsp;&nbsp; **$121807087** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1352626247** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $29,447,254, representing 2.2% of the* *Fund's net assets.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $62,283,859, collateralized by cash collateral of $14,034,054 and* *non-cash collateral, such as U.S. government securities of $49,706,553. 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.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATION(S):** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Capital Growth**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $944,446,538) (including securities loaned of $62,283,859) | $1263209328 |
| Repurchase agreement, at value (cost $89,416,919) | 89416919 |
| Foreign currency, at value (cost $1,089) | 1094 |
| Receivables and other assets: |  |
| Investments sold  | 1829427 |
| Net income from securities lending | 10723 |
| Shares of beneficial interest sold  | 1304969 |
| Interest | 4471 |
| Prepaid expenses | 19964 |
| Total assets | 1355796895 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 14034054 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 3170000 |
| Payables and other liabilities: |  |
| Investments purchased | 2286491 |
| Shares of beneficial interest redeemed | 989990 |
| Investment management fees | 669612 |
| Distribution and service fees | 175521 |
| Transfer agent fees | 119689 |
| Trustee and CCO fees | 4310 |
| Audit and tax fees  | 17613 |
| Custody fees | 71170 |
| Legal fees | 20183 |
| Printing and shareholder reports fees | 34029 |
| Other accrued expenses | 23331 |
| Total liabilities | 21615993 |
| **Net assets**  | $1334180902 |
| **Net assets consist of:** |  |
| Paid-in capital | $1596756400 |
| Total distributable earnings (accumulated losses) | (262575498)<br>|
| **Net assets** | $1334180902 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Capital Growth**

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**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $421286987 |
| Class C | 127374126 |
| Class I | 672704831 |
| Class I2 | 81950099 |
| Class R | 10832 |
| Class R6 | 30854027 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 11824298 |
| Class C | 5381969 |
| Class I | 17272807 |
| Class I2 | 7424359 |
| Class R | 306 |
| Class R6 | 2794174 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class A | $35.63 |
| Class C | 23.67 |
| Class I | 38.95 |
| Class I2 | 11.04 |
| Class R | 35.40 |
| Class R6 | 11.04 |
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $37.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.*

<sup>(B)</sup> *Net asset value per share for Class C, I, I2, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

<sup>(C)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Capital Growth**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1337026 |
| Interest income | 687235 |
| Net income from securities lending | 63502 |
| Withholding taxes on foreign income | (13067)<br>|
| Total investment income  | 2074696 |
| **Expenses:** |  |
| Investment management fees | 4889774 |
| Distribution and service fees: |  |
| Class A | 553707 |
| Class C | 699367 |
| Class R | 27 |
| Transfer agent fees: |  |
| Class A | 271523 |
| Class C | 110196 |
| Class I | 377339 |
| Class I2 | 3622 |
| Class R | 12 |
| Class R6 | 1082 |
| Trustee and CCO fees | 29314 |
| Audit and tax fees | 18648 |
| Custody fees | 48688 |
| Legal fees | 45948 |
| Printing and shareholder reports fees | 69860 |
| Registration fees | 59142 |
| Other | 43917 |
| Total expenses before waiver and/or reimbursement and recapture | 7222166 |
| Expenses waived and/or reimbursed: |  |
| Class A | (6418)<br>|
| Class C | (4711)<br>|
| Class I | (29185)<br>|
| Class R | (2)<br>|
| Class R6 | (273)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 36486 |
| Class C | 3747 |
| Class I | 1347 |
| Class R6 | 1526 |
| Net expenses | 7224683 |
| **Net investment income (loss)** | (5149987)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 87440267 |
| Foreign currency transactions | 1669 |
| Net realized gain (loss) | 87441936 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 107766431 |
| Translation of assets and liabilities denominated in foreign currencies | 1 |
| Net change in unrealized appreciation (depreciation) | 107766432 |
| Net realized and change in unrealized gain (loss) | 195208368 |
| **Net increase (decrease) in net assets resulting from operations** | $190058381 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Capital Growth**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(5149987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(10011130)<br>|
| Net realized gain (loss) | 87441936 | &nbsp;&nbsp;&nbsp;&nbsp; 29010959 |
| Net change in unrealized appreciation (depreciation) | 107766432 | &nbsp;&nbsp;&nbsp;&nbsp; 616113124 |
| Net increase (decrease) in net assets resulting from operations | 190058381 | &nbsp;&nbsp;&nbsp;&nbsp; 635112953 |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 79645900 | &nbsp;&nbsp;&nbsp;&nbsp; 26997256 |
| Class C | 3188400 | &nbsp;&nbsp;&nbsp;&nbsp; 6658199 |
| Class I | 115259142 | &nbsp;&nbsp;&nbsp;&nbsp; 158026350 |
| Class I2 | 589900 | &nbsp;&nbsp;&nbsp;&nbsp; 42970557 |
| Class R6 | 12098479 | &nbsp;&nbsp;&nbsp;&nbsp; 3887761 |
|  | 210781821 | &nbsp;&nbsp;&nbsp;&nbsp; 238540123 |
| Cost of shares redeemed: |  |  |
| Class A | (108840973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142456518)<br>|
| Class C | (20450524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58094690)<br>|
| Class I | (208736876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (508865252)<br>|
| Class I2 | (34032756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11243929)<br>|
| Class R6 | (9389788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7861239)<br>|
|  | (381450917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (728521628)<br>|
| Automatic conversions: |  |  |
| Class A | 3427796 | &nbsp;&nbsp;&nbsp;&nbsp; 8118102 |
| Class C | (3427796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8118102)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (170669096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (489981505)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1468 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 642 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| **Net increase (decrease) in net assets** | 19389285 | &nbsp;&nbsp;&nbsp;&nbsp; 145133558 |
| **Net assets:** |  |  |
| Beginning of period/year | 1314791617 | &nbsp;&nbsp;&nbsp;&nbsp; 1169658059 |
| End of period/year | $1334180902 | &nbsp;&nbsp;&nbsp;&nbsp; $1314791617 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Capital Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 2109967 | &nbsp;&nbsp;&nbsp;&nbsp; 1064151 |
| Class C | 130604 | &nbsp;&nbsp;&nbsp;&nbsp; 393362 |
| Class I | 2795314 | &nbsp;&nbsp;&nbsp;&nbsp; 5780012 |
| Class I2 | 54023 | &nbsp;&nbsp;&nbsp;&nbsp; 5656007 |
| Class R6 | 1047472 | &nbsp;&nbsp;&nbsp;&nbsp; 527492 |
|  | 6137380 | &nbsp;&nbsp;&nbsp;&nbsp; 13421024 |
| Shares redeemed: |  |  |
| Class A | (2923956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5553970)<br>|
| Class C | (833683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3395218)<br>|
| Class I | (5231200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18405028)<br>|
| Class I2 | (2843643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1345163)<br>|
| Class R6 | (825082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (996200)<br>|
|  | (12657564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29695579)<br>|
| Automatic conversions: |  |  |
| Class A | 95251 | &nbsp;&nbsp;&nbsp;&nbsp; 316957 |
| Class C | (143173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (473327)<br>|
|  | (47922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156370)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (718738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4172862)<br>|
| Class C | (846252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3475183)<br>|
| Class I | (2435886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12625016)<br>|
| Class I2 | (2789620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4310844 |
| Class R6 | 222390 | &nbsp;&nbsp;&nbsp;&nbsp; (468708)<br>|
|  | (6568106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16430925)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Capital Growth**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $31.18 | $19.12 | $19.80 | $60.69 | $46.11 | $26.93 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.15)<br>| (0.22)<br>| (0.18)<br>| (0.28)<br>| (0.53)<br>| (0.37)<br>|
| Net realized and unrealized gain (loss) | 4.60 | 12.28 | (0.50)<br>| (31.69)<br>| 17.94 | 22.30 |
| Total investment operations | 4.45 | 12.06 | (0.68)<br>| (31.97)<br>| 17.41 | 21.93 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| **Net asset value, end of period/year** | $35.63 | $31.18 | $19.12 | $19.80 | $60.69 | $46.11 |
| **Total return** <sup>(E)</sup> <br>| 14.27 %<sup>(F)</sup><br>| 63.08 %<sup>(C)</sup><br>| (3.48)%<br>| (60.80 )%<sup>(D)</sup><br>| 38.29<br> %<br>| 89.28<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $421287 | $391125 | $319552 | $396598 | $1213394 | $844139 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10 %<sup>(G)</sup><br>| 1.14<br> %<br>| 1.20<br> %<br>| 1.10<br> %<br>| 1.01<br> %<br>| 1.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.11 %<sup>(G)</sup><br>| 1.11<br> %<br>| 1.16<br> %<br>| 1.10 %<sup>(H)</sup><br>| 1.01<br> %<br>| 1.08<br> %<br>|
| Net investment income (loss) to average net assets | (0.82 )%<sup>(G)</sup><br>| (0.85)%<br>| (0.91)%<br>| (0.94)%<br>| (0.95)%<br>| (1.04)%<br>|
| Portfolio turnover rate | 48 %<sup>(F)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $20.79 | $12.85 | $13.40 | $44.66 | $34.77 | $21.08 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.19)<br>| (0.28)<br>| (0.23)<br>| (0.36)<br>| (0.70)<br>| (0.48)<br>|
| Net realized and unrealized gain (loss) | 3.07 | 8.22 | (0.32)<br>| (21.98)<br>| 13.42 | 16.92 |
| Total investment operations | 2.88 | 7.94 | (0.55)<br>| (22.34)<br>| 12.72 | 16.44 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| **Net asset value, end of period/year** | $23.67 | $20.79 | $12.85 | $13.40 | $44.66 | $34.77 |
| **Total return** <sup>(E)</sup> <br>| 13.85 %<sup>(F)</sup><br>| 61.79 %<sup>(C)</sup><br>| (4.18)%<br>| (61.12 )%<sup>(D)</sup><br>| 37.23<br> %<br>| 87.95<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $127374 | $129506 | $124654 | $167725 | $594592 | $425798 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.88 %<sup>(G)</sup><br>| 1.92<br> %<br>| 1.98<br> %<br>| 1.86<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.88 %<sup>(G)(H)</sup><br>| 1.88<br> %<br>| 1.90<br> %<br>| 1.86 %<sup>(H)</sup><br>| 1.77<br> %<br>| 1.83<br> %<br>|
| Net investment income (loss) to average net assets | (1.59 )%<sup>(G)</sup><br>| (1.62)%<br>| (1.64)%<br>| (1.70)%<br>| (1.70)%<br>| (1.79)%<br>|
| Portfolio turnover rate | 48 %<sup>(F)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Capital Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $34.04 | $20.81 | $21.48 | $64.85 | $49.02 | $28.40 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.11)<br>| (0.16)<br>| (0.13)<br>| (0.22)<br>| (0.44)<br>| (0.31)<br>|
| Net realized and unrealized gain (loss) | 5.02 | 13.39 | (0.54)<br>| (34.23)<br>| 19.10 | 23.68 |
| Total investment operations | 4.91 | 13.23 | (0.67)<br>| (34.45)<br>| 18.66 | 23.37 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| Return of capital |  |  |  | (0.04)<br>|  |  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.96)<br>| (2.83)<br>| (2.75)<br>|
| **Net asset value, end of period/year** | $38.95 | $34.04 | $20.81 | $21.48 | $64.85 | $49.02 |
| **Total return** | 14.42 %<sup>(C)</sup><br>| 63.58<br> %<br>| (3.16)%<br>| (60.63 )%<sup>(B)</sup><br>| 38.57<br> %<br>| 89.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $672705 | $670845 | $672765 | $978757 | $3792557 | $2393493 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.83 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.82<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82 %<sup>(D)</sup><br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>|
| Net investment income (loss) to average net assets | (0.53 )%<sup>(D)</sup><br>| (0.56)%<br>| (0.57)%<br>| (0.65)%<br>| (0.73)%<br>| (0.81)%<br>|
| Portfolio turnover rate | 48 %<sup>(C)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.64 | $5.89 | $6.07 | $25.60 | $20.68 | $13.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.04)<br>| (0.03)<br>| (0.08)<br>| (0.15)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.42 | 3.79 | (0.15)<br>| (10.53)<br>| 7.90 | 10.09 |
| Total investment operations | 1.40 | 3.75 | (0.18)<br>| (10.61)<br>| 7.75 | 9.98 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| **Net asset value, end of period/year** | $11.04 | $9.64 | $5.89 | $6.07 | $25.60 | $20.68 |
| **Total return** | 14.52 %<sup>(B)</sup><br>| 63.67<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>| 90.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $81950 | $98497 | $34765 | $27957 | $473580 | $402583 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup><br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup><br>| 0.74 %<sup>(D)</sup><br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | (0.44 )%<sup>(C)</sup><br>| (0.47)%<br>| (0.50)%<br>| (0.60)%<br>| (0.63)%<br>| (0.69)%<br>|
| Portfolio turnover rate | 48 %<sup>(B)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Capital Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $31.03 | $19.08 | $19.81 | $32.68 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.20)<br>| (0.30)<br>| (0.24)<br>| (0.14)<br>|
| Net realized and unrealized gain (loss) | 4.57 | 12.25 | (0.49)<br>| (12.73)<br>|
| Total investment operations | 4.37 | 11.95 | (0.73)<br>| (12.87)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Net asset value, end of period/year** | $35.40 | $31.03 | $19.08 | $19.81 |
| **Total return** | 14.08 %<sup>(C)</sup><br>| 62.63<br> %<br>| (3.78)%<br>| (39.32 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $11 | $9 | $6 | $6 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.45 %<sup>(D)</sup><br>| 1.54<br> %<br>| 1.63<br> %<br>| 1.56 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.41 %<sup>(D)</sup><br>| 1.41<br> %<br>| 1.41<br> %<br>| 1.11 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (1.13 )%<sup>(D)</sup><br>| (1.16)%<br>| (1.16)%<br>| (0.92 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 48 %<sup>(C)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.65 | $5.89 | $6.08 | $25.60 | $20.68 | $13.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.04)<br>| (0.03)<br>| (0.05)<br>| (0.15)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.42 | 3.80 | (0.16)<br>| (10.55)<br>| 7.90 | 10.09 |
| Total investment operations | 1.39 | 3.76 | (0.19)<br>| (10.60)<br>| 7.75 | 9.98 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>| (2.75)<br>|
| **Net asset value, end of period/year** | $11.04 | $9.65 | $5.89 | $6.08 | $25.60 | $20.68 |
| **Total return** | 14.40 %<sup>(B)</sup><br>| 63.84<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>| 90.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $30854 | $24810 | $17916 | $18793 | $47106 | $24890 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup><br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74 %<sup>(C)</sup><br>| 0.74 %<sup>(D)</sup><br>| 0.74<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | (0.45 )%<sup>(C)</sup><br>| (0.48)%<br>| (0.49)%<br>| (0.55)%<br>| (0.63)%<br>| (0.70)%<br>|
| Portfolio turnover rate | 48 %<sup>(B)</sup><br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Capital Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers six classes of shares, Class A, Class C, Class I, Class I2, Class R and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Capital Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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 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 April 30, 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Capital Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $14034054 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14034054 |
| **Total Borrowings** | **$14034054** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14034054** |

---

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Capital Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Fund is subject to equity risk, credit risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund may enter into option contracts to manage exposure to various market fluctuations. The Fund may purchase or write call and put options on securities and derivative instruments in which the Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on foreign currency:* The Fund may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Fund the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Open option contracts at April 30, 2025, are included within the Schedule of Investments.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $2942914 | $— | $— | $— | $2942914 |
| **Total** | **$—** | **$2942914** | **$—** | **$—** | **$—** | **$2942914** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Capital Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $(2971037)<br>| $— | $— | $— | $(2971037)<br>|
| **Total** | **$—** | **$(2971037)**<br>| **$—** | **$—** | **$—** | **$(2971037)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $(443251)<br>| $— | $— | $— | $(443251)<br>|
| **Total** | **$—** | **$(443251)**<br>| **$—** | **$—** | **$—** | **$(443251)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Statement of Operations.*

<sup>(B)</sup> *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.*

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $3057608 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Capital Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of April 30, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Goldman Sachs & Co. | $393735 | $— | $(393735)<br>| $— | $— | $— | $— | $— |
| JPMorgan Chase Bank, N.A. | 1413303 |  | (1413303)<br>|  |  |  |  |  |
| Standard Chartered Bank | 1135876 |  | (1135876)<br>|  |  |  |  |  |
| **Total** | **$2942914** | **$—** | **$(2942914)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $76048311 | 5.70<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.5 billion | 0.6825<br> % <br>|
| Over $1.5 billion up to $3 billion | 0.6415 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion | 0.5500 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.11<br> % <br>| March 1, 2026 |
| Class C | 1.88 | March 1, 2026 |
| Class I | 0.82 | March 1, 2026 |
| Class I2, Class R6 | 0.74 | March 1, 2026 |
| Class R | 1.41 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $82532 | $135501 | $6418 | $224451 |
| Class C |  | 102048 | 68954 | 4711 | 175713 |
| Class I | 192064 | 238404 | 99032 | 29185 | 558685 |
| Class R |  | 7 | 10 | 2 | 19 |
| Class R6 |  | 2574 | 364 | 273 | 3211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $294177 | &nbsp;&nbsp;&nbsp;&nbsp; $81 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 5445 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $755151 | &nbsp;&nbsp; $118362 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the period ended April 30, 2025, the Fund engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5460419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(35245228)<br>|

---

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $636331205 | &nbsp;&nbsp; $13867700 | &nbsp;&nbsp; $888197211 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1033863457 | &nbsp;&nbsp; $362673771 | &nbsp;&nbsp; $(43910981)<br>| &nbsp;&nbsp; $318762790 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Capital Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Capital Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Capital Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Capital Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

![](g947814img8def2d3c3.gif)

![](g947814img13e54b8c4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453782 TA CAP GROWTH 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img58f98a635.gif)

------

![](g947814img3fd640731.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Core Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img069ec3c72.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_SOI-RunningFooter-173_1) | 2 |
| [Statement of Assets and Liabilities](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_FS-RunningFooter-173_1) | 13 |
| [Statement of Operations](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_FS-RunningFooter-173_3) | 15 |
| [Statement of Changes in Net Assets](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_FS-RunningFooter-173_4) | 16 |
| [Financial Highlights](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_FIHI-RunningFooter-173_1) | 18 |
| [Notes to Financial Statements](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_NTF-RunningFooter-173_1) | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_DWA-RunningFooter-173_1)**<br> **[Companies](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_DWA-RunningFooter-173_1)**<br>| 33 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_PD-RunningFooter-173_1)** | 34 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_REMU-RunningFooter-173_1)**<br> **[Companies](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_REMU-RunningFooter-173_1)**<br>| 35 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_e3803002-ea14-4fc7-8938-2cfd53ff04b7_AIAC-RunningFooter-173_1)** | 36 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 30.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 30.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 30.7%**  |
| **U.S. Treasury - 28.1%**  | **U.S. Treasury - 28.1%**  | **U.S. Treasury - 28.1%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | $13927000 | $6792677 |
| 1.38%, 11/15/2040 | 7454000 | 4787157 |
| 1.88%, 11/15/2051 | 5138000 | 2898956 |
| 2.00%, 02/15/2050 | 4737000 | 2818885 |
| 2.25%, 08/15/2046 - 02/15/2052 | 7473000 | 4778386 |
| 2.38%, 05/15/2051 | 3830000 | 2461673 |
| 2.50%, 02/15/2045 - 05/15/2046 | 19987200 | 14016730 |
| 2.75%, 08/15/2047 - 11/15/2047 | 16156000 | 11630759 |
| 2.88%, 08/15/2045 - 05/15/2049 | 9977500 | 7357303 |
| 3.00%, 08/15/2048 - 08/15/2052 | 19349400 | 14287033 |
| 3.13%, 05/15/2048 | 6559000 | 5034289 |
| 3.50%, 02/15/2039 | 8926000 | 8090931 |
| 3.63%, 02/15/2044 - 05/15/2053 | 11446500 | 9609972 |
| 4.00%, 11/15/2052 | 5195000 | 4616042 |
| 4.13%, 08/15/2053 | 5766000 | 5232195 |
| 4.25%, 05/15/2039 - 08/15/2054 | 19113000 | 18148519 |
| 4.50%, 11/15/2054 | 4260000 | 4130869 |
| 4.63%, 05/15/2044 - 02/15/2055 | 24904000 | 24653241 |
| 4.75%, 02/15/2045 - 11/15/2053 | 8466000 | 8526118 |
| 5.25%, 02/15/2029 | 4300100 | 4552731 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 35131000 | 29968374 |
| 1.13%, 10/31/2026 | 4554000 | 4382158 |
| 1.25%, 11/30/2026 - 08/15/2031 | 22114000 | 19761218 |
| 1.50%, 08/15/2026 - 02/15/2030 | 41305700 | 38475164 |
| 1.63%, 05/15/2031 | 7182900 | 6314218 |
| 1.88%, 02/15/2032 | 6035000 | 5289583 |
| 2.63%, 02/15/2029 | 8833400 | 8504908 |
| 2.88%, 05/15/2032 | 11330000 | 10567438 |
| 3.50%, 01/31/2028 | 5089000 | 5073097 |
| 3.75%, 12/31/2030 - 08/31/2031 | 15773000 | 15653990 |
| 3.88%, 11/30/2027 - 04/30/2030 | 14257100 | 14339606 |
| 4.00%, 01/15/2027 - 12/15/2027 | 12368000 | 12468510 |
| 4.13%, 02/28/2027 - 07/31/2031 | 60960000 | 61624685 |
| 4.25%, 11/30/2026 - 11/15/2034 | 13260000 | 13356570 |
| 4.38%, 11/30/2028 | 11102000 | 11361769 |
| 4.50%, 05/31/2029 | 8825000 | 9089405 |
| 4.63%, 04/30/2029 - 02/15/2035 | 33573900 | 34768683 |
|  |  | 465423842 |
| **U.S. Treasury Inflation-Protected Securities - 2.6%**  | **U.S. Treasury Inflation-Protected Securities - 2.6%**  | **U.S. Treasury Inflation-Protected Securities - 2.6%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.75%, 01/15/2028 | 4745415 | 4838621 |
| 2.50%, 01/15/2029 | 22089687 | 23102781 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 17087140 | 16018323 |
|  |  | 43959725 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $530,427,389)**<br>|  | 509383567 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 30.4%**  | **CORPORATE DEBT SECURITIES - 30.4%**  | **CORPORATE DEBT SECURITIES - 30.4%**  |
| **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $2319000 | $1742731 |
| 6.53%, 05/01/2034 | 1795000 | 1927322 |
| 6.86%, 05/01/2054 | 1578000 | 1686779 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 1735000 | 1432712 |
| 4.50%, 03/11/2044 | 2189000 | 1909354 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 3008000 | 3034816 |
|  |  | 11733714 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1988000 | 1725033 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2225000 | 1951533 |
|  |  | 3676566 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(A)</sup> <br>| 2320000 | 2282923 |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 4184000 | 4135035 |
| 6.95%, 03/06/2026 | 885000 | 893527 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 922000 | 869580 |
| General Motors Financial Co., Inc. |  |  |
| 5.00%, 04/09/2027 | 1902000 | 1902158 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(A)</sup> <br>| 2434000 | 2243026 |
|  |  | 12326249 |
| **Banks - 5.4%**  | **Banks - 5.4%**  | **Banks - 5.4%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 2400000 | 2435886 |
| 6.03%, 01/17/2035 | 1200000 | 1245627 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.51% <sup>(B)</sup>, 01/24/2036<br>| 4187000 | 4239268 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 9016000 | 9385025 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 1085000 | 1084806 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2054, <br>6.04% <sup>(B)</sup>, 03/12/2055<br>| 968000 | 960362 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 3834000 | 3876586 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2032, <br>5.79% <sup>(B)</sup>, 01/13/2033 <sup>(A)</sup> <br>| 2764000 | 2828300 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 2193000 | 2233953 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| $1395000 | $1426319 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 4206000 | 3642907 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(B)</sup>, 01/28/2056<br>| 2304000 | 2248374 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 2353000 | 2683855 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(B)</sup>, 04/22/2027<br>| 3918000 | 3808077 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 7430000 | 7541746 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.34% <sup>(B)</sup>, 01/23/2035<br>| 1814000 | 1826615 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 1329000 | 1376034 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2032, <br>4.98% <sup>(B)</sup>, 08/11/2033<br>| 1912000 | 1874507 |
| &nbsp;&nbsp; Fixed until 01/05/2034, <br>5.68% <sup>(B)</sup>, 01/05/2035<br>| 2362000 | 2387780 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/13/2031, <br>6.08% <sup>(B)</sup>, 03/13/2032<br>| 1430000 | 1485772 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1403000 | 1507656 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 2464000 | 2449147 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 6931000 | 7159900 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(B)</sup>, 01/22/2035<br>| 510000 | 518994 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 2630000 | 2718185 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(B)</sup>, 01/26/2034<br>| 3673000 | 3591962 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(B)</sup>, 10/30/2029<br>| 1415000 | 1526435 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2044, <br>5.38% <sup>(B)</sup>, 09/06/2045 <sup>(A)</sup> <br>| 1592000 | 1505380 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(B)</sup>, 08/12/2033 <sup>(A)</sup> <br>| 2904000 | 3104321 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| 3036000 | 3094523 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(B)</sup>, 07/25/2034<br>| 3281000 | 3321174 |
|  |  | 89089476 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 2669000 | 2248136 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology - 0.5%**  | **Biotechnology - 0.5%**  | **Biotechnology - 0.5%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | $1754000 | $1238736 |
| 5.60%, 03/02/2043 | 1781000 | 1733717 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 1755000 | 1539226 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 2852000 | 2857609 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 1832000 | 1586872 |
|  |  | 8956160 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Holcim Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 799000 | 660515 |
| 5.40%, 04/07/2035 <sup>(A)</sup> <br>| 1849000 | 1846673 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 2665000 | 2108585 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 2156000 | 2169315 |
|  |  | 6785088 |
| **Chemicals - 0.2%**  | **Chemicals - 0.2%**  | **Chemicals - 0.2%**  |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 1903000 | 1929194 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 2093000 | 2112004 |
|  |  | 4041198 |
| **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 1958000 | 1846977 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 792000 | 782378 |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 1004000 | 1004358 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/2028 <sup>(A)</sup> <br>| 4515000 | 4744083 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 1482000 | 1499799 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 6357000 | 5362908 |
| 6.50%, 05/06/2034 | 1701000 | 1697698 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2647000 | 2392064 |
| 5.25%, 08/09/2034 | 629000 | 619624 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 1710000 | 1741674 |
|  |  | 21691563 |
| **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/2042 | 2100000 | 1764431 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2683000 | 2492156 |
| 3.88%, 04/15/2030 | 2406000 | 2317322 |
| 5.15%, 04/15/2034 | 1610000 | 1607933 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | $1937000 | $1659882 |
| 2.99%, 10/30/2056 | 4629000 | 2754728 |
|  |  | 12596452 |
| **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  |
| D.R. Horton, Inc. |  |  |
| 5.00%, 10/15/2034 | 2581000 | 2508075 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 2021000 | 2027669 |
|  |  | 4535744 |
| **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 3054000 | 2534783 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 3993000 | 3716006 |
|  |  | 6250789 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 <sup>(C)</sup> <br>| 1751000 | 1811125 |
| **Diversified REITs - 1.2%**  | **Diversified REITs - 1.2%**  | **Diversified REITs - 1.2%**  |
| American Tower Trust #1 |  |  |
| 3.65%, 03/15/2048 <sup>(A)</sup> <br>| 2395000 | 2338258 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 2189000 | 2202713 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(A)</sup> <br>| 5961000 | 5673179 |
| 1.88%, 07/15/2050 <sup>(A)</sup> <br>| 1044000 | 1021774 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 4298000 | 4267147 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3034000 | 2933880 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 2367000 | 2317509 |
|  |  | 20754460 |
| **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  |
| Appalachian Power Co. |  |  |
| 3.40%, 06/01/2025 | 1751000 | 1747690 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 3244339 | 3222440 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 436000 | 448888 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 694000 | 610931 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 5187000 | 4310753 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 4164000 | 3009040 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 1939000 | 1406931 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 641000 | 633307 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 502000 | 477848 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | $2121000 | $1827732 |
| Public Service Electric & Gas Co. |  |  |
| 3.00%, 05/15/2025 | 1390000 | 1388872 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2225000 | 2300203 |
|  |  | 21384635 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 1092000 | 1096309 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 1461000 | 1462773 |
| 4.95%, 10/15/2034 | 1211000 | 1175879 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 1965000 | 1813210 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 <sup>(D)</sup> <br>| 3353000 | 3308891 |
|  |  | 8857062 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(A)</sup> <br>| 2857000 | 2814792 |
| **Financial Services - 1.4%**  | **Financial Services - 1.4%**  | **Financial Services - 1.4%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 3092000 | 3077272 |
| 4.95%, 09/10/2034 | 1115000 | 1066402 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 2793000 | 2885507 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(A)</sup> <br>| 1638000 | 1600609 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(A)</sup> <br>| 2074000 | 2076417 |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 4309000 | 4355391 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 944000 | 930291 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(B)</sup>, 05/19/2034<br>| 5321000 | 5550045 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(A)</sup> <br>| 747000 | 759151 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 1474000 | 1501511 |
|  |  | 23802596 |
| **Food Products - 1.5%**  | **Food Products - 1.5%**  | **Food Products - 1.5%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 416000 | 421999 |
| BAT Capital Corp. |  |  |
| 6.00%, 02/20/2034 | 3479000 | 3632936 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 3323000 | 3216476 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| $2503000 | $2509178 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 1464000 | 1550520 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 1802000 | 1762900 |
| Philip Morris International, Inc. |  |  |
| 4.90%, 11/01/2034 | 3306000 | 3252426 |
| 5.63%, 11/17/2029 | 2482000 | 2600064 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 1773000 | 1771007 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(A)</sup> <br>| 4276000 | 4295561 |
|  |  | 25013067 |
| **Gas Utilities - 0.3%**  | **Gas Utilities - 0.3%**  | **Gas Utilities - 0.3%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 4089000 | 4198618 |
| **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 871000 | 845879 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 1527000 | 1536223 |
| 5.86%, 03/15/2030 | 1544000 | 1616318 |
|  |  | 3998420 |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 2033000 | 1852990 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 1671000 | 1511246 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/2030 | 1992000 | 1784230 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 2345000 | 2353966 |
| 6.00%, 04/01/2054 | 2334000 | 2222815 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1100000 | 1060161 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 3234000 | 3107154 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 2332000 | 2060551 |
|  |  | 15953113 |
| **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(A)</sup><sup>(C)</sup> <br>| 1946000 | 1929270 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 2285000 | 2289559 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 3144000 | 3130838 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 1832000 | 1378776 |
|  |  | 8728443 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 1.9%**  | **Insurance - 1.9%**  | **Insurance - 1.9%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | $4683000 | $4775774 |
| 5.25%, 03/30/2033 | 1484000 | 1499149 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 2570000 | 2488584 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 7344000 | 7146092 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 1697000 | 1731098 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 1254000 | 1271021 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 457000 | 395499 |
| 6.00%, 05/16/2054 | 1732000 | 1719242 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 2000000 | 2020630 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(B)</sup>, 10/01/2050<br>| 3601000 | 3214716 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 1385000 | 1420608 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| 4215000 | 4186928 |
|  |  | 31869341 |
| **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 3447000 | 3386265 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | 2870000 | 2954411 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1356000 | 1313746 |
|  |  | 7654422 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 570000 | 528065 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 2978000 | 2805013 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 3582000 | 3452057 |
|  |  | 6785135 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 4069000 | 3738651 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2200000 | 2213900 |
|  |  | 5952551 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 2295000 | 1710574 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | $1032000 | $601224 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 2137000 | 1815194 |
|  |  | 4126992 |
| **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(A)</sup> <br>| 3182000 | 3178488 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 3782000 | 3931722 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 2582000 | 2238706 |
|  |  | 9348916 |
| **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 1423000 | 1405932 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/2029 | 585000 | 522903 |
| 2.25%, 03/15/2026 | 769000 | 750187 |
|  |  | 1273090 |
| **Oil, Gas & Consumable Fuels - 2.8%**  | **Oil, Gas & Consumable Fuels - 2.8%**  | **Oil, Gas & Consumable Fuels - 2.8%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 1991000 | 1807725 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 1852000 | 1777363 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 3192000 | 3119510 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 1496000 | 1425927 |
| Enbridge, Inc. |  |  |
| 5.63%, 04/05/2034 | 3190000 | 3217848 |
| Energy Transfer LP |  |  |
| 5.15%, 03/15/2045 | 1064000 | 892829 |
| 5.55%, 02/15/2028 | 857000 | 878106 |
| 5.95%, 10/01/2043 | 824000 | 765634 |
| Enterprise Products Operating LLC |  |  |
| 4.25%, 02/15/2048 | 5315000 | 4227823 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 1216000 | 1246127 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 1972000 | 1982373 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 1923000 | 1953430 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 1484000 | 1461711 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 3739000 | 3877848 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 2531000 | 2488666 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | 3109000 | 2766384 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Petroleos Mexicanos (continued) |  |  |
| 6.88%, 08/04/2026 <sup>(C)</sup> <br>| $1410000 | $1392167 |
| 7.69%, 01/23/2050 | 641000 | 470038 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 3.55%, 12/15/2029 | 1974000 | 1864813 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 1840000 | 1825671 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 1821000 | 1377949 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 1988000 | 1946689 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 2637000 | 2662165 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 698000 | 639157 |
|  |  | 46067953 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 141 | 134 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 1943395 | 1911483 |
|  |  | 1911617 |
| **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 3143000 | 3236534 |
| **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 2554000 | 2502725 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1129000 | 1086269 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 1855000 | 1871489 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 1186000 | 1200872 |
| 6.00%, 06/01/2044 | 2614000 | 2530879 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 3638000 | 3678851 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1087000 | 989879 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 2808000 | 2631503 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 1585000 | 1493299 |
|  |  | 17985766 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 2961000 | 2947863 |
| **Semiconductors & Semiconductor Equipment - 1.2%**  | **Semiconductors & Semiconductor Equipment - 1.2%**  | **Semiconductors & Semiconductor Equipment - 1.2%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | 2289000 | 2177293 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 3062000 | 2532393 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| $2528000 | $2534138 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 2594000 | 2641499 |
| KLA Corp. |  |  |
| 3.30%, 03/01/2050 | 2277000 | 1547553 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 2816000 | 2817676 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 3014000 | 3022217 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 1240000 | 768836 |
| 3.40%, 05/01/2030 | 1216000 | 1125968 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1824000 | 1231332 |
|  |  | 20398905 |
| **Software - 1.3%**  | **Software - 1.3%**  | **Software - 1.3%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 2593000 | 2586760 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 1750000 | 1711617 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 2134000 | 2183395 |
| Infor LLC |  |  |
| 1.75%, 07/15/2025 <sup>(A)</sup> <br>| 3515000 | 3489605 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1146000 | 1122190 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 2168000 | 1657162 |
| 6.90%, 11/09/2052 | 2702000 | 2918674 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 2531000 | 2455812 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 1688000 | 1689358 |
| 5.70%, 04/01/2055 | 1209000 | 1170661 |
|  |  | 20985234 |
| **Transportation Infrastructure - 0.1%**  | **Transportation Infrastructure - 0.1%**  | **Transportation Infrastructure - 0.1%**  |
| United Parcel Service, Inc. |  |  |
| 5.15%, 05/22/2034 | 1731000 | 1751895 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $507,757,726)**<br>|  | 504949612 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.5%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 12/01/2035 | 142423 | 143828 |
| 5.50%, 04/01/2053 - 07/01/2053 | 13782255 | 13764496 |
| 6.00%, 05/01/2031 | 79665 | 83140 |
| 6-Month RFUCC Treasury + 1.36%, |  |  |
| 5.98% <sup>(B)</sup>, 05/01/2037 | 7337 | 7380 |
| 6-Month RFUCC Treasury + 1.57%, |  |  |
| 6.31% <sup>(B)</sup>, 04/01/2037 | 9374 | 9472 |
| 6.32% <sup>(B)</sup>, 02/01/2037 | 1535 | 1538 |
| 1-Year RFUCC Treasury + 1.66%, |  |  |
| 6.46% <sup>(B)</sup>, 01/01/2038 | 40396 | 41376 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.60% <sup>(B)</sup>, 12/01/2034 | 4742 | 4867 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage <br> Corp. (continued)<br>|  |  |
| 1-Year RFUCC Treasury + 1.90%, |  |  |
| 6.78% <sup>(B)</sup>, 02/01/2041 | $9264 | $9465 |
| 6-Month RFUCC Treasury + 2.12%, |  |  |
| 7.33% <sup>(B)</sup>, 05/01/2037 | 3881 | 3882 |
| 1-Year RFUCC Treasury + 1.81%, |  |  |
| 7.38% <sup>(B)</sup>, 09/01/2037 | 6673 | 6890 |
| 1-Year RFUCC Treasury + 1.73%, |  |  |
| 7.48% <sup>(B)</sup>, 09/01/2035 | 99059 | 101971 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.01%, 07/25/2025 | 9578360 | 9536094 |
| Federal National Mortgage Association |  |  |
| 3.50%, 07/01/2028 - 01/01/2029 | 371356 | 365686 |
| 4.50%, 08/01/2052 | 10539859 | 10079024 |
| 5.00%, 04/01/2039 - 02/01/2054 | 48755674 | 47841244 |
| 5.50%, 04/01/2036 - 03/01/2053 | 12058066 | 12089073 |
| 6.00%, 02/01/2034 - 06/01/2054 | 12614062 | 12829389 |
| 6.50%, 06/01/2038 - 05/01/2040 | 600377 | 628919 |
| 6-Month RFUCC Treasury + 0.95%, |  |  |
| 5.73% <sup>(B)</sup>, 08/01/2037 | 379 | 377 |
| 6-Month RFUCC Treasury + 1.52%, |  |  |
| 6.32% <sup>(B)</sup>, 01/01/2035 | 2368 | 2426 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.63% <sup>(B)</sup>, 03/01/2041 | 8678 | 8914 |
| 7.43% <sup>(B)</sup>, 08/01/2035 | 11545 | 11879 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(B)</sup>, 02/16/2053 | 1906700 | 28857 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(C)</sup> <br>| 3485000 | 3471703 |
| 5.88%, 04/01/2036 | 2768000 | 3062926 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 05/01/2039 - 05/01/2055 <sup>(D)</sup> <br>| 32779000 | 26905246 |
| 2.50%, 05/01/2039 - 05/01/2054 <sup>(D)</sup> <br>| 87247000 | 72810205 |
| 3.00%, 03/01/2037 - 02/01/2052 <sup>(D)</sup> <br>| 63440000 | 55280576 |
| 3.50%, 05/01/2039 - 03/01/2052 <sup>(D)</sup> <br>| 32790000 | 30003969 |
| 4.00%, 06/01/2052 <sup>(D)</sup> <br>| 32134000 | 29874093 |
| 4.50%, 05/01/2055 <sup>(D)</sup> <br>| 31412000 | 29980074 |
| 5.00%, 05/01/2054 <sup>(D)</sup> <br>| 11369000 | 11111114 |
| 5.50%, 05/01/2054 <sup>(D)</sup> <br>| 39219000 | 39084174 |
| 6.00%, 05/01/2054 <sup>(D)</sup> <br>| 13314000 | 13492860 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $425,963,684)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $425,963,684)** | 422677127 |
| **MORTGAGE-BACKED SECURITIES - 6.1%**  | **MORTGAGE-BACKED SECURITIES - 6.1%**  | **MORTGAGE-BACKED SECURITIES - 6.1%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-36, Class 2A1A, <br>1-Month Term SOFR + 0.73%, <br>5.06% <sup>(B)</sup>, 08/25/2035<br>| 240313 | 217431 |
| &nbsp;&nbsp; Series 2005-50CB, Class 1A1, <br>5.50%, 11/25/2035<br>| 345833 | 282698 |
| &nbsp;&nbsp; Series 2005-51, Class 3A3A, <br>1-Month Term SOFR + 0.75%, <br>5.07% <sup>(B)</sup>, 11/20/2035<br>| 279610 | 239666 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Alternative Loan Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2007-22, Class 2A16, <br>6.50%, 09/25/2037<br>| $4505935 | $1631769 |
| &nbsp;&nbsp; Series 2007-5CB, Class 1A31, <br>5.50%, 04/25/2037<br>| 652576 | 301566 |
| BB-UBS Trust |  |  |
| &nbsp;&nbsp; Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(A)</sup> <br>| 1169474 | 1123747 |
| Bear Stearns Alt-A Trust |  |  |
| &nbsp;&nbsp; Series 2004-11, Class 2A2, <br>5.75% <sup>(B)</sup>, 11/25/2034<br>| 21748 | 20652 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 2905486 | 2926745 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2003-60, Class 1A1, <br>6.74% <sup>(B)</sup>, 02/25/2034<br>| 3856 | 3773 |
| &nbsp;&nbsp; Series 2005-3, Class 1A2, <br>1-Month Term SOFR + 0.69%, <br>5.02% <sup>(B)</sup>, 04/25/2035<br>| 49197 | 45958 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> <br>| 3897804 | 3445625 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> <br>| 161328 | 157021 |
| &nbsp;&nbsp; Series 2015-PS1, Class A1, <br>3.75% <sup>(B)</sup>, 09/25/2042 <sup>(A)</sup> <br>| 123606 | 119021 |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 445917 | 436861 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 2933443 | 2951184 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> <br>| 3045326 | 2741334 |
| GMACM Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR1, Class 3A, <br>4.07% <sup>(B)</sup>, 03/18/2035<br>| 2303 | 1993 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 3540000 | 3632833 |
| Impac CMB Trust |  |  |
| &nbsp;&nbsp; Series 2004-6, Class 1A1, <br>1-Month Term SOFR + 0.91%, <br>5.24% <sup>(B)</sup>, 10/25/2034<br>| 1813 | 1796 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.48% <sup>(B)</sup>, 08/25/2037<br>| 242625 | 168546 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2004-A1, Class 1A1, <br>5.84% <sup>(B)</sup>, 02/25/2034<br>| 10325 | 9386 |
| &nbsp;&nbsp; Series 2006-S3, Class 1A12, <br>6.50%, 08/25/2036<br>| 150015 | 45976 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13%, 09/10/2039 <sup>(A)</sup> <br>| 3465000 | 3259186 |
| &nbsp;&nbsp; Series 2020-1MW, Class B, <br>2.41% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> <br>| 5024000 | 4688826 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp; Series 2007-R5, Class A1, <br>5.71% <sup>(B)</sup>, 11/25/2035 <sup>(A)</sup> <br>| $134466 | $56004 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-F, Class A1, <br>1-Month Term SOFR + 0.75%, <br>5.08% <sup>(B)</sup>, 10/25/2028<br>| 1949 | 1833 |
| &nbsp;&nbsp; Series 2004-A1, Class 2A1, <br>6.23% <sup>(B)</sup>, 02/25/2034<br>| 26246 | 24503 |
| &nbsp;&nbsp; Series 2005-A4, Class 2A2, <br>6.09% <sup>(B)</sup>, 07/25/2035<br>| 29031 | 25421 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust |  |  |
| &nbsp;&nbsp; Series 2013-C11, Class B, <br>4.21% <sup>(B)</sup>, 08/15/2046<br>| 1035000 | 696245 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(B)</sup>, 12/25/2052 <sup>(A)</sup> <br>| 550442 | 525245 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> <br>| 222435 | 215545 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(B)</sup>, 05/25/2054 <sup>(A)</sup> <br>| 180813 | 171729 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> <br>| 592865 | 571484 |
| &nbsp;&nbsp; Series 2015-2A, Class A1, <br>3.75% <sup>(B)</sup>, 08/25/2055 <sup>(A)</sup> <br>| 729680 | 706875 |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(B)</sup>, 11/26/2035 <sup>(A)</sup> <br>| 643125 | 621562 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(B)</sup>, 09/25/2056 <sup>(A)</sup> <br>| 1350894 | 1275038 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> <br>| 1145407 | 1111608 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(B)</sup>, 03/25/2057 <sup>(A)</sup> <br>| 1313572 | 1278466 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 1839407 | 1779683 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> <br>| 962125 | 925868 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 569626 | 554637 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 5225064 | 5061808 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 1032604 | 964827 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 920007 | 872194 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> <br>| 1391708 | 1320235 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 2892665 | 2904029 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 3565961 | 3586259 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 1277440 | 1283777 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 2280256 | 2303787 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| $3891403 | $3924221 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 2677170 | 2684728 |
| RALI Trust |  |  |
| &nbsp;&nbsp; Series 2007-QO4, Class A1A, <br>1-Month Term SOFR + 0.49%, <br>4.82% <sup>(B)</sup>, 05/25/2047<br>| 226023 | 200582 |
| Structured Adjustable Rate Mortgage Loan <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-15, Class 1A1, <br>4.44% <sup>(B)</sup>, 07/25/2035<br>| 184059 | 97324 |
| &nbsp;&nbsp; Series 2007-3, Class 3A1, <br>4.83% <sup>(B)</sup>, 04/25/2047<br>| 452560 | 166767 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(B)</sup>, 01/19/2034<br>| 9112 | 8551 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 664159 | 646360 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 928760 | 908769 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 989126 | 974600 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 1863371 | 1756173 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 4900932 | 4761948 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 6799449 | 6502700 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(A)</sup> <br>| 2164527 | 1964573 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> <br>| 2895022 | 2688161 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75%, 09/25/2062 <sup>(A)</sup> <br>| 4841831 | 4594410 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(A)</sup> <br>| 6266045 | 6018280 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR8, Class 2A1A, <br>1-Month Term SOFR + 0.69%, <br>5.02% <sup>(B)</sup>, 07/25/2045<br>| 15443 | 14825 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2015-C29, Class AS, <br>4.01% <sup>(B)</sup>, 06/15/2048<br>| 6250000 | 6235708 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $104,580,001)**<br>|  | 101440935 |
| **ASSET-BACKED SECURITIES - 4.4%**  | **ASSET-BACKED SECURITIES - 4.4%**  | **ASSET-BACKED SECURITIES - 4.4%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 1874545 | 1882336 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 375484 | 348199 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| $1935000 | $1987297 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 3531044 | 3595327 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 5200000 | 5268670 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.53% <sup>(B)</sup>, 10/18/2030 <sup>(A)</sup> <br>| 3133438 | 3133686 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.65% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 4000000 | 3983432 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 5315000 | 5409282 |
| GoodLeap Sustainable Home Solutions <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-4GS, Class A, <br>1.93%, 07/20/2048 <sup>(A)</sup> <br>| 7506065 | 5957223 |
| &nbsp;&nbsp; Series 2022-1GS, Class A, <br>2.70%, 01/20/2049 <sup>(A)</sup> <br>| 3792662 | 3012267 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 1450259 | 1483709 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 1742028 | 1777048 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(A)</sup> <br>| 3638864 | 3680933 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.73% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 7305000 | 7277153 |
| JG Wentworth XXI LLC |  |  |
| &nbsp;&nbsp; Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(A)</sup> <br>| 152049 | 150842 |
| JG Wentworth XXII LLC |  |  |
| &nbsp;&nbsp; Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(A)</sup> <br>| 204476 | 202241 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(A)</sup> <br>| 744526 | 676142 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>4.15%, 11/21/2039 <sup>(A)</sup> <br>| 3053919 | 3026979 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 2561034 | 2575196 |
| MVW Owner Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> <br>| 151338 | 151148 |
| RAAC Trust |  |  |
| &nbsp;&nbsp; Series 2007-RP4, Class A, <br>1-Month Term SOFR + 0.46%, <br>5.14% <sup>(B)</sup>, 11/25/2046 <sup>(A)</sup> <br>| 322071 | 290669 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| $3800000 | $3862905 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(A)</sup> <br>| 851080 | 831588 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 2473089 | 2490689 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1525482 | 1558419 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 2490320 | 2566347 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 3583484 | 3624202 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 1537711 | 1547544 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $72,835,231)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $72,835,231)** | 72351473 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%**  |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/2031 | 3584000 | 2881147 |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 4856000 | 4761794 |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 2481000 | 2417609 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/2028 | 735000 | 701968 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corp. Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup><sup>(D)</sup> <br>| 1705000 | 1709164 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $12,530,962)**<br>|  | 12471682 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** |
| **Georgia - 0.0% \*** | **Georgia - 0.0% \*** | **Georgia - 0.0% \*** |
| Municipal Electric Authority of Georgia, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.64%, 04/01/2057 | 260000 | 282778 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $304,473)**<br>|  | 282778 |
| **COMMERCIAL PAPER - 17.6%**  | **COMMERCIAL PAPER - 17.6%**  | **COMMERCIAL PAPER - 17.6%**  |
| **Banks - 4.3%**  | **Banks - 4.3%**  | **Banks - 4.3%**  |
| CAFCO LLC |  |  |
| 4.52% <sup>(E)</sup>, 08/22/2025 <sup>(A)</sup> <br>| 1950000 | 1923015 |
| DNB Bank ASA |  |  |
| 4.44% <sup>(E)</sup>, 07/29/2025 <sup>(A)</sup> <br>| 17000000 | 16815880 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC USA, Inc. |  |  |
| 4.71% <sup>(E)</sup>, 05/19/2025 <sup>(A)</sup> <br>| $10800000 | $10775089 |
| 4.73% <sup>(E)</sup>, 05/19/2025 <sup>(A)</sup> <br>| 5000000 | 4988467 |
| Lloyds Bank PLC |  |  |
| 4.48% <sup>(E)</sup>, 07/07/2025 | 3129000 | 3103085 |
| Macquarie Bank Ltd. |  |  |
| 4.53% <sup>(E)</sup>, 08/19/2025 <sup>(A)</sup> <br>| 13630000 | 13445737 |
| Sheffield Receivables Co. LLC |  |  |
| 4.47% <sup>(E)</sup>, 06/11/2025 <sup>(A)</sup> <br>| 3425000 | 3407426 |
| Swedbank AB |  |  |
| 4.40% <sup>(E)</sup>, 09/02/2025 <sup>(A)</sup> <br>| 17500000 | 17239070 |
|  |  | 71697769 |
| **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.50% <sup>(E)</sup>, 05/21/2025 <sup>(A)</sup> <br>| 8911000 | 8888273 |
| Ridgefield Funding Co. LLC |  |  |
| 4.63% <sup>(E)</sup>, 06/16/2025 <sup>(A)</sup> <br>| 20000000 | 19885338 |
|  |  | 28773611 |
| **Financial Services - 11.6%**  | **Financial Services - 11.6%**  | **Financial Services - 11.6%**  |
| Anglesea Funding LLC |  |  |
| 4.50% <sup>(E)</sup>, 07/18/2025 <sup>(A)</sup> <br>| 12000000 | 11883634 |
| 4.56% <sup>(E)</sup>, 07/18/2025 <sup>(A)</sup> <br>| 700000 | 693212 |
| 4.66% <sup>(E)</sup>, 05/14/2025 <sup>(A)</sup> <br>| 3467000 | 3461113 |
| Atlantic Asset Securitization LLC |  |  |
| 4.64% <sup>(E)</sup>, 06/13/2025 <sup>(A)</sup> <br>| 8000000 | 7956626 |
| Britannia Funding Co. LLC |  |  |
| 4.51% <sup>(E)</sup>, 06/10/2025 <sup>(A)</sup> <br>| 13500000 | 13432545 |
| Cancara Asset Securitisation LLC |  |  |
| 4.68% <sup>(E)</sup>, 05/19/2025 | 20000000 | 19953656 |
| Columbia Funding Co. LLC |  |  |
| 4.56% <sup>(E)</sup>, 07/14/2025 <sup>(A)</sup> <br>| 7000000 | 6935760 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.54% <sup>(E)</sup>, 07/22/2025 <sup>(A)</sup> <br>| 10636000 | 10526747 |
| 4.58% <sup>(E)</sup>, 07/21/2025 <sup>(A)</sup> <br>| 800000 | 791883 |
| GTA Funding LLC |  |  |
| 4.51% <sup>(E)</sup>, 08/28/2025 <sup>(A)</sup> <br>| 10000000 | 9853333 |
| 4.52% <sup>(E)</sup>, 07/30/2025 <sup>(A)</sup> <br>| 5783000 | 5718402 |
| La Fayette Asset Securitization LLC |  |  |
| 4.50% <sup>(E)</sup>, 07/21/2025 <sup>(A)</sup> <br>| 6450000 | 6385249 |
| Liberty Street Funding LLC |  |  |
| 4.43% <sup>(E)</sup>, 09/02/2025 <sup>(A)</sup> <br>| 4700000 | 4628820 |
| 4.68% <sup>(E)</sup>, 05/19/2025 <sup>(A)</sup> <br>| 11000000 | 10974627 |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(E)</sup>, 08/27/2025 <sup>(A)</sup> <br>| 8100000 | 7982164 |
| Starbird Funding Corp. |  |  |
| 4.50% <sup>(E)</sup>, 08/04/2025 <sup>(A)</sup> <br>| 10021000 | 9903313 |
| Thunder Bay Funding LLC |  |  |
| 4.58% <sup>(E)</sup>, 05/16/2025 <sup>(A)</sup> <br>| 24000000 | 23953445 |
| Versailles Commercial Paper LLC |  |  |
| 4.67% <sup>(E)</sup>, 06/06/2025 | 20000000 | 19909870 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Victory Receivables Corp. |  |  |
| 4.46% <sup>(E)</sup>, 05/29/2025 <sup>(A)</sup> <br>| $17500000 | $17438015 |
|  |  | 192382414 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $292,897,353)**<br>|  | 292853794 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.3%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>4.16% <sup>(E)</sup>, 10/09/2025<br>| 21600000 | 21206995 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $21,211,958)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $21,211,958)** | 21206995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  |
| **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(E)</sup> <br>| 5507488 | 5507488 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,507,488)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,507,488)** | 5507488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $29,530,764 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $30,119,925.<br>| $29529287 | $29529287 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $29,529,287)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $29,529,287)** | 29529287 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,003,545,552)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,003,545,552)** | 1972654738 |
| **Net Other Assets (Liabilities) - (18.9)%** | **Net Other Assets (Liabilities) - (18.9)%** | (313858272) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1658796466** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $509383567 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $509383567 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 504949612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504949612 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 422677127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 422677127 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 101440935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101440935 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 72351473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72351473 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 12471682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12471682 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 282778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 282778 |
| Commercial Paper |  | &nbsp;&nbsp; 292853794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292853794 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 21206995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21206995 |
| Other Investment Company | 5507488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5507488 |
| Repurchase Agreement |  | &nbsp;&nbsp; 29529287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29529287 |
| **Total Investments** | **$5507488** | &nbsp;&nbsp; **$1967147250** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1972654738** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $528,927,116, representing 31.9% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,395,272, collateralized by cash collateral of $5,507,488. 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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Core Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,974,016,265) (including securities loaned of $5,395,272) | $1943125451 |
| Repurchase agreement, at value (cost $29,529,287) | 29529287 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | 2224817 |
| Receivables and other assets: |  |
| Investments sold  | 37873433 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 25269308 |
| Net income from securities lending | 735 |
| Shares of beneficial interest sold  | 3348550 |
| Interest | 12423407 |
| Prepaid expenses | 21576 |
| Total assets | 2053816564 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 5507488 |
| Cash collateral at broker for: |  |
| TBA commitments | 82568 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 388244419 |
| Dividends and/or distributions | 1331 |
| Shares of beneficial interest redeemed | 129592 |
| Due to custodian  | 251858 |
| Investment management fees | 514995 |
| Distribution and service fees | 32846 |
| Transfer agent fees | 11180 |
| Trustee and CCO fees | 7747 |
| Audit and tax fees  | 29070 |
| Custody fees | 125322 |
| Legal fees | 43574 |
| Printing and shareholder reports fees | 3957 |
| Other accrued expenses | 34151 |
| Total liabilities | 395020098 |
| **Net assets**  | $1658796466 |
| **Net assets consist of:** |  |
| Paid-in capital | $1906567360 |
| Total distributable earnings (accumulated losses) | (247770894)<br>|
| **Net assets** | $1658796466 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Core Bond**

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**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $1572614 |
| Class C | 262911 |
| Class I | 10466304 |
| Class I2 | 1313663444 |
| Class I3 | 171230902 |
| Class R | 13087722 |
| Class R4 | 131139669 |
| Class R6 | 17372900 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 182978 |
| Class C | 30686 |
| Class I | 1225666 |
| Class I2 | 153220691 |
| Class I3 | 19942093 |
| Class R | 1520844 |
| Class R4 | 15260075 |
| Class R6 | 2022592 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.59 |
| Class C | 8.57 |
| Class I | 8.54 |
| Class I2 | 8.57 |
| Class I3 | 8.59 |
| Class R | 8.61 |
| Class R4 | 8.59 |
| Class R6 | 8.59 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Core Bond**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $41981930 |
| Net income from securities lending | 25085 |
| Withholding taxes on foreign income | 161 |
| Total investment income  | 42007176 |
| **Expenses:** |  |
| Investment management fees | 3345967 |
| Distribution and service fees: |  |
| Class A | 1668 |
| Class C | 1281 |
| Class R | 36647 |
| Class R4 | 157901 |
| Transfer agent fees: |  |
| Class A | 571 |
| Class C | 161 |
| Class I | 5208 |
| Class I2 | 52366 |
| Class I3 | 7382 |
| Class R | 160 |
| Class R4 | 4737 |
| Class R6 | 568 |
| Trustee and CCO fees | 37609 |
| Audit and tax fees | 29404 |
| Custody fees | 92194 |
| Legal fees | 72415 |
| Printing and shareholder reports fees | 28966 |
| Registration fees | 45202 |
| Other | 77448 |
| Total expenses before waiver and/or reimbursement and recapture | 3997855 |
| Expenses waived and/or reimbursed: |  |
| Class C | (34)<br>|
| Class I | (4511)<br>|
| Class R4 | (17856)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 1 |
| Class R4 | 315 |
| Net expenses | 3975770 |
| **Net investment income (loss)** | 38031406 |
| **Net realized gain (loss) on:** |  |
| Investments | (26921510)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 24361407 |
| Net realized and change in unrealized gain (loss) | (2560103)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $35471303 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Core Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $38031406 | &nbsp;&nbsp;&nbsp;&nbsp; $94371815 |
| Net realized gain (loss) | (26921510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10229176)<br>|
| Net change in unrealized appreciation (depreciation) | 24361407 | &nbsp;&nbsp;&nbsp;&nbsp; 141565617 |
| Net increase (decrease) in net assets resulting from operations | 35471303 | &nbsp;&nbsp;&nbsp;&nbsp; 225708256 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (27005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47371)<br>|
| Class C | (4191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8942)<br>|
| Class I | (218541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (385537)<br>|
| Class I2 | (30446289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77237871)<br>|
| Class I3 | (4265885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11165342)<br>|
| Class R | (281444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (803044)<br>|
| Class R4 | (2620639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4996071)<br>|
| Class R6 | (331684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407508)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (38195678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95051686)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 627481 | &nbsp;&nbsp;&nbsp;&nbsp; 1235294 |
| Class C | 18680 | &nbsp;&nbsp;&nbsp;&nbsp; 296064 |
| Class I | 2233014 | &nbsp;&nbsp;&nbsp;&nbsp; 10158298 |
| Class I2 | 87855220 | &nbsp;&nbsp;&nbsp;&nbsp; 61109540 |
| Class I3 | 11472336 | &nbsp;&nbsp;&nbsp;&nbsp; 27873703 |
| Class R | 2528204 | &nbsp;&nbsp;&nbsp;&nbsp; 1334365 |
| Class R4 | 13367505 | &nbsp;&nbsp;&nbsp;&nbsp; 17689827 |
| Class R6 | 4598751 | &nbsp;&nbsp;&nbsp;&nbsp; 12764292 |
|  | 122701191 | &nbsp;&nbsp;&nbsp;&nbsp; 132461383 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 18914 | &nbsp;&nbsp;&nbsp;&nbsp; 41150 |
| Class C | 4191 | &nbsp;&nbsp;&nbsp;&nbsp; 8870 |
| Class I | 218541 | &nbsp;&nbsp;&nbsp;&nbsp; 383021 |
| Class I2 | 30446289 | &nbsp;&nbsp;&nbsp;&nbsp; 77237616 |
| Class I3 | 4265885 | &nbsp;&nbsp;&nbsp;&nbsp; 11165342 |
| Class R | 279440 | &nbsp;&nbsp;&nbsp;&nbsp; 803044 |
| Class R4 | 2620639 | &nbsp;&nbsp;&nbsp;&nbsp; 4996071 |
| Class R6 | 331680 | &nbsp;&nbsp;&nbsp;&nbsp; 407520 |
|  | 38185579 | &nbsp;&nbsp;&nbsp;&nbsp; 95042634 |
| Cost of shares redeemed: |  |  |
| Class A | (630289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (538901)<br>|
| Class C | (54673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (359224)<br>|
| Class I | (1480420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3308848)<br>|
| Class I2 | (326322781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (524131034)<br>|
| Class I3 | (108519206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20950151)<br>|
| Class R | (9696745)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3254252)<br>|
| Class R4 | (11244213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10496460)<br>|
| Class R6 | (1768764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3436696)<br>|
|  | (459717091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (566475566)<br>|
| Automatic conversions: |  |  |
| Class A | 1069 | &nbsp;&nbsp;&nbsp;&nbsp; 6508 |
| Class C | (1069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6508)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (298830321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (338971549)<br>|
| **Net increase (decrease) in net assets** | (301554696)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208314979)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 1960351162 | &nbsp;&nbsp;&nbsp;&nbsp; 2168666141 |
| End of period/year | $1658796466 | &nbsp;&nbsp;&nbsp;&nbsp; $1960351162 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Core Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 73271 | &nbsp;&nbsp;&nbsp;&nbsp; 143096 |
| Class C | 2173 | &nbsp;&nbsp;&nbsp;&nbsp; 33925 |
| Class I | 262491 | &nbsp;&nbsp;&nbsp;&nbsp; 1212073 |
| Class I2 | 10367946 | &nbsp;&nbsp;&nbsp;&nbsp; 7133859 |
| Class I3 | 1345257 | &nbsp;&nbsp;&nbsp;&nbsp; 3233745 |
| Class R | 294894 | &nbsp;&nbsp;&nbsp;&nbsp; 154324 |
| Class R4 | 1559346 | &nbsp;&nbsp;&nbsp;&nbsp; 2054201 |
| Class R6 | 538001 | &nbsp;&nbsp;&nbsp;&nbsp; 1490158 |
|  | 14443379 | &nbsp;&nbsp;&nbsp;&nbsp; 15455381 |
| Shares reinvested: |  |  |
| Class A | 2205 | &nbsp;&nbsp;&nbsp;&nbsp; 4785 |
| Class C | 490 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| Class I | 25643 | &nbsp;&nbsp;&nbsp;&nbsp; 44844 |
| Class I2 | 3557379 | &nbsp;&nbsp;&nbsp;&nbsp; 9008633 |
| Class I3 | 497568 | &nbsp;&nbsp;&nbsp;&nbsp; 1299384 |
| Class R | 32512 | &nbsp;&nbsp;&nbsp;&nbsp; 93306 |
| Class R4 | 305461 | &nbsp;&nbsp;&nbsp;&nbsp; 581080 |
| Class R6 | 38679 | &nbsp;&nbsp;&nbsp;&nbsp; 47332 |
|  | 4459937 | &nbsp;&nbsp;&nbsp;&nbsp; 11080400 |
| Shares redeemed: |  |  |
| Class A | (73492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62124)<br>|
| Class C | (6401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41619)<br>|
| Class I | (174064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (391134)<br>|
| Class I2 | (38238060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61016293)<br>|
| Class I3 | (12725335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2443486)<br>|
| Class R | (1136130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (377946)<br>|
| Class R4 | (1313692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1221973)<br>|
| Class R6 | (207137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397839)<br>|
|  | (53874311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65952414)<br>|
| Automatic conversions: |  |  |
| Class A | 125 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| Class C | (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (779)<br>|
|  | (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 2109 | &nbsp;&nbsp;&nbsp;&nbsp; 86533 |
| Class C | (3864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7437)<br>|
| Class I | 114070 | &nbsp;&nbsp;&nbsp;&nbsp; 865783 |
| Class I2 | (24312735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44873801)<br>|
| Class I3 | (10882510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2089643 |
| Class R | (808724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130316)<br>|
| Class R4 | 551115 | &nbsp;&nbsp;&nbsp;&nbsp; 1413308 |
| Class R6 | 369543 | &nbsp;&nbsp;&nbsp;&nbsp; 1139651 |
|  | (34970996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39416636)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.60 | $8.12 | $8.41 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.17 | 0.35 | 0.33 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.48 | (0.31)<br>|
| Total investment operations | 0.16 | 0.83 | 0.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.17)<br>| (0.35)<br>| (0.31)<br>|
| **Net asset value, end of period/year** | $8.59 | $8.60 | $8.12 |
| **Total return** <sup>(C)</sup> <br>| 1.90 %<sup>(D)</sup><br>| 10.32<br> %<br>| 0.09 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $1572 | $1555 | $766 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76 %<sup>(E)</sup><br>| 0.74<br> %<br>| 0.81 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(E)</sup><br>| 0.74<br> %<br>| 0.81 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.02 %<sup>(E)</sup><br>| 4.05<br> %<br>| 3.93 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 36 %<sup>(D)</sup><br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.57 | $8.09 | $8.42 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.14 | 0.28 | 0.27 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(C)</sup><br>| 0.48 | (0.34)<br>|
| Total investment operations | 0.14 | 0.76 | (0.07)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.14)<br>| (0.28)<br>| (0.26)<br>|
| **Net asset value, end of period/year** | $8.57 | $8.57 | $8.09 |
| **Total return** <sup>(D)</sup> <br>| 1.63 %<sup>(E)</sup><br>| 9.49<br> %<br>| (0.99 )%<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $263 | $296 | $340 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.55 %<sup>(F)</sup><br>| 1.53<br> %<br>| 1.47 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.52 %<sup>(F)</sup><br>| 1.51<br> %<br>| 1.47 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.25 %<sup>(F)</sup><br>| 3.27<br> %<br>| 3.14 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 36 %<sup>(E)</sup><br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Core Bond**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.54 | $8.08 | $8.39 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.18 | 0.37 | 0.35 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(C)</sup><br>| 0.46 | (0.32)<br>|
| Total investment operations | 0.18 | 0.83 | 0.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.18)<br>| (0.37)<br>| (0.34)<br>|
| **Net asset value, end of period/year** | $8.54 | $8.54 | $8.08 |
| **Total return** | 2.18 %<sup>(D)</sup><br>| 10.38<br> %<br>| 0.23 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $10466 | $9498 | $1985 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53 %<sup>(E)</sup><br>| 0.53<br> %<br>| 0.53 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.44 %<sup>(E)(F)</sup><br>| 0.44 %<sup>(F)</sup><br>| 0.44 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.34 %<sup>(E)</sup><br>| 4.35<br> %<br>| 4.19 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 36 %<sup>(D)</sup><br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.58 | $8.10 | $8.37 | $10.34 | $10.85 | $10.50 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.37 | 0.34 | 0.23 | 0.19 | 0.23 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>| 0.37 |
| Total investment operations | 0.17 | 0.86 | 0.07 | (1.57)<br>| 0.05 | 0.60 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|  |
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>| (0.25)<br>|
| **Net asset value, end of period/year** | $8.57 | $8.58 | $8.10 | $8.37 | $10.34 | $10.85 |
| **Total return** | 2.06 %<sup>(B)</sup><br>| 10.67<br> %<br>| 0.74<br> %<br>| (15.67)%<br>| 0.45<br> %<br>| 5.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1313663 | $1523300 | $1800512 | $1974697 | $1131283 | $1275122 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43 %<sup>(C)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net investment income (loss) to average net assets | 4.34 %<sup>(C)</sup><br>| 4.36<br> %<br>| 3.96<br> %<br>| 2.49<br> %<br>| 1.81<br> %<br>| 2.16<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(B)</sup><br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Core Bond**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.59 | $8.11 | $8.38 | $10.36 | $10.87 | $10.51 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.37 | 0.34 | 0.22 | 0.19 | 0.23 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>(B)</sup><br>| 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>| 0.38 |
| Total investment operations | 0.19 | 0.86 | 0.07 | (1.58)<br>| 0.05 | 0.61 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|  |
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>| (0.25)<br>|
| **Net asset value, end of period/year** | $8.59 | $8.59 | $8.11 | $8.38 | $10.36 | $10.87 |
| **Total return** | 2.18 %<sup>(C)</sup><br>| 10.66<br> %<br>| 0.74<br> %<br>| (15.74)%<br>| 0.45<br> %<br>| 5.83<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $171231 | $264926 | $233018 | $248167 | $369100 | $385809 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43 %<sup>(D)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43 %<sup>(D)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net investment income (loss) to average net assets | 4.31 %<sup>(D)</sup><br>| 4.36<br> %<br>| 3.97<br> %<br>| 2.36<br> %<br>| 1.81<br> %<br>| 2.14<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(C)</sup><br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.61 | $8.13 | $8.39 | $10.37 | $10.88 | $10.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.33 | 0.30 | 0.18 | 0.14 | 0.18 |
| Net realized and unrealized gain (loss) | (0.00 ) <sup>(B)</sup><br>| 0.49 | (0.26)<br>| (1.81)<br>| (0.15)<br>| 0.37 |
| Total investment operations | 0.16 | 0.82 | 0.04 | (1.63)<br>| (0.01)<br>| 0.55 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.34)<br>| (0.30)<br>| (0.18)<br>| (0.14)<br>| (0.19)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|  |
| Total dividends and/or distributions to shareholders | (0.16)<br>| (0.34)<br>| (0.30)<br>| (0.35)<br>| (0.50)<br>| (0.19)<br>|
| **Net asset value, end of period/year** | $8.61 | $8.61 | $8.13 | $8.39 | $10.37 | $10.88 |
| **Total return** | 1.93 %<sup>(C)</sup><br>| 10.10<br> %<br>| 0.33<br> %<br>| (16.15)%<br>| (0.05)%<br>| 5.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $13088 | $20060 | $19987 | $23157 | $31469 | $42002 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93 %<sup>(D)</sup><br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.93 %<sup>(D)</sup><br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| Net investment income (loss) to average net assets | 3.82 %<sup>(D)</sup><br>| 3.86<br> %<br>| 3.47<br> %<br>| 1.88<br> %<br>| 1.32<br> %<br>| 1.64<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(C)</sup><br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.60 | $8.11 | $8.39 | $10.36 | $10.87 | $10.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.36 | 0.32 | 0.20 | 0.16 | 0.20 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.49 | (0.28)<br>| (1.79)<br>| (0.14)<br>| 0.37 |
| Total investment operations | 0.17 | 0.85 | 0.04 | (1.59)<br>| 0.02 | 0.57 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.21)<br>| (0.17)<br>| (0.22)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|  |
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.36)<br>| (0.32)<br>| (0.38)<br>| (0.53)<br>| (0.22)<br>|
| **Net asset value, end of period/year** | $8.59 | $8.60 | $8.11 | $8.39 | $10.36 | $10.87 |
| **Total return** | 1.95 % <sup>(B)</sup><br>| 10.54<br> %<br>| 0.38<br> %<br>| (15.85)%<br>| 0.21<br> %<br>| 5.49<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $131140 | $126506 | $107894 | $102515 | $152590 | $162185 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.68 %<sup>(C)</sup><br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.65 %<sup>(C)</sup><br>| 0.66 %<sup>(D)</sup><br>| 0.66 %<sup>(D)</sup><br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) to average net assets | 4.13 %<sup>(C)</sup><br>| 4.13<br> %<br>| 3.76<br> %<br>| 2.14<br> %<br>| 1.57<br> %<br>| 1.90<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(B)</sup><br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.60 | $8.11 | $8.38 | $10.36 | $10.35 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.18 | 0.38 | 0.35 | 0.26 | 0.08 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(C)</sup><br>| 0.49 | (0.27)<br>| (1.84)<br>| 0.01 <br><sup>(D)</sup><br>|
| Total investment operations | 0.18 | 0.87 | 0.08 | (1.58)<br>| 0.09 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.38)<br>| (0.35)<br>| (0.23)<br>| (0.08)<br>|
| Net realized gains |  |  |  | (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.38)<br>| (0.35)<br>| (0.40)<br>| (0.08)<br>|
| **Net asset value, end of period/year** | $8.59 | $8.60 | $8.11 | $8.38 | $10.36 |
| **Total return** | 2.06 %<sup>(E)</sup><br>| 10.81<br> %<br>| 0.76<br> %<br>| (15.74)%<br>| 0.89 %<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of period/year (000's) | $17373 | $14210 | $4164 | $693 | $10 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43 %<sup>(F)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.43 %<sup>(F)</sup><br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.36 %<sup>(F)</sup><br>| 4.37<br> %<br>| 4.12<br> %<br>| 2.99<br> %<br>| 1.78 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 36 %<sup>(E)</sup><br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Core Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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.

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 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 April 30, 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:

*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.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

**Transamerica Funds**

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**Page 24**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

**Transamerica Funds**

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**Page 25**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

**Transamerica Funds**

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**Page 26**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $3000417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3000417 |
| U.S. Government Agency Obligations | 2507071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2507071 |
| Total Securities Lending Transactions | $5507488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5507488 |
| **Total Borrowings** | **$5507488** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5507488** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1553297011 | 93.64<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2 billion | 0.380<br> % <br>|
| Over $2 billion up to $3.5 billion | 0.365 |
| Over $3.5 billion up to $5 billion | 0.360 |
| Over $5 billion | 0.355 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.79<br> % <br>| March 1, 2026 |
| Class C | 1.52 | March 1, 2026 |
| Class I | 0.56 | March 1, 2026 |
| Class I2 | 0.47 | March 1, 2026 |
| Class I3, Class R6 | 0.46 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.65 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 0.85 |  |
| Class C | 1.52 |  |
| Class I | 0.56 |  |
| Class I2 | 0.47 |  |
| Class I3, Class R6 | 0.46 |  |
| Class R | 1.00 |  |
| Class R4 | 0.65 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class C | $— | $— | $59 | $34 | $93 |
| Class R4 | 14569 | 29293 | 26801 | 17856 | 88519 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $6781 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 210 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $70922 | &nbsp;&nbsp; $11079 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $134000063 | &nbsp;&nbsp; $377264742 | &nbsp;&nbsp; $369731720 | &nbsp;&nbsp; $382445701 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Core Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $2003545552 | &nbsp;&nbsp; $13334313 | &nbsp;&nbsp; $(44225127)<br>| &nbsp;&nbsp; $(30890814)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Core Bond** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Core Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Core Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

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**Transamerica Core Bond** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

------

![](g947814img9c42ce423.gif)

![](g947814imgff214f4b4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA CORE BOND 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgda4d33935.gif)

------

![](g947814imga26132cf1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Emerging Markets Debt**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img9ccca7532.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_SOI-RunningFooter-159_1) | 2 |
| [Statement of Assets and Liabilities](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_FS-RunningFooter-159_1) | 11 |
| [Statement of Operations](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_FS-RunningFooter-159_3) | 13 |
| [Statement of Changes in Net Assets](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_FS-RunningFooter-159_4) | 14 |
| [Financial Highlights](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_FIHI-RunningFooter-159_1) | 16 |
| [Notes to Financial Statements](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_NTF-RunningFooter-159_1) | 19 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_DWA-RunningFooter-159_1)**<br> **[Companies](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_DWA-RunningFooter-159_1)**<br>| 35 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_PD-RunningFooter-159_1)** | 36 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_REMU-RunningFooter-159_1)**<br> **[Companies](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_REMU-RunningFooter-159_1)**<br>| 37 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_94debd2d-11b7-4cc4-b4fd-1cec7430d985_AIAC-RunningFooter-159_1)** | 38 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 57.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 57.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 57.5%**  |
| **Angola - 0.4%**  | **Angola - 0.4%**  | **Angola - 0.4%**  |
| Angola Government International Bonds |  |  |
| 8.75%, 04/14/2032 <sup>(A)</sup> <br>| $870000 | $670892 |
| 9.13%, 11/26/2049 <sup>(A)</sup> <br>| 400000 | 278000 |
|  |  | 948892 |
| **Argentina - 2.6%**  | **Argentina - 2.6%**  | **Argentina - 2.6%**  |
| Argentina Republic Government <br> International Bonds |  |  |
| 0.75% <sup>(B)</sup>, 07/09/2030 | 1592800 | 1218492 |
| 3.50% <sup>(B)</sup>, 07/09/2041 | 1025000 | 628975 |
| 4.13% <sup>(B)</sup>, 07/09/2035 - 07/09/2046 | 3213864 | 2100280 |
| 5.00%, 01/09/2038 | 1150000 | 804566 |
| Provincia de Buenos Aires Government <br> Bonds |  |  |
| 6.63%, 09/01/2037 <sup>(C)</sup> <br>| 1867686 | 1251350 |
|  |  | 6003663 |
| **Bahrain - 0.4%**  | **Bahrain - 0.4%**  | **Bahrain - 0.4%**  |
| Kingdom of Bahrain |  |  |
| 6.25%, 07/07/2033 | 920000 | 920000 |
| **Brazil - 4.2%**  | **Brazil - 4.2%**  | **Brazil - 4.2%**  |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.00%, 01/01/2027 - 01/01/2035 | BRL 63,562,000 | 9663994 |
| **China - 0.8%**  | **China - 0.8%**  | **China - 0.8%**  |
| China Government Bonds |  |  |
| 3.27%, 11/19/2030 | CNY 12,500,000 | 1887465 |
| **Colombia - 1.9%**  | **Colombia - 1.9%**  | **Colombia - 1.9%**  |
| Colombia Government International Bonds |  |  |
| 3.25%, 04/22/2032 | $2220000 | 1710406 |
| 8.50%, 04/25/2035 | 315000 | 319951 |
| Colombia TES |  |  |
| 7.00%, 03/26/2031 | COP 3,997,000,000 | 767729 |
| Series B, 11.50%, 07/25/2046 | 3446000000 | 734467 |
| Series B, 13.25%, 02/09/2033 | 3063500000 | 773412 |
|  |  | 4305965 |
| **Cote d'Ivoire - 1.9%**  | **Cote d'Ivoire - 1.9%**  | **Cote d'Ivoire - 1.9%**  |
| Ivory Coast Government International <br> Bonds |  |  |
| 4.88%, 01/30/2032 <sup>(C)</sup> <br>| EUR 793,000 | 776103 |
| 8.08%, 04/01/2036 <sup>(A)</sup> <br>| $1770000 | 1643787 |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 2005000 | 1855226 |
|  |  | 4275116 |
| **Czech Republic - 0.2%**  | **Czech Republic - 0.2%**  | **Czech Republic - 0.2%**  |
| Czech Republic Government Bonds |  |  |
| Series 142, 1.95%, 07/30/2037 | CZK 14,340,000 | 508250 |
| **Dominican Republic - 1.6%**  | **Dominican Republic - 1.6%**  | **Dominican Republic - 1.6%**  |
| Dominican Republic International Bonds |  |  |
| 6.95%, 03/15/2037 <sup>(A)</sup> <br>| $2325000 | 2308260 |
| 11.25%, 09/15/2035 <sup>(A)</sup> <br>| DOP 71,900,000 | 1267694 |
|  |  | 3575954 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Ecuador - 0.7%**  | **Ecuador - 0.7%**  | **Ecuador - 0.7%**  |
| Ecuador Government International Bonds |  |  |
| 5.50% <sup>(B)</sup>, 07/31/2035 <sup>(C)</sup> <br>| $2340000 | $1403328 |
| 6.90%, 07/31/2030 <sup>(C)</sup> <br>| 270000 | 201785 |
|  |  | 1605113 |
| **Egypt - 0.7%**  | **Egypt - 0.7%**  | **Egypt - 0.7%**  |
| Egypt Government International Bonds |  |  |
| 7.05%, 01/15/2032 <sup>(A)</sup> <br>| 1150000 | 960250 |
| 7.30%, 09/30/2033 <sup>(A)</sup> <br>| 890000 | 718372 |
|  |  | 1678622 |
| **El Salvador - 0.7%**  | **El Salvador - 0.7%**  | **El Salvador - 0.7%**  |
| El Salvador Government International <br> Bonds |  |  |
| 9.65%, 11/21/2054 <sup>(A)</sup> <br>| 1550000 | 1536191 |
| **Ghana - 0.5%**  | **Ghana - 0.5%**  | **Ghana - 0.5%**  |
| Ghana Government International Bonds |  |  |
| &nbsp;&nbsp; Zero Coupon, 07/03/2026 - <br> 01/03/2030 <sup>(C)</sup> <br>| 90382 | 73605 |
| Zero Coupon, 01/03/2030 <sup>(A)</sup> <br>| 45039 | 34238 |
| 5.00% <sup>(B)</sup>, 07/03/2035 <sup>(C)</sup> <br>| 1386280 | 942671 |
|  |  | 1050514 |
| **Hungary - 1.6%**  | **Hungary - 1.6%**  | **Hungary - 1.6%**  |
| Hungary Government Bonds |  |  |
| 3.00%, 10/27/2038 | HUF 820,880,000 | 1515205 |
| Hungary Government International Bonds |  |  |
| 6.25%, 09/22/2032 <sup>(A)</sup> <br>| $1215000 | 1252143 |
| MFB Magyar Fejlesztesi Bank Zrt |  |  |
| 6.50%, 06/29/2028 <sup>(C)</sup> <br>| 790000 | 812132 |
|  |  | 3579480 |
| **Indonesia - 2.2%**  | **Indonesia - 2.2%**  | **Indonesia - 2.2%**  |
| Indonesia Treasury Bonds |  |  |
| 7.13%, 06/15/2038 | IDR 28,549,000,000 | 1731789 |
| 8.25%, 05/15/2036 | 25031000000 | 1648714 |
| 8.38%, 03/15/2034 | 26896000000 | 1775978 |
|  |  | 5156481 |
| **Israel - 0.3%**  | **Israel - 0.3%**  | **Israel - 0.3%**  |
| Israel Government International Bonds |  |  |
| 2.75%, 07/03/2030 | $700000 | 620823 |
| **Jamaica - 0.3%**  | **Jamaica - 0.3%**  | **Jamaica - 0.3%**  |
| Jamaica Government International Bonds |  |  |
| 8.00%, 03/15/2039 | 530000 | 600315 |
| **Kenya - 0.5%**  | **Kenya - 0.5%**  | **Kenya - 0.5%**  |
| Republic of Kenya Government <br> International Bonds |  |  |
| 9.50%, 03/05/2036 <sup>(A)</sup> <br>| 1370000 | 1215533 |
| **Lebanon - 0.5%**  | **Lebanon - 0.5%**  | **Lebanon - 0.5%**  |
| Lebanon Government International Bonds |  |  |
| 6.85%, 05/25/2029 <sup>(C)</sup><sup>(D)</sup> <br>| 4245000 | 725895 |
| 7.15%, 11/20/2031 <sup>(C)</sup><sup>(D)</sup> <br>| 1880000 | 321997 |
|  |  | 1047892 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Malaysia - 0.3%**  | **Malaysia - 0.3%**  | **Malaysia - 0.3%**  |
| Malaysia Government Bonds |  |  |
| 4.70%, 10/15/2042 | MYR 2,725,000 | $694395 |
| **Mexico - 6.9%**  | **Mexico - 6.9%**  | **Mexico - 6.9%**  |
| Mexico Bonos |  |  |
| 7.75%, 11/23/2034 | MXN 50,830,000 | 2337187 |
| 8.00%, 11/07/2047 - 07/31/2053 | 69866000 | 2920246 |
| Series M-30, 10.00%, 11/20/2036 | 48895800 | 2606172 |
| Mexico Government International Bonds |  |  |
| 6.88%, 05/13/2037 | $3400000 | 3432645 |
| 7.38%, 05/13/2055 | 4575000 | 4527836 |
|  |  | 15824086 |
| **Morocco - 0.5%**  | **Morocco - 0.5%**  | **Morocco - 0.5%**  |
| Morocco Government International Bonds |  |  |
| 3.00%, 12/15/2032 <sup>(A)</sup> <br>| 1335000 | 1100762 |
| **Nigeria - 0.7%**  | **Nigeria - 0.7%**  | **Nigeria - 0.7%**  |
| Nigeria Government International Bonds |  |  |
| 7.14%, 02/23/2030 <sup>(A)</sup> <br>| 790000 | 692870 |
| 8.25%, 09/28/2051 <sup>(A)</sup> <br>| 730000 | 543850 |
| 10.38%, 12/09/2034 <sup>(A)</sup> <br>| 440000 | 415483 |
|  |  | 1652203 |
| **Pakistan - 0.6%**  | **Pakistan - 0.6%**  | **Pakistan - 0.6%**  |
| Pakistan Global Sukuk Programme Co. <br> Ltd. |  |  |
| 7.95%, 01/31/2029 <sup>(A)</sup> <br>| 420000 | 368865 |
| Pakistan Government International Bonds |  |  |
| 6.88%, 12/05/2027 <sup>(A)</sup><sup>(E)</sup> <br>| 250000 | 219568 |
| 8.88%, 04/08/2051 <sup>(A)</sup> <br>| 1135000 | 805850 |
|  |  | 1394283 |
| **Panama - 0.4%**  | **Panama - 0.4%**  | **Panama - 0.4%**  |
| Panama Government International Bonds |  |  |
| 4.30%, 04/29/2053 | 1000000 | 607837 |
| 4.50%, 01/19/2063 | 525000 | 317665 |
|  |  | 925502 |
| **Papua New Guinea - 0.4%**  | **Papua New Guinea - 0.4%**  | **Papua New Guinea - 0.4%**  |
| Papua New Guinea Government <br> International Bonds |  |  |
| 8.38%, 10/04/2028 <sup>(C)</sup> <br>| 1015000 | 985748 |
| **Paraguay - 0.2%**  | **Paraguay - 0.2%**  | **Paraguay - 0.2%**  |
| Paraguay Government International Bonds |  |  |
| 8.50%, 03/04/2035 <sup>(A)</sup> <br>| PYG 3,517,000,000 | 431910 |
| **Peru - 0.9%**  | **Peru - 0.9%**  | **Peru - 0.9%**  |
| Peru Government Bonds |  |  |
| 7.60%, 08/12/2039 <sup>(C)</sup> <br>| PEN 4,885,000 | 1384341 |
| Peru Government International Bonds |  |  |
| 6.90%, 08/12/2037 <sup>(A)</sup> <br>| 2814000 | 758211 |
|  |  | 2142552 |
| **Philippines - 1.7%**  | **Philippines - 1.7%**  | **Philippines - 1.7%**  |
| Philippines Government Bonds |  |  |
| 6.25%, 01/25/2034 | PHP 30,450,000 | 545285 |
| 6.88%, 05/23/2044 | 30450000 | 568811 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| Philippines Government International <br> Bonds |  |  |
| 5.50%, 02/04/2035 | $2800000 | $2885347 |
|  |  | 3999443 |
| **Poland - 4.3%**  | **Poland - 4.3%**  | **Poland - 4.3%**  |
| Bank Gospodarstwa Krajowego |  |  |
| 6.25%, 07/09/2054 <sup>(A)</sup> <br>| 1000000 | 998615 |
| Republic of Poland Government Bonds |  |  |
| Series 0432, 1.75%, 04/25/2032 | PLN 8,227,000 | 1776049 |
| Series 0726, 2.50%, 07/25/2026 | 8585000 | 2223378 |
| Series 0728, 7.50%, 07/25/2028 | 5925000 | 1709760 |
| Republic of Poland Government <br> International Bonds |  |  |
| 5.50%, 03/18/2054 | $3290000 | 3071714 |
|  |  | 9779516 |
| **Republic of South Africa - 3.4%**  | **Republic of South Africa - 3.4%**  | **Republic of South Africa - 3.4%**  |
| Republic of South Africa Government <br> Bonds |  |  |
| 8.25%, 03/31/2032 | ZAR 14,673,570 | 731867 |
| 8.50%, 01/31/2037 | 31574000 | 1406750 |
| 8.75%, 02/28/2048 | 8743387 | 358333 |
| 8.88%, 02/28/2035 | 28033000 | 1351462 |
| 11.63%, 03/31/2053 | 25475000 | 1362926 |
| Republic of South Africa Government <br> International Bonds |  |  |
| 5.75%, 09/30/2049 | $2080000 | 1489945 |
| 7.95%, 11/19/2054 <sup>(A)</sup> <br>| 1100000 | 1006299 |
|  |  | 7707582 |
| **Romania - 1.0%**  | **Romania - 1.0%**  | **Romania - 1.0%**  |
| Romania Government Bonds |  |  |
| 7.35%, 04/28/2031 | RON 3,690,000 | 831807 |
| Romania Government International Bonds |  |  |
| 5.75%, 03/24/2035 <sup>(A)</sup> <br>| $1580000 | 1401376 |
|  |  | 2233183 |
| **Saudi Arabia - 2.1%**  | **Saudi Arabia - 2.1%**  | **Saudi Arabia - 2.1%**  |
| Saudi Government International Bonds |  |  |
| 5.13%, 01/13/2028 <sup>(A)</sup> <br>| 1040000 | 1056068 |
| 5.63%, 01/13/2035 <sup>(A)</sup> <br>| 1750000 | 1809938 |
| 5.75%, 01/16/2054 <sup>(A)</sup> <br>| 2183000 | 2063808 |
|  |  | 4929814 |
| **Serbia - 0.5%**  | **Serbia - 0.5%**  | **Serbia - 0.5%**  |
| Serbia International Bonds |  |  |
| 2.05%, 09/23/2036 <sup>(A)</sup> <br>| EUR 790,000 | 652187 |
| 6.00%, 06/12/2034 <sup>(A)</sup> <br>| $505000 | 499445 |
|  |  | 1151632 |
| **Sri Lanka - 0.7%**  | **Sri Lanka - 0.7%**  | **Sri Lanka - 0.7%**  |
| Sri Lanka Government International Bonds |  |  |
| 3.10% <sup>(B)</sup>, 01/15/2030 <sup>(A)</sup> <br>| 625184 | 509359 |
| 3.35% <sup>(B)</sup>, 03/15/2033 <sup>(A)</sup><sup>(E)</sup> <br>| 265162 | 183625 |
| 3.35% <sup>(B)</sup>, 03/15/2033 <sup>(C)</sup> <br>| 1160000 | 803300 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Sri Lanka (continued)** | **Sri Lanka (continued)** | **Sri Lanka (continued)** |
| &nbsp;&nbsp; Sri Lanka Government International <br> Bonds (continued)<br>|  |  |
| 3.60% <sup>(B)</sup>, 05/15/2036 <sup>(A)</sup> <br>| $124262 | $86362 |
| 4.00%, 04/15/2028 <sup>(A)</sup> <br>| 111731 | 102379 |
|  |  | 1685025 |
| **Supranational - 4.0%**  | **Supranational - 4.0%**  | **Supranational - 4.0%**  |
| Africa Finance Corp. |  |  |
| &nbsp;&nbsp; 5-Year CMT + 3.02%, 7.50% <sup>(F)</sup>, <br> 01/21/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 1110000 | 1083915 |
| Asian Development Bank |  |  |
| 6.20%, 10/06/2026 | INR 38,300,000 | 451832 |
| Asian Infrastructure Investment Bank |  |  |
| 4.25%, 01/27/2027 <sup>(C)</sup> <br>| PHP 59,400,000 | 1049420 |
| 6.00%, 12/08/2031 <sup>(C)</sup> <br>| INR 96,500,000 | 1098476 |
| 6.96%, 01/14/2035 <sup>(C)</sup> <br>| 92000000 | 1122623 |
| Banque Ouest Africaine de Developpement |  |  |
| &nbsp;&nbsp; 5-Year CMT + 4.22%, 8.20% <sup>(F)</sup>, <br> 02/13/2055 <sup>(A)</sup> <br>| $1130000 | 1121480 |
| European Bank for Reconstruction & <br> Development |  |  |
| Zero Coupon, 02/04/2035 | TRY 522,000,000 | 1554009 |
| 6.25%, 04/11/2028 | INR 65,900,000 | 773401 |
| Inter-American Development Bank |  |  |
| 7.00%, 04/17/2033 | 78000000 | 946869 |
|  |  | 9202025 |
| **Suriname - 0.3%**  | **Suriname - 0.3%**  | **Suriname - 0.3%**  |
| Suriname Government International Bonds |  |  |
| 9.00% <sup>(F)</sup>, 12/31/2050 <sup>(A)</sup> <br>| $575000 | 605763 |
| **Turkey - 3.0%**  | **Turkey - 3.0%**  | **Turkey - 3.0%**  |
| Istanbul Metropolitan Municipality |  |  |
| 10.50%, 12/06/2028 <sup>(A)</sup> <br>| 945000 | 1004289 |
| Republic of Turkiye |  |  |
| 6.50%, 01/03/2035 | 1550000 | 1418103 |
| Turkiye Government Bonds |  |  |
| 12.60%, 10/01/2025 | TRY 102,470,438 | 2369137 |
| Turkiye Government International Bonds |  |  |
| 5.75%, 05/11/2047 | $2130000 | 1539008 |
| 7.13%, 07/17/2032 | 500000 | 486690 |
|  |  | 6817227 |
| **Ukraine - 0.7%**  | **Ukraine - 0.7%**  | **Ukraine - 0.7%**  |
| Ukraine Government International Bonds |  |  |
| 0.00%, 02/01/2030 <sup>(A)</sup> <br>| 310732 | 155055 |
| 0.00%, 08/01/2041 <sup>(C)</sup> <br>| 860000 | 612308 |
| 1.75% <sup>(B)</sup>, 02/01/2034 - 02/01/2035 <sup>(A)</sup> <br>| 1782171 | 896147 |
|  |  | 1663510 |
| **Uzbekistan - 0.9%**  | **Uzbekistan - 0.9%**  | **Uzbekistan - 0.9%**  |
| Republic of Uzbekistan International Bonds |  |  |
| 3.70%, 11/25/2030 <sup>(C)</sup> <br>| 1200000 | 1030206 |
| 15.50%, 02/25/2028 <sup>(A)</sup> <br>| UZS 14,790,000,000 | 1142275 |
|  |  | 2172481 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Venezuela - 0.1%**  | **Venezuela - 0.1%**  | **Venezuela - 0.1%**  |
| Venezuela Government International <br> Bonds |  |  |
| 9.00%, 05/07/2023 <sup>(C)</sup><sup>(D)</sup> <br>| $1440000 | $208800 |
| **Zambia - 1.9%**  | **Zambia - 1.9%**  | **Zambia - 1.9%**  |
| Zambia Government Bonds |  |  |
| &nbsp;&nbsp; Series 15Y, 14.00%, 06/01/2035 - <br> 12/26/2038<br>| ZMW 31,605,000 | 858863 |
| Zambia Government International Bonds |  |  |
| 0.50%, 12/31/2053 <sup>(A)</sup> <br>| $2310000 | 1316007 |
| 0.50%, 12/31/2053 <sup>(C)</sup><sup>(E)</sup> <br>| 802384 | 457118 |
| 5.75% <sup>(B)</sup>, 06/30/2033 <sup>(C)</sup> <br>| 2014841 | 1750292 |
|  |  | 4382280 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $133,371,893)**<br>|  | 131869985 |
| **CORPORATE DEBT SECURITIES - 35.1%**  | **CORPORATE DEBT SECURITIES - 35.1%**  | **CORPORATE DEBT SECURITIES - 35.1%**  |
| **Brazil - 0.7%**  | **Brazil - 0.7%**  | **Brazil - 0.7%**  |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp; PIK Rate 9.00%, Cash Rate 0.00%, <br>06/30/2031 <sup>(C)</sup><sup>(H)</sup> <br>| 1604682 | 1510304 |
| **Canada - 0.7%**  | **Canada - 0.7%**  | **Canada - 0.7%**  |
| First Quantum Minerals Ltd. |  |  |
| 6.88%, 10/15/2027 <sup>(A)</sup> <br>| 448000 | 442506 |
| 8.63%, 06/01/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 1050000 | 1064037 |
|  |  | 1506543 |
| **Cayman Islands - 3.1%**  | **Cayman Islands - 3.1%**  | **Cayman Islands - 3.1%**  |
| Alibaba Group Holding Ltd. |  |  |
| 4.00%, 12/06/2037 | 605000 | 521343 |
| 5.25%, 05/26/2035 <sup>(A)</sup> <br>| 1040000 | 1033396 |
| Health & Happiness H&H International <br> Holdings Ltd. |  |  |
| 9.13%, 07/24/2028 <sup>(C)</sup> <br>| 500000 | 499456 |
| IHS Holding Ltd. |  |  |
| 5.63%, 11/29/2026 <sup>(A)</sup> <br>| 690000 | 672743 |
| 8.25%, 11/29/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 850000 | 818479 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/2031 <sup>(A)</sup> <br>| 900000 | 948214 |
| Longfor Group Holdings Ltd. |  |  |
| 4.50%, 01/16/2028 <sup>(C)</sup> <br>| 850000 | 750175 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/2029 <sup>(A)</sup> <br>| 750000 | 676859 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/2054 | 1300000 | 1255101 |
|  |  | 7175766 |
| **Chile - 2.2%**  | **Chile - 2.2%**  | **Chile - 2.2%**  |
| AES Andes SA |  |  |
| 6.25%, 03/14/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 1060000 | 1059794 |
| Alfa Desarrollo SpA |  |  |
| 4.55%, 09/27/2051 <sup>(A)</sup> <br>| 1249878 | 918725 |
| Chile Electricity PEC SpA |  |  |
| Zero Coupon, 01/25/2028 <sup>(C)</sup> <br>| 808560 | 700213 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.50%, 09/10/2034 <sup>(A)</sup> <br>| 1150000 | 1112050 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| Telefonica Moviles Chile SA |  |  |
| 3.54%, 11/18/2031 <sup>(A)</sup> <br>| $850000 | $562862 |
| WOM Mobile SA |  |  |
| &nbsp;&nbsp; PIK Rate 12.50%, Cash Rate 5.50%, <br>04/01/2031 <sup>(A)</sup><sup>(H)</sup> <br>| 625457 | 628853 |
|  |  | 4982497 |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Telecomunicaciones SA ESP |  |  |
| 4.95%, 07/17/2030 <sup>(A)</sup> <br>| 460000 | 405665 |
| **India - 2.1%**  | **India - 2.1%**  | **India - 2.1%**  |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 3.10%, 02/02/2031 <sup>(A)</sup> <br>| 800000 | 643629 |
| 4.20%, 08/04/2027 <sup>(A)</sup> <br>| 470000 | 442758 |
| Adani Transmission Step-One Ltd. |  |  |
| 4.00%, 08/03/2026 <sup>(C)</sup> <br>| 990000 | 953069 |
| IIFL Finance Ltd. |  |  |
| 8.75%, 07/24/2028 <sup>(A)</sup> <br>| 850000 | 807500 |
| Muthoot Finance Ltd. |  |  |
| 6.38%, 04/23/2029 <sup>(A)</sup> <br>| 900000 | 869584 |
| SAEL Ltd. |  |  |
| 7.80%, 07/31/2031 <sup>(C)</sup> <br>| 194250 | 183879 |
| Sammaan Capital Ltd. |  |  |
| 9.70%, 07/03/2027 <sup>(A)</sup> <br>| 900000 | 883354 |
|  |  | 4783773 |
| **Ireland - 0.0% \*** | **Ireland - 0.0% \*** | **Ireland - 0.0% \*** |
| Sovcombank Via SovCom Capital DAC |  |  |
| &nbsp;&nbsp; Fixed until 02/17/2027 <sup>(G)</sup>, <br>7.60% <sup>(A)</sup><sup>(F)</sup> <br>| 640000 | 23120 |
| **Isle of Man - 0.3%**  | **Isle of Man - 0.3%**  | **Isle of Man - 0.3%**  |
| AngloGold Ashanti Holdings PLC |  |  |
| 6.50%, 04/15/2040 | 760000 | 765436 |
| **Israel - 0.1%**  | **Israel - 0.1%**  | **Israel - 0.1%**  |
| Leviathan Bond Ltd. |  |  |
| 6.75%, 06/30/2030 <sup>(C)</sup> <br>| 320000 | 309208 |
| **Jersey, Channel Islands - 0.4%**  | **Jersey, Channel Islands - 0.4%**  | **Jersey, Channel Islands - 0.4%**  |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.16%, 03/31/2034 <sup>(C)</sup> <br>| 1032010 | 907705 |
| **Luxembourg - 4.0%**  | **Luxembourg - 4.0%**  | **Luxembourg - 4.0%**  |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.67%, 10/20/2035 <sup>(A)</sup> <br>| 610000 | 610811 |
| Chile Electricity Lux MPC SARL |  |  |
| 6.01%, 01/20/2033 <sup>(A)</sup> <br>| 930000 | 958365 |
| EIG Pearl Holdings SARL |  |  |
| 4.39%, 11/30/2046 <sup>(A)</sup> <br>| 1800000 | 1391047 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.10%, 08/23/2042 <sup>(A)</sup> <br>| 1250000 | 1238607 |
| MC Brazil Downstream Trading SARL |  |  |
| 7.25%, 06/30/2031 <sup>(A)</sup> <br>| 1187633 | 918041 |
| Movida Europe SA |  |  |
| 7.85%, 04/11/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 1050000 | 924568 |
| Nexa Resources SA |  |  |
| 6.60%, 04/08/2037 <sup>(A)</sup> <br>| 775000 | 764948 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| Puma International Financing SA |  |  |
| 7.75%, 04/25/2029 <sup>(A)</sup> <br>| $500000 | $495938 |
| Raizen Fuels Finance SA |  |  |
| 6.70%, 02/25/2037 <sup>(A)</sup> <br>| 720000 | 704786 |
| Saavi Energia SARL |  |  |
| 8.88%, 02/10/2035 <sup>(A)</sup> <br>| 1250000 | 1256250 |
|  |  | 9263361 |
| **Malaysia - 1.3%**  | **Malaysia - 1.3%**  | **Malaysia - 1.3%**  |
| Petronas Capital Ltd. |  |  |
| 4.95%, 01/03/2031 <sup>(A)</sup> <br>| 1470000 | 1489189 |
| 5.85%, 04/03/2055 <sup>(A)</sup> <br>| 1570000 | 1560986 |
|  |  | 3050175 |
| **Mexico - 4.9%**  | **Mexico - 4.9%**  | **Mexico - 4.9%**  |
| America Movil SAB de CV |  |  |
| 6.13%, 03/30/2040 | 450000 | 464065 |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp; Fixed until 05/20/2031 <sup>(G)</sup>, <br>8.38% <sup>(A)</sup><sup>(F)</sup> <br>| 345000 | 339596 |
| &nbsp;&nbsp; Fixed until 05/20/2035 <sup>(G)</sup>, <br>8.75% <sup>(A)</sup><sup>(F)</sup> <br>| 1130000 | 1126748 |
| Banco Nacional de Comercio Exterior SNC |  |  |
| 5.88%, 05/07/2030 <sup>(A)</sup><sup>(I)</sup> <br>| 750000 | 746640 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>7.63% <sup>(F)</sup>, 02/11/2035 <sup>(A)</sup> <br>| 530000 | 532650 |
| &nbsp;&nbsp; Fixed until 06/29/2033, <br>8.45% <sup>(F)</sup>, 06/29/2038 <sup>(A)</sup> <br>| 590000 | 612872 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.80%, 05/13/2030 <sup>(A)</sup><sup>(I)</sup> <br>| 900000 | 899397 |
| 7.50%, 05/13/2035 <sup>(A)</sup><sup>(I)</sup> <br>| 810000 | 811693 |
| Petroleos Mexicanos |  |  |
| 6.50%, 03/13/2027 | 1290000 | 1260355 |
| 6.84%, 01/23/2030 | 2645000 | 2353517 |
| 7.69%, 01/23/2050 | 2905000 | 2130203 |
|  |  | 11277736 |
| **Morocco - 0.8%**  | **Morocco - 0.8%**  | **Morocco - 0.8%**  |
| OCP SA |  |  |
| 6.10%, 04/30/2030 <sup>(A)</sup> <br>| 860000 | 860944 |
| 7.50%, 05/02/2054 <sup>(A)</sup> <br>| 970000 | 953025 |
|  |  | 1813969 |
| **Multi-National - 1.0%**  | **Multi-National - 1.0%**  | **Multi-National - 1.0%**  |
| &nbsp;&nbsp; ATP Tower Holdings/Andean Telecom <br> Partners Chile SpA/Andean Tower <br>Partners C |  |  |
| 7.88%, 02/03/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 1110000 | 1106772 |
| Digicel Intermediate Holdings Ltd./Digicel <br> International Finance Ltd./Difl U.S. |  |  |
| &nbsp;&nbsp; PIK Rate 1.50%, Cash Rate 9.00%, <br>05/25/2027 <sup>(H)</sup> <br>| 1082533 | 1082533 |
|  |  | 2189305 |
| **Netherlands - 2.4%**  | **Netherlands - 2.4%**  | **Netherlands - 2.4%**  |
| Braskem Netherlands Finance BV |  |  |
| 8.00%, 10/15/2034 <sup>(A)</sup> <br>| 1135000 | 1012704 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(A)</sup> <br>| $515607 | $515461 |
| MV24 Capital BV |  |  |
| 6.75%, 06/01/2034 <sup>(A)</sup> <br>| 616722 | 587817 |
| Prosus NV |  |  |
| 3.83%, 02/08/2051 <sup>(A)</sup> <br>| 1550000 | 972021 |
| 4.99%, 01/19/2052 <sup>(A)</sup> <br>| 1220000 | 915824 |
| VEON Holdings BV |  |  |
| 3.38%, 11/25/2027 <sup>(C)</sup> <br>| 610000 | 547066 |
| Yinson Boronia Production BV |  |  |
| 8.95%, 07/31/2042 <sup>(A)</sup> <br>| 1040739 | 1066758 |
|  |  | 5617651 |
| **Nigeria - 0.4%**  | **Nigeria - 0.4%**  | **Nigeria - 0.4%**  |
| SEPLAT Energy PLC |  |  |
| 9.13%, 03/21/2030 <sup>(A)</sup> <br>| 1040000 | 991640 |
| **Northern Mariana Islands - 0.4%**  | **Northern Mariana Islands - 0.4%**  | **Northern Mariana Islands - 0.4%**  |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.25%, 09/27/2028 <sup>(A)</sup> <br>| 470000 | 454641 |
| HTA Group Ltd. |  |  |
| 7.50%, 06/04/2029 <sup>(A)</sup> <br>| 500000 | 501250 |
|  |  | 955891 |
| **Peru - 0.6%**  | **Peru - 0.6%**  | **Peru - 0.6%**  |
| Banco de Credito del Peru SA |  |  |
| &nbsp;&nbsp; Fixed until 04/30/2030, <br>6.45% <sup>(F)</sup>, 07/30/2035 <sup>(A)</sup> <br>| 680000 | 678293 |
| Peru LNG SRL |  |  |
| 5.38%, 03/22/2030 <sup>(C)</sup> <br>| 833400 | 753574 |
|  |  | 1431867 |
| **Poland - 0.4%**  | **Poland - 0.4%**  | **Poland - 0.4%**  |
| ORLEN SA |  |  |
| 6.00%, 01/30/2035 <sup>(A)</sup> <br>| 940000 | 950518 |
| **Republic of Korea - 0.2%**  | **Republic of Korea - 0.2%**  | **Republic of Korea - 0.2%**  |
| LG Energy Solution Ltd. |  |  |
| 5.88%, 04/02/2035 <sup>(A)</sup> <br>| 500000 | 488172 |
| **Republic of South Africa - 0.4%**  | **Republic of South Africa - 0.4%**  | **Republic of South Africa - 0.4%**  |
| Eskom Holdings SOC Ltd. |  |  |
| 7.50%, 09/15/2033 | ZAR 20,000,000 | 850677 |
| **Saudi Arabia - 0.4%**  | **Saudi Arabia - 0.4%**  | **Saudi Arabia - 0.4%**  |
| Saudi Arabian Oil Co. |  |  |
| 5.88%, 07/17/2064 <sup>(A)</sup> <br>| $1000000 | 920640 |
| **Singapore - 0.5%**  | **Singapore - 0.5%**  | **Singapore - 0.5%**  |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/2039 <sup>(A)</sup> <br>| 1163520 | 1145803 |
| **Spain - 0.4%**  | **Spain - 0.4%**  | **Spain - 0.4%**  |
| AL Candelaria Spain SA |  |  |
| 5.75%, 06/15/2033 <sup>(A)</sup> <br>| 1075000 | 881822 |
| **Thailand - 0.6%**  | **Thailand - 0.6%**  | **Thailand - 0.6%**  |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp; Fixed until 03/25/2035, <br>6.06% <sup>(F)</sup>, 03/25/2040 <sup>(A)</sup> <br>| 1470000 | 1449410 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Togo - 0.3%**  | **Togo - 0.3%**  | **Togo - 0.3%**  |
| Ecobank Transnational, Inc. |  |  |
| 10.13%, 10/15/2029 <sup>(A)</sup> <br>| $780000 | $803400 |
| **Turkey - 2.3%**  | **Turkey - 2.3%**  | **Turkey - 2.3%**  |
| Akbank TAS |  |  |
| &nbsp;&nbsp; Fixed until 06/04/2030, <br>7.88% <sup>(F)</sup>, 09/04/2035 <sup>(A)</sup> <br>| 590000 | 575809 |
| GDZ Elektrik Dagitim AS |  |  |
| 9.00%, 10/15/2029 <sup>(A)</sup> <br>| 500000 | 468060 |
| Limak Yenilenebilir Enerji AS |  |  |
| 9.63%, 08/12/2030 <sup>(A)</sup> <br>| 710000 | 690475 |
| TAV Havalimanlari Holding AS |  |  |
| 8.50%, 12/07/2028 <sup>(A)</sup> <br>| 600000 | 613800 |
| TC Ziraat Bankasi AS |  |  |
| 7.25%, 02/04/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 900000 | 885766 |
| Turkiye Garanti Bankasi AS |  |  |
| &nbsp;&nbsp; Fixed until 02/28/2029, <br>8.38% <sup>(F)</sup>, 02/28/2034 <sup>(A)</sup> <br>| 860000 | 853980 |
| Yapi ve Kredi Bankasi AS |  |  |
| &nbsp;&nbsp; Fixed until 04/04/2029 <sup>(G)</sup>, <br>9.74% <sup>(A)</sup><sup>(F)</sup> <br>| 1080000 | 1089455 |
|  |  | 5177345 |
| **Ukraine - 0.3%**  | **Ukraine - 0.3%**  | **Ukraine - 0.3%**  |
| VF Ukraine PAT via VFU Funding PLC |  |  |
| 9.63%, 02/11/2027 <sup>(A)</sup> <br>| 787736 | 760316 |
| **United Arab Emirates - 0.3%**  | **United Arab Emirates - 0.3%**  | **United Arab Emirates - 0.3%**  |
| Sweihan PV Power Co. PJSC |  |  |
| 3.63%, 01/31/2049 <sup>(A)</sup> <br>| 876128 | 718445 |
| **United Kingdom - 1.8%**  | **United Kingdom - 1.8%**  | **United Kingdom - 1.8%**  |
| Azule Energy Finance PLC |  |  |
| 8.13%, 01/23/2030 <sup>(A)</sup> <br>| 270000 | 260347 |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/2029 <sup>(A)</sup> <br>| 950000 | 855359 |
| Energean PLC |  |  |
| 6.50%, 04/30/2027 <sup>(A)</sup> <br>| 1230000 | 1205400 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/08/2030 <sup>(G)</sup>, <br>7.88% <sup>(F)</sup>, 03/08/2030 <sup>(A)</sup> <br>| 1100000 | 1101796 |
| Trident Energy Finance PLC |  |  |
| 12.50%, 11/30/2029 <sup>(A)</sup> <br>| 680000 | 641021 |
|  |  | 4063923 |
| **United States - 0.6%**  | **United States - 0.6%**  | **United States - 0.6%**  |
| Kosmos Energy Ltd. |  |  |
| 8.75%, 10/01/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 995000 | 802100 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/2026 <sup>(C)</sup> <br>| 500000 | 478529 |
|  |  | 1280629 |
| **Uzbekistan - 0.4%**  | **Uzbekistan - 0.4%**  | **Uzbekistan - 0.4%**  |
| Uzbekneftegaz JSC |  |  |
| 8.75%, 05/07/2030 <sup>(A)</sup><sup>(I)</sup> <br>| 840000 | 937230 |
| **Venezuela - 0.1%**  | **Venezuela - 0.1%**  | **Venezuela - 0.1%**  |
| Petroleos de Venezuela SA |  |  |
| 9.75%, 05/17/2035 <sup>(C)</sup><sup>(D)</sup><sup>(J)</sup> <br>| 1000000 | 127500 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Virgin Islands, British - 0.5%**  | **Virgin Islands, British - 0.5%**  | **Virgin Islands, British - 0.5%**  |
| Estate Sky Ltd. |  |  |
| 5.45%, 07/21/2025 <sup>(C)</sup> <br>| $610000 | $581783 |
| NWD Finance BVI Ltd. |  |  |
| 6.25%, 09/07/2025 <sup>(C)</sup><sup>(E)</sup><sup>(G)</sup> <br>| 600000 | 186284 |
| NWD MTN Ltd. |  |  |
| 4.13%, 07/18/2029 <sup>(C)</sup> <br>| 560000 | 339219 |
|  |  | 1107286 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $82,493,700)**<br>|  | 80624728 |
| **U.S. GOVERNMENT OBLIGATION - 0.4%**  | **U.S. GOVERNMENT OBLIGATION - 0.4%**  | **U.S. GOVERNMENT OBLIGATION - 0.4%**  |
| **U.S. Treasury - 0.4%**  | **U.S. Treasury - 0.4%**  | **U.S. Treasury - 0.4%**  |
| U.S. Treasury Notes |  |  |
| 4.63%, 02/15/2035 | 870000 | 901130 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $889,482)**<br>|  | 901130 |
| **CONVERTIBLE BOND - 0.3%**  | **CONVERTIBLE BOND - 0.3%**  | **CONVERTIBLE BOND - 0.3%**  |
| **Chile - 0.3%**  | **Chile - 0.3%**  | **Chile - 0.3%**  |
| &nbsp;&nbsp; WOM Chile Holdco SpA <br>PIK Rate 5.00%, Cash Rate 0.00%, <br>04/01/2032 <sup>(A)</sup><sup>(H)</sup> <br>| 796038 | 796038 |
| &nbsp;&nbsp; **Total Convertible Bond** <br>**(Cost $803,998)**<br>|  | 796038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK - 0.1%**  | **COMMON STOCK - 0.1%**  | **COMMON STOCK - 0.1%**  |
| **United States - 0.1%**  | **United States - 0.1%**  | **United States - 0.1%**  |
| Wom New Holdco <sup>(J)(K)</sup> <br>| 2467 | 123350 |
| &nbsp;&nbsp; **Total Common Stock** <br>**(Cost $391,217)**<br>|  | 123350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.1%**  | **SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.1%**  | **SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.1%**  |
| **Egypt - 1.1%**  | **Egypt - 1.1%**  | **Egypt - 1.1%**  |
| &nbsp;&nbsp; Egypt Treasury Bills <br>26.40% <sup>(L)</sup>, 10/21/2025<br>| EGP 144,525,000 | $2526961 |
| &nbsp;&nbsp; **Total Short-Term Foreign Government Obligation** <br>**(Cost $2,560,615)** | &nbsp;&nbsp; **Total Short-Term Foreign Government Obligation** <br>**(Cost $2,560,615)** | 2526961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 3.1%**  | **OTHER INVESTMENT COMPANY - 3.1%**  | **OTHER INVESTMENT COMPANY - 3.1%**  |
| **Securities Lending Collateral - 3.1%**  | **Securities Lending Collateral - 3.1%**  | **Securities Lending Collateral - 3.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(L)</sup> <br>| 7277587 | 7277587 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,277,587)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,277,587)** | 7277587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.5%**  | **REPURCHASE AGREEMENT - 5.5%**  | **REPURCHASE AGREEMENT - 5.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(L)</sup>, dated 04/30/2025, to be <br> repurchased at $25,181,884 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 3.00% - 3.88%. <br> due 05/15/2043 - 05/16/2047, and with a <br> total value of $12,842,284.<br>| $12590313 | 12590313 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,590,313)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,590,313)** | 12590313 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $240,378,805)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $240,378,805)** | 236710092 |
| **Net Other Assets (Liabilities) - (3.1)%** | **Net Other Assets (Liabilities) - (3.1)%** | (7195597) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$229514495** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| BCLY | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2225312 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 12597050 | &nbsp;&nbsp;&nbsp; $8292 | &nbsp;&nbsp;&nbsp; $— |
| BCLY | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 3525340000 | &nbsp;&nbsp;&nbsp; 11288 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 05/05/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 12597050 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2225277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8257)<br>|
| BCLY | 05/05/2025 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 3525340000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 834943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1232)<br>|
| BCLY | 05/30/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1301115 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp; 4902497 | &nbsp;&nbsp;&nbsp; 5286 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 06/03/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1288114 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 7355605 | &nbsp;&nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; — |
| CA | 05/30/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2330581 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 2049818 | &nbsp;&nbsp;&nbsp; 4097 | &nbsp;&nbsp;&nbsp; — |
| CA | 05/30/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 906000 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 17830442 | &nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; — |
| CA | 05/30/2025 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp; 79075046 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3600572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8187)<br>|
| GSB | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4019000 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 23242383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (71549)<br>|
| GSB | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3732013 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 21099451 | &nbsp;&nbsp;&nbsp; 18610 | &nbsp;&nbsp;&nbsp; — |
| GSB | 05/05/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 15872392 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2771476 | &nbsp;&nbsp;&nbsp; 21990 | &nbsp;&nbsp;&nbsp; — |
| GSB | 05/05/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 28469442 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5029226 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18739)<br>|
| GSB | 05/30/2025 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 38562235 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1963924 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5814)<br>|
| HSBC | 05/07/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4495855 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 6446318340 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40995)<br>|
| HSBC | 05/07/2025 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 6446318340 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4476654 | &nbsp;&nbsp;&nbsp; 60196 | &nbsp;&nbsp;&nbsp; — |
| JPM | 05/28/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 2826795000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17515)<br>|
| JPM | 05/28/2025 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 4893820880 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3442474 | &nbsp;&nbsp;&nbsp; 7020 | &nbsp;&nbsp;&nbsp; — |
| MSC | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1173000 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 5145951000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (43972)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Emerging Markets Debt**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br>| &nbsp;&nbsp; **Unrealized**<br> **Depreciation**<br>|
| MSC | 05/05/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2053713 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 8671291000 | &nbsp;&nbsp;&nbsp; $3029 | &nbsp;&nbsp;&nbsp; $— |
| MSC | 05/05/2025 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 996631970 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 229111 | &nbsp;&nbsp;&nbsp; 6584 | &nbsp;&nbsp;&nbsp; — |
| MSC | 05/05/2025 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 12820610030 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3037410 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5449)<br>|
| MSC | 05/30/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 901000 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 17703208 | &nbsp;&nbsp;&nbsp; 2068 | &nbsp;&nbsp;&nbsp; — |
| MSC | 06/03/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1811386 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 7674659030 | &nbsp;&nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp; — |
| RBC | 05/09/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1837431 | &nbsp;&nbsp;&nbsp; MYR | &nbsp;&nbsp; 8277628 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81560)<br>|
| RBC | 05/09/2025 | &nbsp;&nbsp;&nbsp; MYR | &nbsp;&nbsp; 8277628 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1849336 | &nbsp;&nbsp;&nbsp; 69655 | &nbsp;&nbsp;&nbsp; — |
| RBC | 05/30/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 193362187 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1355805 | &nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp; — |
| RBC | 05/30/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 102648409 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 721000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (570)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$227331** | &nbsp;&nbsp;&nbsp; **$(303839)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Foreign Government Obligations | 55.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $131869985 |
| Oil, Gas & Consumable Fuels | 9.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23231374 |
| Banks | 4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10819535 |
| Electric Utilities | 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9796121 |
| Metals & Mining | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6280861 |
| Chemicals | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5649813 |
| Communications Equipment | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4770721 |
| Construction & Engineering | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4228505 |
| Financial Services | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3985329 |
| Internet & Catalog Retail | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3442584 |
| Energy Equipment & Services | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363194 |
| Commercial Services & Supplies | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010955 |
| Real Estate Management & Development | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857461 |
| U.S. Government Obligation | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901130 |
| Biotechnology | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855359 |
| Hotels, Restaurants & Leisure | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676859 |
| Transportation Infrastructure | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587817 |
| Pharmaceuticals | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499456 |
| Automobile Components | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488172 |
| **Investments** | **90.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **214315231** |
| Short-Term Investments | 9.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22394861 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$236710092** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(M)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Foreign Government Obligations | $— | &nbsp;&nbsp; $131869985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $131869985 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 80624728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80624728 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 901130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 901130 |
| Convertible Bond |  | &nbsp;&nbsp; 796038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 796038 |
| Common Stock |  | &nbsp;&nbsp; 123350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123350 |
| Short-Term Foreign Government Obligation |  | &nbsp;&nbsp; 2526961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2526961 |
| Other Investment Company | 7277587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7277587 |
| Repurchase Agreement |  | &nbsp;&nbsp; 12590313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12590313 |
| **Total Investments** | **$7277587** | &nbsp;&nbsp; **$229432505** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$236710092** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(N)</sup> <br>| $— | &nbsp;&nbsp; $227331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227331 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$227331** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$227331** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(N)</sup> <br>| $— | &nbsp;&nbsp; $(303839)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(303839)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(303839)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(303839)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $98,681,919, representing 43.0% of the* *Fund's net assets.* 

<sup>(B)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2025; the maturity date disclosed is the ultimate maturity* *date.* 

<sup>(C)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $25,839,462, representing* *11.3% of the Fund's net assets.* 

<sup>(D)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2025, the value of this security is* *$1,384,192, representing 0.6% of the Fund's net assets.* 

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $7,130,879, collateralized by cash collateral of $7,277,587. 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.* 

<sup>(F)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(G)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(H)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(I)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(J)</sup> *Non-income producing security.*

<sup>(K)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $123,350,* *representing 0.1% of the Fund's net assets.* 

<sup>(L)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(M)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(N)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CNY* | *China Yuan Renminbi* |
| *COP* | *Colombian Peso* |
| *CZK* | *Czech Republic Koruna* |
| *DOP* | *Dominican Republic Peso* |
| *EGP* | *Egypt Pound* |
| *EUR* | *Euro* |
| *HUF* | *Hungary Forint* |
| *IDR* | *Indonesia Rupiah* |
| *INR* | *Indian Rupee* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *MXN* | *Mexico Peso* |
| *MYR* | *Malaysia Ringgit* |
| *PEN* | *Peruvian Sol* |
| *PHP* | *Philippines Peso* |
| *PLN* | *Poland Zloty* |
| *PYG* | *Paraguay Guarani* |
| *RON* | *Romania New Leu* |
| *TRY* | *Turkish New Lira* |
| *USD* | *United States Dollar* |
| *UZS* | *Uzbekistan Som* |
| *ZAR* | *South Africa Rand* |
| *ZMW* | *Zambian Kwacha* |

---

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BCLY* | *Barclays Bank PLC* |
| *CA* | *Credit Agricole* |
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *MSC* | *Morgan Stanley & Co.* |
| *RBC* | *Royal Bank of Canada* |

---

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *JSC* | *Joint Stock Company* |
| *MTN* | *Medium Term Note* |
| *PJSC* | *Private Joint Stock Co.* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $227,788,492) (including securities loaned of $7,130,879) | $224119779 |
| Repurchase agreement, at value (cost $12,590,313) | 12590313 |
| Cash collateral pledged at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 90000 |
| Foreign currency, at value (cost $319,742) | 233245 |
| Receivables and other assets: |  |
| Investments sold  | 3203348 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 401000 |
| Net income from securities lending | 6368 |
| Shares of beneficial interest sold  | 188090 |
| Dividends  | 79 |
| Interest | 3460123 |
| Tax reclaims | 2851 |
| Unrealized appreciation on forward foreign currency contracts | 227331 |
| Prepaid expenses | 1023 |
| Total assets | 244523550 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 7277587 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 430000 |
| Payables and other liabilities: |  |
| Investments purchased | 2425500 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 3690330 |
| Shares of beneficial interest redeemed | 265228 |
| Foreign capital gains tax | 505 |
| Due to custodian  | 369325 |
| Investment management fees | 121544 |
| Distribution and service fees | 2634 |
| Transfer agent fees | 12258 |
| Trustee and CCO fees | 986 |
| Audit and tax fees  | 23069 |
| Custody fees | 62822 |
| Legal fees | 4688 |
| Printing and shareholder reports fees | 3212 |
| Registration fees | 8018 |
| Other accrued expenses | 7510 |
| Unrealized depreciation on forward foreign currency contracts | 303839 |
| Total liabilities | 15009055 |
| **Net assets**  | $229514495 |
| **Net assets consist of:** |  |
| Paid-in capital | $384695087 |
| Total distributable earnings (accumulated losses) | (155180592)<br>|
| **Net assets** | $229514495 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $8453000 |
| Class C | 1103611 |
| Class I | 113470204 |
| Class I2 | 78713017 |
| Class R6 | 27774663 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 938040 |
| Class C | 123118 |
| Class I | 12536284 |
| Class I2 | 8714287 |
| Class R6 | 3066532 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.01 |
| Class C | 8.96 |
| Class I | 9.05 |
| Class I2 | 9.03 |
| Class R6 | 9.06 |
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $9.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.*

<sup>(B)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(C)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $11676330 |
| Net income from securities lending | 20732 |
| Withholding taxes on foreign income | (40145)<br>|
| Total investment income  | 11656917 |
| **Expenses:** |  |
| Investment management fees | 844745 |
| Distribution and service fees: |  |
| Class A | 10529 |
| Class C | 6180 |
| Transfer agent fees: |  |
| Class A | 14934 |
| Class C | 1054 |
| Class I | 68458 |
| Class I2 | 3782 |
| Class R6 | 983 |
| Trustee and CCO fees | 5572 |
| Audit and tax fees | 22149 |
| Custody fees | 47818 |
| Legal fees | 10160 |
| Printing and shareholder reports fees | 10152 |
| Registration fees | 42561 |
| Other | 25333 |
| Total expenses before waiver and/or reimbursement and recapture | 1114410 |
| Expenses waived and/or reimbursed: |  |
| Class A | (4335)<br>|
| Class I | (26)<br>|
| Net expenses | 1110049 |
| **Net investment income (loss)** | 10546868 |
| **Net realized gain (loss) on:** |  |
| Investments | (3214062)<br>|
| Forward foreign currency contracts | (408487)<br>|
| Foreign currency transactions | (274192)<br>|
| Net realized gain (loss) | (3896741)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (4082316 ) <sup>(A)</sup><br>|
| Forward foreign currency contracts | 264586 |
| Translation of assets and liabilities denominated in foreign currencies | 87150 |
| Net change in unrealized appreciation (depreciation) | (3730580)<br>|
| Net realized and change in unrealized gain (loss) | (7627321)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $2919547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Includes net change in foreign capital gains tax of $2,387.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $10546868 | &nbsp;&nbsp;&nbsp;&nbsp; $21260658 |
| Net realized gain (loss) | (3896741)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 720956 |
| Net change in unrealized appreciation (depreciation) | (3730580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19522145 |
| Net increase (decrease) in net assets resulting from operations | 2919547 | &nbsp;&nbsp;&nbsp;&nbsp; 41503759 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (315009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (444384)<br>|
| Class C | (42260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69899)<br>|
| Class I | (5213455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8820104)<br>|
| Class I2 | (4056535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5518279)<br>|
| Class R6 | (978344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1254326)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (10605603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16106992)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 3811694 | &nbsp;&nbsp;&nbsp;&nbsp; 13580868 |
| Class C | 31135 | &nbsp;&nbsp;&nbsp;&nbsp; 155805 |
| Class I | 27190981 | &nbsp;&nbsp;&nbsp;&nbsp; 65427121 |
| Class I2 | 5231123 | &nbsp;&nbsp;&nbsp;&nbsp; 25251866 |
| Class R6 | 9004697 | &nbsp;&nbsp;&nbsp;&nbsp; 1592168 |
|  | 45269630 | &nbsp;&nbsp;&nbsp;&nbsp; 106007828 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 303344 | &nbsp;&nbsp;&nbsp;&nbsp; 423457 |
| Class C | 31774 | &nbsp;&nbsp;&nbsp;&nbsp; 54688 |
| Class I | 4374794 | &nbsp;&nbsp;&nbsp;&nbsp; 7708970 |
| Class I2 | 4043767 | &nbsp;&nbsp;&nbsp;&nbsp; 5498763 |
| Class R6 | 975970 | &nbsp;&nbsp;&nbsp;&nbsp; 1253264 |
|  | 9729649 | &nbsp;&nbsp;&nbsp;&nbsp; 14939142 |
| Cost of shares redeemed: |  |  |
| Class A | (4104636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14544228)<br>|
| Class C | (204154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (411384)<br>|
| Class I | (58505984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109861320)<br>|
| Class I2 | (29866641)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7315464)<br>|
| Class R6 | (4055933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2494842)<br>|
|  | (96737348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134627238)<br>|
| Automatic conversions: |  |  |
| Class A | 33318 | &nbsp;&nbsp;&nbsp;&nbsp; 434633 |
| Class C | (33318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434633)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (41738069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13680268)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 110 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| **Net increase (decrease) in net assets** | (49424125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11716609 |
| **Net assets:** |  |  |
| Beginning of period/year | 278938620 | &nbsp;&nbsp;&nbsp;&nbsp; 267222011 |
| End of period/year | $229514495 | &nbsp;&nbsp;&nbsp;&nbsp; $278938620 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 415261 | &nbsp;&nbsp;&nbsp;&nbsp; 1495433 |
| Class C | 3398 | &nbsp;&nbsp;&nbsp;&nbsp; 17318 |
| Class I | 2981854 | &nbsp;&nbsp;&nbsp;&nbsp; 7122893 |
| Class I2 | 580474 | &nbsp;&nbsp;&nbsp;&nbsp; 2764703 |
| Class R6 | 994911 | &nbsp;&nbsp;&nbsp;&nbsp; 175420 |
|  | 4975898 | &nbsp;&nbsp;&nbsp;&nbsp; 11575767 |
| Shares reinvested: |  |  |
| Class A | 33637 | &nbsp;&nbsp;&nbsp;&nbsp; 45983 |
| Class C | 3540 | &nbsp;&nbsp;&nbsp;&nbsp; 5973 |
| Class I | 483655 | &nbsp;&nbsp;&nbsp;&nbsp; 834674 |
| Class I2 | 447873 | &nbsp;&nbsp;&nbsp;&nbsp; 595723 |
| Class R6 | 107710 | &nbsp;&nbsp;&nbsp;&nbsp; 135536 |
|  | 1076415 | &nbsp;&nbsp;&nbsp;&nbsp; 1617889 |
| Shares redeemed: |  |  |
| Class A | (447879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1597242)<br>|
| Class C | (22501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45397)<br>|
| Class I | (6427723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11907490)<br>|
| Class I2 | (3400071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (793788)<br>|
| Class R6 | (447938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (273341)<br>|
|  | (10746112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14617258)<br>|
| Automatic conversions: |  |  |
| Class A | 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 46991 |
| Class C | (3742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47273)<br>|
|  | (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (282)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 4744 | &nbsp;&nbsp;&nbsp;&nbsp; (8835)<br>|
| Class C | (19305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69379)<br>|
| Class I | (2962214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3949923)<br>|
| Class I2 | (2371724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2566638 |
| Class R6 | 654683 | &nbsp;&nbsp;&nbsp;&nbsp; 37615 |
|  | (4693816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1423884)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.24 | $8.45 | $7.91 | $10.57 | $10.33 | $10.49 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.34 | 0.61 | 0.53 | 0.50 | 0.46 | 0.54 |
| Net realized and unrealized gain (loss) | (0.23)<br>| 0.65 | 0.46 | (2.81)<br>| 0.07 | (0.43)<br>|
| Total investment operations | 0.11 | 1.26 | 0.99 | (2.31)<br>| 0.53 | 0.11 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.47)<br>| (0.43)<br>| (0.35)<br>| (0.29)<br>| (0.22)<br>|
| Return of capital |  |  | (0.02)<br>|  |  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.34)<br>| (0.47)<br>| (0.45)<br>| (0.35)<br>| (0.29)<br>| (0.27)<br>|
| **Net asset value, end of period/year** | $9.01 | $9.24 | $8.45 | $7.91 | $10.57 | $10.33 |
| **Total return** <sup>(E)</sup> <br>| 1.21 %<sup>(F)</sup><br>| 15.07 %<sup>(C)</sup><br>| 11.94<br> %<br>| (21.97 )%<sup>(D)</sup><br>| 5.20<br> %<br>| 1.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $8453 | $8627 | $7964 | $7220 | $11114 | $8356 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.36 %<sup>(G)</sup><br>| 1.34<br> %<br>| 1.45<br> %<br>| 1.36<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26 %<sup>(G)(H)</sup><br>| 1.26 %<sup>(H)</sup><br>| 1.30 %<sup>(H)</sup><br>| 1.25<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 7.43 %<sup>(G)</sup><br>| 6.71<br> %<br>| 6.08<br> %<br>| 5.39<br> %<br>| 4.26<br> %<br>| 5.33<br> %<br>|
| Portfolio turnover rate | 100 %<sup>(F)</sup><br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>| 236<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.20 | $8.41 | $7.87 | $10.51 | $10.22 | $10.41 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.30 | 0.55 | 0.47 | 0.44 | 0.39 | 0.48 |
| Net realized and unrealized gain (loss) | (0.23)<br>| 0.65 | 0.46 | (2.79)<br>| 0.07 | (0.44)<br>|
| Total investment operations | 0.07 | 1.20 | 0.93 | (2.35)<br>| 0.46 | 0.04 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.41)<br>| (0.37)<br>| (0.29)<br>| (0.17)<br>| (0.19)<br>|
| Return of capital |  |  | (0.02)<br>|  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.31)<br>| (0.41)<br>| (0.39)<br>| (0.29)<br>| (0.17)<br>| (0.23)<br>|
| **Net asset value, end of period/year** | $8.96 | $9.20 | $8.41 | $7.87 | $10.51 | $10.22 |
| **Total return** <sup>(D)</sup> <br>| 0.75 %<sup>(E)</sup><br>| 14.37<br> %<br>| 11.32<br> %<br>| (22.56 )%<sup>(C)</sup><br>| 4.55<br> %<br>| 0.51<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1103 | $1310 | $1781 | $2178 | $4203 | $6014 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.92 %<sup>(F)</sup><br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.92<br> %<br>| 1.86<br> %<br>| 1.89<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.92 %<sup>(F)</sup><br>| 1.89<br> %<br>| 1.95 %<sup>(G)</sup><br>| 1.92 %<sup>(G)</sup><br>| 1.86<br> %<br>| 1.89<br> %<br>|
| Net investment income (loss) to average net assets | 6.77 %<sup>(F)</sup><br>| 6.09<br> %<br>| 5.40<br> %<br>| 4.71<br> %<br>| 3.61<br> %<br>| 4.71<br> %<br>|
| Portfolio turnover rate | 100 %<sup>(E)</sup><br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>| 236<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.28 | $8.49 | $7.94 | $10.63 | $10.40 | $10.54 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.66 | 0.56 | 0.54 | 0.51 | 0.59 |
| Net realized and unrealized gain (loss) | (0.23)<br>| 0.64 | 0.47 | (2.84)<br>| 0.07 | (0.44)<br>|
| Total investment operations | 0.13 | 1.30 | 1.03 | (2.30)<br>| 0.58 | 0.15 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.51)<br>| (0.46)<br>| (0.43)<br>| (0.35)<br>| (0.24)<br>|
| Return of capital |  |  | (0.02)<br>|  |  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.51)<br>| (0.48)<br>| (0.43)<br>| (0.35)<br>| (0.29)<br>|
| **Net asset value, end of period/year** | $9.05 | $9.28 | $8.49 | $7.94 | $10.63 | $10.40 |
| **Total return** | 1.41 %<sup>(C)</sup><br>| 15.60<br> %<br>| 12.42<br> %<br>| (21.42 )%<sup>(B)</sup><br>| 5.66<br> %<br>| 1.61<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $113470 | $143882 | $165110 | $149943 | $251616 | $243965 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.86 %<sup>(D)</sup><br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.86 %<sup>(D)(E)(F)</sup><br>| 0.85<br> %<br>| 0.90 %<sup>(E)</sup><br>| 0.85<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 7.85 %<sup>(D)</sup><br>| 7.13<br> %<br>| 6.44<br> %<br>| 5.76<br> %<br>| 4.67<br> %<br>| 5.77<br> %<br>|
| Portfolio turnover rate | 100 %<sup>(C)</sup><br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>| 236<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.36%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.27 | $8.47 | $7.93 | $10.63 | $10.41 | $10.54 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.66 | 0.57 | 0.54 | 0.52 | 0.59 |
| Net realized and unrealized gain (loss) | (0.24)<br>| 0.66 | 0.46 | (2.84)<br>| 0.07 | (0.43)<br>|
| Total investment operations | 0.12 | 1.32 | 1.03 | (2.30)<br>| 0.59 | 0.16 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>| (0.24)<br>|
| Return of capital |  |  | (0.03)<br>|  |  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>| (0.29)<br>|
| **Net asset value, end of period/year** | $9.03 | $9.27 | $8.47 | $7.93 | $10.63 | $10.41 |
| **Total return** | 1.35 %<sup>(B)</sup><br>| 15.62<br> %<br>| 12.43<br> %<br>| (21.83)%<br>| 5.71<br> %<br>| 1.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $78713 | $102716 | $72198 | $7318 | $140018 | $133270 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.80 %<sup>(D)</sup><br>| 0.77<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 7.91 %<sup>(C)</sup><br>| 7.23<br> %<br>| 6.49<br> %<br>| 5.54<br> %<br>| 4.76<br> %<br>| 5.78<br> %<br>|
| Portfolio turnover rate | 100 %<sup>(B)</sup><br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>| 236<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.29 | $8.50 | $7.95 | $10.63 | $10.40 | $10.53 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.67 | 0.57 | 0.55 | 0.52 | 0.59 |
| Net realized and unrealized gain (loss) | (0.23)<br>| 0.64 | 0.47 | (2.83)<br>| 0.08 | (0.43)<br>|
| Total investment operations | 0.13 | 1.31 | 1.04 | (2.28)<br>| 0.60 | 0.16 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>| (0.24)<br>|
| Return of capital |  |  | (0.03)<br>|  |  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>| (0.29)<br>|
| **Net asset value, end of period/year** | $9.06 | $9.29 | $8.50 | $7.95 | $10.63 | $10.40 |
| **Total return** | 1.46 %<sup>(B)</sup><br>| 15.58<br> %<br>| 13.10<br> %<br>| (21.55)%<br>| 5.71<br> %<br>| 1.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $27775 | $22404 | $20169 | $25467 | $12395 | $9765 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 7.96 %<sup>(C)</sup><br>| 7.25<br> %<br>| 6.55<br> %<br>| 5.95<br> %<br>| 4.78<br> %<br>| 5.77<br> %<br>|
| Portfolio turnover rate | 100 %<sup>(B)</sup><br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>| 236<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Emerging Markets Debt (the "Fund") is a series of the Trust and is classified as non-diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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 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 April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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:

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds 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.

*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.

*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 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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $5672442 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5672442 |
| Foreign Government Obligations | 1605145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1605145 |
| Total Securities Lending Transactions | $7277587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7277587 |
| **Total Borrowings** | **$7277587** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7277587** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at April 30, 2025 are listed within the Schedule of Investments.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized appreciation on forward <br> foreign currency contracts<br>| $— | $227331 | $— | $— | $— | $227331 |
| **Total** | **$—** | **$227331** | **$—** | **$—** | **$—** | **$227331** |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Emerging Markets Debt**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>| $— | $(303839)<br>| $— | $— | $— | $(303839)<br>|
| **Total** | **$—** | **$(303839)**<br>| **$—** | **$—** | **$—** | **$(303839)**<br>|

---

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $(408487)<br>| $— | $— | $— | $(408487)<br>|
| **Total** | **$—** | **$(408487)**<br>| **$—** | **$—** | **$—** | **$(408487)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts | $— | $264586 | $— | $— | $— | $264586 |
| **Total** | **$—** | **$264586** | **$—** | **$—** | **$—** | **$264586** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $25843170 |
| Average contract amounts sold — in USD | 31041114 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of April 30, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Credit Agricole | $4704 | $(4704)<br>| $— | $— | $8187 | $(4704)<br>| $— | $3483 |
| Goldman Sachs Bank | 40600 | (40600)<br>|  |  | 96102 | (40600)<br>|  | 55502 |
| HSBC Bank USA | 60196 | (40995)<br>|  | 19201 | 40995 | (40995)<br>|  |  |
| JPMorgan Chase Bank, N.A. | 7020 | (7020)<br>|  |  | 17515 | (7020)<br>| (10495)<br>|  |
| Morgan Stanley Captial Services, <br> Inc.<br>| 15925 | (15925)<br>|  |  | 49421 | (15925)<br>|  | 33496 |
| Royal Bank of Canada | 70948 | (70948)<br>|  |  | 82130 | (70948)<br>|  | 11182 |
| Other Derivatives <sup>(C)</sup> <br>| 27938 |  |  | 27938 | 9489 |  |  | 9489 |
| **Total** | **$227331** | **$(180192)**<br>| **$—** | **$47139** | **$303839** | **$(180192)**<br>| **$(10495)**<br>| **$113152** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

<sup>(C)</sup> *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward* *positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit* *reconciliation to the amount presented within the Schedule of Investments.* 

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk,

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $71516717 | 31.16<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $400 million | 0.63<br> % <br>|
| Over $400 million | 0.61 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.25<br> % <br>| March 1, 2026 |
| Class C | 1.96 | March 1, 2026 |
| Class I | 0.85 | March 1, 2026 |
| Class I2, Class R6 | 0.80 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $9311 | $12269 | $8393 | $4335 | $34308 |
| Class I |  |  |  | 26 | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $431 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $88050 | &nbsp;&nbsp; $11807 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $244605592 | &nbsp;&nbsp; $5889587 | &nbsp;&nbsp; $288401597 | &nbsp;&nbsp; $4976062 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal period exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the period ended April 30, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $240378805 | &nbsp;&nbsp; $4948140 | &nbsp;&nbsp; $(8616853)<br>| &nbsp;&nbsp; $(3668713)<br>|

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 38**

------

![](g947814img2533c8623.gif)

![](g947814imgf44e14c84.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA EMD 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img2b2014a35.gif)

------

![](g947814img1e57593f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Emerging Markets Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img8a1bef792.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_60671487-0faf-4201-813c-492c53fa7128_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_60671487-0faf-4201-813c-492c53fa7128_SOI-RunningFooter-160_1) | 2 |
| [Statement of Assets and Liabilities](#xx_60671487-0faf-4201-813c-492c53fa7128_FS-RunningFooter-160_1) | 5 |
| [Statement of Operations](#xx_60671487-0faf-4201-813c-492c53fa7128_FS-RunningFooter-160_2) | 6 |
| [Statement of Changes in Net Assets](#xx_60671487-0faf-4201-813c-492c53fa7128_FS-RunningFooter-160_3) | 7 |
| [Financial Highlights](#xx_60671487-0faf-4201-813c-492c53fa7128_FIHI-RunningFooter-160_1) | 8 |
| [Notes to Financial Statements](#xx_60671487-0faf-4201-813c-492c53fa7128_NTF-RunningFooter-160_1) | 10 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_60671487-0faf-4201-813c-492c53fa7128_DWA-RunningFooter-160_1)**<br> **[Companies](#xx_60671487-0faf-4201-813c-492c53fa7128_DWA-RunningFooter-160_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_60671487-0faf-4201-813c-492c53fa7128_PD-RunningFooter-160_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_60671487-0faf-4201-813c-492c53fa7128_REMU-RunningFooter-160_1)**<br> **[Companies](#xx_60671487-0faf-4201-813c-492c53fa7128_REMU-RunningFooter-160_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_60671487-0faf-4201-813c-492c53fa7128_AIAC-RunningFooter-160_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 100.2%**  | **COMMON STOCKS - 100.2%**  | **COMMON STOCKS - 100.2%**  |
| **Brazil - 5.3%**  | **Brazil - 5.3%**  | **Brazil - 5.3%**  |
| Banco BTG Pactual SA | 288800 | $1939362 |
| JBS SA | 278100 | 2160057 |
| Smartfit Escola de Ginastica e Danca SA | 299500 | 1290323 |
| Vale SA | 170700 | 1589949 |
|  |  | 6979691 |
| **Canada - 2.0%**  | **Canada - 2.0%**  | **Canada - 2.0%**  |
| Fairfax India Holdings Corp. <sup>(A)(B)(C)</sup> <br>| 156100 | 2661505 |
| **China - 21.1%**  | **China - 21.1%**  | **China - 21.1%**  |
| Alibaba Group Holding Ltd. | 370273 | 5609763 |
| BYD Co. Ltd., H Shares | 29414 | 1404026 |
| Fu Shou Yuan International Group Ltd. <sup>(C)</sup> <br>| 1693400 | 768576 |
| &nbsp;&nbsp; Kingdee International Software Group Co. <br> Ltd. <sup>(B)</sup> <br>| 1423000 | 2418271 |
| Kweichow Moutai Co. Ltd., Class A | 6710 | 1429252 |
| Lenovo Group Ltd. | 610500 | 707669 |
| NetEase, Inc. | 205300 | 4420689 |
| Tencent Holdings Ltd. | 115478 | 7105330 |
| Yum China Holdings, Inc. | 35000 | 1515850 |
| Zijin Mining Group Co. Ltd., H Shares | 974800 | 2134213 |
|  |  | 27513639 |
| **Greece - 4.0%**  | **Greece - 4.0%**  | **Greece - 4.0%**  |
| Jumbo SA | 67100 | 2113196 |
| Motor Oil Hellas Corinth Refineries SA | 49500 | 1194421 |
| OPAP SA | 87800 | 1946516 |
|  |  | 5254133 |
| **Hong Kong - 2.1%**  | **Hong Kong - 2.1%**  | **Hong Kong - 2.1%**  |
| AIA Group Ltd. | 369953 | 2771451 |
| **Hungary - 1.4%**  | **Hungary - 1.4%**  | **Hungary - 1.4%**  |
| Richter Gedeon Nyrt | 61700 | 1866566 |
| **India - 13.7%**  | **India - 13.7%**  | **India - 13.7%**  |
| 360 ONE WAM Ltd. | 137200 | 1591583 |
| Aegis Logistics Ltd. | 233300 | 2145116 |
| Bajaj Finance Ltd. | 11400 | 1162282 |
| CMS Info Systems Ltd. | 296800 | 1538914 |
| Coal India Ltd. | 314500 | 1429854 |
| HDFC Bank Ltd. | 134281 | 3051864 |
| HEG Ltd. | 321000 | 1763370 |
| ICICI Bank Ltd. | 126800 | 2137704 |
| Reliance Industries Ltd. | 185126 | 3056810 |
|  |  | 17877497 |
| **Japan - 0.9%**  | **Japan - 0.9%**  | **Japan - 0.9%**  |
| Nexon Co. Ltd. | 74500 | 1169762 |
| **Luxembourg - 1.6%**  | **Luxembourg - 1.6%**  | **Luxembourg - 1.6%**  |
| Millicom International Cellular SA | 59000 | 2037860 |
| **Mexico - 4.2%**  | **Mexico - 4.2%**  | **Mexico - 4.2%**  |
| Fibra Uno Administracion SA de CV, REIT | 1051871 | 1361336 |
| Fomento Economico Mexicano SAB de CV | 112900 | 1187061 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| &nbsp;&nbsp; Promotora y Operadora de Infraestructura <br> SAB de CV<br>| 114400 | $1280069 |
| Wal-Mart de Mexico SAB de CV | 503677 | 1595750 |
|  |  | 5424216 |
| **Philippines - 1.4%**  | **Philippines - 1.4%**  | **Philippines - 1.4%**  |
| &nbsp;&nbsp; International Container Terminal Services, <br> Inc.<br>| 288900 | 1759624 |
| **Poland - 1.1%**  | **Poland - 1.1%**  | **Poland - 1.1%**  |
| Dino Polska SA <sup>(A)(B)</sup> <br>| 10100 | 1412987 |
| **Republic of Korea - 10.6%**  | **Republic of Korea - 10.6%**  | **Republic of Korea - 10.6%**  |
| Eugene Technology Co. Ltd. | 47700 | 1140907 |
| Hugel, Inc. <sup>(B)</sup> <br>| 7300 | 1876996 |
| Hyundai Motor Co. | 9664 | 1295785 |
| KINX, Inc. | 22000 | 1219557 |
| Park Systems Corp. | 9300 | 1328104 |
| Samsung Electronics Co. Ltd. | 107447 | 4195082 |
| Shinhan Financial Group Co. Ltd. | 62577 | 2262721 |
| Value Added Technology Co. Ltd. | 37100 | 529814 |
|  |  | 13848966 |
| **Republic of South Africa - 4.9%**  | **Republic of South Africa - 4.9%**  | **Republic of South Africa - 4.9%**  |
| Investec PLC | 274200 | 1719697 |
| Naspers Ltd., N Shares | 18014 | 4737838 |
|  |  | 6457535 |
| **Russian Federation - 0.0% \*** | **Russian Federation - 0.0% \*** | **Russian Federation - 0.0% \*** |
| Gazprom PJSC, ADR <sup>(B)(D)(E)(F)</sup> <br>| 2525844 | 0 |
| GMK Norilskiy Nickel PAO <sup>(B)(D)(E)(F)</sup> <br>| 737100 | 0 |
| Lukoil PJSC, ADR <sup>(B)(D)(E)(F)</sup> <br>| 192700 | 0 |
| Mobile TeleSystems PJSC, ADR <sup>(B)(D)(E)(F)</sup> <br>| 382338 | 0 |
| Novatek PJSC, GDR <sup>(B)(D)(E)(F)(G)</sup> <br>| 2914 | 0 |
| Sberbank of Russia PJSC <sup>(D)(E)(F)</sup> <br>| 1980987 | 0 |
|  |  | 0 |
| **Saudi Arabia - 1.8%**  | **Saudi Arabia - 1.8%**  | **Saudi Arabia - 1.8%**  |
| Saudi Awwal Bank | 247379 | 2308286 |
| **Taiwan - 13.3%**  | **Taiwan - 13.3%**  | **Taiwan - 13.3%**  |
| Accton Technology Corp. | 85721 | 1592042 |
| E Ink Holdings, Inc. | 335400 | 2328074 |
| Fusheng Precision Co. Ltd. | 179400 | 1999690 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 405163 | 11502611 |
|  |  | 17422417 |
| **Turkey - 3.1%**  | **Turkey - 3.1%**  | **Turkey - 3.1%**  |
| BIM Birlesik Magazalar AS | 134600 | 1576958 |
| Coca-Cola Icecek AS | 930000 | 1258691 |
| KOC Holding AS | 353400 | 1264151 |
|  |  | 4099800 |
| **United Arab Emirates - 1.6%**  | **United Arab Emirates - 1.6%**  | **United Arab Emirates - 1.6%**  |
| Emaar Properties PJSC | 570975 | 2036393 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom - 2.0%**  | **United Kingdom - 2.0%**  | **United Kingdom - 2.0%**  |
| Airtel Africa PLC <sup>(A)</sup> <br>| 545579 | $1246966 |
| Georgia Capital PLC <sup>(B)</sup> <br>| 62900 | 1357995 |
|  |  | 2604961 |
| **United States - 1.5%**  | **United States - 1.5%**  | **United States - 1.5%**  |
| ACM Research, Inc., Class A <sup>(B)</sup> <br>| 64900 | 1263609 |
| Tecnoglass, Inc. | 8900 | 634303 |
|  |  | 1897912 |
| **Uruguay - 2.6%**  | **Uruguay - 2.6%**  | **Uruguay - 2.6%**  |
| Arcos Dorados Holdings, Inc., Class A | 260400 | 1992060 |
| MercadoLibre, Inc. <sup>(B)</sup> <br>| 600 | 1398510 |
|  |  | 3390570 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $164,475,613)**<br>|  | 130795771 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(H)</sup> <br>| 17950 | $17950 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,950)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,950)** | 17950 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $164,493,563)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $164,493,563)** | 130813721 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (283466) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$130530255** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Semiconductors & Semiconductor Equipment | 10.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13907127 |
| Broadline Retail | 9.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11746111 |
| Banks | 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9760575 |
| Capital Markets | 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9270142 |
| Oil, Gas & Consumable Fuels | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7826201 |
| Interactive Media & Services | 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7105330 |
| Hotels, Restaurants & Leisure | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6744749 |
| Entertainment | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5590451 |
| Technology Hardware, Storage & Peripherals | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4902751 |
| Consumer Staples Distribution & Retail | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4585695 |
| Beverages | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3875004 |
| Metals & Mining | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3724162 |
| Electronic Equipment, Instruments & Components | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3656178 |
| Wireless Telecommunication Services | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3284826 |
| Transportation Infrastructure | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3039693 |
| Insurance | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2771451 |
| Automobiles | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2699811 |
| Software | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2418271 |
| Food Products | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160057 |
| Specialty Retail | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113196 |
| Real Estate Management & Development | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036393 |
| Leisure Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999690 |
| Biotechnology | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876996 |
| Pharmaceuticals | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866566 |
| Electrical Equipment | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1763370 |
| Communications Equipment | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592042 |
| Commercial Services & Supplies | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538914 |
| Diversified REITs | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361336 |
| Industrial Conglomerates | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264151 |
| Diversified Telecommunication Services | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219557 |
| Consumer Finance | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162282 |
| Diversified Consumer Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768576 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Building Products | 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $634303 |
| Health Care Equipment & Supplies | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529814 |
| **Investments** | **100.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **130795771** |
| Short-Term Investments | 0.0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17950 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$130813721** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(J)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $23907604 | &nbsp;&nbsp; $106888167 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $130795771 |
| Other Investment Company | 17950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17950 |
| **Total Investments** | **$23925554** | &nbsp;&nbsp; **$106888167** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$130813721** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $5,321,458, representing 4.1% of the Fund's* *net assets.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $747,191, collateralized by cash collateral of $17,950 and non-cash* *collateral, such as U.S. government securities of $804,365. 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.* 

<sup>(D)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $0, representing less than 0.1% of the Fund's net* *assets.* 

<sup>(E)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $0, representing less* *than 0.1% of the Fund's net assets.* 

<sup>(F)</sup> *Security deemed worthless.*

<sup>(G)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $0, representing 0.0% of the* *Fund's net assets.* 

<sup>(H)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(I)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(J)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *GDR* | *Global Depositary Receipt* |
| *PJSC* | *Private Joint Stock Co.* |
| *REIT* | *Real Estate Investment Trust* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Emerging Markets Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $164,493,563) (including securities loaned of $747,191) | $130813721 |
| Cash | 77926 |
| Foreign currency, at value (cost $95,498) | 93688 |
| Receivables and other assets: |  |
| Net income from securities lending | 1001 |
| Dividends  | 159313 |
| Tax reclaims | 12111 |
| Prepaid expenses | 4571 |
| Total assets | 131162331 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 17950 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 13303 |
| Foreign capital gains tax | 407219 |
| Investment management fees | 15236 |
| Transfer agent fees | 831 |
| Trustee and CCO fees | 706 |
| Audit and tax fees  | 22544 |
| Custody fees | 137203 |
| Legal fees | 4658 |
| Printing and shareholder reports fees | 5996 |
| Other accrued expenses | 6430 |
| Total liabilities | 632076 |
| **Net assets**  | $130530255 |
| **Net assets consist of:** |  |
| Paid-in capital | $425048404 |
| Total distributable earnings (accumulated losses) | (294518149)<br>|
| **Net assets** | $130530255 |
| **Net assets by class:** |  |
| Class I | $587428 |
| Class I2 | 121842457 |
| Class R6 | 8100370 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I | 68623 |
| Class I2 | 14243965 |
| Class R6 | 941497 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I | $8.56 |
| Class I2 | 8.55 |
| Class R6 | 8.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Emerging Markets Equity**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1594605 |
| Interest income | 21960 |
| Net income from securities lending | 2687 |
| Withholding taxes on foreign income | (137230)<br>|
| Total investment income  | 1482022 |
| **Expenses:** |  |
| Investment management fees | 499100 |
| Transfer agent fees: |  |
| Class I | 484 |
| Class I2 | 4401 |
| Class R6 | 303 |
| Trustee and CCO fees | 2834 |
| Audit and tax fees | 71489 |
| Custody fees | 97541 |
| Legal fees | 25283 |
| Printing and shareholder reports fees | 5964 |
| Registration fees | 34722 |
| Interest | 558 |
| Other | 16635 |
| Total expenses before waiver and/or reimbursement and recapture | 759314 |
| Expenses waived and/or reimbursed: |  |
| Class I | (1536)<br>|
| Class I2 | (142106)<br>|
| Class R6 | (9824)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 107 |
| Class I2 | 378 |
| Class R6 | 75 |
| Net expenses | 606408 |
| **Net investment income (loss)** | 875614 |
| **Net realized gain (loss) on:** |  |
| Investments | 1540976 <br><sup>(A)</sup><br>|
| Foreign currency transactions | (25413)<br>|
| Net realized gain (loss) | 1515563 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 4854244 <br><sup>(B)</sup><br>|
| Translation of assets and liabilities denominated in foreign currencies | 20904 |
| Net change in unrealized appreciation (depreciation) | 4875148 |
| Net realized and change in unrealized gain (loss) | 6390711 |
| **Net increase (decrease) in net assets resulting from operations** | $7266325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Includes net realized foreign capital gains tax of $(7336).*

<sup>(B)</sup> *Includes net change in foreign capital gains tax of $(403508).*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Emerging Markets Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $875614 | &nbsp;&nbsp;&nbsp;&nbsp; $5704962 |
| Net realized gain (loss) | 1515563 | &nbsp;&nbsp;&nbsp;&nbsp; 16160973 |
| Net change in unrealized appreciation (depreciation) | 4875148 | &nbsp;&nbsp;&nbsp;&nbsp; 35062611 |
| Net increase (decrease) in net assets resulting from operations | 7266325 | &nbsp;&nbsp;&nbsp;&nbsp; 56928546 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; (140842)<br>|
| Class I2 | (169875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9948466)<br>|
| Class R6 | (10804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169326)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (180679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10258634)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | 40 | &nbsp;&nbsp;&nbsp;&nbsp; 3325494 |
| Class I2 | 14346600 | &nbsp;&nbsp;&nbsp;&nbsp; 4691982 |
| Class R6 | 3324758 | &nbsp;&nbsp;&nbsp;&nbsp; 661397 |
|  | 17671398 | &nbsp;&nbsp;&nbsp;&nbsp; 8678873 |
| Dividends and/or distributions reinvested: |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 103097 |
| Class I2 | 169875 | &nbsp;&nbsp;&nbsp;&nbsp; 9948466 |
| Class R6 | 10804 | &nbsp;&nbsp;&nbsp;&nbsp; 169326 |
|  | 180679 | &nbsp;&nbsp;&nbsp;&nbsp; 10220889 |
| Cost of shares redeemed: |  |  |
| Class I | (3494805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5682116)<br>|
| Class I2 | (14339646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (292773154)<br>|
| Class R6 | (2352343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (895988)<br>|
|  | (20186794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (299351258)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (2334717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (280451496)<br>|
| **Net increase (decrease) in net assets** | 4750929 | &nbsp;&nbsp;&nbsp;&nbsp; (233781584)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 125779326 | &nbsp;&nbsp;&nbsp;&nbsp; 359560910 |
| End of period/year | $130530255 | &nbsp;&nbsp;&nbsp;&nbsp; $125779326 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 450869 |
| Class I2 | 1783881 | &nbsp;&nbsp;&nbsp;&nbsp; 631872 |
| Class R6 | 411335 | &nbsp;&nbsp;&nbsp;&nbsp; 88793 |
|  | 2195221 | &nbsp;&nbsp;&nbsp;&nbsp; 1171534 |
| Shares reinvested: |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 14171 |
| Class I2 | 21129 | &nbsp;&nbsp;&nbsp;&nbsp; 1367059 |
| Class R6 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 23143 |
|  | 22464 | &nbsp;&nbsp;&nbsp;&nbsp; 1404373 |
| Shares redeemed: |  |  |
| Class I | (436849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (758365)<br>|
| Class I2 | (1756706)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37491036)<br>|
| Class R6 | (282804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116142)<br>|
|  | (2476359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38365543)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I | (436844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (293325)<br>|
| Class I2 | 48304 | &nbsp;&nbsp;&nbsp;&nbsp; (35492105)<br>|
| Class R6 | 129866 | &nbsp;&nbsp;&nbsp;&nbsp; (4206)<br>|
|  | (258674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35789636)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Emerging Markets Equity**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.10 | $7.00 | $6.59 | $11.81 | $9.90 | $10.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.05 | 0.12 | 0.13 | 0.25 | 0.19 | 0.07 |
| Net realized and unrealized gain (loss) | 0.41 | 1.18 | 0.48 | (4.30)<br>| 1.78 | (0.17 )<sup>(C)</sup><br>|
| Total investment operations | 0.46 | 1.30 | 0.61 | (4.05)<br>| 1.97 | (0.10)<br>|
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  | (0.20)<br>| (0.20)<br>| (0.14)<br>| (0.06)<br>|  |
| Net realized gains |  |  |  | (1.04)<br>|  |  |
| Total dividends and/or distributions to shareholders |  | (0.20)<br>| (0.20)<br>| (1.18)<br>| (0.06)<br>|  |
| **Net asset value, end of period/year** | $8.56 | $8.10 | $7.00 | $6.59 | $11.81 | $9.90 |
| **Total return** | 5.68 %<sup>(E)</sup><br>| 18.94<br> %<br>| 9.13<br> %<br>| (37.56 )%<sup>(D)</sup><br>| 19.96<br> %<br>| (1.00 )%<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $587 | $4094 | $5593 | $5366 | $8503 | $70 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.29 %<sup>(F)</sup><br>| 1.04<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.97 %<sup>(G)</sup><br>| 1.21 %<sup>(F)(G)</sup><br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.99 %<sup>(F)(H)</sup><br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.97 %<sup>(G)(I)</sup><br>| 0.98 %<sup>(F)(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.15 %<sup>(F)</sup><br>| 1.62<br> %<br>| 1.67<br> %<br>| 2.80<br> %<br>| 1.57<br> %<br>| 0.92 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 20 %<sup>(E)</sup><br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>| 49 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 19, 2019.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.11 | $7.01 | $6.60 | $11.82 | $9.90 | $10.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.06 | 0.14 | 0.13 | 0.26 | 0.12 | 0.10 |
| Net realized and unrealized gain (loss) | 0.39 | 1.17 | 0.49 | (4.30)<br>| 1.87 | (0.20 )<sup>(C)</sup><br>|
| Total investment operations | 0.45 | 1.31 | 0.62 | (4.04)<br>| 1.99 | (0.10)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.14)<br>| (0.07)<br>|  |
| Net realized gains |  |  |  | (1.04)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.18)<br>| (0.07)<br>|  |
| **Net asset value, end of period/year** | $8.55 | $8.11 | $7.01 | $6.60 | $11.82 | $9.90 |
| **Total return** | 5.58 %<sup>(D)</sup><br>| 19.02<br> %<br>| 9.23<br> %<br>| (37.55)%<br>| 20.11<br> %<br>| (1.00 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $121843 | $115068 | $348221 | $749653 | $1323558 | $841388 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.20 %<sup>(E)</sup><br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(F)</sup><br>| 0.94 %<sup>(E)(F)</sup><br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.96 %<sup>(E)(G)</sup><br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(F)</sup><br>| 0.94 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 1.39 %<sup>(E)</sup><br>| 1.78<br> %<br>| 1.74<br> %<br>| 2.90<br> %<br>| 0.98<br> %<br>| 1.32 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 20 %<sup>(D)</sup><br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>| 49 %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 19, 2019.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Emerging Markets Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.15 | $7.04 | $6.64 | $11.82 | $12.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.05 | 0.12 | 0.12 | 0.24 | 0.09 |
| Net realized and unrealized gain (loss) | 0.41 | 1.20 | 0.49 | (4.30)<br>| (0.85 )<sup>(C)</sup><br>|
| Total investment operations | 0.46 | 1.32 | 0.61 | (4.06)<br>| (0.76)<br>|
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.08)<br>|  |
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.12)<br>|  |
| **Net asset value, end of period/year** | $8.60 | $8.15 | $7.04 | $6.64 | $11.82 |
| **Total return** | 5.69 %<sup>(D)</sup><br>| 19.03<br> %<br>| 9.17<br> %<br>| (37.58)%<br>| (5.96 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of period/year (000's) | $8100 | $6617 | $5747 | $49613 | $9 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20 %<sup>(E)</sup><br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(E)(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.96 %<sup>(E)(G)</sup><br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 1.32 %<sup>(E)</sup><br>| 1.59<br> %<br>| 1.58<br> %<br>| 2.92<br> %<br>| 1.73 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 20 %<sup>(D)</sup><br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Emerging Markets Equity (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $6,616.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 April 30, 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs.These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025. For the period December 31, 2024 to April 30, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $17950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17950 |
| **Total Borrowings** | **$17950** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17950** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**China A–shares risk:** The Fund may invest in equity securities of certain Chinese companies, referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs").The Programs are subject to daily quota limitations, which may restrict the Fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the Fund's investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future. Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Emerging Markets Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

market. In addition, uncertainties in mainland China tax legislation could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the Fund.

**Frontier markets risk:** Frontier market countries generally have smaller economies and even less developed capital markets than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $107974627 | 82.72<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.79<br> % <br>|
| Over $250 million up to $500 million | 0.75 |
| Over $500 million | 0.70 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I | 0.98<br> % <br>| March 1, 2026 |
| Class I2, Class R6 | 0.95 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class I | $— | $— | $3433 | $1536 | $4969 |
| Class I2 |  |  |  | 141727 | 141727 |
| Class R6 |  |  |  | 9749 | 9749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $5178 | &nbsp;&nbsp; $823 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $26852965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24945506 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $164493563 | &nbsp;&nbsp; $24139101 | &nbsp;&nbsp; $(57818943)<br>| &nbsp;&nbsp; $(33679842)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Emerging Markets Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

![](g947814img953feea93.gif)

![](g947814imgb6bc8b1c4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453782 TA EME 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img940d575d5.gif)

------

![](g947814imgfcdd66641.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Energy Infrastructure**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img1b030f1b2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_SOI-RunningFooter-168_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_FS-RunningFooter-168_1) | 4 |
| [Statement of Operations](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_FS-RunningFooter-168_2) | 5 |
| [Statement of Changes in Net Assets](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_FS-RunningFooter-168_3) | 6 |
| [Financial Highlights](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_FIHI-RunningFooter-168_1) | 8 |
| [Notes to Financial Statements](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_NTF-RunningFooter-168_1) | 10 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_DWA-RunningFooter-168_1)**<br> **[Companies](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_DWA-RunningFooter-168_1)**<br>| 19 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_PD-RunningFooter-168_1)** | 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_REMU-RunningFooter-168_1)**<br> **[Companies](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_REMU-RunningFooter-168_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9b149730-0e6c-48d7-a25a-2fe100f99e86_AIAC-RunningFooter-168_1)** | 22 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Energy Infrastructure**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 69.6%**  | **COMMON STOCKS - 69.6%**  | **COMMON STOCKS - 69.6%**  |
| **Chemicals - 2.2%**  | **Chemicals - 2.2%**  | **Chemicals - 2.2%**  |
| Air Products & Chemicals, Inc. | 5650 | $1531658 |
| Linde PLC | 3455 | 1565910 |
|  |  | 3097568 |
| **Construction & Engineering - 1.2%**  | **Construction & Engineering - 1.2%**  | **Construction & Engineering - 1.2%**  |
| Quanta Services, Inc. | 5831 | 1706675 |
| **Electric Utilities - 1.9%**  | **Electric Utilities - 1.9%**  | **Electric Utilities - 1.9%**  |
| Entergy Corp. | 33316 | 2770892 |
| **Energy Equipment & Services - 2.4%**  | **Energy Equipment & Services - 2.4%**  | **Energy Equipment & Services - 2.4%**  |
| Archrock, Inc. | 93764 | 2206267 |
| Kodiak Gas Services, Inc. | 35760 | 1216197 |
|  |  | 3422464 |
| **Multi-Utilities - 1.4%**  | **Multi-Utilities - 1.4%**  | **Multi-Utilities - 1.4%**  |
| Sempra | 26380 | 1959243 |
| **Oil, Gas & Consumable Fuels - 60.5%**  | **Oil, Gas & Consumable Fuels - 60.5%**  | **Oil, Gas & Consumable Fuels - 60.5%**  |
| Antero Midstream Corp. | 249508 | 4129357 |
| Cheniere Energy, Inc. | 54332 | 12556669 |
| DT Midstream, Inc. | 62006 | 6026983 |
| Enbridge, Inc. | 135179 | 6311508 |
| Excelerate Energy, Inc., Class A | 34387 | 879619 |
| Hess Midstream LP, Class A | 156569 | 5819670 |
| Kinder Morgan, Inc. | 350266 | 9211996 |
| Kinetik Holdings, Inc. | 25848 | 1068556 |
| ONEOK, Inc. | 60788 | 4994342 |
| Pembina Pipeline Corp. | 151868 | 5801358 |
| Plains GP Holdings LP, Class A <sup>(A)</sup> <br>| 197031 | 3672658 |
| Targa Resources Corp. | 34915 | 5966973 |
| TC Energy Corp. | 126871 | 6395567 |
| Williams Cos., Inc. | 233105 | 13652960 |
|  |  | 86488216 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $69,368,546)**<br>|  | 99445058 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS - 23.7%** <sup>(B)</sup> | **MASTER LIMITED PARTNERSHIPS - 23.7%** <sup>(B)</sup> | **MASTER LIMITED PARTNERSHIPS - 23.7%** <sup>(B)</sup> |
| **Oil, Gas & Consumable Fuels - 23.7%**  | **Oil, Gas & Consumable Fuels - 23.7%**  | **Oil, Gas & Consumable Fuels - 23.7%**  |
| Energy Transfer LP | 587323 | $9714322 |
| Enterprise Products Partners LP | 359665 | 10753984 |
| MPLX LP | 172535 | 8787208 |
| Western Midstream Partners LP | 124767 | 4691239 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>**(Cost $28,032,109)**<br>|  | 33946753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 6.2%**  | **REPURCHASE AGREEMENT - 6.2%**  | **REPURCHASE AGREEMENT - 6.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $8,827,629 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.00%, due 05/16/2047, and <br> with a value of $9,003,851.<br>| $8827188 | 8827188 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $8,827,188)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $8,827,188)** | 8827188 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $106,227,843)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $106,227,843)** | 142218999 |
| **Net Other Assets (Liabilities) - 0.5%** | **Net Other Assets (Liabilities) - 0.5%** | 734174 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$142953173** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $99445058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99445058 |
| Master Limited Partnerships | 33946753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33946753 |
| Repurchase Agreement |  | &nbsp;&nbsp; 8827188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8827188 |
| **Total Investments** | **$133391811** | &nbsp;&nbsp; **$8827188** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$142218999** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *The Fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of master limited partnerships and other entities* *that are treated as qualified publicly traded partnerships for federal income tax purposes. This limit does not apply to master limited partnerships, which* *are not treated as publicly traded partnerships for federal income tax purposes.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Energy Infrastructure**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Energy Infrastructure**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $97,400,655) | $133391811 |
| Repurchase agreement, at value (cost $8,827,188) | 8827188 |
| Receivables and other assets: |  |
| Investments sold  | 363999 |
| Shares of beneficial interest sold  | 80718 |
| Dividends  | 484654 |
| Interest | 441 |
| Prepaid expenses | 18747 |
| Total assets | 143167558 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 37847 |
| Investment management fees | 121081 |
| Distribution and service fees | 10051 |
| Transfer agent fees | 8815 |
| Trustee and CCO fees | 436 |
| Audit and tax fees  | 17981 |
| Custody fees | 8819 |
| Legal fees | 2054 |
| Printing and shareholder reports fees | 2999 |
| Other accrued expenses | 4302 |
| Total liabilities | 214385 |
| **Net assets**  | $142953173 |
| **Net assets consist of:** |  |
| Paid-in capital | $251465927 |
| Total distributable earnings (accumulated losses) | (108512754)<br>|
| **Net assets** | $142953173 |
| **Net assets by class:** |  |
| Class A | $31014666 |
| Class C | 4413139 |
| Class I | 56524281 |
| Class I2 | 51001087 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 3618181 |
| Class C | 515284 |
| Class I | 6599669 |
| Class I2 | 5950892 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.57 |
| Class C | 8.56 |
| Class I | 8.56 |
| Class I2 | 8.57 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Energy Infrastructure**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $3029396 |
| Interest income | 49374 |
| Net income from securities lending | 17940 |
| Withholding taxes on foreign income | (70800)<br>|
| Total investment income  | 3025910 |
| **Expenses:** |  |
| Investment management fees | 725610 |
| Distribution and service fees: |  |
| Class A | 41440 |
| Class C | 23881 |
| Transfer agent fees: |  |
| Class A | 15969 |
| Class C | 3047 |
| Class I | 22358 |
| Class I2 | 2123 |
| Trustee and CCO fees | 2711 |
| Audit and tax fees | 17026 |
| Custody fees | 4477 |
| Legal fees | 10612 |
| Printing and shareholder reports fees | 11464 |
| Registration fees | 31042 |
| Other | 14963 |
| Total expenses before waiver and/or reimbursement and recapture | 926723 |
| Expenses waived and/or reimbursed: |  |
| Class C | (467)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 1299 |
| Net expenses | 927555 |
| **Net investment income (loss)** | 2098355 |
| **Net realized gain (loss) on:** |  |
| Investments | 11652343 |
| Foreign currency transactions | (3781)<br>|
| Net realized gain (loss) | 11648562 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (6657709)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 3774 |
| Net change in unrealized appreciation (depreciation) | (6653935)<br>|
| Net realized and change in unrealized gain (loss) | 4994627 |
| **Net increase (decrease) in net assets resulting from operations** | $7092982 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Energy Infrastructure**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2098355 | &nbsp;&nbsp;&nbsp;&nbsp; $3526244 |
| Net realized gain (loss) | 11648562 | &nbsp;&nbsp;&nbsp;&nbsp; 19317848 |
| Net change in unrealized appreciation (depreciation) | (6653935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17904152 |
| Net increase (decrease) in net assets resulting from operations | 7092982 | &nbsp;&nbsp;&nbsp;&nbsp; 40748244 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (605450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1358899)<br>|
| Class C | (70745)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177680)<br>|
| Class I | (883544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1619642)<br>|
| Class I2 | (1187000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2728665)<br>|
| Return of capital: |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; (675631)<br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; (88339)<br>|
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; (805269)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (1356661)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2746739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8810786)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 2318607 | &nbsp;&nbsp;&nbsp;&nbsp; 2101492 |
| Class C | 387643 | &nbsp;&nbsp;&nbsp;&nbsp; 513683 |
| Class I | 26704964 | &nbsp;&nbsp;&nbsp;&nbsp; 10090768 |
| Class I2 | 1036266 | &nbsp;&nbsp;&nbsp;&nbsp; 125962 |
|  | 30447480 | &nbsp;&nbsp;&nbsp;&nbsp; 12831905 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 568331 | &nbsp;&nbsp;&nbsp;&nbsp; 1915163 |
| Class C | 69746 | &nbsp;&nbsp;&nbsp;&nbsp; 262743 |
| Class I | 878455 | &nbsp;&nbsp;&nbsp;&nbsp; 2408840 |
| Class I2 | 1187000 | &nbsp;&nbsp;&nbsp;&nbsp; 4085326 |
|  | 2703532 | &nbsp;&nbsp;&nbsp;&nbsp; 8672072 |
| Cost of shares redeemed: |  |  |
| Class A | (6216990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6497428)<br>|
| Class C | (559328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1258748)<br>|
| Class I | (6574094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22724187)<br>|
| Class I2 | (6556064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19111463)<br>|
|  | (19906476)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49591826)<br>|
| Automatic conversions: |  |  |
| Class A | 224934 | &nbsp;&nbsp;&nbsp;&nbsp; 521209 |
| Class C | (224934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (521209)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 13244536 | &nbsp;&nbsp;&nbsp;&nbsp; (28087849)<br>|
| **Net increase (decrease) in net assets** | 17590779 | &nbsp;&nbsp;&nbsp;&nbsp; 3849609 |
| **Net assets:** |  |  |
| Beginning of period/year | 125362394 | &nbsp;&nbsp;&nbsp;&nbsp; 121512785 |
| End of period/year | $142953173 | &nbsp;&nbsp;&nbsp;&nbsp; $125362394 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Energy Infrastructure**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 257591 | &nbsp;&nbsp;&nbsp;&nbsp; 284361 |
| Class C | 43030 | &nbsp;&nbsp;&nbsp;&nbsp; 69229 |
| Class I | 3063316 | &nbsp;&nbsp;&nbsp;&nbsp; 1367269 |
| Class I2 | 118647 | &nbsp;&nbsp;&nbsp;&nbsp; 18403 |
|  | 3482584 | &nbsp;&nbsp;&nbsp;&nbsp; 1739262 |
| Shares reinvested: |  |  |
| Class A | 63393 | &nbsp;&nbsp;&nbsp;&nbsp; 273956 |
| Class C | 7777 | &nbsp;&nbsp;&nbsp;&nbsp; 37893 |
| Class I | 97826 | &nbsp;&nbsp;&nbsp;&nbsp; 346448 |
| Class I2 | 132485 | &nbsp;&nbsp;&nbsp;&nbsp; 586602 |
|  | 301481 | &nbsp;&nbsp;&nbsp;&nbsp; 1244899 |
| Shares redeemed: |  |  |
| Class A | (704143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (907329)<br>|
| Class C | (63485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174148)<br>|
| Class I | (729588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3147160)<br>|
| Class I2 | (713077)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2558850)<br>|
|  | (2210293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6787487)<br>|
| Automatic conversions: |  |  |
| Class A | 24139 | &nbsp;&nbsp;&nbsp;&nbsp; 76812 |
| Class C | (24166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76888)<br>|
|  | (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (359020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272200)<br>|
| Class C | (36844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143914)<br>|
| Class I | 2431554 | &nbsp;&nbsp;&nbsp;&nbsp; (1433443)<br>|
| Class I2 | (461945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1953845)<br>|
|  | 1573745 | &nbsp;&nbsp;&nbsp;&nbsp; (3803402)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Energy Infrastructure**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.73 | $6.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.19 | 0.22 | 0.05 | 0.11 | 0.12 |
| Net realized and unrealized gain (loss) | 0.31 | 2.17 | (0.55)<br>| 0.43 | 2.27 | (1.58)<br>|
| Total investment operations | 0.44 | 2.36 | (0.33)<br>| 0.48 | 2.38 | (1.46)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.33)<br>| (0.27)<br>|  |  | (0.24)<br>|
| Return of capital |  | (0.16)<br>|  | (0.29)<br>| (0.27)<br>| (0.09)<br>|
| Total dividends and/or distributions to shareholders | (0.17)<br>| (0.49)<br>| (0.27)<br>| (0.29)<br>| (0.27)<br>| (0.33)<br>|
| **Net asset value, end of period/year** | $8.57 | $8.30 | $6.43 | $7.03 | $6.84 | $4.73 |
| **Total return** <sup>(D)</sup> <br>| 5.22 %<sup>(E)</sup><br>| 38.40<br> %<br>| (4.73)%<br>| 7.30 %<sup>(C)</sup><br>| 51.20<br> %<br>| (22.37)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $31015 | $33007 | $27310 | $32347 | $20495 | $13353 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.53 %<sup>(F)</sup><br>| 1.55<br> %<br>| 1.57<br> %<br>| 1.54<br> %<br>| 1.60<br> %<br>| 1.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.53 %<sup>(F)</sup><br>| 1.55<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>| 1.60 %<sup>(G)</sup><br>| 1.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.90 %<sup>(F)</sup><br>| 2.59<br> %<br>| 3.31<br> %<br>| 0.73<br> %<br>| 1.72<br> %<br>| 2.27<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(E)</sup><br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.29 | $6.42 | $7.02 | $6.83 | $4.71 | $6.50 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.13 | 0.17 | 0.03 | 0.07 | 0.11 |
| Net realized and unrealized gain (loss) | 0.31 | 2.17 | (0.55)<br>| 0.40 | 2.28 | (1.62)<br>|
| Total investment operations | 0.40 | 2.30 | (0.38)<br>| 0.43 | 2.35 | (1.51)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.29)<br>| (0.22)<br>|  |  | (0.20)<br>|
| Return of capital |  | (0.14)<br>|  | (0.24)<br>| (0.23)<br>| (0.08)<br>|
| Total dividends and/or distributions to shareholders | (0.13)<br>| (0.43)<br>| (0.22)<br>| (0.24)<br>| (0.23)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $8.56 | $8.29 | $6.42 | $7.02 | $6.83 | $4.71 |
| **Total return** <sup>(D)</sup> <br>| 4.79 %<sup>(E)</sup><br>| 37.32<br> %<br>| (5.51)%<br>| 6.42 %<sup>(C)</sup><br>| 50.48<br> %<br>| (23.15)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $4413 | $4578 | $4469 | $6753 | $7313 | $6225 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.32 %<sup>(F)</sup><br>| 2.33<br> %<br>| 2.35<br> %<br>| 2.33<br> %<br>| 2.39<br> %<br>| 2.47<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.35 %<sup>(F)</sup><br>| 2.35<br> %<br>| 2.35 %<sup>(G)</sup><br>| 2.35<br> %<br>| 2.35<br> %<br>| 2.35<br> %<br>|
| Net investment income (loss) to average net assets | 2.05 %<sup>(F)</sup><br>| 1.81<br> %<br>| 2.56<br> %<br>| 0.38<br> %<br>| 1.13<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(E)</sup><br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Energy Infrastructure**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.29 | $6.42 | $7.03 | $6.84 | $4.72 | $6.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.21 | 0.25 | 0.08 | 0.11 | 0.11 |
| Net realized and unrealized gain (loss) | 0.31 | 2.17 | (0.57)<br>| 0.43 | 2.30 | (1.57)<br>|
| Total investment operations | 0.45 | 2.38 | (0.32)<br>| 0.51 | 2.41 | (1.46)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.34)<br>| (0.29)<br>|  |  | (0.25)<br>|
| Return of capital |  | (0.17)<br>|  | (0.32)<br>| (0.29)<br>| (0.09)<br>|
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.51)<br>| (0.29)<br>| (0.32)<br>| (0.29)<br>| (0.34)<br>|
| **Net asset value, end of period/year** | $8.56 | $8.29 | $6.42 | $7.03 | $6.84 | $4.72 |
| **Total return** | 5.36 %<sup>(D)</sup><br>| 38.81<br> %<br>| (4.56)%<br>| 7.75 %<sup>(C)</sup><br>| 51.99<br> %<br>| (22.28)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $56524 | $34564 | $35971 | $51296 | $36098 | $14247 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29 %<sup>(E)</sup><br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>| 1.33<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29 %<sup>(E)</sup><br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>| 1.33<br> %<br>|
| Net investment income (loss) to average net assets | 3.05 %<sup>(E)</sup><br>| 2.90<br> %<br>| 3.65<br> %<br>| 1.18<br> %<br>| 1.70<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(D)</sup><br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.72 | $6.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.22 | 0.25 | 0.15 | 0.14 | 0.17 |
| Net realized and unrealized gain (loss) | 0.32 | 2.17 | (0.55)<br>| 0.36 | 2.28 | (1.62)<br>|
| Total investment operations | 0.46 | 2.39 | (0.30)<br>| 0.51 | 2.42 | (1.45)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.35)<br>| (0.30)<br>|  |  | (0.25)<br>|
| Return of capital |  | (0.17)<br>|  | (0.32)<br>| (0.30)<br>| (0.10)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.52)<br>| (0.30)<br>| (0.32)<br>| (0.30)<br>| (0.35)<br>|
| **Net asset value, end of period/year** | $8.57 | $8.30 | $6.43 | $7.03 | $6.84 | $4.72 |
| **Total return** | 5.40 %<sup>(B)</sup><br>| 38.90<br> %<br>| (4.32)%<br>| 7.78<br> %<br>| 52.12<br> %<br>| (22.19)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $51001 | $53213 | $53763 | $57944 | $154852 | $123151 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20 %<sup>(C)</sup><br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>| 1.22<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.20 %<sup>(C)</sup><br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>| 1.22<br> %<br>|
| Net investment income (loss) to average net assets | 3.22 %<sup>(C)</sup><br>| 3.01<br> %<br>| 3.69<br> %<br>| 2.23<br> %<br>| 2.25<br> %<br>| 3.11<br> %<br>|
| Portfolio turnover rate | 36 %<sup>(B)</sup><br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Energy Infrastructure (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP 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.

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 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 April 30, 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 and Master limited partnerships:* 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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Energy Infrastructure**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Energy sector risk:** Under normal circumstances, the Fund concentrates its investments in industries in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Investing in the energy sector involves a number of risks. Please refer to the Prospectus for additional details.

**Industry concentration risk:** The Fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the Fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Master limited partnerships ("MLP") risk:** Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. The MLP entities in which the Fund invests are typically focused in the energy sector. A downturn in the energy sector could have an adverse impact on the Fund. Energy MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy sector of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the Fund's investments in such securities may decline if interest rates rise. The value of the Fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Energy Infrastructure**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $48646965 | 34.03<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 1.054<br> % <br>|
| Over $250 million up to $500 million | 1.040 |
| Over $500 million up to $1 billion | 0.960 |
| Over $1 billion up to $2 billion | 0.850 |
| Over $2 billion | 0.800 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Energy Infrastructure**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.60<br> % <br>| March 1, 2026 |
| Class C | 2.35 | March 1, 2026 |
| Class I | 1.31 | March 1, 2026 |
| Class I2 | 1.21 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class C | $— | $2185 | $612 | $467 | $3264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $2896 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 75 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $42974 | &nbsp;&nbsp; $8687 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $57702007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48174088 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $106227843 | &nbsp;&nbsp; $36371814 | &nbsp;&nbsp; $(380658)<br>| &nbsp;&nbsp; $35991156 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

![](g947814img4758d5f33.gif)

![](g947814img4e1ed0ad4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA ENGY INFRA 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img91d0eaff5.gif)

------

![](g947814imgacf62e461.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Floating Rate**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgb244d8b72.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_SOI-RunningFooter-170_1) | 2 |
| [Statement of Assets and Liabilities](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_FS-RunningFooter-170_1) | 14 |
| [Statement of Operations](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_FS-RunningFooter-170_2) | 15 |
| [Statement of Changes in Net Assets](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_FS-RunningFooter-170_3) | 16 |
| [Financial Highlights](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_FIHI-RunningFooter-170_1) | 18 |
| [Notes to Financial Statements](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_NTF-RunningFooter-170_1) | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_DWA-RunningFooter-170_1)**<br> **[Companies](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_DWA-RunningFooter-170_1)**<br>| 32 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_PD-RunningFooter-170_1)** | 33 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_REMU-RunningFooter-170_1)**<br> **[Companies](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_REMU-RunningFooter-170_1)**<br>| 34 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a2c8973a-11f2-46e9-ba77-47356e8c2808_AIAC-RunningFooter-170_1)** | 35 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS - 86.4%**  | **LOAN ASSIGNMENTS - 86.4%**  | **LOAN ASSIGNMENTS - 86.4%**  |
| **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  |
| &nbsp;&nbsp; Air Comm Corp. LLC <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 11/21/2031<br>| $923077 | $911539 |
| &nbsp;&nbsp; Barnes Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 01/27/2032<br>| 1000000 | 985179 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp; Term Loan I, <br>TBD, 08/24/2028 <sup>(B)</sup><sup>(C)</sup> <br>| 1000000 | 997500 |
| &nbsp;&nbsp; Term Loan J, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 02/28/2031<br>| 495009 | 490128 |
|  |  | 3384346 |
| **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  |
| &nbsp;&nbsp; C&D Technologies, Inc. <br>Term Loan, <br>1-Month Term SOFR + 5.75%, <br>10.19% <sup>(A)</sup>, 12/20/2026<br>| 1390472 | 1376567 |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 01/28/2032<br>| 500000 | 490469 |
| &nbsp;&nbsp; First Brands Group LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.54% <sup>(A)</sup>, 03/30/2027<br>| 2165724 | 2007356 |
|  |  | 3874392 |
| **Building Products - 3.4%**  | **Building Products - 3.4%**  | **Building Products - 3.4%**  |
| &nbsp;&nbsp; Chamberlain Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.67% <sup>(A)</sup>, 11/03/2028<br>| 923895 | 911521 |
| Cornerstone Building Brands, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.67% <sup>(A)</sup>, 04/12/2028<br>| 493573 | 428792 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(A)</sup>, 05/15/2031<br>| 1243750 | 1016144 |
| &nbsp;&nbsp; ECO Material Tech, Inc. <br>Term Loan, <br>6-Month Term SOFR + 3.25%, <br>7.47% <sup>(A)</sup>, 02/12/2032<br>| 1450000 | 1450000 |
| &nbsp;&nbsp; EMRLD Borrower LP <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 08/04/2031<br>| 995000 | 981734 |
| Groundworks LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 3.25%, <br>3.00% <sup>(A)</sup>, 03/14/2031<br>| 24094 | 23792 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 03/14/2031<br>| 818183 | 807955 |
| &nbsp;&nbsp; Hobbs & Associates LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 07/23/2031<br>| 1499659 | 1468728 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 03/19/2029<br>| $339570 | $333722 |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 04/14/2031<br>| 1609032 | 1577140 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 02/10/2032<br>| 250000 | 244844 |
|  |  | 9244372 |
| **Capital Markets - 0.6%**  | **Capital Markets - 0.6%**  | **Capital Markets - 0.6%**  |
| &nbsp;&nbsp; Dragon Buyer, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(A)</sup>, 09/30/2031 <sup>(C)</sup> <br>| 1498750 | 1487042 |
| **Chemicals - 1.3%**  | **Chemicals - 1.3%**  | **Chemicals - 1.3%**  |
| &nbsp;&nbsp; M2S Group Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>9.03% <sup>(A)</sup>, 08/25/2031<br>| 1001724 | 948194 |
| &nbsp;&nbsp; Minerals Technologies, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(A)</sup>, 11/26/2031<br>| 399000 | 394012 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.28% <sup>(A)</sup>, 01/31/2029<br>| 1430282 | 1414958 |
| USALCO LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1.00% <sup>(A)</sup>, 09/30/2031 <sup>(C)</sup> <br>| 23405 | 23229 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(A)</sup>, 09/30/2031 <sup>(C)</sup> <br>| 769191 | 763423 |
|  |  | 3543816 |
| **Commercial Services & Supplies - 14.3%**  | **Commercial Services & Supplies - 14.3%**  | **Commercial Services & Supplies - 14.3%**  |
| &nbsp;&nbsp; AlixPartners LLP <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(A)</sup>, 02/04/2028<br>| 1463167 | 1461338 |
| &nbsp;&nbsp; American Auto Auction Group LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.50%, <br>8.80% <sup>(A)</sup>, 12/30/2027<br>| 1776920 | 1772478 |
| &nbsp;&nbsp; American Residential Services LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.53% <sup>(A)</sup>, 02/02/2032<br>| 1492248 | 1477326 |
| &nbsp;&nbsp; Ankura Consulting Group LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(A)</sup>, 12/29/2031<br>| 1532734 | 1512936 |
| &nbsp;&nbsp; Belron Finance LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.05% <sup>(A)</sup>, 10/16/2031<br>| 1243750 | 1239474 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; BIFM U.S. Finance LLC <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.07% <sup>(A)</sup>, 05/31/2028<br>| $1752925 | $1746352 |
| &nbsp;&nbsp; Corporation Service Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(A)</sup>, 11/02/2029<br>| 447703 | 442853 |
| &nbsp;&nbsp; Creative Artists Agency LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 10/01/2031<br>| 1203988 | 1195711 |
| &nbsp;&nbsp; Driven Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.44% <sup>(A)</sup>, 12/17/2028<br>| 164975 | 164150 |
| &nbsp;&nbsp; Filtration Group Corp. <br>Term Loan B, <br>7.32% <sup>(A)</sup>, 10/21/2028<br>| 1935000 | 1931614 |
| &nbsp;&nbsp; First Advantage Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 10/31/2031<br>| 1246875 | 1235965 |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.29% <sup>(A)</sup>, 02/01/2029<br>| 1567286 | 1547695 |
| &nbsp;&nbsp; Grant Thornton Advisors LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 06/02/2031<br>| 842541 | 835168 |
| &nbsp;&nbsp; Hertz Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.03% <sup>(A)</sup>, 06/30/2028<br>| 986263 | 767436 |
| &nbsp;&nbsp; Homeserve USA Holding Corp. <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 10/21/2030<br>| 990000 | 981750 |
| &nbsp;&nbsp; Imagefirst Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 03/12/2032<br>| 750000 | 746250 |
| &nbsp;&nbsp; Jadex, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>9.19% <sup>(A)</sup>, 02/18/2028<br>| 1989197 | 1810169 |
| &nbsp;&nbsp; Kingpin Intermediate Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 02/08/2028<br>| 1856151 | 1791186 |
| &nbsp;&nbsp; KUEHG Corp. <br>Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 06/12/2030<br>| 1082200 | 1076113 |
| &nbsp;&nbsp; LRS Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.69% <sup>(A)</sup>, 08/31/2028<br>| 1407811 | 1333901 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan B, <br>TBD, 03/28/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 1000000 | 989792 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Mavis Tire Express Services Corp. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.31% <sup>(A)</sup>, 05/04/2028<br>| $864187 | $852665 |
| &nbsp;&nbsp; NAB Holdings LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 11/24/2028<br>| 290318 | 287142 |
| &nbsp;&nbsp; PG Investment Co. 59 SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(A)</sup>, 03/26/2031<br>| 348252 | 346511 |
| &nbsp;&nbsp; Pre-Paid Legal Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 12/15/2028<br>| 1061781 | 1047512 |
| &nbsp;&nbsp; Prime Security Services Borrower LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(A)</sup>, 10/13/2030<br>| 995006 | 989254 |
| &nbsp;&nbsp; Rent-A-Center, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.03% <sup>(A)</sup>, 02/17/2028<br>| 1306331 | 1280204 |
| &nbsp;&nbsp; Ryan LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 11/14/2030<br>| 1189493 | 1185032 |
| &nbsp;&nbsp; Spin Holdco, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.56% <sup>(A)</sup>, 03/04/2028<br>| 699793 | 567707 |
| &nbsp;&nbsp; Technimark Holdings LLC <br>Term Loan, <br>1-Month Term SOFR + 3.25%, Prime Rate <br> + 2.25%, <br>7.57% <sup>(A)</sup>, 04/14/2031<br>| 1490013 | 1463937 |
| &nbsp;&nbsp; Trans Union LLC <br>Term Loan B9, <br>1-Month Term SOFR + 1.75%, <br>6.07% <sup>(A)</sup>, 06/24/2031<br>| 249375 | 247713 |
| &nbsp;&nbsp; TruGreen LP <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.42% <sup>(A)</sup>, 11/02/2027<br>| 1101367 | 1033908 |
| &nbsp;&nbsp; Veritiv Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(A)</sup>, 11/30/2030<br>| 1990000 | 1971593 |
| &nbsp;&nbsp; Vestis Corp. <br>Term Loan, <br>TBD, 02/22/2031 <sup>(B)</sup><sup>(C)</sup> <br>| 250000 | 242708 |
| &nbsp;&nbsp; VM Consolidated, Inc. <br>Term Loan B2, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 03/24/2028<br>| 495169 | 494757 |
| &nbsp;&nbsp; VT Topco, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(A)</sup>, 08/09/2030<br>| 493775 | 492129 |
|  |  | 38562429 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Communications Equipment - 1.0%**  | **Communications Equipment - 1.0%**  | **Communications Equipment - 1.0%**  |
| Aventiv Technologies LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 7.50%, <br>12.06% <sup>(A)</sup>, 07/31/2025<br>| $398634 | $378702 |
| &nbsp;&nbsp; Bridge Term Loan, <br>3-Month Term SOFR + 10.00%, <br>14.56% <sup>(A)</sup>, 12/24/2025<br>| 497026 | 504481 |
| &nbsp;&nbsp; CommScope, Inc. <br>Term Loan, <br>1-Month Term SOFR + 5.25%, <br>9.57% <sup>(A)</sup>, 12/17/2029<br>| 594421 | 581542 |
| &nbsp;&nbsp; GoTo Group, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>9.18% <sup>(A)</sup>,04/28/2028<br>| 906775 | 635346  |
| &nbsp;&nbsp; Level 3 Financing, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 03/27/2032<br>| 500000 | 498281 |
|  |  | 2598352 |
| **Construction & Engineering - 1.6%**  | **Construction & Engineering - 1.6%**  | **Construction & Engineering - 1.6%**  |
| &nbsp;&nbsp; Centuri Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.93% <sup>(A)</sup>, 08/27/2028<br>| 308461 | 307998 |
| &nbsp;&nbsp; Chromalloy Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.04% <sup>(A)</sup>, 03/27/2031<br>| 1740615 | 1709067 |
| &nbsp;&nbsp; Cube Industrials Buyer, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.77% <sup>(A)</sup>, 10/17/2031<br>| 800000 | 794000 |
| &nbsp;&nbsp; Legence Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 12/18/2028 <sup>(C)</sup> <br>| 567031 | 558053 |
| &nbsp;&nbsp; Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(A)</sup>, 06/23/2028<br>| 997416 | 983391 |
|  |  | 4352509 |
| **Consumer Staples Distribution & Retail - 5.8%**  | **Consumer Staples Distribution & Retail - 5.8%**  | **Consumer Staples Distribution & Retail - 5.8%**  |
| &nbsp;&nbsp; BW Gas & Convenience Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.94% <sup>(A)</sup>, 03/31/2028<br>| 1073090 | 1051629 |
| &nbsp;&nbsp; Dave & Buster's, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.56% <sup>(A)</sup>, 06/29/2029<br>| 1267797 | 1172316 |
| &nbsp;&nbsp; EG Group Ltd. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.56% <sup>(A)</sup>, 02/07/2028<br>| 1207415 | 1206510 |
| Flynn Restaurant Group LP |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.07% <sup>(A)</sup>, 01/28/2032<br>| 500000 | 488334 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Flynn Restaurant Group LP (continued) |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.69% <sup>(A)</sup>, 12/01/2028<br>| $1431336 | $1419258 |
| &nbsp;&nbsp; Great Outdoors Group LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 01/23/2032<br>| 1432476 | 1396664 |
| &nbsp;&nbsp; Highline Aftermarket Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 02/19/2030<br>| 1346625 | 1339892 |
| &nbsp;&nbsp; IRB Holding Corp. <br>1st Lien Term Loan B, <br>TBD, 12/15/2027 <sup>(B)</sup><sup>(C)</sup> <br>| 1500000 | 1487625 |
| &nbsp;&nbsp; LBM Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.18% <sup>(A)</sup>, 06/06/2031<br>| 496250 | 472368 |
| &nbsp;&nbsp; Michaels Cos., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.81% <sup>(A)</sup>, 04/17/2028<br>| 593830 | 327534 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.81% <sup>(A)</sup>, 03/03/2028<br>| 1645237 | 1428786 |
| &nbsp;&nbsp; PetSmart, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.17% <sup>(A)</sup>, 02/11/2028<br>| 2135434 | 2099399 |
| &nbsp;&nbsp; Staples, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.75%, <br>10.04% <sup>(A)</sup>, 09/04/2029<br>| 646750 | 557283 |
| &nbsp;&nbsp; White Cap Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 10/19/2029<br>| 1072313 | 1043676 |
|  |  | 15491274 |
| **Containers & Packaging - 5.8%**  | **Containers & Packaging - 5.8%**  | **Containers & Packaging - 5.8%**  |
| &nbsp;&nbsp; Anchor Glass Container Corp. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>7.33% <sup>(A)</sup>, 12/07/2025 <sup>(D)</sup> <br>| 638521 | 439515 |
| &nbsp;&nbsp; Anchor Packaging, Inc. <br>1st Lien Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.58% <sup>(A)</sup>, 07/18/2029<br>| 1729101 | 1723156 |
| &nbsp;&nbsp; Berlin Packaging LLC <br>Term Loan B7, <br>1-Month Term SOFR + 3.50%, 3-Month <br> Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 06/07/2031<br>| 956581 | 949258 |
| &nbsp;&nbsp; Canister International Group, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 03/22/2029 <sup>(C)</sup> <br>| 1492513 | 1485050 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.48% <sup>(A)</sup>, 04/01/2032<br>| 438 | 435 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, <br> Inc. (continued)<br>|  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.49% <sup>(A)</sup>, 04/01/2032<br>| $835395 | $828503 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.50% <sup>(A)</sup>, 04/13/2029<br>| 1179333 | 1169198 |
| &nbsp;&nbsp; Klockner-Pentaplast of America, Inc. <br>Term Loan B, <br>6-Month Term SOFR + 4.73%, <br>9.23% <sup>(A)</sup>, 02/12/2026<br>| 576000 | 495360 |
| &nbsp;&nbsp; Plaze, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(A)</sup>, 08/03/2026<br>| 239375 | 221721 |
| Pregis TopCo Corp. |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(A)</sup>, 07/31/2026<br>| 361875 | 360518 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.32% <sup>(A)</sup>, 07/31/2026<br>| 1530528 | 1525937 |
| &nbsp;&nbsp; Pretium Packaging LLC <br>Term Loan A, <br>3-Month Term SOFR + 3.75%, <br>9.29% <sup>(A)</sup>, 10/02/2028<br>| 1393035 | 1384328 |
| &nbsp;&nbsp; Proampac PG Borrower LLC <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.26% <sup>(A)</sup>, 09/15/2028<br>| 1939472 | 1899471 |
| &nbsp;&nbsp; TricorBraun Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(A)</sup>, 03/03/2028<br>| 1493547 | 1470521 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc. <br>Term Loan B7, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(A)</sup>, 09/15/2028<br>| 1840809 | 1778298 |
|  |  | 15731269 |
| **Distributors - 1.1%**  | **Distributors - 1.1%**  | **Distributors - 1.1%**  |
| &nbsp;&nbsp; Core & Main LP <br>Term Loan E, <br>6-Month Term SOFR + 2.00%, <br>6.27% <sup>(A)</sup>, 02/09/2031<br>| 198004 | 197137 |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp; Term Loan, <br>TBD, 01/17/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 1000000 | 951667 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(A)</sup>, 12/29/2027<br>| 1385564 | 1382100 |
| &nbsp;&nbsp; Olympus Water U.S. Holding Corp. <br>Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(A)</sup>, 06/20/2031<br>| 398003 | 392641 |
|  |  | 2923545 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| &nbsp;&nbsp; Cornerstone Generation LLC <br>Term Loan B, <br>TBD, 10/28/2031 <sup>(B)</sup><sup>(C)</sup> <br>| 1100000 | 1099450 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| &nbsp;&nbsp; Kohler Energy Co. LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(A)</sup>, 05/01/2031<br>| $1190733 | $1162453 |
| &nbsp;&nbsp; Lightning Power LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.55% <sup>(A)</sup>, 08/18/2031<br>| 522375 | 520525 |
| &nbsp;&nbsp; Pike Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.44% <sup>(A)</sup>, 01/21/2028<br>| 1808422 | 1811247 |
|  |  | 4593675 |
| **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  |
| &nbsp;&nbsp; Energizer Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(A)</sup>, 03/19/2032<br>| 631894 | 629525 |
| **Electronic Equipment, Instruments & Components - 0.8%**  | **Electronic Equipment, Instruments & Components - 0.8%**  | **Electronic Equipment, Instruments & Components - 0.8%**  |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 12/02/2031<br>| 750000 | 718750 |
| &nbsp;&nbsp; Roper Industrial Products Investment <br> Co. LLC <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.05% <sup>(A)</sup>, 11/22/2029<br>| 997500 | 987836 |
| &nbsp;&nbsp; TCP Sunbelt Acquisition Co. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 10/24/2031<br>| 523688 | 522706 |
|  |  | 2229292 |
| **Energy Equipment & Services - 0.4%**  | **Energy Equipment & Services - 0.4%**  | **Energy Equipment & Services - 0.4%**  |
| &nbsp;&nbsp; Star Holding LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(A)</sup>, 07/31/2031<br>| 1244373 | 1169089 |
| **Financial Services - 1.1%**  | **Financial Services - 1.1%**  | **Financial Services - 1.1%**  |
| &nbsp;&nbsp; Deerfield Dakota Holding LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(A)</sup>, 04/09/2027<br>| 1219866 | 1155213 |
| &nbsp;&nbsp; Guggenheim Partners LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 11/26/2031<br>| 149625 | 149438 |
| &nbsp;&nbsp; Janney Montgomery Scott LLC <br>Term Loan, <br>6-Month Term SOFR + 3.25%, <br>7.47% <sup>(A)</sup>, 11/28/2031<br>| 385714 | 385328 |
| &nbsp;&nbsp; Russell Investments U.S. Institutional <br> Holdco, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, PIK Rate <br> 1.50%, Cash Rate 0.00%, <br>05/30/2027 <sup>(C)</sup><sup>(E)</sup> <br>| 554720 | 515196 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Victory Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.61% <sup>(A)</sup>, 12/29/2028<br>| $688092 | $686372 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.61% <sup>(A)</sup>, 07/01/2026<br>| 5962 | 5951 |
|  |  | 2897498 |
| **Food Products - 7.2%**  | **Food Products - 7.2%**  | **Food Products - 7.2%**  |
| 8th Avenue Food & Provisions, Inc. |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 4.75%, <br>9.19% <sup>(A)</sup>, 10/01/2025<br>| 1132393 | 1091816 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(A)</sup>, 10/01/2025<br>| 1111048 | 1044386 |
| &nbsp;&nbsp; Aspire Bakeries Holdings LLC <br>Term Loan, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 12/13/2030<br>| 994975 | 992487 |
| &nbsp;&nbsp; B&G Foods, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 10/10/2029<br>| 746250 | 711176 |
| &nbsp;&nbsp; BCPE North Star U.S. HoldCo 2, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(A)</sup>, 06/09/2028<br>| 2231423 | 2163086 |
| &nbsp;&nbsp; Chef's Warehouse Leasing Co. LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 08/23/2029<br>| 152638 | 153402 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 0.00%, <br>4.27% <sup>(A)</sup>, 11/02/2028 <sup>(F)</sup> <br>| 1222000 | 1174999 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 4.40%, <br>8.70% <sup>(A)</sup>, 08/02/2028<br>| 580702 | 371649 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 8.15%, <br>12.47% <sup>(A)</sup>, 08/02/2028<br>| 298694 | 289733 |
| &nbsp;&nbsp; Fiesta Purchaser, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 02/12/2031<br>| 1191015 | 1179743 |
| &nbsp;&nbsp; Max U.S. Bidco, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.31% <sup>(A)</sup>, 10/02/2030<br>| 742500 | 713171 |
| &nbsp;&nbsp; Monogram Food Solutions LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(A)</sup>, 08/28/2028<br>| 1742926 | 1716782 |
| &nbsp;&nbsp; Nomad Foods U.S. LLC <br>Term Loan B5, <br>6-Month Term SOFR + 2.50%, <br>6.54% <sup>(A)</sup>, 11/12/2029<br>| 1960200 | 1955299 |
| &nbsp;&nbsp; Quirch Foods Holdings LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.56% <sup>(A)</sup>, 10/27/2027<br>| 959770 | 902183 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp; Snacking Investments Bidco Pty. Ltd. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.28% <sup>(A)</sup>, 12/18/2026<br>| $1962563 | $1959292 |
| &nbsp;&nbsp; Solina Bidco <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 03/12/2029<br>| 995000 | 986294 |
| &nbsp;&nbsp; Upfield BV <br>Term Loan B12, <br>3-Month Term SOFR + 3.75%, <br>8.07% <sup>(A)</sup>, 01/03/2028<br>| 1983412 | 1971016 |
|  |  | 19376514 |
| **Health Care Equipment & Supplies - 1.1%**  | **Health Care Equipment & Supplies - 1.1%**  | **Health Care Equipment & Supplies - 1.1%**  |
| &nbsp;&nbsp; Bausch & Lomb Corp. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.67% <sup>(A)</sup>, 05/10/2027<br>| 2324204 | 2290587 |
| &nbsp;&nbsp; Medline Borrower LP <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 10/23/2028<br>| 755044 | 749759 |
|  |  | 3040346 |
| **Health Care Providers & Services - 4.9%**  | **Health Care Providers & Services - 4.9%**  | **Health Care Providers & Services - 4.9%**  |
| ADMI Corp. |  |  |
| &nbsp;&nbsp; Term Loan B3, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(A)</sup>, 12/23/2027<br>| 1133071 | 1100023 |
| &nbsp;&nbsp; Term Loan B5, <br>1-Month Term SOFR + 5.75%, <br>10.07% <sup>(A)</sup>, 12/23/2027<br>| 493750 | 488195 |
| &nbsp;&nbsp; Charlotte Buyer, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 02/11/2028<br>| 1772856 | 1763674 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.53% <sup>(A)</sup>, 03/30/2029<br>| 972796 | 896594 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 5.50%, <br>9.78% <sup>(A)</sup>, 03/30/2029 <sup>(C)</sup> <br>| 698694 | 648039 |
| &nbsp;&nbsp; Heartland Dental LLC <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(A)</sup>, 04/28/2028<br>| 1476325 | 1457871 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>3-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 05/19/2031<br>| 497503 | 484444 |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.01% <sup>(A)</sup>, 05/19/2031<br>| 740419 | 725055 |
| &nbsp;&nbsp; Quorum Health Corp. <br>Delayed Draw Term Loan, <br>3-Month Term SOFR + 6.50%, <br>10.81% <sup>(A)</sup>,01/28/2028<br>| 1667428 | 1650754  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp; Sound Inpatient Physicians <br>Term Loan A, <br>3-Month Term SOFR + 5.50%, PIK Rate <br> 1.00%, Cash Rate 0.00%, <br>06/28/2028 <sup>(E)</sup> <br>| $1000951 | $1015965 |
| &nbsp;&nbsp; Star Parent, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(A)</sup>, 09/27/2030<br>| 1487500 | 1435607 |
| &nbsp;&nbsp; Surgery Center Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 12/19/2030<br>| 1485000 | 1479018 |
|  |  | 13145239 |
| **Hotels, Restaurants & Leisure - 4.7%**  | **Hotels, Restaurants & Leisure - 4.7%**  | **Hotels, Restaurants & Leisure - 4.7%**  |
| &nbsp;&nbsp; 19th Holdings Golf LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.67% <sup>(A)</sup>, 02/07/2029<br>| 496173 | 465990 |
| &nbsp;&nbsp; Bally's Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.78% <sup>(A)</sup>, 10/02/2028<br>| 1564863 | 1343826 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>3-Month Term SOFR + 2.25%, <br>6.56% <sup>(A)</sup>, 02/06/2031<br>| 487538 | 478884 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.56% <sup>(A)</sup>, 02/06/2030<br>| 451000 | 444047 |
| &nbsp;&nbsp; Carnival Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.00%, <br>6.33% <sup>(A)</sup>, 08/08/2027<br>| 535683 | 534344 |
| &nbsp;&nbsp; EOC Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 03/24/2032<br>| 1100000 | 1081666 |
| &nbsp;&nbsp; GSM Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.30% <sup>(A)</sup>, 09/30/2031<br>| 746250 | 675356 |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 1.75%, <br>6.08% <sup>(A)</sup>, 11/08/2030<br>| 250000 | 248100 |
| &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(A)</sup>, 08/02/2028<br>| 490370 | 480256 |
| &nbsp;&nbsp; Light & Wonder International, Inc. <br>Term Loan B2, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 04/14/2029<br>| 497500 | 491281 |
| &nbsp;&nbsp; PENN Entertainment, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(A)</sup>, 05/03/2029<br>| 1312875 | 1306128 |
| &nbsp;&nbsp; Recess Holdings, Inc. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.75%, <br>8.03% <sup>(A)</sup>, 02/20/2030<br>| 1709023 | 1683388 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp; Scientific Games Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.28% <sup>(A)</sup>, 04/04/2029<br>| $1735378 | $1718024 |
| &nbsp;&nbsp; SRAM LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 02/27/2032<br>| 498750 | 495009 |
| &nbsp;&nbsp; Travel & Leisure Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(A)</sup>, 12/14/2029<br>| 1214456 | 1189788 |
|  |  | 12636087 |
| **Household Durables - 0.9%**  | **Household Durables - 0.9%**  | **Household Durables - 0.9%**  |
| &nbsp;&nbsp; AI Aqua Merger Sub, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 07/31/2028<br>| 1492509 | 1473023 |
| &nbsp;&nbsp; Hunter Douglas, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 01/20/2032<br>| 322505 | 313233 |
| &nbsp;&nbsp; Libbey Glass, Inc. <br>Term Loan, <br>3-Month Term SOFR + 6.50%, <br>10.93% <sup>(A)</sup>, 11/22/2027<br>| 536974 | 514152 |
|  |  | 2300408 |
| **Household Products - 0.2%**  | **Household Products - 0.2%**  | **Household Products - 0.2%**  |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(A)</sup>, 07/08/2031<br>| 630191 | 505465 |
| **Insurance - 1.6%**  | **Insurance - 1.6%**  | **Insurance - 1.6%**  |
| &nbsp;&nbsp; Acrisure LLC <br>1st Lien Term Loan B6, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 11/06/2030<br>| 1487354 | 1476199 |
| Asurion LLC |  |  |
| &nbsp;&nbsp; Term Loan B10, <br>1-Month Term SOFR + 4.00%, <br>8.42% <sup>(A)</sup>, 08/19/2028<br>| 487500 | 470316 |
| &nbsp;&nbsp; Term Loan B9, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(A)</sup>, 07/31/2027<br>| 1058406 | 1033710 |
| &nbsp;&nbsp; Broadstreet Partners, Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 06/13/2031<br>| 973050 | 967334 |
| &nbsp;&nbsp; Sedgwick Claims Management Services, <br> Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.31% <sup>(A)</sup>, 07/31/2031<br>| 497500 | 494639 |
|  |  | 4442198 |
| **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  |
| &nbsp;&nbsp; Arches Buyer, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.67% <sup>(A)</sup>, 12/06/2027<br>| 1451895 | 1419227 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** |
| &nbsp;&nbsp; Cablevision Lightpath LLC <br>Repriced Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 11/30/2027<br>| $748125 | $745787 |
| &nbsp;&nbsp; ION Trading Technologies SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(A)</sup>, 04/01/2028<br>| 979851 | 950456 |
| &nbsp;&nbsp; MH Sub I LLC <br>Term Loan, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(A)</sup>, 05/03/2028<br>| 2078570 | 1950390 |
| &nbsp;&nbsp; TripAdvisor, Inc. <br>Term Loan, <br>3-Month Term SOFR + 2.75%, <br>7.05% <sup>(A)</sup>, 07/08/2031<br>| 746250 | 723863 |
|  |  | 5789723 |
| **IT Services - 2.0%**  | **IT Services - 2.0%**  | **IT Services - 2.0%**  |
| Magenta Security Holdings LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 1.50%, PIK Rate <br> 6.25%, Cash Rate 0.00%, <br>07/27/2028 <sup>(E)</sup> <br>| 173319 | 88393 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 1.50%, PIK Rate <br> 5.50%, Cash Rate 0.00%, <br>07/27/2028 <sup>(E)</sup> <br>| 664434 | 186041 |
| &nbsp;&nbsp; Super Priority Term Loan, <br>3-Month Term SOFR + 6.25%, <br>10.53% <sup>(A)</sup>, 07/27/2028<br>| 2181152 | 2192058 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 6.75%, <br>11.29% <sup>(A)</sup>, 07/27/2028<br>| 132627 | 120691 |
| &nbsp;&nbsp; NCR Atleos LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.03% <sup>(A)</sup>, 04/16/2029<br>| 967551 | 963015 |
| &nbsp;&nbsp; Peraton Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.17% <sup>(A)</sup>, 02/01/2028<br>| 745647 | 670416 |
| &nbsp;&nbsp; Sandisk Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.33% <sup>(A)</sup>, 02/20/2032<br>| 1250000 | 1200000 |
|  |  | 5420614 |
| **Machinery - 1.5%**  | **Machinery - 1.5%**  | **Machinery - 1.5%**  |
| &nbsp;&nbsp; Alliance Laundry Systems LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 08/19/2031<br>| 275000 | 272465 |
| &nbsp;&nbsp; CPM Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(A)</sup>, 09/28/2028<br>| 1090278 | 1052118 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| &nbsp;&nbsp; GrafTech Finance, Inc. <br>Term Loan, <br>10.30% <sup>(A)</sup>, 12/21/2029<br>| $1272727 | $1253636 |
| &nbsp;&nbsp; Ranpak Corp. <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.80% <sup>(A)</sup>,12/19/2031<br>| 1496250 | 1477547  |
|  |  | 4055766 |
| **Media - 3.3%**  | **Media - 3.3%**  | **Media - 3.3%**  |
| &nbsp;&nbsp; Century De Buyer LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.78% <sup>(A)</sup>, 10/30/2030<br>| 446631 | 444025 |
| &nbsp;&nbsp; Charter Communications Operating LLC <br>Term Loan B5, <br>3-Month Term SOFR + 2.25%, <br>6.55% <sup>(A)</sup>, 12/15/2031<br>| 339817 | 338383 |
| Cogeco Communications Finance LP |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(A)</sup>, 09/01/2028<br>| 475251 | 464954 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 09/18/2030<br>| 496241 | 486812 |
| Coral-U.S. Co-Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan B6, <br>1-Month Term SOFR + 3.00%, <br>7.44% <sup>(A)</sup>, 10/15/2029<br>| 706917 | 697050 |
| &nbsp;&nbsp; Term Loan B7, <br>3-Month Term SOFR + 3.25%, <br>7.51% <sup>(A)</sup>, 02/02/2032<br>| 275000 | 269156 |
| &nbsp;&nbsp; EW Scripps Co. <br>Term Loan B2, <br>1-Month Term SOFR + 5.75%, <br>10.16% <sup>(A)</sup>, 06/30/2028<br>| 84741 | 76691 |
| &nbsp;&nbsp; Mission Broadcasting, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(A)</sup>, 06/02/2028<br>| 629262 | 628671 |
| NEP Group, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, PIK Rate <br> 1.50%, Cash Rate 0.00%, <br>08/19/2026 <sup>(E)</sup> <br>| 775416 | 694385 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 4.00%, PIK Rate <br> 1.50%, Cash Rate 0.00%, <br>08/19/2026 <sup>(E)</sup> <br>| 501332 | 449005 |
| &nbsp;&nbsp; Sinclair Television Group, Inc. <br>Term Loan B7, <br>1-Month Term SOFR + 4.10%, <br>8.52% <sup>(A)</sup>, 12/31/2030<br>| 243750 | 191344 |
| &nbsp;&nbsp; Sunrise Financing Partnership <br>Term Loan A, <br>3-Month Term SOFR + 2.50%, <br>6.79% <sup>(A)</sup>, 02/15/2032<br>| 898777 | 892598 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.94% <sup>(A)</sup>, 01/31/2029<br>| 1066937 | 1020259 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp; Univision Communications, <br> Inc. (continued)<br>|  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(A)</sup>, 01/31/2029<br>| $145500 | $137498 |
| &nbsp;&nbsp; Virgin Media Bristol LLC <br>Term Loan Q, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(A)</sup>, 01/31/2029<br>| 1482278 | 1460044 |
| &nbsp;&nbsp; Ziggo Financing Partnership <br>Term Loan I, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(A)</sup>, 04/30/2028<br>| 769000 | 755970 |
|  |  | 9006845 |
| **Metals & Mining - 0.9%**  | **Metals & Mining - 0.9%**  | **Metals & Mining - 0.9%**  |
| JSG III, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.92% <sup>(A)</sup>, 06/28/2026<br>| 706173 | 697346 |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.92% <sup>(A)</sup>, 06/28/2026<br>| 38180 | 37703 |
| &nbsp;&nbsp; Tiger Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 06/01/2028 <sup>(C)</sup> <br>| 1650992 | 1645832 |
|  |  | 2380881 |
| **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  |
| &nbsp;&nbsp; Apro LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(A)</sup>, 07/09/2031<br>| 1990000 | 1980050 |
| &nbsp;&nbsp; Delek U.S. Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.92% <sup>(A)</sup>, 11/19/2029<br>| 778567 | 742558 |
| &nbsp;&nbsp; Par Petroleum LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.01% <sup>(A)</sup>, 02/28/2030<br>| 1471337 | 1411564 |
|  |  | 4134172 |
| **Paper & Forest Products - 1.2%**  | **Paper & Forest Products - 1.2%**  | **Paper & Forest Products - 1.2%**  |
| &nbsp;&nbsp; Domtar Corp. <br>Term Loan B, <br>1-Month Term SOFR + 5.50%, <br>9.94% <sup>(A)</sup>, 11/30/2028<br>| 885195 | 803314 |
| &nbsp;&nbsp; Glatfelter Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.56% <sup>(A)</sup>, 11/04/2031<br>| 1496250 | 1430165 |
| &nbsp;&nbsp; Pixelle Receivables SPE LLC <br>Term Loan, <br>1-Month Term SOFR + 7.00%, <br>11.32% <sup>(A)</sup>, 06/12/2025<br>| 862312 | 862312 |
|  |  | 3095791 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| &nbsp;&nbsp; United Airlines, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.00%, <br>6.28% <sup>(A)</sup>, 02/22/2031<br>| $415402 | $412286 |
| **Personal Care Products - 1.1%**  | **Personal Care Products - 1.1%**  | **Personal Care Products - 1.1%**  |
| &nbsp;&nbsp; Conair Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(A)</sup>, 05/17/2028<br>| 987212 | 549314 |
| &nbsp;&nbsp; KDC/ONE Development Corp., Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.32% <sup>(A)</sup>, 08/15/2028<br>| 1498750 | 1492380 |
| &nbsp;&nbsp; Opal Bidco SAS <br>Term Loan B, <br>TBD, 03/31/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 1000000 | 996250 |
|  |  | 3037944 |
| **Pharmaceuticals - 2.1%**  | **Pharmaceuticals - 2.1%**  | **Pharmaceuticals - 2.1%**  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC <br>Term Loan B, <br>1-Month Term SOFR + 5.50%, <br>9.82% <sup>(A)</sup>, 05/04/2028<br>| 1210937 | 1206774 |
| &nbsp;&nbsp; Curium BidCo SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(A)</sup>, 07/31/2029<br>| 1767458 | 1736527 |
| &nbsp;&nbsp; IVC Acquisition Ltd. <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(A)</sup>, 12/12/2028<br>| 1234406 | 1223090 |
| &nbsp;&nbsp; Southern Veterinary Partners LLC <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.53% <sup>(A)</sup>, 12/04/2031<br>| 1492394 | 1485865 |
|  |  | 5652256 |
| **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 01/31/2030<br>| 735734 | 733895 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(A)</sup>, 01/31/2030 <sup>(C)</sup> <br>| 1000000 | 1000000 |
| &nbsp;&nbsp; RE/MAX International, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(A)</sup>, 07/21/2028<br>| 494859 | 465167 |
|  |  | 2199062 |
| **Software - 4.8%**  | **Software - 4.8%**  | **Software - 4.8%**  |
| &nbsp;&nbsp; Avalara, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 03/26/2032<br>| 250000 | 248437 |
| &nbsp;&nbsp; Avaya, Inc. <br>Term Loan, <br>1-Month Term SOFR + 7.50%, <br>11.82% <sup>(A)</sup>, 08/01/2028<br>| 778641 | 622913 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp; Boxer Parent Co., Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 07/30/2031<br>| $1000000 | $978625 |
| &nbsp;&nbsp; Central Parent, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(A)</sup>, 07/06/2029<br>| 1481306 | 1232364 |
| &nbsp;&nbsp; Cornerstone OnDemand, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(A)</sup>, 10/16/2028<br>| 727500 | 638381 |
| &nbsp;&nbsp; Cotiviti Corp. <br>Term Loan B, <br>7.63% <sup>(A)</sup>, 05/01/2031 <sup>(G)</sup> <br>| 1000000 | 995625 |
| &nbsp;&nbsp; Dayforce, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.00%, <br>6.28% <sup>(A)</sup>, 03/01/2031<br>| 995006 | 992519 |
| &nbsp;&nbsp; Drake Software LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.55% <sup>(A)</sup>, 06/26/2031<br>| 696475 | 665133 |
| &nbsp;&nbsp; Dun & Bradstreet Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 01/18/2029 <sup>(C)</sup> <br>| 572759 | 570611 |
| &nbsp;&nbsp; Epicor Software Corp. <br>Term Loan E, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 05/30/2031<br>| 1293500 | 1286224 |
| &nbsp;&nbsp; Helios Software Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(A)</sup>, 07/18/2030<br>| 527963 | 519603 |
| &nbsp;&nbsp; Modena Buyer LLC <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.78% <sup>(A)</sup>, 07/01/2031<br>| 995000 | 940524 |
| &nbsp;&nbsp; Polaris Newco LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.29% <sup>(A)</sup>, 06/02/2028<br>| 1496124 | 1439188 |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>7.19% <sup>(A)</sup>, 05/15/2028<br>| 802029 | 320812 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.69% <sup>(A)</sup>, 05/15/2028<br>| 340754 | 336707 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 02/10/2031<br>| 1083172 | 1078741 |
|  |  | 12866407 |
| **Textiles, Apparel & Luxury Goods - 1.8%**  | **Textiles, Apparel & Luxury Goods - 1.8%**  | **Textiles, Apparel & Luxury Goods - 1.8%**  |
| ABG Intermediate Holdings 2 LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 12/21/2028<br>| 1492500 | 1462960 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| &nbsp;&nbsp; ABG Intermediate Holdings <br> 2 LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(A)</sup>, 02/13/2032<br>| $1000000 | $976750 |
| &nbsp;&nbsp; Hanesbrands, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(A)</sup>, 03/07/2032<br>| 1098432 | 1081955 |
| &nbsp;&nbsp; Varsity Brands, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.82% <sup>(A)</sup>, 08/26/2031<br>| 1250000 | 1226563 |
|  |  | 4748228 |
| **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 07/21/2028<br>| 354738 | 352743 |
| &nbsp;&nbsp; Term Loan B2, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 07/21/2028<br>| 997417 | 991806 |
| &nbsp;&nbsp; Term Loan C, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(A)</sup>, 07/21/2028<br>| 108483 | 107873 |
| &nbsp;&nbsp; SIRVA Worldwide, Inc. <br>Super Priority Delayed Draw Term Loan, <br>3-Month Term SOFR + 8.00%, <br>2.00% <sup>(A)</sup>, 02/20/2029<br>| 290607 | 281889 |
|  |  | 1734311 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $239,556,123)**<br>|  | 232692968 |
| **CORPORATE DEBT SECURITIES - 7.3%**  | **CORPORATE DEBT SECURITIES - 7.3%**  | **CORPORATE DEBT SECURITIES - 7.3%**  |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/2028 <sup>(H)</sup> <br>| 1500000 | 1465360 |
| **Chemicals - 0.4%**  | **Chemicals - 0.4%**  | **Chemicals - 0.4%**  |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.13%, 10/01/2027 <sup>(H)</sup> <br>| 1000000 | 1005769 |
| **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(H)</sup> <br>| 2250000 | 2298339 |
| **Communications Equipment - 0.6%**  | **Communications Equipment - 0.6%**  | **Communications Equipment - 0.6%**  |
| CommScope LLC |  |  |
| 9.50%, 12/15/2031 <sup>(H)</sup><sup>(I)</sup> <br>| 1000000 | 1022703 |
| Sable International Finance Ltd. |  |  |
| 7.13%, 10/15/2032 <sup>(H)</sup> <br>| 750000 | 736913 |
|  |  | 1759616 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/2032 <sup>(H)</sup> <br>| 313000 | 319542 |
| Graham Packaging Co., Inc. |  |  |
| 7.13%, 08/15/2028 <sup>(H)</sup> <br>| 1000000 | 977645 |
|  |  | 1297187 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Star Holding LLC |  |  |
| 8.75%, 08/01/2031 <sup>(H)</sup> <br>| $500000 | $450556 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| B&G Foods, Inc. |  |  |
| 8.00%, 09/15/2028 <sup>(H)</sup> <br>| 1000000 | 992048 |
| **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  |
| LifePoint Health, Inc. |  |  |
| 8.38%, 02/15/2032 <sup>(H)</sup> <br>| 500000 | 509932 |
| 11.00%, 10/15/2030 <sup>(H)</sup> <br>| 500000 | 547317 |
| Tenet Healthcare Corp. |  |  |
| 6.13%, 06/15/2030 | 3000000 | 3009894 |
|  |  | 4067143 |
| **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/2030 <sup>(H)</sup> <br>| 1000000 | 1022733 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 6.63%, 01/15/2032 <sup>(H)</sup> <br>| 1000000 | 979822 |
|  |  | 2002555 |
| **Insurance - 0.2%**  | **Insurance - 0.2%**  | **Insurance - 0.2%**  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 7.50%, 11/06/2030 <sup>(H)</sup> <br>| 500000 | 509239 |
| **Internet & Catalog Retail - 0.1%**  | **Internet & Catalog Retail - 0.1%**  | **Internet & Catalog Retail - 0.1%**  |
| ION Trading Technologies SARL |  |  |
| 9.50%, 05/30/2029 <sup>(H)</sup> <br>| 200000 | 192457 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| CSC Holdings LLC |  |  |
| 5.38%, 02/01/2028 <sup>(H)</sup> <br>| 750000 | 657650 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/2029 <sup>(H)</sup> <br>| 250000 | 184983 |
|  |  | 842633 |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(H)</sup> <br>| 1577000 | 1575586 |
| Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(H)</sup> <br>| 1214000 | 1178187 |
|  |  | 2753773 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $19,770,560)**<br>|  | 19636675 |
| **ASSET-BACKED SECURITIES - 2.4%**  | **ASSET-BACKED SECURITIES - 2.4%**  | **ASSET-BACKED SECURITIES - 2.4%**  |
| Anchorage Capital CLO 17 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-17A, Class A1R, <br>3-Month Term SOFR + 1.23%, <br>5.49% <sup>(A)</sup>, 02/15/2038 <sup>(H)</sup> <br>| 1500000 | 1486884 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.73% <sup>(A)</sup>, 10/20/2034 <sup>(H)</sup> <br>| 1500000 | 1494282 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class AR1, <br>3-Month Term SOFR + 1.25%, <br>5.51% <sup>(A)</sup>, 02/15/2038 <sup>(H)</sup> <br>| $1500000 | $1492535 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.48% <sup>(A)</sup>, 04/16/2031 <sup>(H)</sup> <br>| 603486 | 603179 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.61% <sup>(A)</sup>, 04/15/2034 <sup>(H)</sup> <br>| 1500000 | 1496836 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $6,580,097)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $6,580,097)** | 6573716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 0.6%**  | **EXCHANGE-TRADED FUNDS - 0.6%**  | **EXCHANGE-TRADED FUNDS - 0.6%**  |
| **U.S. Fixed Income Funds - 0.6%**  | **U.S. Fixed Income Funds - 0.6%**  | **U.S. Fixed Income Funds - 0.6%**  |
| Invesco Senior Loan ETF <sup>(I)</sup> <br>| 36000 | 745920 |
| SPDR Blackstone Senior Loan ETF <sup>(I)</sup> <br>| 19000 | 774820 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,540,190)**<br>|  | 1520740 |
| **COMMON STOCKS - 0.1%**  | **COMMON STOCKS - 0.1%**  | **COMMON STOCKS - 0.1%**  |
| **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** |
| &nbsp;&nbsp; API Heat Transfer Intermediate <br> Corp. <sup>(F)(J)(K)(L)</sup> <br>| 889572 | 1 |
| LG Parent Holding Co. <sup>(F)(J)</sup> <br>| 30405 | 38006 |
|  |  | 38007 |
| **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** |
| Phoenix Services International LLC <sup>(F)(J)(K)</sup> <br>| 14948 | 67266 |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| Avaya Holdings Corp. <sup>(F)</sup><sup>(J)</sup> <br>| 41536 | 228448 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $957,844)**<br>|  | 333721 |
| **PREFERRED STOCK - 0.0%**  | **PREFERRED STOCK - 0.0%**  | **PREFERRED STOCK - 0.0%**  |
| **Household Durables - 0.0%**  | **Household Durables - 0.0%**  | **Household Durables - 0.0%**  |
| API Heat Transfer Intermediate Corp., |  |  |
| 0.00% <sup>(F)</sup><sup>(J)</sup><sup>(K)</sup><sup>(L)</sup> <br>| 189500 | 0 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $189,501)**<br>|  | 0 |
| **OTHER INVESTMENT COMPANY - 1.0%**  | **OTHER INVESTMENT COMPANY - 1.0%**  | **OTHER INVESTMENT COMPANY - 1.0%**  |
| **Securities Lending Collateral - 1.0%**  | **Securities Lending Collateral - 1.0%**  | **Securities Lending Collateral - 1.0%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(M)</sup> <br>| 2638250 | 2638250 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,638,250)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,638,250)** | 2638250 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.9%**  | **REPURCHASE AGREEMENT - 4.9%**  | **REPURCHASE AGREEMENT - 4.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(M)</sup>, dated 04/30/2025, to be <br> repurchased at $13,254,546 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 10/31/2029, and <br> with a value of $13,519,083.<br>| $13253884 | $13253884 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,253,884)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,253,884)** | 13253884 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $284,486,449)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $284,486,449)** | 276649954 |
| **Net Other Assets (Liabilities) - (2.7)%** | **Net Other Assets (Liabilities) - (2.7)%** | (7311915) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$269338039** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(N)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(O)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Loan Assignments | $— | &nbsp;&nbsp; $232692968 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232692968 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 19636675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19636675 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 6573716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6573716 |
| Exchange-Traded Funds | 1520740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1520740 |
| Common Stocks |  | &nbsp;&nbsp; 266454 | &nbsp;&nbsp; 67267 | &nbsp;&nbsp; 333721 |
| Preferred Stock |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Other Investment Company | 2638250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2638250 |
| Repurchase Agreement |  | &nbsp;&nbsp; 13253884 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13253884 |
| **Total Investments** | **$4158990** | &nbsp;&nbsp; **$272423697** | &nbsp;&nbsp; **$67267** | &nbsp;&nbsp; **$276649954** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(B)</sup> *All or a portion of the security represents an unsettled loan commitment at April 30, 2025 where the rate will be determined at time of settlement.*

<sup>(C)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(D)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Loan Assignments | Anchor Glass Container Corp. <br>Term Loan, 3-Month Term <br> SOFR + 5.00%, 7.33%, <br> 12/07/2025<br>| 08/11/2023 - 02/13/2025 | &nbsp;&nbsp; $635819 | &nbsp;&nbsp; $439515 | 0.2<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(F)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $1,508,720,* *representing 0.6% of the Fund's net assets.* 

<sup>(G)</sup> *Fixed rate loan commitment at April 30, 2025.*

<sup>(H)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $23,200,497, representing 8.6% of the* *Fund's net assets.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(I)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,578,540, collateralized by cash collateral of $2,638,250. 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.* 

<sup>(J)</sup> *Non-income producing security.*

<sup>(K)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $67,267, representing 0.0% of the Fund's net assets.*

<sup>(L)</sup> *Security deemed worthless.*

<sup>(M)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(N)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(O)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *TBD* | *To Be Determined* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Floating Rate**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $271,232,565) (including securities loaned of $2,578,540) | $263396070 |
| Repurchase agreement, at value (cost $13,253,884) | 13253884 |
| Cash | 604102 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA commitments sold | 3200094 |
| Net income from securities lending | 1625 |
| Shares of beneficial interest sold  | 1662027 |
| Interest | 1337579 |
| Prepaid expenses | 988 |
| Other assets | 17146 |
| Total assets | 283473515 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 2638250 |
| Payables and other liabilities: |  |
| Investments purchased | 3553 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 10835356 |
| Dividends and/or distributions | 3338 |
| Shares of beneficial interest redeemed | 409789 |
| Investment management fees | 96331 |
| Distribution and service fees | 16568 |
| Transfer agent fees | 10358 |
| Trustee and CCO fees | 808 |
| Audit and tax fees  | 22608 |
| Custody fees | 61689 |
| Legal fees | 3628 |
| Printing and shareholder reports fees | 2848 |
| Registration fees | 9671 |
| Other accrued expenses | 4624 |
| Unrealized depreciation on unfunded commitments | 16057 |
| Total liabilities | 14135476 |
| **Net assets**  | $269338039 |
| **Net assets consist of:** |  |
| Paid-in capital | $329587854 |
| Total distributable earnings (accumulated losses) | (60249815)<br>|
| **Net assets** | $269338039 |
| **Net assets by class:** |  |
| Class A | $15081626 |
| Class C | 16401448 |
| Class I | 78244817 |
| Class I2 | 159610148 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1702159 |
| Class C | 1850157 |
| Class I | 8877206 |
| Class I2 | 18023512 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.86 |
| Class C | 8.86 |
| Class I | 8.81 |
| Class I2 | 8.86 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Floating Rate**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $107136 |
| Interest income | 10611674 |
| Net income from securities lending | 3626 |
| Total investment income  | 10722436 |
| **Expenses:** |  |
| Investment management fees | 629698 |
| Distribution and service fees: |  |
| Class A | 18125 |
| Class C | 85035 |
| Transfer agent fees: |  |
| Class A | 11739 |
| Class C | 6291 |
| Class I | 38621 |
| Class I2 | 5759 |
| Trustee and CCO fees | 5187 |
| Audit and tax fees | 23429 |
| Custody fees | 74677 |
| Legal fees | 8562 |
| Printing and shareholder reports fees | 6981 |
| Registration fees | 31953 |
| Other | 10235 |
| Total expenses before waiver and/or reimbursement and recapture | 956292 |
| Expenses waived and/or reimbursed: |  |
| Class A | (3751)<br>|
| Class I | (35240)<br>|
| Net expenses | 917301 |
| **Net investment income (loss)** | 9805135 |
| **Net realized gain (loss) on:** |  |
| Investments | (87775)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (5265214)<br>|
| Unfunded commitments | (16095)<br>|
| Net change in unrealized appreciation (depreciation) | (5281309)<br>|
| Net realized and change in unrealized gain (loss) | (5369084)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $4436051 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Floating Rate**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $9805135 | &nbsp;&nbsp;&nbsp;&nbsp; $21254396 |
| Net realized gain (loss) | (87775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2608253)<br>|
| Net change in unrealized appreciation (depreciation) | (5281309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4683180 |
| Net increase (decrease) in net assets resulting from operations | 4436051 | &nbsp;&nbsp;&nbsp;&nbsp; 23329323 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (540416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1092831)<br>|
| Class C | (572749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1232293)<br>|
| Class I | (2888409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7361595)<br>|
| Class I2 | (5997302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11742085)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (9998876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21428804)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 4938843 | &nbsp;&nbsp;&nbsp;&nbsp; 2284201 |
| Class C | 2274743 | &nbsp;&nbsp;&nbsp;&nbsp; 4632980 |
| Class I | 32674259 | &nbsp;&nbsp;&nbsp;&nbsp; 55658264 |
| Class I2 | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 91900000 |
|  | 52387845 | &nbsp;&nbsp;&nbsp;&nbsp; 154475445 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 535950 | &nbsp;&nbsp;&nbsp;&nbsp; 1082412 |
| Class C | 571026 | &nbsp;&nbsp;&nbsp;&nbsp; 1226797 |
| Class I | 2872895 | &nbsp;&nbsp;&nbsp;&nbsp; 7340384 |
| Class I2 | 5997302 | &nbsp;&nbsp;&nbsp;&nbsp; 11742085 |
|  | 9977173 | &nbsp;&nbsp;&nbsp;&nbsp; 21391678 |
| Cost of shares redeemed: |  |  |
| Class A | (4029553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3590447)<br>|
| Class C | (2400667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4084437)<br>|
| Class I | (27821370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78955449)<br>|
| Class I2 | (2195832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13600000)<br>|
|  | (36447422)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100230333)<br>|
| Automatic conversions: |  |  |
| Class A | 467357 | &nbsp;&nbsp;&nbsp;&nbsp; 806292 |
| Class C | (467357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (806292)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 25917596 | &nbsp;&nbsp;&nbsp;&nbsp; 75636790 |
| **Net increase (decrease) in net assets** | 20354771 | &nbsp;&nbsp;&nbsp;&nbsp; 77537309 |
| **Net assets:** |  |  |
| Beginning of period/year | 248983268 | &nbsp;&nbsp;&nbsp;&nbsp; 171445959 |
| End of period/year | $269338039 | &nbsp;&nbsp;&nbsp;&nbsp; $248983268 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Floating Rate**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 546118 | &nbsp;&nbsp;&nbsp;&nbsp; 252563 |
| Class C | 251596 | &nbsp;&nbsp;&nbsp;&nbsp; 511723 |
| Class I | 3674485 | &nbsp;&nbsp;&nbsp;&nbsp; 6181820 |
| Class I2 | 1381033 | &nbsp;&nbsp;&nbsp;&nbsp; 10210853 |
|  | 5853232 | &nbsp;&nbsp;&nbsp;&nbsp; 17156959 |
| Shares reinvested: |  |  |
| Class A | 59535 | &nbsp;&nbsp;&nbsp;&nbsp; 119729 |
| Class C | 63370 | &nbsp;&nbsp;&nbsp;&nbsp; 135604 |
| Class I | 320653 | &nbsp;&nbsp;&nbsp;&nbsp; 816032 |
| Class I2 | 666409 | &nbsp;&nbsp;&nbsp;&nbsp; 1298925 |
|  | 1109967 | &nbsp;&nbsp;&nbsp;&nbsp; 2370290 |
| Shares redeemed: |  |  |
| Class A | (446676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397362)<br>|
| Class C | (267414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (451521)<br>|
| Class I | (3124172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8782282)<br>|
| Class I2 | (251239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1513362)<br>|
|  | (4089501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11144527)<br>|
| Automatic conversions: |  |  |
| Class A | 51873 | &nbsp;&nbsp;&nbsp;&nbsp; 89152 |
| Class C | (51847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89071)<br>|
|  | 26 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 210850 | &nbsp;&nbsp;&nbsp;&nbsp; 64082 |
| Class C | (4295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106735 |
| Class I | 870966 | &nbsp;&nbsp;&nbsp;&nbsp; (1784430)<br>|
| Class I2 | 1796203 | &nbsp;&nbsp;&nbsp;&nbsp; 9996416 |
|  | 2873724 | &nbsp;&nbsp;&nbsp;&nbsp; 8382803 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Floating Rate**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 | $9.61 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.33 | 0.73 | 0.70 | 0.34 | 0.27 | 0.40 |
| Net realized and unrealized gain (loss) | (0.18)<br>| 0.10 | 0.04 | (0.58)<br>| 0.27 | (0.37)<br>|
| Total investment operations | 0.15 | 0.83 | 0.74 | (0.24)<br>| 0.54 | 0.03 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>| (0.37)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders | (0.33)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>| (0.37)<br>|
| **Net asset value, end of period/year** | $8.86 | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Total return** <sup>(C)</sup> <br>| 1.69 %<sup>(D)</sup><br>| 9.55<br> %<br>| 8.51<br> %<br>| (2.61)%<br>| 5.85<br> %<br>| 0.47<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $15082 | $13486 | $12779 | $15531 | $13805 | $13779 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.02 %<sup>(F)</sup><br>| 0.99<br> %<br>| 1.05<br> %<br>| 1.09<br> %<br>| 1.15<br> %<br>| 1.21<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.97 %<sup>(F)</sup><br>| 0.97<br> %<br>| 1.00<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 7.31 %<sup>(F)</sup><br>| 8.09<br> %<br>| 7.78<br> %<br>| 3.71<br> %<br>| 2.90<br> %<br>| 4.31<br> %<br>|
| Portfolio turnover rate | 21 %<sup>(D)</sup><br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.05 | $8.96 | $8.92 | $9.51 | $9.28 | $9.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.67 | 0.64 | 0.27 | 0.20 | 0.33 |
| Net realized and unrealized gain (loss) | (0.18)<br>| 0.09 | 0.03 | (0.58)<br>| 0.27 | (0.36)<br>|
| Total investment operations | 0.11 | 0.76 | 0.67 | (0.31)<br>| 0.47 | (0.03)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>| (0.31)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders | (0.30)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>| (0.31)<br>|
| **Net asset value, end of period/year** | $8.86 | $9.05 | $8.96 | $8.92 | $9.51 | $9.28 |
| **Total return** <sup>(D)</sup> <br>| 1.22 %<sup>(E)</sup><br>| 8.78<br> %<br>| 7.71<br> %<br>| (3.33 )%<sup>(C)</sup><br>| 5.06<br> %<br>| (0.28)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $16401 | $16780 | $15661 | $15790 | $14222 | $12659 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.68 %<sup>(G)</sup><br>| 1.69<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>| 1.88<br> %<br>| 1.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.68 %<sup>(G)</sup><br>| 1.69<br> %<br>| 1.73<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>|
| Net investment income (loss) to average net assets | 6.58 %<sup>(G)</sup><br>| 7.37<br> %<br>| 7.08<br> %<br>| 2.96<br> %<br>| 2.15<br> %<br>| 3.58<br> %<br>|
| Portfolio turnover rate | 21 %<sup>(E)</sup><br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Floating Rate**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.00 | $8.91 | $8.87 | $9.45 | $9.23 | $9.58 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.34 | 0.76 | 0.72 | 0.36 | 0.29 | 0.42 |
| Net realized and unrealized gain (loss) | (0.18)<br>| 0.10 | 0.04 | (0.57)<br>| 0.26 | (0.37)<br>|
| Total investment operations | 0.16 | 0.86 | 0.76 | (0.21)<br>| 0.55 | 0.05 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>| (0.40)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>| (0.40)<br>|
| **Net asset value, end of period/year** | $8.81 | $9.00 | $8.91 | $8.87 | $9.45 | $9.23 |
| **Total return** | 1.74 %<sup>(D)</sup><br>| 9.95<br> %<br>| 8.85<br> %<br>| (2.29 )%<sup>(C)</sup><br>| 6.02<br> %<br>| 0.60<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $78245 | $72033 | $87230 | $107287 | $112017 | $57185 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71 %<sup>(F)</sup><br>| 0.71<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.95<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62 %<sup>(F)(G)</sup><br>| 0.62 %<sup>(G)</sup><br>| 0.67 %<sup>(G)</sup><br>| 0.80<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 7.63 %<sup>(F)</sup><br>| 8.41<br> %<br>| 8.07<br> %<br>| 3.87<br> %<br>| 3.08<br> %<br>| 4.58<br> %<br>|
| Portfolio turnover rate | 21 %<sup>(D)</sup><br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 | $9.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.34 | 0.76 | 0.73 | 0.34 | 0.28 | 0.44 |
| Net realized and unrealized gain (loss) | (0.17)<br>| 0.10 | 0.03 | (0.56)<br>| 0.28 | (0.40)<br>|
| Total investment operations | 0.17 | 0.86 | 0.76 | (0.22)<br>| 0.56 | 0.04 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>| (0.39)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>| (0.39)<br>|
| **Net asset value, end of period/year** | $8.86 | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Total return** | 1.87 %<sup>(C)</sup><br>| 9.96<br> %<br>| 8.86<br> %<br>| (2.32)%<br>| 6.13<br> %<br>| 0.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $159610 | $146684 | $55776 | $51209 | $146186 | $10 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(E)</sup><br>| 0.62<br> %<br>| 0.68<br> %<br>| 0.74<br> %<br>| 0.80<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62 %<sup>(E)</sup><br>| 0.62<br> %<br>| 0.67<br> %<br>| 0.74 %<sup>(F)</sup><br>| 0.80 %<sup>(F)</sup><br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 7.66 %<sup>(E)</sup><br>| 8.46<br> %<br>| 8.17<br> %<br>| 3.72<br> %<br>| 2.94<br> %<br>| 4.36<br> %<br>|
| Portfolio turnover rate | 21 %<sup>(C)</sup><br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Floating Rate (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*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.

*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.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. In connection with these commitments a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is recognized ratably over the commitment period and reflected in Interest income within the Statement of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statement of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Commitment**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Air Comm Corp. LLC, Delayed Draw Term Loan | $75961 | &nbsp;&nbsp; $(779)<br>|
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan | 14050 | &nbsp;&nbsp; (117)<br>|
| GrafTech Finance, Inc., Delayed Draw Term Loan | 716364 | &nbsp;&nbsp; (10909)<br>|
| Grant Thornton Advisors LLC, Delayed Draw Term Loan | 53872 | &nbsp;&nbsp; (476)<br>|
| Groundworks LLC, Delayed Draw Term Loan | 125855 | &nbsp;&nbsp; (1249)<br>|
| Janney Montgomery Scott LLC, Delayed Draw Term Loan | 64221 | &nbsp;&nbsp; (64)<br>|
| SIRVA Worldwide, Inc., Delayed Draw Term Loan | 163889 | &nbsp;&nbsp; (2228)<br>|
| USALCO LLC, Delayed Draw Term Loan | 55624 | &nbsp;&nbsp; (235)<br>|
| **Total** | **$1269836** | &nbsp;&nbsp; **$(16057)**<br>|

---

Open funded loan participations and assignments at April 30, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $2599595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2599595 |
| Exchange-Traded Funds | 38655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38655 |
| Total Securities Lending Transactions | $2638250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2638250 |
| **Total Borrowings** | **$2638250** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2638250** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Floating rate loans risk:** Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the Fund not receiving proceeds from the sale of a loan for an extended period. As a result, the Fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the Fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**SOFR risk:** Public and private sector actors have worked to establish alternative reference rates, like the Secured Overnight Financing Rate ("SOFR"), to be used in place of the London Interbank Offered Rate ("LIBOR"), the publication of which has ceased. Certain floating or variable rate obligations or investments of the Fund may reference SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities or tenors. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. SOFR has a limited history. There is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR,and SOFR-based reference rates, is not known based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Fund may incur costs to protect its investment, and the Fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $159690523 | 59.29<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $100 million | 0.490<br> % <br>|
| Over $100 million up to $200 million | 0.485 |
| Over $200 million up to $1 billion | 0.480 |
| Over $1 billion up to $1.5 billion | 0.470 |
| Over $1.5 billion up to $2 billion | 0.460 |
| Over $2 billion | 0.450 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.97<br> % <br>| March 1, 2026 |
| Class C | 1.72 | March 1, 2026 |
| Class I | 0.72 | March 1, 2026 |
| Class I2 | 0.65 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $7006 | $8273 | $3601 | $3751 | $22631 |
| Class C | 6830 | 6808 | 120 |  | 13758 |
| Class I | 46026 | 55254 | 952 |  | 102232 |
| Class I2 |  | 3628 | 342 |  | 3970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $5951 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 507 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $61583 | &nbsp;&nbsp; $10018 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Floating Rate**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $75061397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53832107 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $284486449 | &nbsp;&nbsp; $713606 | &nbsp;&nbsp; $(8550101)<br>| &nbsp;&nbsp; $(7836495)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Floating Rate** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Floating Rate** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Floating Rate** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Floating Rate** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

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![](g947814imgd653f9493.gif)

![](g947814img6e4b18694.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA FR 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img51d2a6475.gif)

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![](g947814img1a47f57f1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Government Money Market**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img56b2e31e2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_SOI-RunningFooter-153_1) | 2 |
| [Statement of Assets and Liabilities](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_FS-RunningFooter-153_1) | 5 |
| [Statement of Operations](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_FS-RunningFooter-153_2) | 6 |
| [Statement of Changes in Net Assets](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_FS-RunningFooter-153_3) | 7 |
| [Financial Highlights](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_FIHI-RunningFooter-153_1) | 9 |
| [Notes to Financial Statements](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_NTF-RunningFooter-153_1) | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_DWA-RunningFooter-153_1)**<br> **[Companies](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_DWA-RunningFooter-153_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_PD-RunningFooter-153_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_REMU-RunningFooter-153_1)**<br> **[Companies](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_REMU-RunningFooter-153_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_c73098ce-dc1b-467c-8282-48d7833d97cc_AIAC-RunningFooter-153_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 10.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 10.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 10.7%**  |
| **U.S. Treasury - 10.7%**  | **U.S. Treasury - 10.7%**  | **U.S. Treasury - 10.7%**  |
| U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.10%, 4.37% <sup>(A)</sup>, 01/31/2027<br>| $6415000 | $6414897 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.13%, 4.40% <sup>(A)</sup>, 07/31/2025 - <br> 10/31/2025<br>| 7181000 | 7180519 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.15%, 4.42% <sup>(A)</sup>, 04/30/2026<br>| 2900000 | 2900171 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.18%, 4.45% <sup>(A)</sup>, 07/31/2026<br>| 3630000 | 3627606 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.25%, 4.52% <sup>(A)</sup>, 01/31/2026<br>| 2440000 | 2440000 |
| U.S. Treasury Notes |  |  |
| 0.38%, 11/30/2025 - 01/31/2026 | 575000 | 560853 |
| 0.50%, 02/28/2026 | 200000 | 194181 |
| 0.75%, 03/31/2026 | 4800000 | 4659691 |
| 4.25%, 12/31/2025 | 345000 | 345047 |
| 4.63%, 02/28/2026 | 200000 | 200812 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $28,523,777)**<br>|  | 28523777 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 3-Month SOFR + 0.05%, |  |  |
| 4.41% <sup>(A)</sup>, 06/20/2025 | 166000 | 166000 |
| 3-Month SOFR + 0.07%, |  |  |
| 4.43% <sup>(A)</sup>, 11/17/2025 - 03/26/2027 | 820000 | 820000 |
| 3-Month SOFR + 0.10%, |  |  |
| 4.46% <sup>(A)</sup>, 06/24/2026 - 06/26/2026 | 935000 | 935000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.50% <sup>(A)</sup>, 05/27/2025 - 12/23/2026 | 6345000 | 6344743 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.27%,<br>|  |  |
| 4.51% <sup>(A)</sup>, 10/16/2026 | 1800000 | 1800000 |
| Federal Home Loan Banks |  |  |
| 4.25%, 05/22/2026 | 1700000 | 1699399 |
| 4.34%, 04/17/2026 | 2410000 | 2410000 |
| 4.38%, 03/23/2026 | 1000000 | 1000000 |
| 3-Month SOFR + 0.07%, |  |  |
| 4.43% <sup>(A)</sup>, 03/25/2027 | 485000 | 485000 |
| 3-Month SOFR + 0.16%, |  |  |
| 4.52% <sup>(A)</sup>, 07/21/2025 | 1290000 | 1290000 |
| Federal Home Loan Mortgage Corp. |  |  |
| 0.38%, 09/23/2025 | 800000 | 787990 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.50% <sup>(A)</sup>, 09/23/2026 - 10/16/2026 | 1900000 | 1900000 |
| Federal National Mortgage Association |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 4.48% <sup>(A)</sup>, 07/29/2026 | 1030000 | 1030000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.50% <sup>(A)</sup>, 08/21/2026 - 11/20/2026 | 3835000 | 3835000 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $24,503,132)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $24,503,132)** | 24503132 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  |
| &nbsp;&nbsp; Federal Farm Credit Banks Funding Corp. <br>3-Month SOFR + 0.02%, <br>4.38% <sup>(A)</sup>, 05/12/2025<br>| $325000 | $325000 |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 4.30% <sup>(B)</sup>, 05/21/2025 - 07/11/2025 | 3640000 | 3610969 |
| 4.31% <sup>(B)</sup>, 06/25/2025 | 1090000 | 1082989 |
| 4.32% <sup>(B)</sup>, 08/29/2025 | 2745000 | 2706854 |
| 4.33% <sup>(B)</sup>, 05/28/2025 | 2445000 | 2437229 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp; 3-Month SOFR + 0.01%, 1.00% <sup>(A)</sup>, <br> 09/02/2025<br>| 600000 | 600000 |
| 4.36% <sup>(B)</sup>, 05/20/2025 - 05/22/2025 | 1755000 | 1755000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.01%, 4.37% <sup>(A)</sup>, <br> 06/23/2025 - 08/26/2025<br>| 9405000 | 9405000 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $21,923,041)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $21,923,041)** | 21923041 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 20.0%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 20.0%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 20.0%**  |
| U.S. Treasury Bills |  |  |
| 4.18% <sup>(B)</sup>, 03/19/2026 | 3900000 | 3761897 |
| 4.19% <sup>(B)</sup>, 05/22/2025 - 06/12/2025 | 5015000 | 4994518 |
| 4.20% <sup>(B)</sup>, 10/30/2025 | 500000 | 489725 |
| 4.23% <sup>(B)</sup>, 09/04/2025 - 09/25/2025 | 1579000 | 1554557 |
| 4.24% <sup>(B)</sup>, 09/18/2025 | 830000 | 816782 |
| 4.27% <sup>(B)</sup>, 06/05/2025 - 10/02/2025 | 2085000 | 2069123 |
| 4.28% <sup>(B)</sup>, 09/04/2025 - 10/02/2025 | 1195000 | 1176287 |
| 4.29% <sup>(B)</sup>, 07/01/2025 - 10/02/2025 | 5360100 | 5320750 |
| 4.30% <sup>(B)</sup>, 08/05/2025 | 200000 | 197771 |
| 4.31% <sup>(B)</sup>, 05/13/2025 - 09/02/2025 | 5459400 | 5392043 |
| 4.32% <sup>(B)</sup>, 08/05/2025 - 08/28/2025 | 10000000 | 9885483 |
| 4.33% <sup>(B)</sup>, 05/08/2025 - 08/26/2025 | 2804000 | 2772964 |
| 4.36% <sup>(B)</sup>, 08/12/2025 | 100000 | 98787 |
| 4.37% <sup>(B)</sup>, 08/12/2025 | 4170000 | 4119310 |
| 4.44% <sup>(B)</sup>, 11/28/2025 | 700000 | 682809 |
| 4.50% <sup>(B)</sup>, 05/29/2025 | 6800000 | 6777046 |
| 4.85% <sup>(B)</sup>, 07/10/2025 | 3250000 | 3219825 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $53,329,677)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $53,329,677)** | 53329677 |
| **REPURCHASE AGREEMENTS - 54.1%**  | **REPURCHASE AGREEMENTS - 54.1%**  | **REPURCHASE AGREEMENTS - 54.1%**  |
| &nbsp;&nbsp; Barclays Capital, Inc., <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $25,003,035 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 1.13%, <br> due 05/15/2028 - 01/15/2033, and with a <br> total value of $25,500,026.<br>| 25000000 | 25000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $10,001,214 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 4.45%, <br> due 10/31/2026 - 11/15/2052, and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.38% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $15,001,825 on 05/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 3.00% - 6.66%, <br> due 06/01/2029 - 03/20/2055, and with a <br> total value of $15,341,710.<br>| $15000000 | $15000000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $20,002,428 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 09/30/2027, and <br> with a value of $20,400,060.<br>| 20000000 | 20000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $373,679 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.50%, due 07/15/2026, and <br> with a value of $381,161.<br>| 373661 | 373661 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $5,000,607 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 02/15/2040, and <br> with a value of $5,100,000.<br>| 5000000 | 5000000 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.38% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $10,001,217 on 05/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.80% - 6.50%, <br> due 12/20/2034 - 04/15/2062, and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $22,002,671 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.38% - 4.25%, <br> due 07/15/2025 - 02/28/2031, and with a <br> total value of $22,440,007.<br>| 22000000 | 22000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.38% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $5,000,608 on 05/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.50% - 6.50%, <br> due 07/20/2031 - 02/20/2065, and with a <br> total value of $5,100,000.<br>| 5000000 | 5000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.37% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $5,000,607 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 3.63% - 6.13%, <br> due 11/15/2027 - 03/31/2032, and with a <br> total value of $5,100,093.<br>| $5000000 | $5000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.38% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $15,001,825 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Agency Obligation, 5.50%, due 01/20/2055, <br> and with a value of $15,300,000.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.38% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $2,000,243 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 5.00%, due 10/31/2025, and <br> with a value of $2,040,004.<br>| 2000000 | 2000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.39% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $10,001,219 on 05/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 4.00% - 5.50%, <br> due 03/01/2055 - 07/01/2056, and with a <br> total value of $10,300,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $144,373,661)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $144,373,661)** | 144373661 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $272,653,288)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $272,653,288)** | 272653288 |
| **Net Other Assets (Liabilities) - (2.2)%** | **Net Other Assets (Liabilities) - (2.2)%** | (5781351) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$266871937** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $28523777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28523777 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 24503132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24503132 |
| Short-Term U.S. Government Agency Obligations |  | &nbsp;&nbsp; 21923041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21923041 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 53329677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53329677 |
| Repurchase Agreements |  | &nbsp;&nbsp; 144373661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144373661 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$272653288** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$272653288** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Government Money Market**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $128,279,627) | $128279627 |
| Repurchase agreement, at value (cost $144,373,661) | 144373661 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 114039 |
| Interest | 198998 |
| Due from transfer agent | 814 |
| Prepaid expenses | 571 |
| Total assets | 272967710 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 5626013 |
| Shares of beneficial interest redeemed | 104985 |
| Money market waiver due to investment manager | 35 |
| Investment management fees | 33916 |
| Distribution and service fees | 196380 |
| Transfer agent fees | 21629 |
| Trustee and CCO fees | 1634 |
| Audit and tax fees  | 10654 |
| Custody fees | 67566 |
| Legal fees | 10711 |
| Printing and shareholder reports fees | 3871 |
| Other accrued expenses | 18379 |
| Total liabilities | 6095773 |
| **Net assets**  | $266871937 |
| **Net assets consist of:** |  |
| Paid-in capital | $266868992 |
| Total distributable earnings (accumulated losses) | 2945 |
| **Net assets** | $266871937 |
| **Net assets by class:** |  |
| Class A | $73026205 |
| Class C | 5390667 |
| Class I | 24097811 |
| Class I2 | 3024221 |
| Class I3 | 60452390 |
| Class R2 | 47414630 |
| Class R4 | 53466013 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 73033090 |
| Class C | 5387312 |
| Class I | 24099889 |
| Class I2 | 3023766 |
| Class I3 | 60465212 |
| Class R2 | 47408691 |
| Class R4 | 53467510 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $1.00 |
| Class C | 1.00 |
| Class I | 1.00 |
| Class I2 | 1.00 |
| Class I3 | 1.00 |
| Class R2 | 1.00 |
| Class R4 | 1.00 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $1.00 |
| Class R2 | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R2 and R4 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A and R2 includes an initial sales charge (represented as a percentage of offering price) which is reduced* *on certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Government Money Market**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $6446337 |
| Total investment income  | 6446337 |
| **Expenses:** |  |
| Investment management fees | 339438 |
| Distribution and service fees: |  |
| Class A | 127161 |
| Class C | 27893 |
| Class R2 | 77841 |
| Class R4 | 59088 |
| Transfer agent fees: |  |
| Class A | 75024 |
| Class C | 2878 |
| Class I | 9386 |
| Class I2 | 91 |
| Class I3 | 1708 |
| Class R2 | 30524 |
| Class R4 | 1772 |
| Trustee and CCO fees | 6741 |
| Audit and tax fees | 12094 |
| Custody fees | 49068 |
| Legal fees | 14424 |
| Printing and shareholder reports fees | 7544 |
| Registration fees | 51571 |
| Other | 36482 |
| Total expenses before waiver and/or reimbursement and recapture | 930728 |
| Expenses waived and/or reimbursed: |  |
| Class A | (13432)<br>|
| Class I | (8395)<br>|
| Class R2 | (2547)<br>|
| Class R4 | (29509)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 819 |
| Class R4 | 1853 |
| Net expenses | 879517 |
| **Net investment income (loss)** | 5566820 |
| **Net realized gain (loss) on:** |  |
| Investments | 2363 |
| Net realized and change in unrealized gain (loss) | 2363 |
| **Net increase (decrease) in net assets resulting from operations** | $5569183 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Government Money Market**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $5566820 | &nbsp;&nbsp;&nbsp;&nbsp; $20360369 |
| Net realized gain (loss) | 2363 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Net increase (decrease) in net assets resulting from operations | 5569183 | &nbsp;&nbsp;&nbsp;&nbsp; 20360411 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (1941476)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9079013)<br>|
| Class C | (86639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (243767)<br>|
| Class I | (378244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1116383)<br>|
| Class I2 | (50766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140117)<br>|
| Class I3 | (953319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2641730)<br>|
| Class R2 | (1198742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4840903)<br>|
| Class R4 | (957631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2296993)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5566817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20358906)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 21173994 | &nbsp;&nbsp;&nbsp;&nbsp; 38932388 |
| Class C | 878348 | &nbsp;&nbsp;&nbsp;&nbsp; 1893111 |
| Class I | 9292603 | &nbsp;&nbsp;&nbsp;&nbsp; 16929927 |
| Class I2 | 1048949 | &nbsp;&nbsp;&nbsp;&nbsp; 2370560 |
| Class I3 | 171793778 | &nbsp;&nbsp;&nbsp;&nbsp; 262292579 |
| Class R2 | 12353956 | &nbsp;&nbsp;&nbsp;&nbsp; 18455119 |
| Class R4 | 31114620 | &nbsp;&nbsp;&nbsp;&nbsp; 46627150 |
|  | 247656248 | &nbsp;&nbsp;&nbsp;&nbsp; 387500834 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1930037 | &nbsp;&nbsp;&nbsp;&nbsp; 9053845 |
| Class C | 85520 | &nbsp;&nbsp;&nbsp;&nbsp; 240016 |
| Class I | 377330 | &nbsp;&nbsp;&nbsp;&nbsp; 1116487 |
| Class I2 | 50766 | &nbsp;&nbsp;&nbsp;&nbsp; 140102 |
| Class I3 | 957680 | &nbsp;&nbsp;&nbsp;&nbsp; 2641696 |
| Class R2 | 1185373 | &nbsp;&nbsp;&nbsp;&nbsp; 4840903 |
| Class R4 | 957631 | &nbsp;&nbsp;&nbsp;&nbsp; 2296993 |
|  | 5544337 | &nbsp;&nbsp;&nbsp;&nbsp; 20330042 |
| Cost of shares redeemed: |  |  |
| Class A | (130330277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92010076)<br>|
| Class C | (1039775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584261)<br>|
| Class I | (4066141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29925622)<br>|
| Class I2 | (441590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3009955)<br>|
| Class I3 | (176376772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (270484976)<br>|
| Class R2 | (70213624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29050074)<br>|
| Class R4 | (31544633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41590498)<br>|
|  | (414012812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468655462)<br>|
| Automatic conversions: |  |  |
| Class A | 334461 | &nbsp;&nbsp;&nbsp;&nbsp; 593908 |
| Class C | (334461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593908)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (160812227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60824586)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1388 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 114 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| **Net increase (decrease) in net assets** | (160809861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60821579)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 427681798 | &nbsp;&nbsp;&nbsp;&nbsp; 488503377 |
| End of period/year | $266871937 | &nbsp;&nbsp;&nbsp;&nbsp; $427681798 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Government Money Market**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 21173994 | &nbsp;&nbsp;&nbsp;&nbsp; 38932388 |
| Class C | 878348 | &nbsp;&nbsp;&nbsp;&nbsp; 1893111 |
| Class I | 9292603 | &nbsp;&nbsp;&nbsp;&nbsp; 16929927 |
| Class I2 | 1048949 | &nbsp;&nbsp;&nbsp;&nbsp; 2370560 |
| Class I3 | 171793778 | &nbsp;&nbsp;&nbsp;&nbsp; 262292579 |
| Class R2 | 12353956 | &nbsp;&nbsp;&nbsp;&nbsp; 18455119 |
| Class R4 | 31114620 | &nbsp;&nbsp;&nbsp;&nbsp; 46627150 |
|  | 247656248 | &nbsp;&nbsp;&nbsp;&nbsp; 387500834 |
| Shares reinvested: |  |  |
| Class A | 1930037 | &nbsp;&nbsp;&nbsp;&nbsp; 9053845 |
| Class C | 85520 | &nbsp;&nbsp;&nbsp;&nbsp; 240016 |
| Class I | 377330 | &nbsp;&nbsp;&nbsp;&nbsp; 1116487 |
| Class I2 | 50766 | &nbsp;&nbsp;&nbsp;&nbsp; 140102 |
| Class I3 | 957680 | &nbsp;&nbsp;&nbsp;&nbsp; 2641696 |
| Class R2 | 1185373 | &nbsp;&nbsp;&nbsp;&nbsp; 4840903 |
| Class R4 | 957631 | &nbsp;&nbsp;&nbsp;&nbsp; 2296993 |
|  | 5544337 | &nbsp;&nbsp;&nbsp;&nbsp; 20330042 |
| Shares redeemed: |  |  |
| Class A | (130330277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92010076)<br>|
| Class C | (1039775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584261)<br>|
| Class I | (4066141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29925622)<br>|
| Class I2 | (441590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3009955)<br>|
| Class I3 | (176376772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (270484976)<br>|
| Class R2 | (70213624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29050074)<br>|
| Class R4 | (31544633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41590498)<br>|
|  | (414012812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468655462)<br>|
| Automatic conversions: |  |  |
| Class A | 334461 | &nbsp;&nbsp;&nbsp;&nbsp; 593908 |
| Class C | (334461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593908)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (106891785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43429935)<br>|
| Class C | (410368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1045042)<br>|
| Class I | 5603792 | &nbsp;&nbsp;&nbsp;&nbsp; (11879208)<br>|
| Class I2 | 658125 | &nbsp;&nbsp;&nbsp;&nbsp; (499293)<br>|
| Class I3 | (3625314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5550701)<br>|
| Class R2 | (56674295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5754052)<br>|
| Class R4 | 527618 | &nbsp;&nbsp;&nbsp;&nbsp; 7333645 |
|  | (160812227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60824586)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Government Money Market**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 <br><sup>(A)</sup><br>|
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(C)</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(C)</sup><br>| (0.00 )<sup>(C)</sup><br>| (0.00 )<sup>(C)</sup><br>| (0.00 )<sup>(C)</sup><br>| 0.00 <br><sup>(C)</sup><br>| 0.00 |
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(C)</sup><br>| 0.01 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  |  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(C)</sup><br>| (0.01 )<sup>(A)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(C)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(C)</sup><br>| (0.01)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(F)</sup> <br>| 1.90 %<sup>(G)</sup><br>| 4.78 %<sup>(D)</sup><br>| 4.30<br> %<br>| 0.75<br> %<br>| 0.28 %<sup>(E)</sup><br>| 0.53 %<sup>(A)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $73026 | $179918 | $223345 | $241113 | $258675 | $274311 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.76 %<sup>(H)</sup><br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.67<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.74 %<sup>(H)(I)(J)</sup><br>| 0.65<br> %<br>| 0.53<br> %<br>| 0.26<br> %<br>| 0.01 %<sup>(J)</sup><br>| 0.40 %<sup>(J)</sup><br>|
| Net investment income (loss) to average net assets | 3.82 %<sup>(H)</sup><br>| 4.68<br> %<br>| 4.20<br> %<br>| 0.73<br> %<br>| 0.10<br> %<br>| 0.48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain* *Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund* *and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to Financial Statements for more information regarding* *Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.00 lower and 0.09% lower, respectively, had the* *Fund not paid out the distribution(s).* 

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(J)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Government Money Market**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 <br><sup>(A)</sup><br>|
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.02 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>(C)</sup><br>| 0.02 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(C)</sup><br>| (0.00 )<sup>(C)</sup><br>| 0.00 <br><sup>(C)</sup><br>| (0.00 )<sup>(C)</sup><br>| 0.00 <br><sup>(C)</sup><br>| 0.00 |
| Total investment operations | 0.02 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>(C)</sup><br>| 0.02 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  |  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(C)</sup><br>| (0.02 )<sup>(A)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(C)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(C)</sup><br>| (0.02)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(F)</sup> <br>| 1.55 %<sup>(G)</sup><br>| 3.98 %<sup>(D)</sup><br>| 3.83<br> %<br>| 0.74<br> %<br>| 0.16 %<sup>(E)</sup><br>| 1.73 %<sup>(A)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5391 | $5801 | $6846 | $8812 | $9593 | $15475 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.47 %<sup>(H)</sup><br>| 1.43<br> %<br>| 1.42<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.44<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.47 %<sup>(H)(I)</sup><br>| 1.43<br> %<br>| 0.99<br> %<br>| 0.27<br> %<br>| 0.10 %<sup>(I)</sup><br>| 0.53 %<sup>(I)</sup><br>|
| Net investment income (loss) to average net assets | 3.11 %<sup>(H)</sup><br>| 3.91<br> %<br>| 3.75<br> %<br>| 0.73<br> %<br>| 0.01<br> %<br>| 1.41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain* *Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund* *and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to Financial Statements for more information regarding* *Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.01 lower and 1.31% lower, respectively, had the* *Fund not paid out the distribution(s).* 

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.14% lower had the affiliate not made additional contributions.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)(C)</sup><br>| 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>| 0.00 |
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>| 0.00 <br><sup>(B)</sup><sup>(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 2.10 %<sup>(F)</sup><br>| 5.06<br> %<br>| 4.47<br> %<br>| 0.83 %<sup>(D)</sup><br>| 0.21 %<sup>(E)</sup><br>| 0.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $24098 | $18494 | $30373 | $27320 | $24620 | $23804 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.47 %<sup>(G)</sup><br>| 0.42<br> %<br>| 0.39<br> %<br>| 0.42<br> %<br>| 0.46<br> %<br>| 0.52<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.39 %<sup>(G)(H)(I)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.28<br> %<br>| 0.00 %<sup>(I)(J)</sup><br>| 0.31 %<sup>(I)</sup><br>|
| Net investment income (loss) to average net assets | 4.19 %<sup>(G)</sup><br>| 4.95<br> %<br>| 4.40<br> %<br>| 0.76<br> %<br>| 0.11<br> %<br>| 0.48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.* 

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(I)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

<sup>(J)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)(C)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|  |
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 2.10 %<sup>(E)</sup><br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30 %<sup>(D)</sup><br>| 0.65<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $3024 | $2366 | $2865 | $3412 | $3837 | $5378 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.37 %<sup>(F)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>| 0.33<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.37 %<sup>(F)(G)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.21<br> %<br>| 0.06 %<sup>(G)</sup><br>| 0.18 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 4.20 %<sup>(F)</sup><br>| 4.99<br> %<br>| 4.42<br> %<br>| 0.75<br> %<br>| 0.05<br> %<br>| 0.61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.25% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)(C)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|  |
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 2.09 %<sup>(E)</sup><br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30 %<sup>(D)</sup><br>| 0.65<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $60452 | $64077 | $69628 | $87756 | $83914 | $85900 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.37 %<sup>(F)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>| 0.33<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.37 %<sup>(F)(G)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.23<br> %<br>| 0.06 %<sup>(G)</sup><br>| 0.19 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 4.19 %<sup>(F)</sup><br>| 5.03<br> %<br>| 4.42<br> %<br>| 0.72<br> %<br>| 0.04<br> %<br>| 0.68<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.26% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Government Money Market**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 1.92 %<sup>(C)</sup><br>| 4.71<br> %<br>| 4.13<br> %<br>| 0.65<br> %<br>| 0.03<br> %<br>| 0.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $47415 | $104088 | $109842 | $127876 | $124774 | $1017445 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71 %<sup>(D)</sup><br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.75<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(D)(E)</sup><br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.36<br> %<br>| 0.10 %<sup>(E)</sup><br>| 0.49 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.85 %<sup>(D)</sup><br>| 4.61<br> %<br>| 4.03<br> %<br>| 0.65<br> %<br>| 0.02<br> %<br>| 0.34<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) | (0.00 ) <sup>(B)(C)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|  |
| Total investment operations | 0.02 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.01 |
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.02)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>| (0.01)<br>|
| **Net asset value, end of period/year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 2.03 %<sup>(E)</sup><br>| 4.94<br> %<br>| 4.44<br> %<br>| 0.81<br> %<br>| 0.34 %<sup>(D)</sup><br>| 0.60<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $53466 | $52938 | $45604 | $70505 | $72583 | $91021 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.62 %<sup>(F)</sup><br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.51 %<sup>(F)(G)(H)</sup><br>| 0.50<br> %<br>| 0.40<br> %<br>| 0.19<br> %<br>| 0.01 %<sup>(H)</sup><br>| 0.24 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | 4.05 %<sup>(F)</sup><br>| 4.84<br> %<br>| 4.33<br> %<br>| 0.80<br> %<br>| 0.10<br> %<br>| 0.59<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.24% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(H)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Government Money Market (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers seven classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R2 and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

Effective as of March 31, 2021, the Fund closed to most new investors. The following investors may continue to purchase Fund shares after the close date: existing Fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the Fund is currently an underlying investment option, retirement plans in which the Fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping that includes the Fund as a plan option and current and former trustees of the Fund. The Fund will remain closed until further notice. The Fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Government Money Market**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

In accordance with Rule 2a-7 under the 1940 Act, money market instruments are valued at amortized cost, which approximates market value. This method involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Fund's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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:

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*Short-term notes:* The Fund values all security positions using amortized 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, or Level 3 if inputs are unobservable.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Market risk:** Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cyber security events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the Fund, or its yield, to decline. While the Fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments and the Fund's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government money market fund risk:** The Fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the Fund's ability to preserve the value of your investment at $1.00 per share. Changes in the rules governing money market funds are likely to result in an increased demand for U.S. government securities, which could affect the availability of such instruments for investment and the Fund's ability to pursue its investment strategies. The Fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Interest rate risk:** The interest rates on short-term obligations held in the Fund will vary, rising or falling with short-term interest rates generally. The Fund's yield will tend to lag behind general changes in interest rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. The U.S. Federal Reserve has raised interest rates from historically low levels. Any additional interest rate increases in the future may cause the value of fixed-income securities to decrease. During periods of extremely low or negative short-term interest rates, the Fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Not withstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Credit risk:** An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Repurchase agreements risk:** In a repurchase agreement, the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specified price. The securities purchased serve as the Fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management risk:** The Fund is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The Fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the Fund to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $161324086 | 60.45<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.24<br> % <br>|
| Over $1 billion to $3 billion | 0.22 |
| Over $3 billion | 0.21 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.72<br> % <br>| March 1, 2026 |
| Class C | 1.48 | March 1, 2026 |
| Class I, Class I2, Class I3 | 0.38 | March 1, 2026 |
| Class R2 | 0.69 | March 1, 2026 |
| Class R4 | 0.50 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A, Class R2 | 0.73 |  |
| Class C | 1.48 |  |
| Class I, Class I2, Class I3 | 0.38 |  |
| Class R4 | 0.50 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

Additionally, TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the Fund to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Fund's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Fund of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to the Fund or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Fund. There can be no assurance that the Fund will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the yield are included in Expenses waived and/or reimbursed, and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, in each case included in the Statement of Operations included in this shareholder report. The actual expense ratio of each class of the Fund, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Fund's Financial Highlights in this shareholder report. TAM has historically contributed additional amounts to the Fund in connection with the maintenance of the yield, and these amounts are reflected as Contributions from affiliate within the Financial Highlights in this shareholder report.

For the 36-month period ended April 30, 2025, the amounts waived by TAM due to the maintenance of the yield are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Class A | $294623 | $— | $— | $— | $294623 |
| Class C | 12485 |  |  |  | 12485 |
| Class I | 27018 |  |  |  | 27018 |
| Class I2 | 3419 |  |  |  | 3419 |
| Class I3 | 58843 |  |  |  | 58843 |
| Class R2 | 239724 |  |  |  | 239724 |
| Class R4 | 41957 |  |  |  | 41957 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of April 30, 2025, the balances available for recapture by TAM due to the maintenance of the yield are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Class A | $1556035 | $— | $— | $— | $1556035 |
| Class C | 58793 |  |  |  | 58793 |
| Class I | 179740 |  |  |  | 179740 |
| Class I2 | 23404 |  |  |  | 23404 |
| Class I3 | 485645 |  |  |  | 485645 |
| Class R2 | 590630 |  |  |  | 590630 |
| Class R4 | 554358 |  |  |  | 554358 |

---

For the 36-month period ended April 30, 2025, the amounts waived from financial intermediaries are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2022** <sup>(A)</sup> <br>| **2023** <sup>(A)</sup> <br>| **2024** <sup>(A)</sup> <br>| **2025** <sup>(A)</sup> <br>| **Total** |
| Class A | $632929 | $235292 | $— | $— | $868221 |
| Class C | 98168 | 32713 |  |  | 130881 |
| Class I | 12197 |  |  |  | 12197 |
| Class R2 | 317789 | 123417 |  |  | 441206 |
| Class R4 | 186607 | 46157 |  |  | 232764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Not subject to recapture.*

For the 36-month period ended April 30, 2025, the amounts waived by TAM due to the operating expense limitation are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $13432 | $13432 |
| Class I | 304 | 6825 | 10605 | 8395 | 26129 |
| Class R2 |  | 384 |  | 2547 | 2931 |
| Class R4 | 17269 | 31624 | 39741 | 29510 | 118144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

As of April 30, 2025, the balances available for recapture by TAM due to the operating expense limitation are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $13432 | $13432 |
| Class I | 304 | 6825 | 10605 | 8395 | 26129 |
| Class R2 |  |  |  | 2547 | 2547 |
| Class R4 | 17269 | 31624 | 39741 | 29509 | 118143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R2 | 0.25 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class I3.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Government Money Market**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp; $15 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 270 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $89348 | &nbsp;&nbsp; $14199 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $272653288 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**8. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. OPERATING SEGMENTS (continued)**

assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Government Money Market** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Government Money Market** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Government Money Market** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Government Money Market** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814img72552f7d3.gif)

![](g947814img5d01d1444.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA GOVT MM 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img78a3d5845.gif)

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![](g947814img1bd8b3621.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica High Yield Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img8ceaddeb2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_52fd1977-0185-465d-88cf-12f617889f2d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_52fd1977-0185-465d-88cf-12f617889f2d_SOI-RunningFooter-154_1) | 2 |
| [Statement of Assets and Liabilities](#xx_52fd1977-0185-465d-88cf-12f617889f2d_FS-RunningFooter-154_1) | 9 |
| [Statement of Operations](#xx_52fd1977-0185-465d-88cf-12f617889f2d_FS-RunningFooter-154_3) | 11 |
| [Statement of Changes in Net Assets](#xx_52fd1977-0185-465d-88cf-12f617889f2d_FS-RunningFooter-154_4) | 12 |
| [Financial Highlights](#xx_52fd1977-0185-465d-88cf-12f617889f2d_FIHI-RunningFooter-154_1) | 14 |
| [Notes to Financial Statements](#xx_52fd1977-0185-465d-88cf-12f617889f2d_NTF-RunningFooter-154_1) | 18 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_52fd1977-0185-465d-88cf-12f617889f2d_DWA-RunningFooter-154_1)**<br> **[Companies](#xx_52fd1977-0185-465d-88cf-12f617889f2d_DWA-RunningFooter-154_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_52fd1977-0185-465d-88cf-12f617889f2d_PD-RunningFooter-154_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_52fd1977-0185-465d-88cf-12f617889f2d_REMU-RunningFooter-154_1)**<br> **[Companies](#xx_52fd1977-0185-465d-88cf-12f617889f2d_REMU-RunningFooter-154_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_52fd1977-0185-465d-88cf-12f617889f2d_AIAC-RunningFooter-154_1)** | 33 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica High Yield Bond**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 90.0%**  | **CORPORATE DEBT SECURITIES - 90.0%**  | **CORPORATE DEBT SECURITIES - 90.0%**  |
| **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  |
| TransDigm, Inc. |  |  |
| 6.88%, 12/15/2030 <sup>(A)</sup> <br>| $3089000 | $3182668 |
| 7.13%, 12/01/2031 <sup>(A)</sup> <br>| 836000 | 868782 |
|  |  | 4051450 |
| **Automobile Components - 3.2%**  | **Automobile Components - 3.2%**  | **Automobile Components - 3.2%**  |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.25%, 05/15/2026 <sup>(A)</sup> <br>| 1145000 | 1145281 |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| 2187000 | 2220872 |
| 6.75%, 02/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1712000 | 1741618 |
| 8.50%, 05/15/2027 <sup>(A)</sup> <br>| 5527000 | 5546986 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.63%, 04/30/2033 <sup>(B)</sup> <br>| 8750000 | 8063107 |
| Phinia, Inc. |  |  |
| 6.63%, 10/15/2032 <sup>(A)</sup> <br>| 7598000 | 7460604 |
| 6.75%, 04/15/2029 <sup>(A)</sup> <br>| 2373000 | 2400702 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/2030 <sup>(A)</sup> <br>| 2775000 | 2529049 |
| 6.88%, 04/14/2028 <sup>(A)</sup> <br>| 3142000 | 2998763 |
| 7.13%, 04/14/2030 <sup>(A)</sup> <br>| 4216000 | 3883145 |
|  |  | 37990127 |
| **Automobiles - 1.1%**  | **Automobiles - 1.1%**  | **Automobiles - 1.1%**  |
| Ford Motor Co. |  |  |
| 6.10%, 08/19/2032 <sup>(B)</sup> <br>| 849000 | 816275 |
| Ford Motor Credit Co. LLC |  |  |
| 7.35%, 11/04/2027 | 6951000 | 7154444 |
| 7.35%, 03/06/2030 <sup>(B)</sup> <br>| 4765000 | 4921132 |
|  |  | 12891851 |
| **Banks - 1.9%**  | **Banks - 1.9%**  | **Banks - 1.9%**  |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 5028000 | 5083848 |
| &nbsp;&nbsp; Fixed until 03/15/2029 <sup>(D)</sup>, <br>8.00% <sup>(C)</sup> <br>| 2500000 | 2575978 |
| Intesa Sanpaolo SpA |  |  |
| 7.00%, 11/21/2025 <sup>(A)</sup> <br>| 918000 | 928564 |
| &nbsp;&nbsp; Fixed until 06/20/2053, <br>7.78% <sup>(C)</sup>, 06/20/2054 <sup>(A)</sup> <br>| 4000000 | 4304807 |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 2997000 | 3418408 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/27/2025 <sup>(D)</sup>, <br>7.50% <sup>(C)</sup> <br>| 5000000 | 4985007 |
| &nbsp;&nbsp; Fixed until 08/15/2032, <br>7.95% <sup>(C)</sup>, 11/15/2033<br>| 1400000 | 1590132 |
|  |  | 22886744 |
| **Building Products - 3.0%**  | **Building Products - 3.0%**  | **Building Products - 3.0%**  |
| Camelot Return Merger Sub, Inc. |  |  |
| 8.75%, 08/01/2028 <sup>(A)</sup> <br>| 4493000 | 3916932 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1810000 | 1215349 |
| EMRLD Borrower LP/Emerald Co-Issuer, <br> Inc. |  |  |
| 6.63%, 12/15/2030 <sup>(A)</sup> <br>| 7821000 | 7931009 |
| 6.75%, 07/15/2031 <sup>(A)</sup> <br>| 872000 | 887217 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| $4321000 | $4349402 |
| 6.75%, 03/01/2033 <sup>(A)</sup> <br>| 1216000 | 1220721 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.88%, 11/15/2031 <sup>(A)</sup> <br>| 15379000 | 15772564 |
|  |  | 35293194 |
| **Chemicals - 2.2%**  | **Chemicals - 2.2%**  | **Chemicals - 2.2%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| 5.25%, 09/30/2028 <sup>(A)</sup> <br>| 2406000 | 1022550 |
| Avient Corp. |  |  |
| 6.25%, 11/01/2031 <sup>(A)</sup> <br>| 746000 | 737944 |
| 7.13%, 08/01/2030 <sup>(A)</sup> <br>| 8380000 | 8544114 |
| NOVA Chemicals Corp. |  |  |
| 7.00%, 12/01/2031 <sup>(A)</sup> <br>| 5684000 | 5875818 |
| 9.00%, 02/15/2030 <sup>(A)</sup> <br>| 1648000 | 1760486 |
| Olin Corp. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 6675000 | 6330638 |
| Trinseo Luxco Finance SPV SARL/Trinseo <br> NA Finance SPV LLC |  |  |
| &nbsp;&nbsp; PIK Rate 2.50%, Cash Rate 5.13%, <br>05/03/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 2685150 | 1598599 |
|  |  | 25870149 |
| **Commercial Services & Supplies - 5.1%**  | **Commercial Services & Supplies - 5.1%**  | **Commercial Services & Supplies - 5.1%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(A)</sup> <br>| 7737000 | 7903222 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 8.00%, 02/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 6140000 | 6081424 |
| 8.25%, 01/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 643000 | 641322 |
| Benteler International AG |  |  |
| 10.50%, 05/15/2028 <sup>(A)</sup> <br>| 4771000 | 4871430 |
| Enviri Corp. |  |  |
| 5.75%, 07/31/2027 <sup>(A)</sup> <br>| 6803000 | 6557884 |
| EquipmentShare.com, Inc. |  |  |
| 8.00%, 03/15/2033 <sup>(A)</sup> <br>| 4105000 | 4049967 |
| 8.63%, 05/15/2032 <sup>(A)</sup> <br>| 1520000 | 1551374 |
| 9.00%, 05/15/2028 <sup>(A)</sup> <br>| 6886000 | 7020601 |
| Herc Holdings, Inc. |  |  |
| 6.63%, 06/15/2029 <sup>(A)</sup> <br>| 4830000 | 4764126 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup> <br>| 418000 | 347474 |
| 5.00%, 12/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 3536000 | 2175063 |
| 12.63%, 07/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 5184000 | 5043792 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 8261000 | 7819702 |
| WW International, Inc. |  |  |
| 4.50%, 04/15/2029 <sup>(A)</sup><sup>(F)</sup> <br>| 7164000 | 1674340 |
|  |  | 60501721 |
| **Communications Equipment - 5.2%**  | **Communications Equipment - 5.2%**  | **Communications Equipment - 5.2%**  |
| Altice Financing SA |  |  |
| 9.63%, 07/15/2027 <sup>(A)</sup> <br>| 2357000 | 2024477 |
| CommScope LLC |  |  |
| 8.25%, 03/01/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 3055000 | 2784532 |
| 9.50%, 12/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 3118000 | 3188789 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/2028 <sup>(A)</sup> <br>| $4019563 | $3173860 |
| Iliad Holding SASU |  |  |
| 7.00%, 10/15/2028 - 04/15/2032 <sup>(A)</sup> <br>| 6471000 | 6541726 |
| 8.50%, 04/15/2031 <sup>(A)</sup> <br>| 3249000 | 3425908 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/2029 <sup>(A)</sup> <br>| 4000000 | 3090000 |
| 3.75%, 07/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 7153000 | 5377482 |
| 10.50%, 04/15/2029 - 05/15/2030 <sup>(A)</sup> <br>| 9707000 | 10559542 |
| 11.00%, 11/15/2029 <sup>(A)</sup> <br>| 3175000 | 3548063 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 7.75%, 04/15/2032 <sup>(A)</sup> <br>| 18741000 | 18902416 |
|  |  | 62616795 |
| **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co. |  |  |
| 6.63%, 01/15/2028 <sup>(A)</sup> <br>| 6039000 | 6027797 |
| Beazer Homes USA, Inc. |  |  |
| 7.25%, 10/15/2029 <sup>(B)</sup> <br>| 2582000 | 2505345 |
| 7.50%, 03/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 4918000 | 4752182 |
| Century Communities, Inc. |  |  |
| 6.75%, 06/01/2027 <sup>(B)</sup> <br>| 7069000 | 7070067 |
| Landsea Homes Corp. |  |  |
| 8.88%, 04/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 9933000 | 9372852 |
|  |  | 29728243 |
| **Consumer Staples Distribution & Retail - 1.6%**  | **Consumer Staples Distribution & Retail - 1.6%**  | **Consumer Staples Distribution & Retail - 1.6%**  |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1247000 | 1268699 |
| 6.75%, 07/01/2036 | 1960000 | 1928986 |
| 6.88%, 11/01/2035 <sup>(B)</sup> <br>| 1468000 | 1468270 |
| 7.50%, 06/15/2029 | 4949000 | 5044867 |
| Walgreens Boots Alliance, Inc. |  |  |
| 8.13%, 08/15/2029 <sup>(B)</sup> <br>| 9176000 | 9546016 |
|  |  | 19256838 |
| **Containers & Packaging - 5.6%**  | **Containers & Packaging - 5.6%**  | **Containers & Packaging - 5.6%**  |
| ARD Finance SA |  |  |
| &nbsp;&nbsp; PIK Rate 7.25%, Cash Rate 6.50%, <br>06/30/2027 <sup>(A)</sup><sup>(E)</sup> <br>| 3453008 | 94553 |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br>Finance PLC |  |  |
| 6.00%, 06/15/2027 <sup>(A)</sup> <br>| 947000 | 942764 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc. |  |  |
| 4.13%, 08/15/2026 <sup>(A)</sup><sup>(B)</sup> <br>| 5997000 | 5290793 |
| Ball Corp. |  |  |
| 6.88%, 03/15/2028 | 5503000 | 5629404 |
| Cascades, Inc./Cascades USA, Inc. |  |  |
| 5.38%, 01/15/2028 <sup>(A)</sup> <br>| 3951000 | 3851559 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 889000 | 895389 |
| 6.75%, 04/15/2032 <sup>(A)</sup> <br>| 1154000 | 1178118 |
| 6.88%, 01/15/2030 <sup>(A)</sup> <br>| 2500000 | 2540119 |
| Graphic Packaging International LLC |  |  |
| 6.38%, 07/15/2032 <sup>(A)</sup> <br>| 10356000 | 10406838 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(A)</sup> <br>| $3042000 | $3051835 |
| 9.25%, 04/15/2027 <sup>(A)</sup> <br>| 2009000 | 1841614 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.38%, 06/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 7357000 | 7180323 |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 1136000 | 1155014 |
| 6.88%, 07/15/2033 <sup>(A)</sup> <br>| 6113000 | 6372314 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/2028 <sup>(A)</sup> <br>| 2263000 | 2279746 |
| 7.25%, 02/15/2031 <sup>(A)</sup> <br>| 3669000 | 3822005 |
| Trivium Packaging Finance BV |  |  |
| 5.50%, 08/15/2026 <sup>(A)</sup><sup>(F)</sup> <br>| 6032000 | 5972728 |
| 8.50%, 08/15/2027 <sup>(A)</sup><sup>(B)</sup><sup>(F)</sup> <br>| 3969000 | 3920014 |
|  |  | 66425130 |
| **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  |
| Vistra Operations Co. LLC |  |  |
| 5.63%, 02/15/2027 <sup>(A)</sup> <br>| 3130000 | 3127934 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 7227000 | 7471267 |
|  |  | 10599201 |
| **Electrical Equipment - 1.2%**  | **Electrical Equipment - 1.2%**  | **Electrical Equipment - 1.2%**  |
| Energizer Holdings, Inc. |  |  |
| 6.50%, 12/31/2027 <sup>(A)</sup> <br>| 6816000 | 6841328 |
| WESCO Distribution, Inc. |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 1000000 | 1016671 |
| 7.25%, 06/15/2028 <sup>(A)</sup> <br>| 6300000 | 6383456 |
|  |  | 14241455 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 6609000 | 6551514 |
| **Energy Equipment & Services - 1.1%**  | **Energy Equipment & Services - 1.1%**  | **Energy Equipment & Services - 1.1%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 4023000 | 4011327 |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 6188000 | 6150700 |
| 6.88%, 04/01/2027 <sup>(A)</sup> <br>| 1050000 | 1048552 |
| Sunnova Energy Corp. |  |  |
| 11.75%, 10/01/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 7609000 | 2231986 |
|  |  | 13442565 |
| **Financial Services - 3.0%**  | **Financial Services - 3.0%**  | **Financial Services - 3.0%**  |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 1.81%, <br>6.12% <sup>(C)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 17977000 | 14499139 |
| ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.06%, <br>6.37% <sup>(C)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 3354000 | 2773614 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.50%, 03/26/2031 <sup>(A)</sup> <br>| 330000 | 338966 |
| 8.13%, 03/30/2029 <sup>(A)</sup> <br>| 8530000 | 8917945 |
| 8.38%, 05/01/2028 <sup>(A)</sup> <br>| 1516000 | 1579490 |
| UWM Holdings LLC |  |  |
| 6.63%, 02/01/2030 <sup>(A)</sup> <br>| 7942000 | 7866970 |
|  |  | 35976124 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products - 2.2%**  | **Food Products - 2.2%**  | **Food Products - 2.2%**  |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.63%, 07/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| $4655000 | $4875819 |
| Darling Ingredients, Inc. |  |  |
| 6.00%, 06/15/2030 <sup>(A)</sup> <br>| 9401000 | 9355998 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 <sup>(A)</sup> <br>| 8718000 | 8555626 |
| 6.25%, 10/15/2034 <sup>(A)</sup> <br>| 1666000 | 1649357 |
| 6.38%, 03/01/2033 <sup>(A)</sup> <br>| 1924000 | 1902181 |
|  |  | 26338981 |
| **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 702000 | 719949 |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 1123000 | 1153105 |
|  |  | 1873054 |
| **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 5838000 | 5990530 |
| **Health Care Providers & Services - 3.5%**  | **Health Care Providers & Services - 3.5%**  | **Health Care Providers & Services - 3.5%**  |
| CHS/Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/2032 <sup>(A)</sup> <br>| 12586000 | 12986688 |
| Heartland Dental LLC/Heartland Dental <br> Finance Corp. |  |  |
| 10.50%, 04/30/2028 <sup>(A)</sup> <br>| 3141000 | 3309376 |
| Kedrion SpA |  |  |
| 6.50%, 09/01/2029 <sup>(A)</sup> <br>| 6049000 | 5783189 |
| LifePoint Health, Inc. |  |  |
| 11.00%, 10/15/2030 <sup>(A)</sup> <br>| 4750000 | 5199507 |
| Tenet Healthcare Corp. |  |  |
| 6.13%, 10/01/2028 - 06/15/2030 | 10009000 | 10011201 |
| 6.25%, 02/01/2027 | 4183000 | 4180927 |
|  |  | 41470888 |
| **Hotel & Resort REITs - 1.5%**  | **Hotel & Resort REITs - 1.5%**  | **Hotel & Resort REITs - 1.5%**  |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br>Co-Issuer |  |  |
| 5.88%, 10/01/2028 <sup>(A)</sup> <br>| 2727000 | 2661170 |
| 7.00%, 02/01/2030 <sup>(A)</sup> <br>| 7912000 | 7920774 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.38%, 10/15/2029 <sup>(A)</sup> <br>| 7888000 | 7745226 |
|  |  | 18327170 |
| **Hotels, Restaurants & Leisure - 8.1%**  | **Hotels, Restaurants & Leisure - 8.1%**  | **Hotels, Restaurants & Leisure - 8.1%**  |
| Amer Sports Co. |  |  |
| 6.75%, 02/16/2031 <sup>(A)</sup> <br>| 5880000 | 5947073 |
| Caesars Entertainment, Inc. |  |  |
| 6.50%, 02/15/2032 <sup>(A)</sup> <br>| 2300000 | 2312156 |
| 7.00%, 02/15/2030 <sup>(A)</sup> <br>| 2273000 | 2324672 |
| Carnival Corp. |  |  |
| 6.00%, 05/01/2029 <sup>(A)</sup> <br>| 3963000 | 3940211 |
| 6.13%, 02/15/2033 <sup>(A)</sup><sup>(B)</sup> <br>| 1878000 | 1861855 |
| 7.63%, 03/01/2026 <sup>(A)</sup> <br>| 1588000 | 1590506 |
| Churchill Downs, Inc. |  |  |
| 5.75%, 04/01/2030 <sup>(A)</sup> <br>| 5578000 | 5443435 |
| 6.75%, 05/01/2031 <sup>(A)</sup> <br>| 5920000 | 5963161 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 6.63%, 01/15/2032 <sup>(A)</sup> <br>| $4000000 | $3919289 |
| Light & Wonder International, Inc. |  |  |
| 7.00%, 05/15/2028 <sup>(A)</sup> <br>| 4484000 | 4485013 |
| 7.50%, 09/01/2031 <sup>(A)</sup> <br>| 1637000 | 1682276 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 <sup>(B)</sup> <br>| 7067000 | 7037414 |
| 6.50%, 04/15/2032 <sup>(B)</sup> <br>| 8516000 | 8384967 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 03/15/2026 - 02/15/2027 <sup>(A)</sup> <br>| 2793000 | 2780265 |
| 6.75%, 02/01/2032 <sup>(A)</sup> <br>| 5277000 | 5158863 |
| 8.13%, 01/15/2029 <sup>(A)</sup> <br>| 1857000 | 1944546 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/2031 <sup>(A)</sup> <br>| 1876000 | 1862092 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 3100000 | 3108672 |
| 6.25%, 03/15/2032 <sup>(A)</sup> <br>| 871000 | 883560 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 6561000 | 6520231 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/2027 <sup>(A)</sup> <br>| 3256000 | 3245619 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 4467000 | 4487137 |
| 9.13%, 07/15/2031 <sup>(A)</sup> <br>| 2792000 | 2985288 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 8080000 | 8340006 |
|  |  | 96208307 |
| **Household Durables - 0.5%**  | **Household Durables - 0.5%**  | **Household Durables - 0.5%**  |
| Newell Brands, Inc. |  |  |
| 6.63%, 05/15/2032 <sup>(B)</sup> <br>| 6541000 | 5806443 |
| **Insurance - 2.8%**  | **Insurance - 2.8%**  | **Insurance - 2.8%**  |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 5396000 | 5391698 |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 1866000 | 1852584 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 10049000 | 9778197 |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.71% <sup>(C)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 7178000 | 6551587 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/2030 <sup>(A)</sup> <br>| 3803000 | 3944190 |
| 7.38%, 01/31/2032 <sup>(A)</sup> <br>| 1430000 | 1473951 |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.62%, <br>6.94% <sup>(C)</sup>, 05/17/2066<br>| 5999000 | 4724320 |
|  |  | 33716527 |
| **Internet & Catalog Retail - 0.8%**  | **Internet & Catalog Retail - 0.8%**  | **Internet & Catalog Retail - 0.8%**  |
| ION Trading Technologies SARL |  |  |
| 9.50%, 05/30/2029 <sup>(A)</sup> <br>| 9368000 | 9014699 |
| **IT Services - 0.2%**  | **IT Services - 0.2%**  | **IT Services - 0.2%**  |
| Western Digital Corp. |  |  |
| 4.75%, 02/15/2026 | 2148000 | 2133945 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery - 1.5%**  | **Machinery - 1.5%**  | **Machinery - 1.5%**  |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/2030 <sup>(A)</sup> <br>| $6553000 | $6798662 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.88%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 3117000 | 2337750 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 9116000 | 9195090 |
|  |  | 18331502 |
| **Media - 7.7%**  | **Media - 7.7%**  | **Media - 7.7%**  |
| Adelphia Communications Corp. |  |  |
| 9.25%, 10/01/2049 <sup>(G)</sup><sup>(H)</sup><sup>(I)</sup><sup>(J)</sup> <br>| 1305000 | 91 |
| &nbsp;&nbsp; 10.25%, 06/15/2049 - <br> 11/01/2049 <sup>(H)</sup><sup>(I)</sup><sup>(J)</sup><sup>(K)</sup> <br>| 1460000 | 102 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 6.38%, 09/01/2029 <sup>(A)</sup> <br>| 8000000 | 8071753 |
| 7.38%, 03/01/2031 <sup>(A)</sup> <br>| 3550000 | 3647625 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 10831000 | 10081575 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 4801000 | 3938088 |
| 7.75%, 04/15/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 1123000 | 932090 |
| 9.00%, 09/15/2028 <sup>(A)</sup> <br>| 4740000 | 4906644 |
| CSC Holdings LLC |  |  |
| 5.00%, 11/15/2031 <sup>(A)</sup> <br>| 5000000 | 2248888 |
| 5.75%, 01/15/2030 <sup>(A)</sup> <br>| 12957000 | 6495603 |
| 11.75%, 01/31/2029 <sup>(A)</sup> <br>| 8922000 | 8442378 |
| DISH DBS Corp. |  |  |
| 5.75%, 12/01/2028 <sup>(A)</sup> <br>| 1634000 | 1372264 |
| 7.38%, 07/01/2028 | 2669000 | 1802740 |
| 7.75%, 07/01/2026 | 1280000 | 1112546 |
| DISH Network Corp. |  |  |
| 11.75%, 11/15/2027 <sup>(A)</sup> <br>| 3811000 | 4007498 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 8729000 | 5187290 |
| iHeartCommunications, Inc. |  |  |
| 6.38%, 05/01/2026 <sup>(B)</sup> <br>| 1000 | 890 |
| 7.75%, 08/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1469390 | 1046905 |
| 9.13%, 05/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 3596700 | 2769459 |
| 10.88%, 05/01/2030 <sup>(A)</sup> <br>| 4091007 | 1677313 |
| LCPR Senior Secured Financing DAC |  |  |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 11799000 | 9700620 |
| Univision Communications, Inc. |  |  |
| 6.63%, 06/01/2027 <sup>(A)</sup> <br>| 1411000 | 1363917 |
| 8.00%, 08/15/2028 <sup>(A)</sup> <br>| 3377000 | 3280263 |
| 8.50%, 07/31/2031 <sup>(A)</sup> <br>| 3483000 | 3291937 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 2567000 | 2250188 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/2032 <sup>(A)</sup> <br>| 5349000 | 4667767 |
|  |  | 92296434 |
| **Metals & Mining - 4.5%**  | **Metals & Mining - 4.5%**  | **Metals & Mining - 4.5%**  |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.63%, 01/31/2029 <sup>(A)</sup> <br>| 5303000 | 5334871 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88%, 11/01/2029 <sup>(A)</sup> <br>| $3350000 | $3243895 |
| 7.00%, 03/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 13383000 | 12542424 |
| 7.50%, 09/15/2031 <sup>(A)</sup> <br>| 3240000 | 3134582 |
| Constellium SE |  |  |
| 6.38%, 08/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 11796000 | 11612152 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| 5.88%, 04/15/2030 <sup>(A)</sup> <br>| 4816000 | 4759127 |
| 6.13%, 04/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 5175000 | 5099984 |
| Mineral Resources Ltd. |  |  |
| 8.13%, 05/01/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 3701000 | 3599291 |
| 9.25%, 10/01/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 1101000 | 1040921 |
| Novelis Corp. |  |  |
| 6.88%, 01/30/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 3632000 | 3680033 |
|  |  | 54047280 |
| **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 10214000 | 10091491 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 2254000 | 2266291 |
|  |  | 12357782 |
| **Oil, Gas & Consumable Fuels - 11.4%**  | **Oil, Gas & Consumable Fuels - 11.4%**  | **Oil, Gas & Consumable Fuels - 11.4%**  |
| Aethon United BR LP/Aethon United <br> Finance Corp. |  |  |
| 7.50%, 10/01/2029 <sup>(A)</sup> <br>| 3827000 | 3842372 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/2028 <sup>(A)</sup> <br>| 2978000 | 2925675 |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| 210000 | 202753 |
| 8.75%, 07/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 6138000 | 5832467 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 10519000 | 9601747 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 3327000 | 3409429 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 7.88%, 05/15/2032 | 591000 | 575692 |
| 8.00%, 05/15/2033 | 4309000 | 4184257 |
| 8.25%, 01/15/2029 | 356000 | 362077 |
| 8.88%, 04/15/2030 | 2660000 | 2708465 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 9732000 | 9904931 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 6558000 | 6661774 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 7515000 | 6549354 |
| Kinder Morgan, Inc. |  |  |
| 8.05%, 10/15/2030 | 2486000 | 2796819 |
| Occidental Petroleum Corp. |  |  |
| 6.45%, 09/15/2036 | 6446000 | 6280057 |
| 6.60%, 03/15/2046 | 7750000 | 7307294 |
| 7.15%, 05/15/2028 | 4012000 | 4195148 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.88%, 09/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 4488000 | 3691564 |
| 9.88%, 03/15/2030 <sup>(A)</sup> <br>| 2738000 | 2409626 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/2033 <sup>(A)</sup> <br>| $4690000 | $4580008 |
| 7.00%, 01/15/2032 <sup>(A)</sup> <br>| 6292000 | 6334093 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/2028 | 782000 | 749489 |
| 6.63%, 01/15/2027 <sup>(B)</sup> <br>| 4665000 | 4585921 |
| 6.75%, 09/15/2026 | 3319000 | 3289767 |
| 7.00%, 08/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 3381000 | 3116074 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(A)</sup> <br>| 5671000 | 5585617 |
| Sunoco LP |  |  |
| 6.25%, 07/01/2033 <sup>(A)</sup> <br>| 3864000 | 3855756 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 4081000 | 4227875 |
| 9.88%, 02/01/2032 <sup>(A)</sup> <br>| 9042000 | 9189966 |
| Vital Energy, Inc. |  |  |
| 9.75%, 10/15/2030 | 8901000 | 7552666 |
|  |  | 136508733 |
| **Paper & Forest Products - 1.3%**  | **Paper & Forest Products - 1.3%**  | **Paper & Forest Products - 1.3%**  |
| Domtar Corp. |  |  |
| 6.75%, 10/01/2028 <sup>(A)</sup> <br>| 6617000 | 5597636 |
| Magnera Corp. |  |  |
| 7.25%, 11/15/2031 <sup>(A)</sup> <br>| 10075000 | 9527222 |
|  |  | 15124858 |
| **Pharmaceuticals - 2.1%**  | **Pharmaceuticals - 2.1%**  | **Pharmaceuticals - 2.1%**  |
| 1261229 BC Ltd. |  |  |
| 10.00%, 04/15/2032 <sup>(A)</sup> <br>| 1939000 | 1897241 |
| Bausch Health Americas, Inc. |  |  |
| 8.50%, 01/31/2027 <sup>(A)</sup> <br>| 2614000 | 2483300 |
| Bausch Health Cos., Inc. |  |  |
| 7.00%, 01/15/2028 <sup>(A)</sup> <br>| 2669000 | 2142945 |
| 11.00%, 09/30/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 3003000 | 2828225 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(C)</sup>, 12/10/2054<br>| 1623000 | 1608950 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 8140000 | 8231403 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 5.13%, 04/30/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 4292000 | 3601995 |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| 1919000 | 1809141 |
|  |  | 24603200 |
| **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| 4012000 | 4030676 |
| 8.88%, 09/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 2887000 | 3082164 |
|  |  | 7112840 |
| **Software - 1.2%**  | **Software - 1.2%**  | **Software - 1.2%**  |
| Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc. |  |  |
| 8.00%, 06/15/2029 <sup>(A)</sup> <br>| 9346000 | 8276124 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(A)</sup> <br>| $6500000 | $6308249 |
|  |  | 14584373 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $1,113,552,196)**<br>|  | 1074170647 |
| **LOAN ASSIGNMENTS - 6.2%**  | **LOAN ASSIGNMENTS - 6.2%**  | **LOAN ASSIGNMENTS - 6.2%**  |
| **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(C)</sup>, 05/06/2030<br>| 5748667 | 5633694 |
| **Commercial Services & Supplies - 0.8%**  | **Commercial Services & Supplies - 0.8%**  | **Commercial Services & Supplies - 0.8%**  |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.29% <sup>(C)</sup>, 02/01/2029<br>| 6082842 | 6006806 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.76% <sup>(C)</sup>, 06/21/2028<br>| 4063292 | 4018425 |
|  |  | 10025231 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| &nbsp;&nbsp; Anchor Glass Container Corp. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>7.33% <sup>(C)</sup>, 12/07/2025 <sup>(F)</sup> <br>| 5600430 | 3854961 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.50% <sup>(C)</sup>, 04/13/2029<br>| 2477158 | 2455869 |
|  |  | 6310830 |
| **Financial Services - 0.5%**  | **Financial Services - 0.5%**  | **Financial Services - 0.5%**  |
| Trinseo Luxco Finance SPV SARL |  |  |
| &nbsp;&nbsp; Term Loan A, <br>3-Month Term SOFR + 8.50%, <br>12.74% <sup>(C)</sup>, 05/03/2028<br>| 725526 | 736409 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 8.50%, <br>12.74% <sup>(C)</sup>, 05/03/2028<br>| 5339482 | 5339482 |
|  |  | 6075891 |
| **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  |
| &nbsp;&nbsp; Caesars Entertainment, Inc. <br>Term Loan B1, <br>3-Month Term SOFR + 2.25%, <br>6.56% <sup>(C)</sup>, 02/06/2031<br>| 5123250 | 5032312 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Sandisk Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.33% <sup>(C)</sup>, 02/20/2032<br>| 3475000 | 3336000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>3.75% <sup>(C)</sup>, 12/21/2029<br>| $1532211 | $1509227 |
| &nbsp;&nbsp; Term Loan, <br>10.30% <sup>(C)</sup>, 12/21/2029<br>| 2681368 | 2641148 |
|  |  | 4150375 |
| **Media - 0.7%**  | **Media - 0.7%**  | **Media - 0.7%**  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(C)</sup>, 08/23/2028<br>| 4000000 | 3865000 |
| &nbsp;&nbsp; Ziggo Financing Partnership <br>Term Loan I, <br>1-Month Term SOFR + 2.50%, <br>6.94% <sup>(C)</sup>, 04/30/2028<br>| 5000000 | 4915280 |
|  |  | 8780280 |
| **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  |
| &nbsp;&nbsp; Glatfelter Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.56% <sup>(C)</sup>, 11/04/2031<br>| 4987500 | 4767217 |
| **Software - 1.7%**  | **Software - 1.7%**  | **Software - 1.7%**  |
| &nbsp;&nbsp; Central Parent, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(C)</sup>, 07/06/2029<br>| 6653809 | 5535596 |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>7.19% <sup>(C)</sup>, 05/15/2028<br>| 6490930 | 2596372 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.69% <sup>(C)</sup>, 05/15/2028<br>| 1477948 | 1460398 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(C)</sup>, 02/10/2031<br>| 10051930 | 10010808 |
|  |  | 19603174 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $78,555,309)**<br>|  | 73715004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.1%**  | **COMMON STOCKS - 0.1%**  | **COMMON STOCKS - 0.1%**  |
| **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  |
| Ultra Resources, Inc. <sup>(H)(I)(J)(L)</sup> <br>| 3226 | $0 |
| **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** |
| ASG WT Corp. <sup>(H)(I)(J)</sup> <br>| 1265 | 41633 |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| Avaya Holdings Corp. <sup>(H)</sup><sup>(J)</sup> <br>| 233572 | 1284646 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $2,802,876)**<br>|  | 1326279 |
| **OTHER INVESTMENT COMPANY - 12.7%**  | **OTHER INVESTMENT COMPANY - 12.7%**  | **OTHER INVESTMENT COMPANY - 12.7%**  |
| **Securities Lending Collateral - 12.7%**  | **Securities Lending Collateral - 12.7%**  | **Securities Lending Collateral - 12.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(M)</sup> <br>| 152084895 | 152084895 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $152,084,895)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $152,084,895)** | 152084895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(M)</sup>, dated 04/30/2025, to be <br> repurchased at $8,971,041 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $9,150,005.<br>| $8970593 | 8970593 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $8,970,593)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $8,970,593)** | 8970593 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,355,965,869)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,355,965,869)** | 1310267418 |
| **Net Other Assets (Liabilities) - (9.8)%** | **Net Other Assets (Liabilities) - (9.8)%** | (116834127) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1193433291** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(N)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(O)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $1074170454 | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $1074170647 |
| Loan Assignments |  | &nbsp;&nbsp; 73715004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73715004 |
| Common Stocks |  | &nbsp;&nbsp; 1284646 | &nbsp;&nbsp; 41633 | &nbsp;&nbsp; 1326279 |
| Other Investment Company | 152084895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 152084895 |
| Repurchase Agreement |  | &nbsp;&nbsp; 8970593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8970593 |
| **Total Investments** | **$152084895** | &nbsp;&nbsp; **$1158140697** | &nbsp;&nbsp; **$41826** | &nbsp;&nbsp; **$1310267418** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $896,082,603, representing 75.1% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $151,255,222, collateralized by cash collateral of $152,084,895 and* *non-cash collateral, such as U.S. government securities of $2,320,395. 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.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(D)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(E)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(F)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Corporate Debt <br> Securities<br>| Trivium Packaging Finance <br> BV <br>5.50%, 08/15/2026<br>| 07/19/2019 - 07/19/2024 | &nbsp;&nbsp; $6052089 | &nbsp;&nbsp; $5972728 | 0.5<br> %<br>|
| Corporate Debt <br> Securities<br>| Trivium Packaging Finance <br> BV <br>8.50%, 08/15/2027<br>| 08/01/2019 - 07/19/2024 | &nbsp;&nbsp; 3944842 | &nbsp;&nbsp; 3920014 | 0.3 |
| Corporate Debt <br> Securities<br>| WW International, Inc. <br>4.50%, 04/15/2029<br>| 04/01/2021 - 02/07/2025 | &nbsp;&nbsp; 5910715 | &nbsp;&nbsp; 1674340 | 0.2 |
| Loan Assignments | Anchor Glass Container Corp. <br>Term Loan, 3-Month Term <br> SOFR + 5.00%, 7.33%, <br> 12/07/2025<br>| 08/11/2023 - 02/13/2025 | &nbsp;&nbsp; 4717651 | &nbsp;&nbsp; 3854961 | 0.3 |
|  |  |  | &nbsp;&nbsp; **$20625297** | &nbsp;&nbsp; **$15422043** | **1.3%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(G)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2025, the value of this security is* *$91, representing 0.0% of the Fund's net assets.* 

<sup>(H)</sup> *Non-income producing security.*

<sup>(I)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $41,826, representing 0.0% of the Fund's net assets.*

<sup>(J)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $1,326,472,* *representing 0.1% of the Fund's net assets.* 

<sup>(K)</sup> *Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.*

<sup>(L)</sup> *Security deemed worthless.*

<sup>(M)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(N)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(O)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,346,995,276) (including securities loaned of $151,255,222) | $1301296825 |
| Repurchase agreement, at value (cost $8,970,593) | 8970593 |
| Receivables and other assets: |  |
| Investments sold  | 10760409 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 1143510 |
| Net income from securities lending | 94667 |
| Shares of beneficial interest sold  | 6077090 |
| Interest | 21182392 |
| Prepaid expenses | 18148 |
| Total assets | 1349543634 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 152084895 |
| Payables and other liabilities: |  |
| Investments purchased | 1532211 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 1128000 |
| Dividends and/or distributions | 19043 |
| Shares of beneficial interest redeemed | 579023 |
| Investment management fees | 534911 |
| Distribution and service fees | 25659 |
| Transfer agent fees | 27313 |
| Trustee and CCO fees | 4619 |
| Audit and tax fees  | 23773 |
| Custody fees | 101778 |
| Legal fees | 26608 |
| Printing and shareholder reports fees | 4331 |
| Other accrued expenses | 18179 |
| Total liabilities | 156110343 |
| **Net assets**  | $1193433291 |
| **Net assets consist of:** |  |
| Paid-in capital | $1423868716 |
| Total distributable earnings (accumulated losses) | (230435425)<br>|
| **Net assets** | $1193433291 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $66582345 |
| Class C | 6474227 |
| Class I | 67394801 |
| Class I2 | 836326932 |
| Class I3 | 106648590 |
| Class R | 10460667 |
| Class R4 | 15692819 |
| Class R6 | 83852910 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 8442116 |
| Class C | 821755 |
| Class I | 8462627 |
| Class I2 | 104579724 |
| Class I3 | 13340345 |
| Class R | 1308093 |
| Class R4 | 1961147 |
| Class R6 | 10488034 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $7.89 |
| Class C | 7.88 |
| Class I | 7.96 |
| Class I2 | 8.00 |
| Class I3 | 7.99 |
| Class R | 8.00 |
| Class R4 | 8.00 |
| Class R6 | 8.00 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $8.28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $48801276 |
| Net income from securities lending | 695637 |
| Total investment income  | 49496913 |
| **Expenses:** |  |
| Investment management fees | 3571171 |
| Distribution and service fees: |  |
| Class A | 82417 |
| Class C | 35169 |
| Class R | 31472 |
| Class R4 | 26302 |
| Transfer agent fees: |  |
| Class A | 71509 |
| Class C | 3939 |
| Class I | 57009 |
| Class I2 | 32756 |
| Class I3 | 4489 |
| Class R | 152 |
| Class R4 | 789 |
| Class R6 | 3033 |
| Trustee and CCO fees | 26495 |
| Audit and tax fees | 25773 |
| Custody fees | 65863 |
| Legal fees | 47594 |
| Printing and shareholder reports fees | 24586 |
| Registration fees | 74195 |
| Other | 33416 |
| Total expenses before waiver and/or reimbursement and recapture | 4218129 |
| Expenses waived and/or reimbursed: |  |
| Class A | (6445)<br>|
| Class I | (47156)<br>|
| Class R | (431)<br>|
| Class R4 | (1021)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R | 320 |
| Class R4 | 303 |
| Net expenses | 4163699 |
| **Net investment income (loss)** | 45333214 |
| **Net realized gain (loss) on:** |  |
| Investments | (6454070)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (28437581)<br>|
| Net realized and change in unrealized gain (loss) | (34891651)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $10441563 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $45333214 | &nbsp;&nbsp;&nbsp;&nbsp; $91788651 |
| Net realized gain (loss) | (6454070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70860809)<br>|
| Net change in unrealized appreciation (depreciation) | (28437581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 189770702 |
| Net increase (decrease) in net assets resulting from operations | 10441563 | &nbsp;&nbsp;&nbsp;&nbsp; 210698544 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2184438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3572159)<br>|
| Class C | (209535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (394271)<br>|
| Class I | (3822015)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14301148)<br>|
| Class I2 | (30923018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54793040)<br>|
| Class I3 | (4201153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9420819)<br>|
| Class R | (408319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1029905)<br>|
| Class R4 | (709397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2366346)<br>|
| Class R6 | (2869636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4636762)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (45327511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90514450)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 65174202 | &nbsp;&nbsp;&nbsp;&nbsp; 100852627 |
| Class C | 581417 | &nbsp;&nbsp;&nbsp;&nbsp; 2549117 |
| Class I | 39788466 | &nbsp;&nbsp;&nbsp;&nbsp; 106771133 |
| Class I2 | 7599517 | &nbsp;&nbsp;&nbsp;&nbsp; 61489840 |
| Class I3 | 9052215 | &nbsp;&nbsp;&nbsp;&nbsp; 12981685 |
| Class R | 910500 | &nbsp;&nbsp;&nbsp;&nbsp; 2036002 |
| Class R4 | 1261806 | &nbsp;&nbsp;&nbsp;&nbsp; 5873914 |
| Class R6 | 20768476 | &nbsp;&nbsp;&nbsp;&nbsp; 20821572 |
|  | 145136599 | &nbsp;&nbsp;&nbsp;&nbsp; 313375890 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2061019 | &nbsp;&nbsp;&nbsp;&nbsp; 3325158 |
| Class C | 205151 | &nbsp;&nbsp;&nbsp;&nbsp; 387089 |
| Class I | 3809243 | &nbsp;&nbsp;&nbsp;&nbsp; 14269063 |
| Class I2 | 30922410 | &nbsp;&nbsp;&nbsp;&nbsp; 54793040 |
| Class I3 | 4201153 | &nbsp;&nbsp;&nbsp;&nbsp; 9420819 |
| Class R | 404153 | &nbsp;&nbsp;&nbsp;&nbsp; 1029905 |
| Class R4 | 709397 | &nbsp;&nbsp;&nbsp;&nbsp; 2366346 |
| Class R6 | 2869472 | &nbsp;&nbsp;&nbsp;&nbsp; 4635615 |
|  | 45181998 | &nbsp;&nbsp;&nbsp;&nbsp; 90227035 |
| Cost of shares redeemed: |  |  |
| Class A | (61058349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105252896)<br>|
| Class C | (1404447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1487991)<br>|
| Class I | (88805412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (562167374)<br>|
| Class I2 | (57129563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59956019)<br>|
| Class I3 | (54433286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23733330)<br>|
| Class R | (8049622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2954528)<br>|
| Class R4 | (15130431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20103620)<br>|
| Class R6 | (13531816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20253832)<br>|
|  | (299542926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (795909590)<br>|
| Automatic conversions: |  |  |
| Class A | 432352 | &nbsp;&nbsp;&nbsp;&nbsp; 883285 |
| Class C | (432352)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (883285)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (109224329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (392306665)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 930 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 184 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| **Net increase (decrease) in net assets** | (144110277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272121457)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 1337543568 | &nbsp;&nbsp;&nbsp;&nbsp; 1609665025 |
| End of period/year | $1193433291 | &nbsp;&nbsp;&nbsp;&nbsp; $1337543568 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 8084961 | &nbsp;&nbsp;&nbsp;&nbsp; 12627701 |
| Class C | 71945 | &nbsp;&nbsp;&nbsp;&nbsp; 323430 |
| Class I | 4966124 | &nbsp;&nbsp;&nbsp;&nbsp; 13292494 |
| Class I2 | 929148 | &nbsp;&nbsp;&nbsp;&nbsp; 7685933 |
| Class I3 | 1099060 | &nbsp;&nbsp;&nbsp;&nbsp; 1602944 |
| Class R | 111340 | &nbsp;&nbsp;&nbsp;&nbsp; 252976 |
| Class R4 | 153974 | &nbsp;&nbsp;&nbsp;&nbsp; 728645 |
| Class R6 | 2539391 | &nbsp;&nbsp;&nbsp;&nbsp; 2578647 |
|  | 17955943 | &nbsp;&nbsp;&nbsp;&nbsp; 39092770 |
| Shares reinvested: |  |  |
| Class A | 256019 | &nbsp;&nbsp;&nbsp;&nbsp; 416950 |
| Class C | 25508 | &nbsp;&nbsp;&nbsp;&nbsp; 48587 |
| Class I | 467657 | &nbsp;&nbsp;&nbsp;&nbsp; 1776960 |
| Class I2 | 3788312 | &nbsp;&nbsp;&nbsp;&nbsp; 6777237 |
| Class I3 | 514530 | &nbsp;&nbsp;&nbsp;&nbsp; 1165470 |
| Class R | 49457 | &nbsp;&nbsp;&nbsp;&nbsp; 127415 |
| Class R4 | 86683 | &nbsp;&nbsp;&nbsp;&nbsp; 292765 |
| Class R6 | 351782 | &nbsp;&nbsp;&nbsp;&nbsp; 573380 |
|  | 5539948 | &nbsp;&nbsp;&nbsp;&nbsp; 11178764 |
| Shares redeemed: |  |  |
| Class A | (7566859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13181687)<br>|
| Class C | (174904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (188020)<br>|
| Class I | (11172195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70180731)<br>|
| Class I2 | (7122074)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7414651)<br>|
| Class I3 | (6623679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2946487)<br>|
| Class R | (983746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (366272)<br>|
| Class R4 | (1839054)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2474893)<br>|
| Class R6 | (1661877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2507182)<br>|
|  | (37144388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99259923)<br>|
| Automatic conversions: |  |  |
| Class A | 53883 | &nbsp;&nbsp;&nbsp;&nbsp; 110656 |
| Class C | (53909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110812)<br>|
|  | (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 828004 | &nbsp;&nbsp;&nbsp;&nbsp; (26380)<br>|
| Class C | (131360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73185 |
| Class I | (5738414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55111277)<br>|
| Class I2 | (2404614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7048519 |
| Class I3 | (5010089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178073)<br>|
| Class R | (822949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14119 |
| Class R4 | (1598397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1453483)<br>|
| Class R6 | 1229296 | &nbsp;&nbsp;&nbsp;&nbsp; 644845 |
|  | (13648523)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48988545)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.10 | $7.50 | $7.68 | $9.13 | $8.56 | $9.01 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.48 | 0.41 | 0.39 | 0.37 | 0.40 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 0.59 | (0.17)<br>| (1.44)<br>| 0.58 | (0.42)<br>|
| Total investment operations | 0.05 | 1.07 | 0.24 | (1.05)<br>| 0.95 | (0.02)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| (0.47)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>| (0.43)<br>|
| **Net asset value, end of period/year** | $7.89 | $8.10 | $7.50 | $7.68 | $9.13 | $8.56 |
| **Total return** <sup>(E)</sup> <br>| 0.65 %<sup>(F)</sup><br>| 14.56 %<sup>(C)</sup><br>| 3.10<br> %<br>| (11.74 )%<sup>(D)</sup><br>| 11.38<br> %<br>| (0.10)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $66582 | $61651 | $57317 | $62992 | $85643 | $78109 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07 %<sup>(G)</sup><br>| 1.03<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 1.03<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.05 %<sup>(G)(H)</sup><br>| 1.03<br> %<br>| 1.02 %<sup>(I)</sup><br>| 1.00 %<sup>(I)</sup><br>| 1.00<br> %<br>| 1.03<br> %<br>|
| Net investment income (loss) to average net assets | 6.61 %<sup>(G)</sup><br>| 5.99<br> %<br>| 5.32<br> %<br>| 4.64<br> %<br>| 4.09<br> %<br>| 4.68<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(F)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.09 | $7.49 | $7.65 | $9.10 | $8.52 | $8.97 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.42 | 0.36 | 0.33 | 0.30 | 0.34 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 0.60 | (0.16)<br>| (1.44)<br>| 0.59 | (0.42)<br>|
| Total investment operations | 0.03 | 1.02 | 0.20 | (1.11)<br>| 0.89 | (0.08)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.42)<br>| (0.36)<br>| (0.34)<br>| (0.31)<br>| (0.37)<br>|
| **Net asset value, end of period/year** | $7.88 | $8.09 | $7.49 | $7.65 | $9.10 | $8.52 |
| **Total return** <sup>(D)</sup> <br>| 0.32 %<sup>(E)</sup><br>| 13.83 %<sup>(C)</sup><br>| 2.64<br> %<br>| (12.42)%<br>| 10.58<br> %<br>| (0.82)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $6474 | $7711 | $6593 | $8914 | $14407 | $19387 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.71 %<sup>(F)</sup><br>| 1.72<br> %<br>| 1.74<br> %<br>| 1.72<br> %<br>| 1.71<br> %<br>| 1.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.71 %<sup>(F)</sup><br>| 1.72<br> %<br>| 1.74 %<sup>(G)</sup><br>| 1.72<br> %<br>| 1.71<br> %<br>| 1.74<br> %<br>|
| Net investment income (loss) to average net assets | 5.96 %<sup>(F)</sup><br>| 5.35<br> %<br>| 4.61<br> %<br>| 3.91<br> %<br>| 3.37<br> %<br>| 4.00<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(E)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.18 | $7.58 | $7.74 | $9.21 | $8.63 | $9.06 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.50 | 0.45 | 0.43 | 0.41 | 0.43 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 0.61 | (0.15)<br>| (1.46)<br>| 0.59 | (0.39)<br>|
| Total investment operations | 0.06 | 1.11 | 0.30 | (1.03)<br>| 1.00 | 0.04 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $7.96 | $8.18 | $7.58 | $7.74 | $9.21 | $8.63 |
| **Total return** | 0.72 %<sup>(D)</sup><br>| 14.98<br> %<br>| 3.83<br> %<br>| (11.44 )%<sup>(B)</sup><br>| 11.74<br> %<br>| 0.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $67395 | $116219 | $525490 | $562580 | $841173 | $520044 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.70 %<sup>(E)</sup><br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.62 %<sup>(E)(F)</sup><br>| 0.62 %<sup>(F)</sup><br>| 0.61 %<sup>(F)</sup><br>| 0.61 %<sup>(F)(G)</sup><br>| 0.60 %<sup>(G)</sup><br>| 0.62 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 6.97 %<sup>(E)</sup><br>| 6.27<br> %<br>| 5.75<br> %<br>| 5.02<br> %<br>| 4.44<br> %<br>| 4.96<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(D)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *TAM contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not* *subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 | $9.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.52 | 0.46 | 0.43 | 0.41 | 0.44 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 0.61 | (0.16)<br>| (1.46)<br>| 0.60 | (0.43)<br>|
| Total investment operations | 0.08 | 1.13 | 0.30 | (1.03)<br>| 1.01 | 0.01 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.52)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $8.00 | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Total return** | 0.92 %<sup>(B)</sup><br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>| 0.28<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $836327 | $878559 | $759753 | $251872 | $931699 | $1054363 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 7.08 %<sup>(C)</sup><br>| 6.47<br> %<br>| 5.92<br> %<br>| 4.90<br> %<br>| 4.49<br> %<br>| 5.14<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(B)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 | $9.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.52 | 0.45 | 0.43 | 0.41 | 0.44 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 0.60 | (0.15)<br>| (1.46)<br>| 0.60 | (0.43)<br>|
| Total investment operations | 0.07 | 1.12 | 0.30 | (1.03)<br>| 1.01 | 0.01 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $7.99 | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Total return** | 0.79 %<sup>(B)</sup><br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>| 0.28<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $106648 | $150644 | $140818 | $154394 | $222760 | $218199 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 7.03 %<sup>(C)</sup><br>| 6.46<br> %<br>| 5.76<br> %<br>| 5.04<br> %<br>| 4.48<br> %<br>| 5.11<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(B)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 | $9.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.48 | 0.41 | 0.39 | 0.37 | 0.40 |
| Net realized and unrealized gain (loss) | (0.20)<br>| 0.61 | (0.15)<br>| (1.46)<br>| 0.60 | (0.43)<br>|
| Total investment operations | 0.06 | 1.09 | 0.26 | (1.07)<br>| 0.97 | (0.03)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.48)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>| (0.43)<br>|
| **Net asset value, end of period/year** | $8.00 | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Total return** | 0.67 %<sup>(B)</sup><br>| 14.55<br> %<br>| 3.33<br> %<br>| (11.86)%<br>| 11.29<br> %<br>| (0.23)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $10461 | $17495 | $16090 | $17663 | $24423 | $32169 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10 %<sup>(C)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10 %<sup>(C)(D)</sup><br>| 1.10 %<sup>(D)</sup><br>| 1.10 %<sup>(D)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 6.51 %<sup>(C)</sup><br>| 5.97<br> %<br>| 5.26<br> %<br>| 4.55<br> %<br>| 3.98<br> %<br>| 4.63<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(B)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.22 | $7.61 | $7.77 | $9.22 | $8.64 | $9.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.50 | 0.43 | 0.41 | 0.38 | 0.42 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 0.61 | (0.15)<br>| (1.46)<br>| 0.59 | (0.43)<br>|
| Total investment operations | 0.06 | 1.11 | 0.28 | (1.05)<br>| 0.97 | (0.01)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.50)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>| (0.45)<br>|
| **Net asset value, end of period/year** | $8.00 | $8.22 | $7.61 | $7.77 | $9.22 | $8.64 |
| **Total return** | 0.67 % <sup>(B)</sup><br>| 14.82<br> %<br>| 3.59<br> %<br>| (11.58)%<br>| 11.35<br> %<br>| 0.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $15693 | $29254 | $38138 | $48173 | $66337 | $621798 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86 %<sup>(C)</sup><br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85 %<sup>(C)</sup><br>| 0.85<br> %<br>| 0.85 %<sup>(D)</sup><br>| 0.85 %<sup>(D)</sup><br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 6.76 %<sup>(C)</sup><br>| 6.21<br> %<br>| 5.52<br> %<br>| 4.81<br> %<br>| 4.20<br> %<br>| 4.86<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(B)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 | $9.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.52 | 0.45 | 0.43 | 0.41 | 0.44 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 0.60 | (0.15)<br>| (1.46)<br>| 0.60 | (0.43)<br>|
| Total investment operations | 0.08 | 1.12 | 0.30 | (1.03)<br>| 1.01 | 0.01 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $8.00 | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Total return** | 0.92 %<sup>(B)</sup><br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.41)%<br>| 11.87<br> %<br>| 0.28<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $83853 | $76011 | $65466 | $59709 | $61417 | $44075 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61 %<sup>(C)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 7.09 %<sup>(C)</sup><br>| 6.47<br> %<br>| 5.78<br> %<br>| 5.07<br> %<br>| 4.48<br> %<br>| 5.14<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(B)</sup><br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica High Yield Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*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.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Fund held no unfunded loan participations at April 30, 2025. Open funded loan participations and assignments at April 30, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $152084895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152084895 |
| **Total Borrowings** | **$152084895** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$152084895** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Fund may incur costs to protect its investment, and the Fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is

**Transamerica Funds**

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**Page 25**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $986014585 | 82.62<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.25 billion | 0.554<br> % <br>|
| Over $1.25 billion up to $2 billion | 0.544 |
| Over $2 billion | 0.520 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.05<br> % <br>| March 1, 2026 |
| Class C | 1.77 | March 1, 2026 |
| Class I | 0.75 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.65 | March 1, 2026 |
| Class R | 1.10 | March 1, 2026 |
| Class R4 | 0.85 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $5360 | $5360 |
| Class R | 374 | 1470 | 1589 | 431 | 3864 |
| Class R4 | 1383 | 4641 | 4838 | 1021 | 11883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $19170 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 203 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica High Yield Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

TAM has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $172185 | &nbsp;&nbsp; $26266 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $218159359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $322497712 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1355965869 | &nbsp;&nbsp; $12623402 | &nbsp;&nbsp; $(58321853)<br>| &nbsp;&nbsp; $(45698451)<br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

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**Page 29**

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**Transamerica High Yield Bond** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

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**Page 30**

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**Transamerica High Yield Bond** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**Page 31**

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**Transamerica High Yield Bond** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

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**Page 32**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA HYB 04/25© 2025 Transamerica Corporation. All Rights Reserved.

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica High Yield Muni**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img0c75564b2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_SOI-RunningFooter-169_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_FS-RunningFooter-169_1) | 10 |
| [Statement of Operations](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_FS-RunningFooter-169_2) | 11 |
| [Statement of Changes in Net Assets](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_FS-RunningFooter-169_3) | 12 |
| [Financial Highlights](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_FIHI-RunningFooter-169_1) | 14 |
| [Notes to Financial Statements](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_NTF-RunningFooter-169_1) | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_DWA-RunningFooter-169_1)**<br> **[Companies](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_DWA-RunningFooter-169_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_PD-RunningFooter-169_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_REMU-RunningFooter-169_1)**<br> **[Companies](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_REMU-RunningFooter-169_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2957d035-d99e-4981-8027-c5faeb08fdcc_AIAC-RunningFooter-169_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica High Yield Muni**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.6%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.6%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.6%**  |
| **Alabama - 1.3%**  | **Alabama - 1.3%**  | **Alabama - 1.3%**  |
| Alabama State University, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2040 | $970000 | $1004840 |
| Chilton County Health Care Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 11/01/2045 | 30000 | 26837 |
| County of Perry, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 7.38%, 12/01/2030 | 210000 | 210379 |
| Jacksonville Public Educational Building <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.25%, 08/01/2049 | 175000 | 180777 |
|  |  | 1422833 |
| **Arizona - 1.2%**  | **Arizona - 1.2%**  | **Arizona - 1.2%**  |
| Arizona Industrial Development Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2055 <sup>(A)</sup> <br>| 170000 | 147108 |
| Series A, |  |  |
| 5.00%, 07/01/2027 - 07/01/2031 | 255000 | 262630 |
| Series B, |  |  |
| 5.00%, 07/01/2028 - 07/01/2033 | 105000 | 105972 |
| Industrial Development Authority of the City <br> of Phoenix, Revenue Bonds, |  |  |
| 4.63%, 07/01/2026 <sup>(A)</sup> <br>| 255000 | 254021 |
| Series A, |  |  |
| 5.00%, 07/01/2041 | 35000 | 34394 |
| Maricopa County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 07/01/2036 | 110000 | 108051 |
| Tempe Industrial Development Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 12/01/2050 - 12/01/2054 | 425000 | 382921 |
| Series A, |  |  |
| 4.00%, 12/01/2038 | 25000 | 22852 |
|  |  | 1317949 |
| **California - 7.3%**  | **California - 7.3%**  | **California - 7.3%**  |
| Antelope Valley Community College <br> District, General Obligation Unlimited, |  |  |
| Series D, |  |  |
| Zero Coupon, 08/01/2038 | 775000 | 445793 |
| California Enterprise Development <br> Authority, Revenue Bonds, |  |  |
| 7.00%, 08/15/2025 <sup>(A)</sup> <br>| 500000 | 500341 |
| California Health Facilities Financing <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 03/01/2026 | 400000 | 400590 |
| California Infrastructure & Economic <br> Development Bank, Revenue Bonds, |  |  |
| Series A, Fixed until 01/01/2029, |  |  |
| 9.50% <sup>(B)</sup>, 01/01/2065 <sup>(A)</sup> <br>| 4000000 | 3860804 |
| Series A-1, |  |  |
| 5.00%, 01/01/2056 <sup>(A)</sup> <br>| 130000 | 116233 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Municipal Finance Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 10/01/2046 | $25000 | $21655 |
| 5.50%, 06/01/2054 <sup>(A)</sup> <br>| 850000 | 793158 |
| Series A, |  |  |
| 4.00%, 10/01/2044 | 250000 | 221200 |
| California Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/15/2049 <sup>(A)</sup> <br>| 225000 | 202036 |
| California School Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/01/2054 <sup>(A)</sup> <br>| 200000 | 199864 |
| 5.88%, 06/01/2053 <sup>(A)</sup> <br>| 700000 | 701075 |
| California Statewide Communities <br> Development Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 12/01/2034 - 12/01/2044 | 115000 | 114180 |
| 5.50%, 12/01/2054 - 12/01/2058 <sup>(A)</sup> <br>| 505000 | 499212 |
| California Statewide Financing Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 6.00%, 05/01/2037 | 30000 | 30675 |
| Pacific School District, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| Zero Coupon, 08/01/2049 | 305000 | 84435 |
|  |  | 8191251 |
| **Colorado - 16.4%**  | **Colorado - 16.4%**  | **Colorado - 16.4%**  |
| Access 25 Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| 6.75%, 12/01/2053 <sup>(A)</sup> <br>| 1000000 | 1015278 |
| Aerotropolis Regional Transportation <br> Authority, Revenue Bonds, |  |  |
| 5.75%, 12/01/2054 <sup>(A)</sup> <br>| 1000000 | 1003602 |
| Brighton Crossing Metropolitan District No. <br> 6, General Obligation Limited, |  |  |
| 5.00%, 12/01/2035 | 525000 | 516824 |
| Canyons Metropolitan District No. 5, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.50%, 12/01/2054 | 1000000 | 986599 |
| Clear Creek Transit Metropolitan District <br> No. 2, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2041 - 12/01/2050 | 1000000 | 731979 |
| Colorado Educational & Cultural Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/01/2054 | 300000 | 286543 |
| &nbsp;&nbsp; Colorado International Center Metropolitan <br> District No. 14, General Obligation <br>Limited, |  |  |
| 5.88%, 12/01/2046 | 1000000 | 957529 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Denver Health & Hospital Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 12/01/2045 | $40000 | $40001 |
| &nbsp;&nbsp; Denver International Business Center <br> Metropolitan District No. 1, General <br>Obligation Limited, |  |  |
| 6.00%, 12/01/2048 | 500000 | 503627 |
| Fiddlers Business Improvement District, <br> General Obligation Unlimited, |  |  |
| 5.55%, 12/01/2047 <sup>(A)</sup> <br>| 400000 | 396300 |
| Glen Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| BAM, |  |  |
| 2.00%, 12/01/2030 | 125000 | 107540 |
| Glen Metropolitan District No. 2, General <br> Obligation Limited, |  |  |
| Series A, BAM, |  |  |
| 2.00%, 12/01/2030 | 385000 | 345810 |
| Gold Hill North Business Improvement <br> District, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.60%, 12/01/2054 <sup>(A)</sup> <br>| 500000 | 457020 |
| Hogback Metropolitan District, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2051 | 1000000 | 890976 |
| Lafferty Canyon Metropolitan District, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.63%, 12/01/2055 | 1500000 | 1408199 |
| Mirabelle Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.13%, 12/15/2049 | 500000 | 495211 |
| Palisade Metropolitan District No. 2, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 0.00%, 12/15/2054 <sup>(A)</sup> <br>| 1500000 | 1360047 |
| Peak Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2051 <sup>(A)</sup> <br>| 1150000 | 924435 |
| Peak Metropolitan District No. 3, General <br> Obligation Limited, |  |  |
| 7.50%, 12/01/2052 | 500000 | 492493 |
| St. Vrain Lakes Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 0.00%, 09/20/2054 <sup>(A)</sup> <br>| 2000000 | 1329569 |
| Transport Metropolitan District No. 3, <br> General Obligation Limited, |  |  |
| Series A-1, |  |  |
| 4.13%, 12/01/2031 | 500000 | 444555 |
| 5.00%, 12/01/2041 | 1365000 | 1114804 |
| Verve Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| 6.75%, 12/01/2052 | 1000000 | 1001532 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| &nbsp;&nbsp; Verve Metropolitan District No. 1, General <br> Obligation Limited, (continued)<br>|  |  |
| Series A, |  |  |
| 0.00%, 12/01/2054 | $1340000 | $948550 |
| Westerly Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2040 | 700000 | 656840 |
|  |  | 18415863 |
| **Connecticut - 0.9%**  | **Connecticut - 0.9%**  | **Connecticut - 0.9%**  |
| Connecticut State Health & Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series K, |  |  |
| 4.00%, 07/01/2046 | 25000 | 21898 |
| Stamford Housing Authority, Revenue <br> Bonds, |  |  |
| Series 2025-D, |  |  |
| 6.25%, 10/01/2060 | 1000000 | 974208 |
|  |  | 996106 |
| **Delaware - 2.5%**  | **Delaware - 2.5%**  | **Delaware - 2.5%**  |
| Delaware State Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2046 | 550000 | 543904 |
| Series B, |  |  |
| 5.00%, 11/15/2043 | 35000 | 35089 |
| 5.25%, 11/15/2053 | 1500000 | 1520041 |
| Town of Bridgeville, Special Tax, |  |  |
| 5.63%, 07/01/2053 <sup>(A)</sup> <br>| 750000 | 757871 |
|  |  | 2856905 |
| **District of Columbia - 2.0%**  | **District of Columbia - 2.0%**  | **District of Columbia - 2.0%**  |
| District of Columbia, Revenue Bonds, |  |  |
| 5.00%, 07/01/2049 - 07/01/2054 | 240000 | 232291 |
| Series A, |  |  |
| 5.00%, 07/01/2048 | 400000 | 395012 |
| Series B, |  |  |
| 5.00%, 07/01/2048 | 160000 | 158005 |
| District of Columbia, Tax Allocation, |  |  |
| Series B, |  |  |
| 0.00%, 06/01/2049 <sup>(A)</sup><sup>(C)</sup> <br>| 2500000 | 1431194 |
|  |  | 2216502 |
| **Florida - 7.6%**  | **Florida - 7.6%**  | **Florida - 7.6%**  |
| Capital Projects Finance Authority, <br> Revenue Bonds, |  |  |
| 6.63%, 06/15/2059 <sup>(A)</sup> <br>| 445000 | 456516 |
| Capital Trust Agency, Inc., Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/01/2056 <sup>(A)</sup> <br>| 450000 | 396478 |
| City of Pompano Beach, Revenue Bonds, |  |  |
| 2.88%, 09/01/2026 | 40000 | 39255 |
| 3.25%, 09/01/2030 | 20000 | 18992 |
| County of Lake, Revenue Bonds, |  |  |
| 5.00%, 01/15/2039 - 01/15/2054 <sup>(A)</sup> <br>| 1475000 | 1354739 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Florida Development Finance Corp., <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2045 | $215000 | $181235 |
| 5.13%, 06/01/2040 <sup>(A)</sup> <br>| 400000 | 393643 |
| Series A, |  |  |
| 4.00%, 06/01/2030 - 06/15/2042 | 1020000 | 947823 |
| 5.00%, 06/15/2029 - 06/01/2040 | 845000 | 775098 |
| Series A, Fixed until 05/11/2025, |  |  |
| 8.25% <sup>(B)</sup>, 07/01/2057 <sup>(A)</sup> <br>| 750000 | 773184 |
| 10.00% <sup>(B)</sup>, 07/15/2059 <sup>(A)</sup> <br>| 750000 | 774535 |
| Florida Housing Finance Corp., Revenue <br> Bonds, |  |  |
| Series 1, GNMA, FNMA, FHLMC, |  |  |
| 1.65%, 01/01/2033 | 255000 | 205592 |
| 2.00%, 07/01/2032 | 75000 | 64847 |
| Miami-Dade County Expressway Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/01/2039 | 25000 | 25016 |
| Palm Beach County Health Facilities <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 11/15/2032 | 100000 | 101316 |
| Series A, |  |  |
| 5.00%, 11/01/2029 - 11/01/2036 | 355000 | 371927 |
| Series B, |  |  |
| 4.00%, 11/15/2041 | 500000 | 456571 |
| 5.00%, 11/15/2042 | 50000 | 50301 |
| Pinellas County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/01/2046 <sup>(A)</sup> <br>| 500000 | 379217 |
| 5.00%, 06/01/2056 <sup>(A)</sup> <br>| 1000000 | 838138 |
|  |  | 8604423 |
| **Georgia - 4.8%**  | **Georgia - 4.8%**  | **Georgia - 4.8%**  |
| Atlanta Development Authority, Revenue <br> Bonds, |  |  |
| Series A-1, |  |  |
| 5.25%, 07/01/2044 | 1000000 | 1000135 |
| Atlanta Development Authority, Tax <br> Allocation, |  |  |
| Series A, |  |  |
| 5.50%, 04/01/2039 <sup>(A)</sup> <br>| 750000 | 752117 |
| DeKalb County Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/01/2040 - 06/01/2055 | 1485000 | 1410454 |
| Development Authority of Lagrange, <br> Revenue Bonds, |  |  |
| 5.00%, 10/15/2052 | 2710000 | 2250826 |
|  |  | 5413532 |
| **Idaho - 2.0%**  | **Idaho - 2.0%**  | **Idaho - 2.0%**  |
| Idaho Health Facilities Authority, Revenue <br> Bonds, |  |  |
| 3.50%, 09/01/2033 | 125000 | 108855 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Idaho (continued)** | **Idaho (continued)** | **Idaho (continued)** |
| Idaho Housing & Finance Association, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 05/01/2035 | $450000 | $432754 |
| 6.00%, 07/01/2049 - 07/01/2054 <sup>(A)</sup> <br>| 1725000 | 1734926 |
|  |  | 2276535 |
| **Illinois - 1.0%**  | **Illinois - 1.0%**  | **Illinois - 1.0%**  |
| Chicago Board of Education, General <br> Obligation Unlimited, |  |  |
| Series A, AGM-CR, |  |  |
| 5.00%, 12/01/2042 | 410000 | 409970 |
| City of Chicago, General Obligation <br> Unlimited, |  |  |
| 7.52%, 01/01/2040 | 135000 | 148693 |
| Illinois Finance Authority, Revenue Bonds, |  |  |
| 4.00%, 10/01/2050 | 15000 | 12618 |
| Series A, |  |  |
| 4.00%, 05/01/2040 | 100000 | 89737 |
| 5.00%, 11/01/2029 - 11/01/2031 | 65000 | 65681 |
| State of Illinois, General Obligation <br> Unlimited, |  |  |
| 6.63%, 02/01/2035 | 19231 | 20101 |
| 7.35%, 07/01/2035 | 15714 | 16876 |
| Township of Antioch, General Obligation <br> Unlimited, |  |  |
| AGC, |  |  |
| 5.00%, 12/30/2049 | 100000 | 101466 |
| Village of Oak Lawn, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.35%, 12/01/2026 | 315000 | 311746 |
|  |  | 1176888 |
| **Indiana - 0.0% \*** | **Indiana - 0.0% \*** | **Indiana - 0.0% \*** |
| Indiana Finance Authority, Revenue Bonds, |  |  |
| Series B, |  |  |
| 3.00%, 11/01/2030 | 35000 | 33508 |
| **Iowa - 0.1%**  | **Iowa - 0.1%**  | **Iowa - 0.1%**  |
| Lake Panorama Improvement Zone, Tax <br> Allocation, |  |  |
| AGM, |  |  |
| 5.85%, 06/01/2038 | 105000 | 112041 |
| **Kansas - 0.8%**  | **Kansas - 0.8%**  | **Kansas - 0.8%**  |
| Kansas Independent College Finance <br> Authority, Revenue Bonds, |  |  |
| Series B, |  |  |
| 8.50%, 05/01/2025 | 500000 | 500000 |
| University of Kansas Hospital Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 09/01/2045 | 300000 | 300015 |
| Wyandotte County-Kansas City Unified <br> Government, Revenue Bonds, |  |  |
| NATL, |  |  |
| Zero Coupon, 12/01/2027 | 100000 | 89627 |
|  |  | 889642 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Louisiana - 1.6%**  | **Louisiana - 1.6%**  | **Louisiana - 1.6%**  |
| Greater New Orleans Expressway <br> Commission, Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 11/01/2047 | $250000 | $250790 |
| &nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities & Community <br>Development Authority, Revenue Bonds, |  |  |
| 3.88%, 11/01/2045 <sup>(A)</sup> <br>| 1155000 | 987472 |
| Parish of St. James, Revenue Bonds, |  |  |
| Series 2, |  |  |
| 6.35%, 07/01/2040 <sup>(A)</sup> <br>| 500000 | 530481 |
|  |  | 1768743 |
| **Maine - 0.4%**  | **Maine - 0.4%**  | **Maine - 0.4%**  |
| Maine State Housing Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.50%, 11/15/2045 | 475000 | 465974 |
| **Maryland - 0.1%**  | **Maryland - 0.1%**  | **Maryland - 0.1%**  |
| County of Baltimore, Revenue Bonds, |  |  |
| 4.00%, 01/01/2034 | 15000 | 14842 |
| Maryland Health & Higher Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 01/01/2046 | 125000 | 125424 |
|  |  | 140266 |
| **Massachusetts - 0.5%**  | **Massachusetts - 0.5%**  | **Massachusetts - 0.5%**  |
| Massachusetts Development Finance <br> Agency, Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | 15000 | 13479 |
| 5.00%, 10/01/2049 | 325000 | 317169 |
| Series E, |  |  |
| 4.00%, 07/01/2038 | 130000 | 119997 |
| 5.00%, 07/01/2036 | 100000 | 100091 |
| Series G, |  |  |
| 5.25%, 07/01/2048 | 25000 | 25041 |
| Series L, |  |  |
| 4.00%, 07/01/2044 | 25000 | 21648 |
|  |  | 597425 |
| **Michigan - 0.5%**  | **Michigan - 0.5%**  | **Michigan - 0.5%**  |
| Michigan Tobacco Settlement Finance <br> Authority, Revenue Bonds, |  |  |
| Series C, |  |  |
| Zero Coupon, 06/01/2058 | 17500000 | 526477 |
| **Minnesota - 0.7%**  | **Minnesota - 0.7%**  | **Minnesota - 0.7%**  |
| City of Woodbury, Revenue Bonds, |  |  |
| 4.00%, 07/01/2056 | 315000 | 216386 |
| County of Carlton, General Obligation <br> Unlimited, |  |  |
| 3.00%, 02/01/2027 | 20000 | 19838 |
| Duluth Economic Development Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | 635000 | 512290 |
|  |  | 748514 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Mississippi - 0.2%**  | **Mississippi - 0.2%**  | **Mississippi - 0.2%**  |
| Mississippi Development Bank, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 3.25%, 03/01/2036 | $315000 | $234180 |
| **Missouri - 0.5%**  | **Missouri - 0.5%**  | **Missouri - 0.5%**  |
| Health & Educational Facilities Authority of <br> the State of Missouri, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2029 | 100000 | 101948 |
| 5.25%, 02/01/2054 | 500000 | 491753 |
|  |  | 593701 |
| **Nebraska - 0.9%**  | **Nebraska - 0.9%**  | **Nebraska - 0.9%**  |
| City of Blair Water System Revenue, <br> Revenue Bonds, |  |  |
| 6.10%, 05/15/2027 | 1000000 | 1000456 |
| **Nevada - 0.5%**  | **Nevada - 0.5%**  | **Nevada - 0.5%**  |
| Carson City, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2037 | 55000 | 55100 |
| State of Nevada Department of Business & <br> Industry, Revenue Bonds, |  |  |
| Series 2025-A, Fixed until 01/01/2029, |  |  |
| 9.50% <sup>(B)</sup>, 01/01/2065 <sup>(A)</sup> <br>| 500000 | 481375 |
|  |  | 536475 |
| **New Hampshire - 1.5%**  | **New Hampshire - 1.5%**  | **New Hampshire - 1.5%**  |
| New Hampshire Business Finance <br> Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/01/2031 <sup>(A)</sup> <br>| 2500000 | 1642784 |
| **New Jersey - 1.5%**  | **New Jersey - 1.5%**  | **New Jersey - 1.5%**  |
| Essex County Improvement Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2035 <sup>(D)</sup><sup>(E)</sup> <br>| 500000 | 225000 |
| 5.13%, 12/01/2045 <sup>(D)</sup><sup>(E)</sup> <br>| 30000 | 13500 |
| New Jersey Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.13%, 09/01/2052 <sup>(A)</sup> <br>| 760000 | 730174 |
| New Jersey Health Care Facilities <br> Financing Authority, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 07/01/2046 | 180000 | 179748 |
| Passaic County Improvement Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2044 | 410000 | 403649 |
| 5.50%, 07/01/2058 | 150000 | 152066 |
|  |  | 1704137 |
| **New Mexico - 0.5%**  | **New Mexico - 0.5%**  | **New Mexico - 0.5%**  |
| Village of Los Ranchos de Albuquerque, <br> Revenue Bonds, |  |  |
| 4.00%, 09/01/2040 | 625000 | 585374 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York - 1.7%**  | **New York - 1.7%**  | **New York - 1.7%**  |
| Brookhaven Local Development Corp., <br> Revenue Bonds, |  |  |
| 5.25%, 11/01/2029 | $30000 | $30545 |
| Buffalo & Erie County Industrial Land <br> Development Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 08/01/2052 | 190000 | 177411 |
| Build NYC Resource Corp., Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/15/2056 <sup>(A)</sup> <br>| 350000 | 264278 |
| City of Ithaca, General Obligation Limited, |  |  |
| 3.00%, 02/15/2034 | 25000 | 22086 |
| 3.13%, 02/15/2045 | 20000 | 14080 |
| New York City Industrial Development <br> Agency, Revenue Bonds, |  |  |
| FGIC,CPI-YoY + 0.89%, |  |  |
| 3.71% <sup>(B)</sup>, 03/01/2027 | 20000 | 19846 |
| New York State Dormitory Authority, <br> Revenue Bonds, |  |  |
| AMBAC, |  |  |
| 5.25%, 07/01/2025 | 100000 | 100123 |
| New York Transportation Development <br> Corp., Revenue Bonds, |  |  |
| Series B, AGC, |  |  |
| 0.00%, 12/31/2054 | 500000 | 306347 |
| Oneida Indian Nation of New York, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 6.00%, 09/01/2043 <sup>(A)</sup> <br>| 725000 | 768054 |
| Village of Brewster, General Obligation <br> Unlimited, |  |  |
| 5.00%, 05/01/2033 | 50000 | 52089 |
| Yonkers Economic Development Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 10/15/2054 | 215000 | 197888 |
|  |  | 1952747 |
| **North Carolina - 0.8%**  | **North Carolina - 0.8%**  | **North Carolina - 0.8%**  |
| North Carolina Medical Care Commission, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 09/01/2050 | 50000 | 38674 |
| Series C, |  |  |
| 3.00%, 10/01/2036 | 25000 | 21400 |
| 5.00%, 10/01/2031 - 10/01/2036 | 825000 | 829671 |
|  |  | 889745 |
| **North Dakota - 2.6%**  | **North Dakota - 2.6%**  | **North Dakota - 2.6%**  |
| City of Grand Forks, Revenue Bonds, |  |  |
| 4.00%, 12/01/2035 - 12/01/2051 | 1525000 | 1386520 |
| Series A, |  |  |
| 4.00%, 12/01/2047 | 395000 | 327073 |
| 5.00%, 12/01/2037 - 12/01/2048 | 465000 | 470827 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **North Dakota (continued)** | **North Dakota (continued)** | **North Dakota (continued)** |
| City of Horace, General Obligation <br> Unlimited, |  |  |
| Series C, |  |  |
| 5.00%, 05/01/2050 | $750000 | $724358 |
|  |  | 2908778 |
| **Ohio - 6.0%**  | **Ohio - 6.0%**  | **Ohio - 6.0%**  |
| Buckeye Tobacco Settlement Financing <br> Authority, Revenue Bonds, |  |  |
| Series B-3, Class 2, |  |  |
| Zero Coupon, 06/01/2057 | 13000000 | 1239974 |
| City of Cleveland, Revenue Bonds, |  |  |
| 5.38%, 09/15/2027 <sup>(C)</sup> <br>| 20000 | 20002 |
| City of Norwood, Tax Allocation, |  |  |
| 5.00%, 12/01/2041 | 500000 | 483129 |
| Columbus-Franklin County Finance <br> Authority, Revenue Bonds, |  |  |
| Series 2019-E, |  |  |
| 4.00%, 05/15/2049 | 760000 | 669857 |
| County of Hamilton, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 01/01/2038 | 1000000 | 1034469 |
| Dayton-Montgomery County Port Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 12/01/2054 | 775000 | 744453 |
| Ohio Air Quality Development Authority, <br> Revenue Bonds, |  |  |
| 2.88%, 02/01/2026 | 145000 | 143055 |
| Series A, |  |  |
| 3.25%, 09/01/2029 | 20000 | 19272 |
| State of Ohio, Revenue Bonds, |  |  |
| 5.00%, 11/15/2034 | 35000 | 36157 |
| Warren County Port Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 6.70%, 12/01/2056 | 600000 | 635960 |
| Series C, |  |  |
| 3.00%, 12/01/2031 | 800000 | 729441 |
| Series D-1, |  |  |
| 3.00%, 12/01/2030 | 525000 | 485208 |
| Series H, |  |  |
| 4.00%, 12/01/2041 | 570000 | 507629 |
|  |  | 6748606 |
| **Oklahoma - 0.3%**  | **Oklahoma - 0.3%**  | **Oklahoma - 0.3%**  |
| Delaware County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.63%, 09/01/2036 | 120000 | 117052 |
| Oklahoma Development Finance Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.50%, 08/15/2057 | 50000 | 50147 |
| Payne County Economic Development <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 09/01/2030 | 155000 | 148151 |
|  |  | 315350 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Oregon - 0.5%**  | **Oregon - 0.5%**  | **Oregon - 0.5%**  |
| Salem Hospital Facility Authority, Revenue <br> Bonds, |  |  |
| 4.00%, 05/15/2057 | $740000 | $542423 |
| **Pennsylvania - 3.3%**  | **Pennsylvania - 3.3%**  | **Pennsylvania - 3.3%**  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement <br> Zone Development Authority, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 05/01/2042 <sup>(A)</sup><sup>(C)</sup> <br>| 1000000 | 963941 |
| Berks County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 05/15/2037 | 125000 | 125281 |
| Council Rock School District, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 3.00%, 11/15/2033 | 75000 | 67757 |
| Cumberland County Municipal Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 01/01/2033 | 10000 | 9523 |
| 5.00%, 01/01/2039 - 01/01/2045 | 520000 | 465413 |
| Lancaster Municipal Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 05/01/2026 | 95000 | 96029 |
| Montgomery County Industrial <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 11/15/2036 | 100000 | 100746 |
| Series A, |  |  |
| 4.00%, 10/01/2041 | 150000 | 131666 |
| Pennsylvania Economic Development <br> Financing Authority, Revenue Bonds, |  |  |
| 4.00%, 07/01/2046 | 2000000 | 1693624 |
| 4.13%, 12/31/2038 | 55000 | 51134 |
|  |  | 3705114 |
| **South Carolina - 0.2%**  | **South Carolina - 0.2%**  | **South Carolina - 0.2%**  |
| South Carolina Jobs-Economic <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2026 <sup>(A)</sup> <br>| 235000 | 234292 |
| **Tennessee - 0.9%**  | **Tennessee - 0.9%**  | **Tennessee - 0.9%**  |
| Knox County Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| Series A-1, BAM, |  |  |
| 5.50%, 07/01/2059 | 1020000 | 1062997 |
| **Texas - 4.4%**  | **Texas - 4.4%**  | **Texas - 4.4%**  |
| City of Aubrey, Special Assessment, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2045 | 55000 | 56230 |
| City of Rowlett, Special Assessment, |  |  |
| 4.13%, 09/15/2041 <sup>(A)</sup> <br>| 448000 | 374077 |
| 4.25%, 09/15/2051 <sup>(A)</sup> <br>| 514000 | 407166 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp; Crockett County Consolidated Common <br> School District No. 1, General Obligation <br>Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 08/15/2028 | $565000 | $566935 |
| Harris County Municipal Utility District No. <br> 165, General Obligation Unlimited, |  |  |
| 3.10%, 03/01/2034 | 50000 | 45389 |
| Harris County Municipal Utility District No. <br> 358, General Obligation Unlimited, |  |  |
| 5.00%, 11/01/2035 | 960000 | 960185 |
| Harris County Municipal Utility District No. <br> 531, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 2.00%, 09/01/2036 | 30000 | 22071 |
| Lower Kirby Pearland Management <br> District, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| 4.00%, 03/01/2026 | 20000 | 20008 |
| New Hope Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 4.00%, 01/01/2029 | 245000 | 233340 |
| 5.00%, 01/01/2047 - 01/01/2055 | 1000000 | 855369 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 5.00%, 10/01/2049 | 500000 | 492038 |
| Van Alstyne Economic Development Corp., <br> Revenue Bonds, |  |  |
| 4.00%, 08/15/2031 | 240000 | 228454 |
| Verandah Municipal Utility District, General <br> Obligation Unlimited, |  |  |
| AGM, |  |  |
| 75.00%, 09/01/2028 | 80000 | 240869 |
| 99.00%, 09/01/2025 - 09/01/2027 | 215000 | 455181 |
|  |  | 4957312 |
| **U.S. Virgin Islands - 0.2%**  | **U.S. Virgin Islands - 0.2%**  | **U.S. Virgin Islands - 0.2%**  |
| Virgin Islands Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series C, AGM-CR, |  |  |
| 5.00%, 10/01/2042 <sup>(C)</sup> <br>| 210000 | 211082 |
| Virgin Islands Water & Power Authority - <br> Electric System, Revenue Bonds, |  |  |
| Series 2010-C, AGM, |  |  |
| 6.85%, 07/01/2035 | 60000 | 63086 |
|  |  | 274168 |
| **Utah - 4.7%**  | **Utah - 4.7%**  | **Utah - 4.7%**  |
| &nbsp;&nbsp; Downtown East Streetcar Sewer Public <br> Infrastructure District, General Obligation <br>Limited, |  |  |
| 6.00%, 03/01/2053 <sup>(A)</sup> <br>| 1500000 | 1463041 |
| Mida Mountain Village Public Infrastructure <br> District, Tax Allocation, |  |  |
| Series 1, |  |  |
| 5.13%, 06/15/2054 <sup>(A)</sup> <br>| 1500000 | 1359286 |
| Series 2, |  |  |
| 6.00%, 06/15/2054 <sup>(A)</sup> <br>| 1500000 | 1501243 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Olympia Public Infrastructure District No. 1, <br> General Obligation Limited, |  |  |
| Series A-1, |  |  |
| 6.38%, 03/01/2055 <sup>(A)</sup> <br>| $1000000 | $989574 |
| Utah Charter School Finance Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 04/15/2047 | 25000 | 21101 |
|  |  | 5334245 |
| **Virginia - 1.4%**  | **Virginia - 1.4%**  | **Virginia - 1.4%**  |
| City of Chesapeake Expressway Toll Road <br> Revenue, Revenue Bonds, |  |  |
| Series B, |  |  |
| 4.75% <sup>(B)</sup>, 07/15/2032 | 15000 | 15384 |
| James City County Economic <br> Development Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.88%, 12/01/2058 | 1500000 | 1602999 |
|  |  | 1618383 |
| **Washington - 2.2%**  | **Washington - 2.2%**  | **Washington - 2.2%**  |
| Washington Health Care Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A-1, |  |  |
| 4.00%, 08/01/2044 | 230000 | 207777 |
| Washington State Housing Finance <br> Commission, Revenue Bonds, |  |  |
| 4.50%, 07/01/2055 | 340000 | 307419 |
| 5.00%, 07/01/2045 | 500000 | 506196 |
| 6.38%, 07/01/2063 <sup>(A)</sup> <br>| 1350000 | 1453015 |
|  |  | 2474407 |
| **Wisconsin - 9.1%**  | **Wisconsin - 9.1%**  | **Wisconsin - 9.1%**  |
| Public Finance Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/15/2034 - 12/15/2037 <sup>(A)</sup> <br>| 2500000 | 1308801 |
| 5.00%, 12/15/2036 <sup>(A)</sup> <br>| 999550 | 972164 |
| 6.38%, 07/01/2043 <sup>(A)</sup> <br>| 230000 | 234091 |
| 6.63%, 07/01/2053 <sup>(A)</sup> <br>| 500000 | 508930 |
| 6.75%, 07/01/2058 <sup>(A)</sup> <br>| 520000 | 531288 |
| Series 2025-A, |  |  |
| 5.25%, 06/15/2055 | 500000 | 503593 |
| Series A, |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| &nbsp;&nbsp; Public Finance Authority, Revenue <br> Bonds, (continued)<br>|  |  |
| 4.00%, 07/01/2051 | $110000 | $86691 |
| 4.25%, 12/01/2051 <sup>(A)</sup> <br>| 1500000 | 1167123 |
| 5.25%, 06/15/2054 | 1000000 | 973179 |
| 6.75%, 06/01/2062 <sup>(A)</sup> <br>| 650000 | 627946 |
| Public Finance Authority, Tax Allocation, |  |  |
| 5.00%, 08/01/2039 | 500000 | 478649 |
| Wisconsin Health & Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 3.00%, 12/01/2031 | 100000 | 84709 |
| 4.00%, 12/01/2041 - 12/01/2056 | 1735000 | 1216489 |
| 5.75%, 08/15/2059 | 500000 | 512782 |
| 6.13%, 10/01/2059 | 1000000 | 998450 |
|  |  | 10204885 |
| &nbsp;&nbsp; **Total Municipal Government Obligations** <br>**(Cost $115,153,970)**<br>|  | 107691936 |
| **CORPORATE DEBT SECURITY - 0.1%**  | **CORPORATE DEBT SECURITY - 0.1%**  | **CORPORATE DEBT SECURITY - 0.1%**  |
| **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  |
| Wildflower Improvement Association |  |  |
| 6.63%, 03/01/2031 <sup>(A)</sup><sup>(C)</sup> <br>| 125333 | 122800 |
| &nbsp;&nbsp; **Total Corporate Debt Security** <br>**(Cost $123,838)**<br>|  | 122800 |
| **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $2,781,920 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $2,837,500.<br>| 2781781 | 2781781 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,781,781)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,781,781)** | 2781781 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $118,059,589)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $118,059,589)** | 110596517 |
| **Net Other Assets (Liabilities) - 1.8%** | **Net Other Assets (Liabilities) - 1.8%** | 2035890 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$112632407** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Municipal Government Obligations | $— | &nbsp;&nbsp; $107691936 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107691936 |
| Corporate Debt Security |  | &nbsp;&nbsp; 122800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 122800 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2781781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2781781 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$110596517** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$110596517** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica High Yield Muni**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $42,972,123, representing 38.2% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Municipal Government Obligations | Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br>Revenue Bonds, Series A <br>5.25%, 05/01/2042<br>| 07/12/2024 | &nbsp;&nbsp; $989670 | &nbsp;&nbsp; $963941 | 0.8<br> %<br>|
| Municipal Government Obligations | City of Cleveland <br>Revenue Bonds <br>5.38%, 09/15/2027<br>| 07/27/2015 | &nbsp;&nbsp; 20062 | &nbsp;&nbsp; 20002 | 0.0<br> %\*<br>|
| Municipal Government Obligations | District of Columbia <br>Tax Allocation, Series B <br>Zero Coupon, 06/01/2049<br>| 05/01/2024 | &nbsp;&nbsp; 1302435 | &nbsp;&nbsp; 1431194 | 1.3 |
| Municipal Government Obligations | Virgin Islands Public Finance <br> Authority <br>Revenue Bonds, Series C, <br> AGM-CR <br>5.00%, 10/01/2042<br>| 06/03/2024 | &nbsp;&nbsp; 210010 | &nbsp;&nbsp; 211082 | 0.2 |
| Corporate Debt Securities | Wildflower Improvement <br> Association <br>6.63%, 03/01/2031<br>| 12/10/2020 | &nbsp;&nbsp; 123045 | &nbsp;&nbsp; 122800 | 0.1 |
|  |  |  | &nbsp;&nbsp; **$2645222** | &nbsp;&nbsp; **$2749019** | **2.4%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(D)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2025, the value of this security is* *$238,500, representing 0.2% of the Fund's net assets.* 

<sup>(E)</sup> *Non-income producing security.*

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*CPI-YoY* *Consumer Price Index- Year Over Year* <br> *CR* *Custodial Receipts*

**MUNICIPAL INSURER ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AGC* | *Assured Guaranty Corp.* |
| *AGM* | *Assured Guaranty Municipal Corp.* |
| *AMBAC* | *AMBAC Financial Group, Inc.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FGIC* | *Financial Guaranty Insurance Co.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association* |
| *GNMA* | *Government National Mortgage Association* |
| *NATL* | *National Public Finance Guarantee Corp.* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica High Yield Muni**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $115,277,808) | $107814736 |
| Repurchase agreement, at value (cost $2,781,781) | 2781781 |
| Receivables and other assets: |  |
| Investments sold  | 49910 |
| Shares of beneficial interest sold  | 776448 |
| Interest | 1781472 |
| Prepaid expenses | 442 |
| Total assets | 113204789 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 92724 |
| Dividends and/or distributions | 5091 |
| Shares of beneficial interest redeemed | 368030 |
| Investment management fees | 46225 |
| Distribution and service fees | 7433 |
| Transfer agent fees | 6858 |
| Trustee and CCO fees | 379 |
| Audit and tax fees  | 21527 |
| Custody fees | 17167 |
| Legal fees | 1721 |
| Printing and shareholder reports fees | 1477 |
| Registration fees | 2059 |
| Other accrued expenses | 1691 |
| Total liabilities | 572382 |
| **Net assets**  | $112632407 |
| **Net assets consist of:** |  |
| Paid-in capital | $142528413 |
| Total distributable earnings (accumulated losses) | (29896006)<br>|
| **Net assets** | $112632407 |
| **Net assets by class:** |  |
| Class A | $15328905 |
| Class C | 4843239 |
| Class I | 92448243 |
| Class I2 | 12020 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1485689 |
| Class C | 469068 |
| Class I | 8978392 |
| Class I2 | 1165 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.32 |
| Class C | 10.33 |
| Class I | 10.30 |
| Class I2 | 10.31 <br><sup>(B)</sup><br>|
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $10.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Actual net asset value per share presented differs from calculated net asset value per share due to rounding.*

<sup>(C)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica High Yield Muni**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $2997627 |
| Net income from securities lending | 19 |
| Total investment income  | 2997646 |
| **Expenses:** |  |
| Investment management fees | 311586 |
| Distribution and service fees: |  |
| Class A | 20054 |
| Class C | 28089 |
| Transfer agent fees: |  |
| Class A | 4046 |
| Class C | 2068 |
| Class I | 48757 |
| Class I2 | 1 |
| Trustee and CCO fees | 2332 |
| Audit and tax fees | 22446 |
| Custody fees | 14083 |
| Legal fees | 3913 |
| Printing and shareholder reports fees | 3731 |
| Registration fees | 36868 |
| Other | 7414 |
| Total expenses before waiver and/or reimbursement and recapture | 505388 |
| Expenses waived and/or reimbursed: |  |
| Class A | (8125)<br>|
| Class C | (7335)<br>|
| Class I | (19078)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 1142 |
| Class C | 26 |
| Class I | 29 |
| Net expenses | 472047 |
| **Net investment income (loss)** | 2525599 |
| **Net realized gain (loss) on:** |  |
| Investments | (1835628)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (1402595)<br>|
| Net realized and change in unrealized gain (loss) | (3238223)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(712624)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica High Yield Muni**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2525599 | &nbsp;&nbsp;&nbsp;&nbsp; $4897763 |
| Net realized gain (loss) | (1835628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1556719)<br>|
| Net change in unrealized appreciation (depreciation) | (1402595)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13146682 |
| Net increase (decrease) in net assets resulting from operations | (712624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16487726 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (343834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (649051)<br>|
| Class C | (103314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (255479)<br>|
| Class I | (2078280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3993352)<br>|
| Class I2 | (274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (506)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2525702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4898388)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 2823508 | &nbsp;&nbsp;&nbsp;&nbsp; 6314944 |
| Class C | 353820 | &nbsp;&nbsp;&nbsp;&nbsp; 1184588 |
| Class I | 18780527 | &nbsp;&nbsp;&nbsp;&nbsp; 39317643 |
|  | 21957855 | &nbsp;&nbsp;&nbsp;&nbsp; 46817175 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 321216 | &nbsp;&nbsp;&nbsp;&nbsp; 605689 |
| Class C | 102474 | &nbsp;&nbsp;&nbsp;&nbsp; 254483 |
| Class I | 2073281 | &nbsp;&nbsp;&nbsp;&nbsp; 3988425 |
| Class I2 | 274 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  | 2497245 | &nbsp;&nbsp;&nbsp;&nbsp; 4849103 |
| Cost of shares redeemed: |  |  |
| Class A | (3615764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6716635)<br>|
| Class C | (1431671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2631781)<br>|
| Class I | (21045686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34321219)<br>|
|  | (26093121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43669635)<br>|
| Automatic conversions: |  |  |
| Class A | 146726 | &nbsp;&nbsp;&nbsp;&nbsp; 1599737 |
| Class C | (146726)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1599737)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (1638021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7996643 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| **Net increase (decrease) in net assets** | (4876347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19586001 |
| **Net assets:** |  |  |
| Beginning of period/year | 117508754 | &nbsp;&nbsp;&nbsp;&nbsp; 97922753 |
| End of period/year | $112632407 | &nbsp;&nbsp;&nbsp;&nbsp; $117508754 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica High Yield Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 265559 | &nbsp;&nbsp;&nbsp;&nbsp; 609715 |
| Class C | 33115 | &nbsp;&nbsp;&nbsp;&nbsp; 113993 |
| Class I | 1779224 | &nbsp;&nbsp;&nbsp;&nbsp; 3822191 |
|  | 2077898 | &nbsp;&nbsp;&nbsp;&nbsp; 4545899 |
| Shares reinvested: |  |  |
| Class A | 30350 | &nbsp;&nbsp;&nbsp;&nbsp; 57994 |
| Class C | 9672 | &nbsp;&nbsp;&nbsp;&nbsp; 24398 |
| Class I | 196303 | &nbsp;&nbsp;&nbsp;&nbsp; 382715 |
| Class I2 | 26 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | 236351 | &nbsp;&nbsp;&nbsp;&nbsp; 465155 |
| Shares redeemed: |  |  |
| Class A | (340894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (644712)<br>|
| Class C | (136446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (253490)<br>|
| Class I | (2005467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3321929)<br>|
|  | (2482807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4220131)<br>|
| Automatic conversions: |  |  |
| Class A | 13768 | &nbsp;&nbsp;&nbsp;&nbsp; 153524 |
| Class C | (13758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153454)<br>|
|  | 10 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (31217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176521 |
| Class C | (107417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (268553)<br>|
| Class I | (29940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 882977 |
| Class I2 | 26 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | (168548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 790993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica High Yield Muni**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.60 | $9.51 | $9.47 | $12.36 | $11.59 | $11.98 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.43 | 0.42 | 0.34 | 0.35 | 0.38 |
| Net realized and unrealized gain (loss) | (0.27)<br>| 1.09 | 0.04 | (2.86)<br>| 0.78 | (0.32)<br>|
| Total investment operations | (0.05)<br>| 1.52 | 0.46 | (2.52)<br>| 1.13 | 0.06 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.36)<br>| (0.41)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.23)<br>| (0.43)<br>| (0.42)<br>| (0.37)<br>| (0.36)<br>| (0.45)<br>|
| **Net asset value, end of period/year** | $10.32 | $10.60 | $9.51 | $9.47 | $12.36 | $11.59 |
| **Total return** <sup>(D)</sup> <br>| (0.55 )%<sup>(E)</sup><br>| 16.14 %<sup>(C)</sup><br>| 4.73<br> %<br>| (20.80)%<br>| 9.81<br> %<br>| 0.60<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $15329 | $16081 | $12746 | $16721 | $29316 | $18111 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00 %<sup>(F)</sup><br>| 0.99<br> %<br>| 1.03<br> %<br>| 1.01 %<sup>(G)</sup><br>| 0.98 %<sup>(G)</sup><br>| 1.07 %<sup>(G)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91 %<sup>(F)</sup><br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91 %<sup>(G)</sup><br>| 0.91 %<sup>(G)</sup><br>| 0.91 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 4.29 %<sup>(F)</sup><br>| 4.13<br> %<br>| 4.20<br> %<br>| 2.98<br> %<br>| 2.86<br> %<br>| 3.22<br> %<br>|
| Portfolio turnover rate | 32 %<sup>(E)</sup><br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.61 | $9.52 | $9.48 | $12.38 | $11.60 | $11.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.37 | 0.36 | 0.27 | 0.28 | 0.31 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 1.09 | 0.04 | (2.87)<br>| 0.79 | (0.32)<br>|
| Total investment operations | (0.09)<br>| 1.46 | 0.40 | (2.60)<br>| 1.07 | (0.01)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.37)<br>| (0.36)<br>| (0.27)<br>| (0.29)<br>| (0.35)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.03)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.37)<br>| (0.36)<br>| (0.30)<br>| (0.29)<br>| (0.38)<br>|
| **Net asset value, end of period/year** | $10.33 | $10.61 | $9.52 | $9.48 | $12.38 | $11.60 |
| **Total return** <sup>(B)</sup> <br>| (0.85 )%<sup>(C)</sup><br>| 15.44<br> %<br>| 4.11<br> %<br>| (21.32)%<br>| 9.24<br> %<br>| —<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $4843 | $6115 | $8041 | $8587 | $13390 | $11731 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.77 %<sup>(D)</sup><br>| 1.76<br> %<br>| 1.79<br> %<br>| 1.74 %<sup>(E)</sup><br>| 1.73 %<sup>(E)</sup><br>| 1.82 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.51 %<sup>(D)</sup><br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51 %<sup>(E)</sup><br>| 1.51 %<sup>(E)</sup><br>| 1.51 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.68 %<sup>(D)</sup><br>| 3.53<br> %<br>| 3.60<br> %<br>| 2.41<br> %<br>| 2.28<br> %<br>| 2.63<br> %<br>|
| Portfolio turnover rate | 32 %<sup>(C)</sup><br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica High Yield Muni**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.58 | $9.49 | $9.46 | $12.36 | $11.59 | $12.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.23 | 0.44 | 0.43 | 0.35 | 0.37 | 0.39 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 1.10 | 0.04 | (2.86)<br>| 0.78 | (0.33)<br>|
| Total investment operations | (0.05)<br>| 1.54 | 0.47 | (2.51)<br>| 1.15 | 0.06 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.45)<br>| (0.44)<br>| (0.36)<br>| (0.38)<br>| (0.43)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.23)<br>| (0.45)<br>| (0.44)<br>| (0.39)<br>| (0.38)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $10.30 | $10.58 | $9.49 | $9.46 | $12.36 | $11.59 |
| **Total return** | (0.48 )%<sup>(D)</sup><br>| 16.35<br> %<br>| 4.78<br> %<br>| (20.75 )%<sup>(B)</sup><br>| 9.98<br> %<br>| 0.58<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $92448 | $95301 | $77126 | $93760 | $129929 | $62566 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80 %<sup>(E)</sup><br>| 0.79<br> %<br>| 0.82<br> %<br>| 0.77 %<sup>(F)</sup><br>| 0.77 %<sup>(F)</sup><br>| 0.86 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(E)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76 %<sup>(F)</sup><br>| 0.76 %<sup>(F)</sup><br>| 0.76 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.43 %<sup>(E)</sup><br>| 4.28<br> %<br>| 4.34<br> %<br>| 3.14<br> %<br>| 3.00<br> %<br>| 3.37<br> %<br>|
| Portfolio turnover rate | 32 %<sup>(D)</sup><br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.60 | $9.51 | $9.48 | $12.38 | $11.60 | $12.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.45 | 0.44 | 0.37 | 0.38 | 0.39 |
| Net realized and unrealized gain (loss) | (0.29)<br>| 1.09 | 0.03 | (2.87)<br>| 0.79 | (0.31)<br>|
| Total investment operations | (0.05)<br>| 1.54 | 0.47 | (2.50)<br>| 1.17 | 0.08 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.45)<br>| (0.44)<br>| (0.37)<br>| (0.39)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.24)<br>| (0.45)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>| (0.48)<br>|
| **Net asset value, end of period/year** | $10.31 | $10.60 | $9.51 | $9.48 | $12.38 | $11.60 |
| **Total return** | (0.53 )%<sup>(B)</sup><br>| 16.41<br> %<br>| 4.87<br> %<br>| (20.65)%<br>| 10.17<br> %<br>| 0.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $12 | $12 | $10 | $10 | $12 | $11 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70 %<sup>(C)</sup><br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68 %<sup>(D)</sup><br>| 0.68 %<sup>(D)</sup><br>| 0.75 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(C)</sup><br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68 %<sup>(D)</sup><br>| 0.68 %<sup>(D)</sup><br>| 0.75 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.50 %<sup>(C)</sup><br>| 4.36<br> %<br>| 4.40<br> %<br>| 3.28<br> %<br>| 3.11<br> %<br>| 3.39<br> %<br>|
| Portfolio turnover rate | 32 %<sup>(B)</sup><br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica High Yield Muni (the "Fund") is a series of the Trust and is classified as non-diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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:

*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.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $11263 | 0.01<br> % <br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.54<br> % <br>|
| Over $500 million up to $1 billion | 0.53 |
| Over $1 billion | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.01<br> % <br>| March 1, 2026 |
| Class C | 1.76 | March 1, 2026 |
| Class I | 0.76 | March 1, 2026 |
| Class I2 | 0.73 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $5838 | $8775 | $473 | $102 | $15188 |
| Class C | 2070 | 3312 | 661 | 314 | 6357 |
| Class I | 38270 | 54491 | 39962 | 19078 | 151801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years.

---

| | | |
|:---|:---|:---|
| **Class A** <br>**Waiver**<br>| **Class C** <br>**Waiver**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12b-1 Expense Waiver** <br>**Effective Through**<br>|
| 0.10<br> % <br>| 0.25<br> % <br>| March 1, 2026 |

---

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $2629 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $53984 | &nbsp;&nbsp; $6536 |

---

**Brokerage commissions:** The Fund incurred $0 brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $35185495 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35462541 | &nbsp;&nbsp; $2956982 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica High Yield Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $118059589 | &nbsp;&nbsp; $714760 | &nbsp;&nbsp; $(8177832)<br>| &nbsp;&nbsp; $(7463072)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica High Yield Muni** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica High Yield Muni** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica High Yield Muni** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica High Yield Muni** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

![](g947814imgced9c3323.gif)

![](g947814imgab84eb924.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453782 TA HYM 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img8fe92e1d5.gif)

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![](g947814img2b95dbdf1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Inflation Opportunities**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img920bf77f2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_SOI-RunningFooter-172_1) | 2 |
| [Statement of Assets and Liabilities](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_FS-RunningFooter-172_1) | 6 |
| [Statement of Operations](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_FS-RunningFooter-172_3) | 8 |
| [Statement of Changes in Net Assets](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_FS-RunningFooter-172_4) | 9 |
| [Financial Highlights](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_FIHI-RunningFooter-172_1) | 11 |
| [Notes to Financial Statements](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_NTF-RunningFooter-172_1) | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_DWA-RunningFooter-172_1)**<br> **[Companies](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_DWA-RunningFooter-172_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_PD-RunningFooter-172_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_REMU-RunningFooter-172_1)**<br> **[Companies](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_REMU-RunningFooter-172_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_650603fb-2e3f-49f2-a7f6-3921c5d0b0f4_AIAC-RunningFooter-172_1)** | 30 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 72.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 72.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 72.7%**  |
| **U.S. Treasury - 0.4%**  | **U.S. Treasury - 0.4%**  | **U.S. Treasury - 0.4%**  |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/15/2034 | $500000 | $502969 |
|  |  | 502969 |
| **U.S. Treasury Inflation-Protected Securities - 72.3%**  | **U.S. Treasury Inflation-Protected Securities - 72.3%**  | **U.S. Treasury Inflation-Protected Securities - 72.3%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 0.13%, 02/15/2051 - 02/15/2052 | 4826891 | 2630489 |
| 0.25%, 02/15/2050 | 1861380 | 1088019 |
| 0.63%, 02/15/2043 | 2997324 | 2239203 |
| 0.75%, 02/15/2042 - 02/15/2045 | 8032847 | 6176651 |
| 1.00%, 02/15/2046 | 1009838 | 769462 |
| 1.38%, 02/15/2044 | 2943135 | 2487152 |
| 1.50%, 02/15/2053 | 2146540 | 1716861 |
| 1.75%, 01/15/2028 | 1979731 | 2018615 |
| 2.13%, 02/15/2040 - 02/15/2054 | 5568478 | 5445659 |
| 2.38%, 01/15/2027 | 2784338 | 2858870 |
| 2.50%, 01/15/2029 | 2674579 | 2797243 |
| 3.38%, 04/15/2032 | 2806429 | 3122249 |
| 3.63%, 04/15/2028 | 936947 | 1005054 |
| 3.88%, 04/15/2029 | 2522884 | 2774256 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 04/15/2026 - 01/15/2032 | 14899554 | 14172335 |
| 0.25%, 07/15/2029 | 2245032 | 2156762 |
| 0.38%, 01/15/2027 - 07/15/2027 | 8786115 | 8722127 |
| 0.50%, 01/15/2028 | 2263432 | 2233012 |
| 0.63%, 01/15/2026 - 07/15/2032 | 3934054 | 3746558 |
| 0.75%, 07/15/2028 | 4257750 | 4222266 |
| 0.88%, 01/15/2029 | 3285074 | 3242469 |
| 1.13%, 01/15/2033 | 1392339 | 1324623 |
| 1.25%, 04/15/2028 | 4467246 | 4484148 |
| 1.38%, 07/15/2033 | 3151410 | 3048820 |
| 1.63%, 10/15/2027 - 10/15/2029 | 6050545 | 6163385 |
| 1.75%, 01/15/2034 | 934092 | 923378 |
| 2.13%, 04/15/2029 - 01/15/2035 | 5025377 | 5161057 |
| 2.38%, 10/15/2028 | 3645600 | 3805563 |
|  |  | 100536286 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $107,505,794)**<br>|  | 101039255 |
| **CORPORATE DEBT SECURITIES - 13.7%**  | **CORPORATE DEBT SECURITIES - 13.7%**  | **CORPORATE DEBT SECURITIES - 13.7%**  |
| **Aerospace & Defense - 0.2%**  | **Aerospace & Defense - 0.2%**  | **Aerospace & Defense - 0.2%**  |
| Boeing Co. |  |  |
| 3.25%, 02/01/2028 | 306000 | 294515 |
| **Automobiles - 0.4%**  | **Automobiles - 0.4%**  | **Automobiles - 0.4%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.05%, 11/05/2031 | 300000 | 290557 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.45%, 03/18/2035 <sup>(A)</sup> <br>| 289000 | 282956 |
|  |  | 573513 |
| **Banks - 6.1%**  | **Banks - 6.1%**  | **Banks - 6.1%**  |
| BAC Capital Trust XIV |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.66%, <br>4.96% <sup>(B)</sup>, 05/16/2025 <sup>(C)</sup> <br>| 966000 | 790160 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/20/2027, <br>3.42% <sup>(B)</sup>, 12/20/2028<br>| $338000 | $328526 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(B)</sup>, 10/25/2035<br>| 968000 | 947449 |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.74% <sup>(B)</sup>, 02/12/2036<br>| 550000 | 547498 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>4.94% <sup>(B)</sup>, 09/10/2030<br>| 320000 | 319249 |
| BNP Paribas SA |  |  |
| 5.20% <sup>(B)</sup>, 05/09/2031 | 354000 | 353427 |
| BPCE SA |  |  |
| &nbsp;&nbsp; Fixed until 01/14/2045, <br>6.92% <sup>(B)</sup>, 01/14/2046 <sup>(A)</sup> <br>| 253000 | 256438 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2031, <br>2.52% <sup>(B)</sup>, 11/03/2032<br>| 609000 | 523617 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(B)</sup>, 09/19/2039<br>| 228000 | 217300 |
| Corestates Capital II |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.91%, <br>5.17% <sup>(B)</sup>, 01/15/2027 <sup>(A)</sup> <br>| 232000 | 228001 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 05/28/2031, <br>3.04% <sup>(B)</sup>, 05/28/2032<br>| 700000 | 617333 |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.72% <sup>(B)</sup>, 01/18/2029<br>| 350000 | 366656 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2031, <br>2.38% <sup>(B)</sup>, 07/21/2032<br>| 500000 | 429937 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2032, <br>8.11% <sup>(B)</sup>, 11/03/2033<br>| 379000 | 431144 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(B)</sup>, 09/16/2036<br>| 208000 | 173190 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(B)</sup>, 10/18/2030<br>| 1100000 | 1095383 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/28/2030, <br>3.03% <sup>(B)</sup>, 11/28/2035<br>| 381000 | 336611 |
| &nbsp;&nbsp; Fixed until 08/15/2029, <br>4.96% <sup>(B)</sup>, 08/15/2030<br>| 300000 | 301018 |
| Zions Bancorp NA |  |  |
| &nbsp;&nbsp; Fixed until 08/19/2034, <br>6.82% <sup>(B)</sup>, 11/19/2035<br>| 252000 | 247866 |
|  |  | 8510803 |
| **Chemicals - 1.1%**  | **Chemicals - 1.1%**  | **Chemicals - 1.1%**  |
| Albemarle Corp. |  |  |
| 5.65%, 06/01/2052 | 479000 | 388299 |
| Dow Chemical Co. |  |  |
| 5.60%, 02/15/2054 | 88000 | 77754 |
| Eastman Chemical Co. |  |  |
| 5.75%, 03/08/2033 | 259000 | 264809 |
| Nutrien Ltd. |  |  |
| 5.25%, 03/12/2032 | 697000 | 701586 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Sherwin-Williams Co. |  |  |
| 4.80%, 09/01/2031 | $142000 | $141964 |
|  |  | 1574412 |
| **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  |
| Triton Container International Ltd. |  |  |
| 3.15%, 06/15/2031 <sup>(A)</sup> <br>| 968000 | 831241 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 154000 | 157133 |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| Smurfit Westrock Financing DAC |  |  |
| 5.42%, 01/15/2035 <sup>(A)</sup> <br>| 201000 | 201026 |
| Sonoco Products Co. |  |  |
| 5.00%, 09/01/2034 <sup>(D)</sup> <br>| 66000 | 63017 |
|  |  | 264043 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Warnermedia Holdings, Inc. |  |  |
| 5.14%, 03/15/2052 | 386000 | 265372 |
| **Insurance - 0.8%**  | **Insurance - 0.8%**  | **Insurance - 0.8%**  |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.71% <sup>(B)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 1196000 | 1091627 |
| **Machinery - 0.2%**  | **Machinery - 0.2%**  | **Machinery - 0.2%**  |
| Weir Group PLC |  |  |
| 5.35%, 05/06/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 210000 | 210558 |
| **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/2054 <sup>(D)</sup> <br>| 185000 | 178449 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.33%, 01/13/2035 <sup>(A)</sup> <br>| 285000 | 294123 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 152000 | 131791 |
| 2.85%, 04/27/2031 <sup>(A)</sup> <br>| 634000 | 562562 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 5.75%, 11/15/2041 | 294000 | 293437 |
| Rio Tinto Finance USA PLC |  |  |
| 5.75%, 03/14/2055 | 252000 | 249069 |
| South32 Treasury Ltd. |  |  |
| 4.35%, 04/14/2032 <sup>(A)</sup> <br>| 615000 | 565516 |
|  |  | 2274947 |
| **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  |
| APA Corp. |  |  |
| 4.25%, 01/15/2030 <sup>(A)</sup> <br>| 1102000 | 1028963 |
| 6.10%, 02/15/2035 <sup>(A)</sup> <br>| 120000 | 112695 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 153000 | 149525 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2027, <br>5.50% <sup>(B)</sup>, 07/15/2077<br>| 474000 | 453450 |
| Energy Transfer LP |  |  |
| 5.35%, 05/15/2045 | 138000 | 119513 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 01/31/2051 | $446000 | $314796 |
| &nbsp;&nbsp; Fixed until 08/16/2027, <br>5.25% <sup>(B)</sup>, 08/16/2077<br>| 248000 | 239948 |
| Phillips 66 Co. |  |  |
| 4.95%, 03/15/2035 <sup>(D)</sup> <br>| 409000 | 384946 |
|  |  | 2803836 |
| **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 211000 | 214864 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $19,234,056)**<br>|  | 19066864 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 9.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 9.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 9.8%**  |
| **Australia - 0.9%**  | **Australia - 0.9%**  | **Australia - 0.9%**  |
| Australia Government Bonds |  |  |
| 2.50%, 09/20/2030 <sup>(F)</sup> <br>| AUD 1,250,000 | 1229736 |
| **Italy - 0.9%**  | **Italy - 0.9%**  | **Italy - 0.9%**  |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.10%, 05/15/2033 <sup>(F)</sup> <br>| EUR 1,174,880 | 1188511 |
| **Japan - 5.0%**  | **Japan - 5.0%**  | **Japan - 5.0%**  |
| Japan Government CPI-Linked Bonds |  |  |
| 0.10%, 03/10/2026 - 03/10/2028 | JPY 978,304,000 | 6973661 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 4.28%, 08/14/2041 | $257000 | 191309 |
| **Spain - 1.7%**  | **Spain - 1.7%**  | **Spain - 1.7%**  |
| Spain Government Inflation-Linked Bonds |  |  |
| 1.00%, 11/30/2030 <sup>(F)</sup> <br>| EUR 2,019,376 | 2325894 |
| **United Kingdom - 1.2%**  | **United Kingdom - 1.2%**  | **United Kingdom - 1.2%**  |
| U.K. Inflation-Linked Gilt |  |  |
| 1.25%, 11/22/2032 <sup>(F)</sup> <br>| GBP 1,269,947 | 1740214 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $14,333,778)**<br>|  | 13649325 |
| **ASSET-BACKED SECURITY - 0.7%**  | **ASSET-BACKED SECURITY - 0.7%**  | **ASSET-BACKED SECURITY - 0.7%**  |
| American Express Credit Account Master <br> Trust |  |  |
| &nbsp;&nbsp; Series 2022-3, Class A, <br>3.75%, 08/15/2027<br>| $1025000 | 1022478 |
| &nbsp;&nbsp; **Total Asset-Backed Security** <br>**(Cost $998,935)** | &nbsp;&nbsp; **Total Asset-Backed Security** <br>**(Cost $998,935)** | 1022478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANIES - 1.3%**  | **SHORT-TERM INVESTMENT COMPANIES - 1.3%**  | **SHORT-TERM INVESTMENT COMPANIES - 1.3%**  |
| **Money Market Funds - 1.3%**  | **Money Market Funds - 1.3%**  | **Money Market Funds - 1.3%**  |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>4.29% <sup>(G)</sup> <br>| 1868996 | 1868996 |
| &nbsp;&nbsp; **Total Short-Term Investment Companies** <br>**(Cost $1,868,996)**<br>|  | 1868996 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  |
| U.S. Treasury Bills |  |  |
| 4.07% <sup>(G)</sup>, 02/19/2026 | $2500000 | $2422683 |
| 4.28% <sup>(G)</sup>, 06/26/2025 | 600000 | 596045 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $3,017,708)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $3,017,708)** | 3018728 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  |
| **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(G)</sup> <br>| 639105 | 639105 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $639,105)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $639,105)** | 639105 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $147,598,372)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $147,598,372)** | 140304751 |
| **Net Other Assets (Liabilities) - (0.9)%** | **Net Other Assets (Liabilities) - (0.9)%** | (1216530) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$139088221** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| JPM | 07/10/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1654200 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 1294000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(70790)<br>|
| JPM | 07/10/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6810277 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 990000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (169678)<br>|
| MSC | 07/10/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1152604 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65447)<br>|
| MSC | 07/10/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3356827 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (114010)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp; **$(419925)**<br>|

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $101039255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101039255 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 19066864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19066864 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 13649325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13649325 |
| Asset-Backed Security |  | &nbsp;&nbsp; 1022478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1022478 |
| Short-Term Investment Companies | 1868996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1868996 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 3018728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018728 |
| Other Investment Company | 639105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 639105 |
| **Total Investments** | **$2508101** | &nbsp;&nbsp; **$137796650** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$140304751** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(I)</sup> <br>| $— | &nbsp;&nbsp; $(419925)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(419925)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(419925)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(419925)**<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $6,012,361, representing 4.3% of the Fund's* *net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $626,148, collateralized by cash collateral of $639,105. 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.* 

<sup>(E)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(F)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $6,484,355, representing 4.7%* *of the Fund's net assets.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *JPY* | *Japanese Yen* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION(S):** 

*JPM* *JPMorgan Chase Bank, N.A.* <br> *MSC* *Morgan Stanley & Co.*

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $147,598,372) (including securities loaned of $626,148) | $140304751 |
| Foreign currency, at value (cost $123) | 125 |
| Receivables and other assets: |  |
| Net income from securities lending | 252 |
| Shares of beneficial interest sold  | 9606 |
| Interest | 471223 |
| Prepaid expenses | 14056 |
| Other assets | 13696 |
| Total assets | 140813709 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 639105 |
| Payables and other liabilities: |  |
| Investments purchased | 354000 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 209855 |
| Shares of beneficial interest redeemed | 12573 |
| Investment management fees | 33326 |
| Distribution and service fees | 2018 |
| Transfer agent fees | 1459 |
| Trustee and CCO fees | 646 |
| Audit and tax fees  | 19706 |
| Custody fees | 23420 |
| Legal fees | 3242 |
| Printing and shareholder reports fees | 901 |
| Other accrued expenses | 5312 |
| Unrealized depreciation on forward foreign currency contracts | 419925 |
| Total liabilities | 1725488 |
| **Net assets**  | $139088221 |
| **Net assets consist of:** |  |
| Paid-in capital | $158515165 |
| Total distributable earnings (accumulated losses) | (19426944)<br>|
| **Net assets** | $139088221 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $1735403 |
| Class C | 95881 |
| Class I | 5254832 |
| Class I2 | 109773197 |
| Class I3 | 18213875 |
| Class R | 3752231 |
| Class R4 | 118411 |
| Class R6 | 144391 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 178197 |
| Class C | 10129 |
| Class I | 533969 |
| Class I2 | 11136467 |
| Class I3 | 1847229 |
| Class R | 385335 |
| Class R4 | 12055 |
| Class R6 | 14634 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $9.74 |
| Class C | 9.47 |
| Class I | 9.84 |
| Class I2 | 9.86 |
| Class I3 | 9.86 |
| Class R | 9.74 |
| Class R4 | 9.82 |
| Class R6 | 9.87 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $2837894 |
| Net income from securities lending | 2600 |
| Withholding taxes on foreign income | (216)<br>|
| Total investment income  | 2840278 |
| **Expenses:** |  |
| Investment management fees | 277540 |
| Distribution and service fees: |  |
| Class A | 2034 |
| Class C | 711 |
| Class R | 10803 |
| Class R4 | 200 |
| Transfer agent fees: |  |
| Class A | 912 |
| Class C | 175 |
| Class I | 2654 |
| Class I2 | 3945 |
| Class I3 | 1101 |
| Class R | 68 |
| Class R4 | 6 |
| Class R6 | 6 |
| Trustee and CCO fees | 3190 |
| Audit and tax fees | 21593 |
| Custody fees | 16517 |
| Legal fees | 5952 |
| Printing and shareholder reports fees | 3198 |
| Registration fees | 50596 |
| Other | 17576 |
| Total expenses before waiver and/or reimbursement and recapture | 418777 |
| Expenses waived and/or reimbursed: |  |
| Class A | (74)<br>|
| Class C | (50)<br>|
| Class I | (233)<br>|
| Class I2 | (8742)<br>|
| Class I3 | (1921)<br>|
| Class R | (863)<br>|
| Class R4 | (115)<br>|
| Class R6 | (12)<br>|
| Net expenses | 406767 |
| **Net investment income (loss)** | 2433511 |
| **Net realized gain (loss) on:** |  |
| Investments | (2639060)<br>|
| Forward foreign currency contracts | 941614 |
| Foreign currency transactions | (11255)<br>|
| Net realized gain (loss) | (1708701)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 3324021 |
| Forward foreign currency contracts | (1182674)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 1346 |
| Net change in unrealized appreciation (depreciation) | 2142693 |
| Net realized and change in unrealized gain (loss) | 433992 |
| **Net increase (decrease) in net assets resulting from operations** | $2867503 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2433511 | &nbsp;&nbsp;&nbsp;&nbsp; $4840266 |
| Net realized gain (loss) | (1708701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2421610)<br>|
| Net change in unrealized appreciation (depreciation) | 2142693 | &nbsp;&nbsp;&nbsp;&nbsp; 14248417 |
| Net increase (decrease) in net assets resulting from operations | 2867503 | &nbsp;&nbsp;&nbsp;&nbsp; 16667073 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (23203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45757)<br>|
| Class C | (1392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4014)<br>|
| Class I | (79015)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138972)<br>|
| Class I2 | (1676840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2912571)<br>|
| Class I3 | (422970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1598067)<br>|
| Class R | (56546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146744)<br>|
| Class R4 | (2345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8274)<br>|
| Class R6 | (2574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7962)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2264885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4862361)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 135142 | &nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| Class C | 175 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| Class I | 161578 | &nbsp;&nbsp;&nbsp;&nbsp; 817121 |
| Class I2 | 11148993 | &nbsp;&nbsp;&nbsp;&nbsp; 12704633 |
| Class I3 | 1998468 | &nbsp;&nbsp;&nbsp;&nbsp; 2280681 |
| Class R | 261061 | &nbsp;&nbsp;&nbsp;&nbsp; 177155 |
| Class R4 | 4771 | &nbsp;&nbsp;&nbsp;&nbsp; 47476 |
| Class R6 | 11749 | &nbsp;&nbsp;&nbsp;&nbsp; 713466 |
|  | 13721937 | &nbsp;&nbsp;&nbsp;&nbsp; 16774266 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 23203 | &nbsp;&nbsp;&nbsp;&nbsp; 45757 |
| Class C | 1392 | &nbsp;&nbsp;&nbsp;&nbsp; 4014 |
| Class I | 79015 | &nbsp;&nbsp;&nbsp;&nbsp; 138972 |
| Class I2 | 1676840 | &nbsp;&nbsp;&nbsp;&nbsp; 2912571 |
| Class I3 | 422970 | &nbsp;&nbsp;&nbsp;&nbsp; 1598067 |
| Class R | 56546 | &nbsp;&nbsp;&nbsp;&nbsp; 146744 |
| Class R4 | 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 8274 |
| Class R6 | 2574 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
|  | 2264885 | &nbsp;&nbsp;&nbsp;&nbsp; 4862361 |
| Cost of shares redeemed: |  |  |
| Class A | (223370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (333866)<br>|
| Class C | (64270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207639)<br>|
| Class I | (206667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1924800)<br>|
| Class I2 | (10180424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27859514)<br>|
| Class I3 | (40917599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9943459)<br>|
| Class R | (2574841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (903079)<br>|
| Class R4 | (49767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (765406)<br>|
| Class R6 | (35178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (702262)<br>|
|  | (54252116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42640025)<br>|
| Automatic conversions: |  |  |
| Class A | 7462 | &nbsp;&nbsp;&nbsp;&nbsp; 34770 |
| Class C | (7462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34770)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (38265294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21003398)<br>|
| **Net increase (decrease) in net assets** | (37662676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9198686)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 176750897 | &nbsp;&nbsp;&nbsp;&nbsp; 185949583 |
| End of period/year | $139088221 | &nbsp;&nbsp;&nbsp;&nbsp; $176750897 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 13961 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| Class C | 18 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Class I | 16473 | &nbsp;&nbsp;&nbsp;&nbsp; 85310 |
| Class I2 | 1144781 | &nbsp;&nbsp;&nbsp;&nbsp; 1296398 |
| Class I3 | 206297 | &nbsp;&nbsp;&nbsp;&nbsp; 234337 |
| Class R | 26860 | &nbsp;&nbsp;&nbsp;&nbsp; 18549 |
| Class R4 | 491 | &nbsp;&nbsp;&nbsp;&nbsp; 4979 |
| Class R6 | 1204 | &nbsp;&nbsp;&nbsp;&nbsp; 74111 |
|  | 1410085 | &nbsp;&nbsp;&nbsp;&nbsp; 1717189 |
| Shares reinvested: |  |  |
| Class A | 2401 | &nbsp;&nbsp;&nbsp;&nbsp; 4782 |
| Class C | 149 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Class I | 8095 | &nbsp;&nbsp;&nbsp;&nbsp; 14377 |
| Class I2 | 171494 | &nbsp;&nbsp;&nbsp;&nbsp; 300834 |
| Class I3 | 43286 | &nbsp;&nbsp;&nbsp;&nbsp; 165090 |
| Class R | 5853 | &nbsp;&nbsp;&nbsp;&nbsp; 15339 |
| Class R4 | 241 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| Class R6 | 263 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
|  | 231782 | &nbsp;&nbsp;&nbsp;&nbsp; 502548 |
| Shares redeemed: |  |  |
| Class A | (23168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35031)<br>|
| Class C | (6836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22524)<br>|
| Class I | (21276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (201815)<br>|
| Class I2 | (1036041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2879702)<br>|
| Class I3 | (4233969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1029366)<br>|
| Class R | (269549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94175)<br>|
| Class R4 | (5129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80293)<br>|
| Class R6 | (3580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72471)<br>|
|  | (5599548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4415377)<br>|
| Automatic conversions: |  |  |
| Class A | 774 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| Class C | (797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3767)<br>|
|  | (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (6032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23125)<br>|
| Class C | (7466)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25814)<br>|
| Class I | 3292 | &nbsp;&nbsp;&nbsp;&nbsp; (102128)<br>|
| Class I2 | 280234 | &nbsp;&nbsp;&nbsp;&nbsp; (1282470)<br>|
| Class I3 | (3984386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629939)<br>|
| Class R | (236836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60287)<br>|
| Class R4 | (4397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74448)<br>|
| Class R6 | (2113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
|  | (3957704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2195744)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.67 | $9.08 | $9.39 | $11.09 | $10.78 | $10.26 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.23 | 0.30 | 0.50 | 0.32 | 0.10 |
| Net realized and unrealized gain (loss) | 0.06 | 0.60 | (0.17)<br>| (1.80)<br>| 0.29 | 0.51 |
| Total investment operations | 0.21 | 0.83 | 0.13 | (1.30)<br>| 0.61 | 0.61 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.24)<br>| (0.24)<br>| (0.37)<br>| (0.30)<br>| (0.09)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |  |
| Return of capital |  |  | (0.02)<br>|  |  |  |
| Total dividends and/or distributions to shareholders | (0.14)<br>| (0.24)<br>| (0.44)<br>| (0.41)<br>| (0.30)<br>| (0.09)<br>|
| **Net asset value, end of period/year** | $9.74 | $9.67 | $9.08 | $9.39 | $11.09 | $10.78 |
| **Total return** <sup>(C)</sup> <br>| 2.16 %<sup>(D)</sup><br>| 9.16<br> %<br>| 1.32<br> %<br>| (11.94 )%<sup>(B)</sup><br>| 5.73<br> %<br>| 5.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1735 | $1781 | $1883 | $2291 | $1430 | $866 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91 %<sup>(F)</sup><br>| 0.87<br> %<br>| 1.08<br> %<br>| 0.98<br> %<br>| 1.02<br> %<br>| 1.10<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90 %<sup>(F)</sup><br>| 0.87<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 3.08 %<sup>(F)</sup><br>| 2.40<br> %<br>| 3.18<br> %<br>| 4.84<br> %<br>| 2.90<br> %<br>| 0.97<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(D)</sup><br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.39 | $8.84 | $9.15 | $10.79 | $10.52 | $10.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.14 | 0.23 | 0.43 | 0.25 | 0.05 |
| Net realized and unrealized gain (loss) | 0.09 | 0.58 | (0.16)<br>| (1.78)<br>| 0.26 | 0.47 |
| Total investment operations | 0.18 | 0.72 | 0.07 | (1.35)<br>| 0.51 | 0.52 |
| **Contributions from affiliate** |  |  |  | 0.05 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.17)<br>| (0.18)<br>| (0.30)<br>| (0.24)<br>| (0.04)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |  |
| Return of capital |  |  | (0.02)<br>|  |  |  |
| Total dividends and/or distributions to shareholders | (0.10)<br>| (0.17)<br>| (0.38)<br>| (0.34)<br>| (0.24)<br>| (0.04)<br>|
| **Net asset value, end of period/year** | $9.47 | $9.39 | $8.84 | $9.15 | $10.79 | $10.52 |
| **Total return** <sup>(C)</sup> <br>| 1.88 %<sup>(D)</sup><br>| 8.21<br> %<br>| 0.68<br> %<br>| (12.26 )%<sup>(B)</sup><br>| 4.89<br> %<br>| 5.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $96 | $165 | $384 | $747 | $934 | $562 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.79 %<sup>(F)</sup><br>| 1.72<br> %<br>| 1.85<br> %<br>| 1.72<br> %<br>| 1.70<br> %<br>| 1.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.72 %<sup>(F)(G)</sup><br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.72<br> %<br>| 1.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.94 %<sup>(F)</sup><br>| 1.53<br> %<br>| 2.44<br> %<br>| 4.24<br> %<br>| 2.37<br> %<br>| 0.44<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(D)</sup><br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.46%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.77 | $9.17 | $9.46 | $11.18 | $10.86 | $10.32 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.26 | 0.35 | 0.53 | 0.37 | 0.16 |
| Net realized and unrealized gain (loss) | 0.06 | 0.60 | (0.17)<br>| (1.81)<br>| 0.29 | 0.49 |
| Total investment operations | 0.22 | 0.86 | 0.18 | (1.28)<br>| 0.66 | 0.65 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.26)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>| (0.11)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |  |
| Return of capital |  |  | (0.02)<br>|  |  |  |
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.26)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>| (0.11)<br>|
| **Net asset value, end of period/year** | $9.84 | $9.77 | $9.17 | $9.46 | $11.18 | $10.86 |
| **Total return** | 2.27 %<sup>(B)</sup><br>| 9.42<br> %<br>| 1.86<br> %<br>| (11.73)%<br>| 6.08<br> %<br>| 6.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5255 | $5185 | $5800 | $10169 | $14310 | $5897 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(D)</sup><br>| 0.62<br> %<br>| 0.81<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.64 %<sup>(D)</sup><br>| 0.62<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 3.34 %<sup>(D)</sup><br>| 2.69<br> %<br>| 3.62<br> %<br>| 5.05<br> %<br>| 3.31<br> %<br>| 1.48<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(B)</sup><br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.78 | $9.18 | $9.49 | $11.21 | $10.88 | $10.35 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.26 | 0.34 | 0.53 | 0.35 | 0.15 |
| Net realized and unrealized gain (loss) | 0.06 | 0.61 | (0.18)<br>| (1.81)<br>| 0.32 | 0.49 |
| Total investment operations | 0.23 | 0.87 | 0.16 | (1.28)<br>| 0.67 | 0.64 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>| (0.11)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |  |
| Return of capital |  |  | (0.02)<br>|  |  |  |
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>| (0.11)<br>|
| **Net asset value, end of period/year** | $9.86 | $9.78 | $9.18 | $9.49 | $11.21 | $10.88 |
| **Total return** | 2.42 %<sup>(B)</sup><br>| 9.49<br> %<br>| 1.66<br> %<br>| (11.66)%<br>| 6.16<br> %<br>| 6.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $109773 | $106225 | $111418 | $102380 | $118370 | $86849 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(D)</sup><br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.53 %<sup>(D)</sup><br>| 0.52 %<sup>(E)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63 %<sup>(E)</sup><br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 3.45 %<sup>(D)</sup><br>| 2.71<br> %<br>| 3.53<br> %<br>| 5.07<br> %<br>| 3.15<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(B)</sup><br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.78 | $9.18 | $9.18 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.15 | 0.27 | 0.04 |
| Net realized and unrealized gain (loss) | 0.08 | 0.60 | (0.04)<br>|
| Total investment operations | 0.23 | 0.87 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.15)<br>| (0.27)<br>|  |
| **Net asset value, end of period/year** | $9.86 | $9.78 | $9.18 |
| **Total return** | 2.42 %<sup>(C)</sup><br>| 9.49<br> %<br>| 0.00 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $18214 | $57058 | $59308 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(D)</sup><br>| 0.52<br> %<br>| 0.60 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.53 %<sup>(D)</sup><br>| 0.52 %<sup>(E)</sup><br>| 0.53 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.99 %<sup>(D)</sup><br>| 2.76<br> %<br>| 16.89 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 14 %<sup>(C)</sup><br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.66 | $9.08 | $9.08 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.14 | 0.22 | 0.04 |
| Net realized and unrealized gain (loss) | 0.07 | 0.59 | (0.04)<br>|
| Total investment operations | 0.21 | 0.81 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.13)<br>| (0.23)<br>|  |
| **Net asset value, end of period/year** | $9.74 | $9.66 | $9.08 |
| **Total return** | 2.19 %<sup>(C)</sup><br>| 8.94<br> %<br>| 0.00 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $3752 | $6013 | $6194 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.05 %<sup>(D)</sup><br>| 1.01<br> %<br>| 1.10 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.01 %<sup>(D)(E)</sup><br>| 1.00<br> %<br>| 1.00 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.83 %<sup>(D)</sup><br>| 2.26<br> %<br>| 15.21 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 14 %<sup>(C)</sup><br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.75 | $9.15 | $9.15 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.16 | 0.13 | 0.04 |
| Net realized and unrealized gain (loss) | 0.06 | 0.72 | (0.04)<br>|
| Total investment operations | 0.22 | 0.85 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.15)<br>| (0.25)<br>|  |
| **Net asset value, end of period/year** | $9.82 | $9.75 | $9.15 |
| **Total return** | 2.27 % <sup>(C)</sup><br>| 9.39<br> %<br>| 0.00 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $119 | $160 | $832 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80 %<sup>(D)</sup><br>| 0.77<br> %<br>| 0.85 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.66 %<sup>(D)(E)</sup><br>| 0.65<br> %<br>| 0.65 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.30 %<sup>(D)</sup><br>| 1.35<br> %<br>| 14.40 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 14 %<sup>(C)</sup><br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.79 | $9.18 | $9.49 | $11.21 | $10.89 | $10.35 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.35 | 0.34 | 0.56 | 0.35 | 0.16 |
| Net realized and unrealized gain (loss) | 0.07 | 0.53 | (0.18)<br>| (1.84)<br>| 0.31 | 0.49 |
| Total investment operations | 0.23 | 0.88 | 0.16 | (1.28)<br>| 0.66 | 0.65 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>| (0.11)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |  |
| Return of capital |  |  | (0.02)<br>|  |  |  |
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>| (0.11)<br>|
| **Net asset value, end of period/year** | $9.87 | $9.79 | $9.18 | $9.49 | $11.21 | $10.89 |
| **Total return** | 2.42 %<sup>(B)</sup><br>| 9.61<br> %<br>| 1.65<br> %<br>| (11.66)%<br>| 6.07<br> %<br>| 6.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $144 | $164 | $131 | $156 | $72 | $59 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(D)</sup><br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.54 %<sup>(D)(E)</sup><br>| 0.52 %<sup>(F)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63 %<sup>(F)</sup><br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 3.40 %<sup>(D)</sup><br>| 3.60<br> %<br>| 3.55<br> %<br>| 5.41<br> %<br>| 3.14<br> %<br>| 1.47<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(B)</sup><br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Inflation Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*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.

*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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Inflation Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $639105 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $639105 |
| **Total Borrowings** | **$639105** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$639105** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Inflation Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at April 30, 2025 are listed within the Schedule of Investments.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>| $— | $(419925)<br>| $— | $— | $— | $(419925)<br>|
| **Total** | **$—** | **$(419925)**<br>| **$—** | **$—** | **$—** | **$(419925)**<br>|

---

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $941614 | $— | $— | $— | $941614 |
| **Total** | **$—** | **$941614** | **$—** | **$—** | **$—** | **$941614** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts | $— | $(1182674)<br>| $— | $— | $— | $(1182674)<br>|
| **Total** | **$—** | **$(1182674)**<br>| **$—** | **$—** | **$—** | **$(1182674)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $1845309 |
| Average contract amounts sold — in USD | 15777525 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Inflation Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of April 30, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| JPMorgan Chase Bank, N.A. | $— | $— | $— | $— | $240468 | $— | $— | $240468 |
| Morgan Stanley & Co., Inc. |  |  |  |  | 179457 |  |  | 179457 |
| **Total** | **$—** | **$—** | **$—** | **$—** | **$419925** | **$—** | **$—** | **$419925** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Inflation Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Inflation-protected securities risk:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk,

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $125137672 | 89.97<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.380<br> % <br>|
| Over $500 million up to $750 million | 0.375 |
| Over $750 million | 0.370 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.95<br> % <br>| March 1, 2026 |
| Class C | 1.71 | March 1, 2026 |
| Class I, Class R4 | 0.65 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.53 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A, Class R | 1.00 |  |
| Class C | 1.71 |  |
| Class I, Class R4 | 0.65 |  |
| Class I2, Class I3, Class R6 | 0.53 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $912 | $2027 | $— | $— | $2939 |
| Class C |  | 696 | 100 | 50 | 846 |
| Class I | 4110 | 12849 |  |  | 16959 |
| Class I2 |  | 79109 | 7835 | 8742 | 95686 |
| Class I3 <sup>(B)</sup> <br>|  |  | 475 | 1921 | 2396 |
| Class R <sup>(B)</sup> <br>|  |  | 990 | 863 | 1853 |
| Class R4 <sup>(B)</sup> <br>|  |  | 474 | 115 | 589 |
| Class R6 |  | 19 | 89 | 12 | 120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.* <br> <sup>(B)</sup> *Class commenced operations on October 27, 2023.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $163 | &nbsp;&nbsp;&nbsp;&nbsp; $41 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $8768 | &nbsp;&nbsp; $1416 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $8897802 | &nbsp;&nbsp; $11469850 | &nbsp;&nbsp; $14163586 | &nbsp;&nbsp; $44949965 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $147598372 | &nbsp;&nbsp; $1344055 | &nbsp;&nbsp; $(9057601)<br>| &nbsp;&nbsp; $(7713546)<br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Inflation Opportunities** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Inflation Opportunities** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

------

![](g947814img5205f5ed3.gif)

![](g947814imgb168f8cb4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA INFL OPS 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgb2b4e4095.gif)

------

![](g947814img710b5e0f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Intermediate Muni**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img3261ba482.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_SOI-RunningFooter-165_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_FS-RunningFooter-165_1) | 20 |
| [Statement of Operations](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_FS-RunningFooter-165_2) | 21 |
| [Statement of Changes in Net Assets](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_FS-RunningFooter-165_3) | 22 |
| [Financial Highlights](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_FIHI-RunningFooter-165_1) | 24 |
| [Notes to Financial Statements](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_NTF-RunningFooter-165_1) | 26 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_DWA-RunningFooter-165_1)**<br> **[Companies](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_DWA-RunningFooter-165_1)**<br>| 35 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_PD-RunningFooter-165_1)** | 36 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_REMU-RunningFooter-165_1)**<br> **[Companies](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_REMU-RunningFooter-165_1)**<br>| 37 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5ed37021-c111-4bf6-9c9e-4254da35ab8d_AIAC-RunningFooter-165_1)** | 38 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 97.4%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 97.4%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 97.4%**  |
| **Alabama - 2.8%**  | **Alabama - 2.8%**  | **Alabama - 2.8%**  |
| Alabama State University, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2038 - 09/01/2039 | $2575000 | $2684943 |
| City of Arab, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 03/01/2040 - 03/01/2045 | 6505000 | 6660049 |
| &nbsp;&nbsp; Infirmary Health System Special Care <br> Facilities Financing Authority of Mobile, <br>Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 02/01/2046 | 955000 | 796804 |
| Jacksonville Public Educational Building <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 08/01/2056 | 2395000 | 2411188 |
| 5.25%, 08/01/2049 - 08/01/2053 | 4545000 | 4690616 |
| 5.50%, 08/01/2058 | 2065000 | 2142961 |
| Lauderdale County Agriculture Center <br> Authority, Special Tax, |  |  |
| 5.25%, 07/01/2064 | 780000 | 795409 |
| &nbsp;&nbsp; Muscle Shoals Sheffield & Tuscumbia <br> Solid Waste Disposal Authority, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 6.00%, 05/01/2040 <sup>(A)</sup> <br>| 2250000 | 2362500 |
| Southeast Energy Authority A Cooperative <br> District, Revenue Bonds, |  |  |
| Series B, Fixed until 09/01/2031, |  |  |
| 4.00% <sup>(B)</sup>, 12/01/2051 | 5050000 | 4964852 |
|  |  | 27509322 |
| **Alaska - 0.1%**  | **Alaska - 0.1%**  | **Alaska - 0.1%**  |
| State of Alaska, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 5.00%, 08/01/2035 | 1000000 | 1003783 |
| **Arizona - 1.4%**  | **Arizona - 1.4%**  | **Arizona - 1.4%**  |
| Arizona Industrial Development Authority, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 4.00%, 06/01/2044 | 1770000 | 1622658 |
| 5.00%, 06/01/2049 - 06/01/2054 | 5440000 | 5480126 |
| 5.25%, 11/01/2053 | 165000 | 166173 |
| Series B, |  |  |
| 4.00%, 07/01/2041 | 135000 | 120441 |
| Industrial Development Authority of the City <br> of Phoenix, Revenue Bonds, |  |  |
| 5.00%, 07/01/2036 | 740000 | 740271 |
| Industrial Development Authority of the <br> County of Pima, Revenue Bonds, |  |  |
| Series C, GNMA, |  |  |
| 4.75%, 07/01/2049 | 545000 | 543616 |
| Maricopa County & Phoenix Industrial <br> Development Authorities, Revenue Bonds, |  |  |
| Series A, GNMA, |  |  |
| 4.45%, 09/01/2044 | 510000 | 498378 |
| 6.00%, 03/01/2055 | 2260000 | 2446639 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Maricopa County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.25%, 07/01/2044 | $525000 | $456416 |
| 5.00%, 07/01/2036 | 750000 | 736709 |
| Maricopa County Unified School District <br> No. 60 Higley, Certificate of Participation, |  |  |
| AGM, |  |  |
| 5.00%, 06/01/2053 | 980000 | 995291 |
| Tempe Industrial Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2025 - 12/01/2026 | 210000 | 209014 |
|  |  | 14015732 |
| **Arkansas - 0.4%**  | **Arkansas - 0.4%**  | **Arkansas - 0.4%**  |
| Arkansas Development Finance Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 06/01/2046 | 1250000 | 1316680 |
| City of West Memphis Sales & Use Tax <br> Revenue, Revenue Bonds, |  |  |
| AGC, |  |  |
| 5.00%, 06/01/2034 | 1460000 | 1554241 |
| County of Pulaski, Revenue Bonds, |  |  |
| 5.25%, 03/01/2053 | 950000 | 986997 |
| Texarkana Public Facilities Board, <br> Revenue Bonds, |  |  |
| AGC, |  |  |
| 5.00%, 09/01/2044 | 110000 | 113640 |
|  |  | 3971558 |
| **California - 9.3%**  | **California - 9.3%**  | **California - 9.3%**  |
| &nbsp;&nbsp; Adelanto Elementary School District <br> Community Facilities District No. 1, <br>Special Tax, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2036 | 1000000 | 1052628 |
| California Enterprise Development <br> Authority, Revenue Bonds, |  |  |
| 7.00%, 08/15/2025 <sup>(A)</sup> <br>| 2700000 | 2701843 |
| Series A, |  |  |
| 5.50%, 11/01/2059 | 6585000 | 7186318 |
| California Health Facilities Financing <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 03/01/2026 - 03/01/2028 | 1685000 | 1687681 |
| 5.00%, 10/01/2025 | 3610000 | 3614241 |
| Series A, Fixed until 03/01/2028, |  |  |
| 5.00% <sup>(B)</sup>, 03/01/2040 | 245000 | 252207 |
| Series B, Fixed until 10/01/2027, |  |  |
| 5.00% <sup>(B)</sup>, 10/01/2039 | 7400000 | 7604415 |
| California Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series E, FNMA, |  |  |
| 2.50%, 02/01/2038 | 70692 | 56216 |
| California Infrastructure & Economic <br> Development Bank, Revenue Bonds, |  |  |
| Series A, Fixed until 01/01/2029, |  |  |
| 9.50% <sup>(B)</sup>, 01/01/2065 <sup>(A)</sup> <br>| 7000000 | 6756406 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Municipal Finance Authority, <br> Revenue Bonds, |  |  |
| 4.38%, 07/01/2025 <sup>(A)</sup><sup>(C)</sup> <br>| $55000 | $54930 |
| 5.25%, 09/01/2054 | 3020000 | 3167549 |
| Series A, |  |  |
| 4.00%, 10/01/2038 - 10/01/2044 | 6785000 | 6516694 |
| 4.48%, 06/01/2044 | 1020000 | 1008329 |
| 5.00%, 10/01/2044 | 2275000 | 2277112 |
| California Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.25%, 06/15/2029 <sup>(A)</sup> <br>| 465000 | 449312 |
| California State Public Works Board, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 04/01/2038 | 1465000 | 1653569 |
| California Statewide Communities <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 11/01/2049 | 1000000 | 1057959 |
| Series A, |  |  |
| 5.00%, 12/01/2025 <sup>(A)</sup> <br>| 225000 | 225250 |
| 5.25%, 08/15/2052 - 12/01/2054 | 2140000 | 2218766 |
| 5.50%, 12/01/2054 | 300000 | 296044 |
| &nbsp;&nbsp; California Statewide Communities <br> Development Authority, Special <br>Assessment, |  |  |
| 4.00%, 09/02/2028 | 1665000 | 1671371 |
| California Statewide Communities <br> Development Authority, Special Tax, |  |  |
| Series 2024C-2T, |  |  |
| 4.50%, 09/02/2045 | 560000 | 536136 |
| Conejo Valley Unified School District, <br> General Obligation Unlimited, |  |  |
| Series E, |  |  |
| Zero Coupon, 08/01/2036 | 935000 | 589885 |
| County of El Dorado, Special Tax, |  |  |
| Series A, BAM, |  |  |
| 3.00%, 09/01/2025 | 140000 | 139680 |
| Inglewood Unified School District, General <br> Obligation Unlimited, |  |  |
| Series B, |  |  |
| 5.50%, 08/01/2036 - 08/01/2037 | 1440000 | 1664198 |
| Lancaster Financing Authority, Revenue <br> Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 05/01/2054 | 6965000 | 7215443 |
| Long Beach Bond Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 11/15/2037 | 5055000 | 5565583 |
| Los Angeles Department of Water & <br> Power, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/01/2030 | 1250000 | 1260270 |
| Series D, |  |  |
| 5.25%, 07/01/2054 | 3550000 | 3599325 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Mount Diablo Unified School District, <br> General Obligation Unlimited, |  |  |
| Series A, AGM, |  |  |
| 5.50% <sup>(B)</sup>, 08/01/2030 | $4215000 | $4237301 |
| Municipal Improvement Corp. of Los <br> Angeles, Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 11/01/2030 | 840000 | 859258 |
| Oakland Unified School District/Alameda <br> County, General Obligation Unlimited, |  |  |
| Series A, AGM, |  |  |
| 5.25%, 08/01/2048 | 950000 | 1008475 |
| Oxnard School District, Certificate of <br> Participation, |  |  |
| BAM, Fixed until 08/01/2026, |  |  |
| 5.00% <sup>(B)</sup>, 08/01/2045 | 1855000 | 1863070 |
| River Islands Public Financing Authority, <br> Special Tax, |  |  |
| Series A-1, AGM, |  |  |
| 5.25%, 09/01/2052 | 310000 | 315066 |
| San Bernardino City Unified School <br> District, Certificate of Participation, |  |  |
| AGC, |  |  |
| 5.00%, 10/01/2033 - 10/01/2035 | 3260000 | 3628739 |
| &nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency, Tax <br>Allocation, |  |  |
| AGM, |  |  |
| 5.25%, 08/01/2053 | 990000 | 1029496 |
| San Francisco Community College District, <br> General Obligation Unlimited, |  |  |
| Series B, BAM, |  |  |
| 5.25%, 06/15/2049 | 1945000 | 2069146 |
| San Jacinto Unified School District, <br> General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 08/01/2030 | 4070000 | 4082013 |
| Victor Elementary School District <br> Community Facility District, Special Tax, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2046 | 250000 | 254330 |
|  |  | 91426254 |
| **Colorado - 6.7%**  | **Colorado - 6.7%**  | **Colorado - 6.7%**  |
| Auraria Higher Education Center, Revenue <br> Bonds, |  |  |
| AGM, |  |  |
| 4.00%, 04/01/2029 | 3185000 | 3185929 |
| Baseline Metropolitan District No. 1, <br> General Obligation Unlimited, |  |  |
| Series A, AGC, |  |  |
| 4.25%, 12/01/2054 | 925000 | 850216 |
| 5.00%, 12/01/2049 | 2085000 | 2141542 |
| Bradburn Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2028 <sup>(C)</sup> <br>| 294000 | 286431 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Bromley Park Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| BAM, |  |  |
| 5.38%, 12/01/2053 | $945000 | $989783 |
| Bromley Park Metropolitan District No. 3, <br> General Obligation Limited, |  |  |
| AGC, |  |  |
| 5.00%, 12/01/2039 | 1475000 | 1524598 |
| Canyons Metropolitan District No. 5, <br> General Obligation Limited, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 12/01/2026 - 12/01/2044 | 1765000 | 1793599 |
| Centennial Water & Sanitation District, <br> Revenue Bonds, |  |  |
| 5.25%, 12/01/2053 | 1615000 | 1707010 |
| Colorado Bridge & Tunnel Enterprise, <br> Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.50%, 12/01/2054 | 65000 | 69143 |
| Colorado Educational & Cultural Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/01/2040 - 01/15/2049 | 3025000 | 3083646 |
| Colorado Health Facilities Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 11/01/2041 - 11/01/2042 | 5950000 | 6078392 |
| Series A, |  |  |
| 4.00%, 01/01/2035 - 11/15/2046 | 2755000 | 2537312 |
| 5.25%, 12/01/2054 | 350000 | 358161 |
| Series A-2, |  |  |
| 5.00%, 08/01/2044 | 5630000 | 5579838 |
| &nbsp;&nbsp; Colorado Springs School District No. <br> 11 Facilities Corp., Certificate of <br>Participation, |  |  |
| BAM, |  |  |
| 5.00%, 12/15/2044 | 550000 | 571736 |
| Copperleaf Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| AGC, |  |  |
| 5.00%, 12/01/2040 | 870000 | 895056 |
| Denver City & County Housing Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.50%, 07/01/2041 | 895000 | 884169 |
| 5.00%, 07/01/2027 | 1715000 | 1746125 |
| Dolores School District No. Re-4A, General <br> Obligation Unlimited, |  |  |
| 5.50%, 12/01/2049 | 400000 | 432210 |
| &nbsp;&nbsp; El Paso County School District No. <br> 20 Academy, General Obligation <br>Unlimited, |  |  |
| 5.25%, 12/15/2049 | 1150000 | 1217826 |
| Erie Farm Metropolitan District, General <br> Obligation Limited, |  |  |
| AGM, |  |  |
| 5.00%, 12/01/2046 | 300000 | 308385 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Gold Hill North Business Improvement <br> District, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.60%, 12/01/2054 <sup>(A)</sup> <br>| $2000000 | $1828079 |
| Gunnison County Housing Authority, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2027 - 06/01/2041 <sup>(D)</sup> <br>| 6225000 | 6551350 |
| Hunters Overlook Metropolitan District No. <br> 5, General Obligation Limited, |  |  |
| AGC, |  |  |
| 5.00%, 12/01/2049 | 1140000 | 1174354 |
| Lakes at Centerra Metropolitan District No. <br> 2, General Obligation Limited, |  |  |
| Series A, AGM, |  |  |
| 4.00%, 12/01/2043 | 975000 | 876615 |
| 5.00%, 12/01/2049 | 3720000 | 3746110 |
| Series B, AGM, |  |  |
| 4.25%, 12/15/2044 | 1610000 | 1480458 |
| Mirabelle Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.13%, 12/15/2049 | 500000 | 495211 |
| Neu Town Metropolitan District, General <br> Obligation Limited, |  |  |
| AGM, |  |  |
| 5.00%, 12/01/2043 | 225000 | 229261 |
| Northglenn Urban Renewal Authority, Tax <br> Allocation, |  |  |
| 4.00%, 12/01/2029 | 145000 | 145716 |
| Palisade Metropolitan District No. 2, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 0.00% <sup>(E)</sup>, 12/15/2054 <sup>(A)</sup> <br>| 1000000 | 906698 |
| Palisade Park North Metropolitan District <br> No. 2, General Obligation Limited, |  |  |
| AGC, |  |  |
| 5.00%, 12/01/2044 | 180000 | 183574 |
| 5.25%, 12/01/2054 | 580000 | 592407 |
| Park Creek Metropolitan District, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2032 - 12/01/2045 | 2430000 | 2471847 |
| Ravenna Metropolitan District, General <br> Obligation Limited, |  |  |
| AGM, |  |  |
| 5.00%, 12/01/2043 | 430000 | 439688 |
| Riverdale Ranch Metropolitan District, <br> General Obligation Limited, |  |  |
| AGC, |  |  |
| 5.25%, 12/01/2045 | 400000 | 407305 |
| STC Metropolitan District No. 2, General <br> Obligation Limited, |  |  |
| Series A, AGC, |  |  |
| 5.00%, 12/01/2029 - 12/01/2030 <sup>(D)</sup> <br>| 2355000 | 2493708 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Transport Metropolitan District No. 3, <br> General Obligation Limited, |  |  |
| Series A-2, |  |  |
| 0.00% <sup>(E)</sup>, 12/01/2051 | $1000000 | $779176 |
| Weld County School District No. RE-9 Ault-<br> Highland, General Obligation Unlimited, |  |  |
| 5.25%, 12/01/2049 | 4000000 | 4241859 |
|  |  | 65284523 |
| **Connecticut - 3.3%**  | **Connecticut - 3.3%**  | **Connecticut - 3.3%**  |
| City of New Haven, General Obligation <br> Unlimited, |  |  |
| Series B, BAM, |  |  |
| 5.00%, 08/15/2025 | 40000 | 40149 |
| City of West Haven, General Obligation <br> Unlimited, |  |  |
| AGC, |  |  |
| 5.00%, 03/15/2039 | 355000 | 372983 |
| Connecticut State Health & Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series A, AGM-CR, |  |  |
| 2.13%, 07/01/2031 | 6230000 | 5589509 |
| 5.00%, 07/01/2034 | 475000 | 496947 |
| Series A-4-1, Fixed until 04/30/2025, |  |  |
| 2.10% <sup>(B)</sup>, 07/01/2049 | 18000000 | 18000000 |
| Series K, |  |  |
| 5.00%, 07/01/2035 - 07/01/2036 | 1950000 | 2035298 |
| Series M, |  |  |
| 4.00%, 07/01/2039 - 07/01/2041 | 985000 | 937400 |
| 5.00%, 07/01/2032 - 07/01/2034 | 2425000 | 2577202 |
| Series R-1, BAM, |  |  |
| 2.00%, 11/01/2032 | 2850000 | 2321875 |
|  |  | 32371363 |
| **Delaware - 0.4%**  | **Delaware - 0.4%**  | **Delaware - 0.4%**  |
| Delaware State Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2036 | 930000 | 936548 |
| Series B, |  |  |
| 5.25%, 11/15/2053 | 2500000 | 2533401 |
| Town of Georgetown, General Obligation <br> Unlimited, |  |  |
| AGC, |  |  |
| 5.00%, 12/01/2050 | 775000 | 794804 |
|  |  | 4264753 |
| **District of Columbia - 0.8%**  | **District of Columbia - 0.8%**  | **District of Columbia - 0.8%**  |
| District of Columbia, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.13%, 07/01/2027 | 490000 | 486526 |
| 5.00%, 07/01/2032 - 07/01/2048 | 3300000 | 3284913 |
| District of Columbia Income Tax Revenue, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 05/01/2048 | 2245000 | 2359163 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| &nbsp;&nbsp; Metropolitan Washington Airports Authority <br> Dulles Toll Road Revenue, Revenue <br>Bonds, |  |  |
| AGC, |  |  |
| Zero Coupon, 10/01/2034 | $525000 | $354906 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit <br> Authority Dedicated Revenue, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 07/15/2051 | 1185000 | 1261438 |
|  |  | 7746946 |
| **Florida - 3.0%**  | **Florida - 3.0%**  | **Florida - 3.0%**  |
| Brevard County Housing Finance Authority, <br> Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.45%, 01/01/2040 | 700000 | 714129 |
| Broward County Housing Finance <br> Authority, Revenue Bonds, |  |  |
| Fixed until 10/01/2025, |  |  |
| 3.50% <sup>(B)</sup>, 04/01/2041 | 300000 | 299707 |
| City of Gainesville Utilities System <br> Revenue, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 10/01/2047 | 5000 | 5375 |
| City of Miami, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 01/01/2027 <sup>(A)</sup> <br>| 1080000 | 1104144 |
| City of Orlando Tourist Development Tax <br> Revenue, Revenue Bonds, |  |  |
| Series B, AGM, |  |  |
| 5.00%, 11/01/2035 - 11/01/2037 | 415000 | 424473 |
| City of Winter Haven Utility System <br> Revenue, Revenue Bonds, |  |  |
| BAM, |  |  |
| 3.00%, 10/01/2032 | 150000 | 143561 |
| Collier County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 10/01/2042 - 10/01/2054 | 7180000 | 7328606 |
| County of Miami-Dade, Revenue Bonds, |  |  |
| Series A, AGC, |  |  |
| 6.88% <sup>(B)</sup>, 10/01/2034 | 415000 | 472120 |
| County of Okeechobee Half-Cent <br> Sales Tax Revenue, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 09/01/2049 | 890000 | 908148 |
| County of Pasco, Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.75%, 09/01/2054 | 515000 | 549756 |
| Series A, AGM, |  |  |
| 5.50%, 09/01/2043 | 215000 | 228023 |
| Florida Development Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/15/2035 - 06/15/2040 | 1170000 | 1178384 |
| 5.25%, 06/01/2049 | 925000 | 919443 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Florida Municipal Loan Council, Revenue <br> Bonds, |  |  |
| 5.00%, 10/01/2029 | $1280000 | $1291290 |
| Florida State Board of Governors, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 07/01/2035 - 07/01/2037 | 3235000 | 3451805 |
| &nbsp;&nbsp; Florida State Board of Governors <br> University of North Florida Dormitory <br>Revenue, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 11/01/2040 | 410000 | 432594 |
| JEA Water & Sewer System Revenue, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 10/01/2055 | 2155000 | 2270914 |
| North Broward Hospital District, Revenue <br> Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 01/01/2037 | 5000000 | 5028464 |
| Northern Palm Beach County Improvement <br> District, Special Assessment, |  |  |
| BAM, |  |  |
| 5.00%, 08/01/2033 | 550000 | 593643 |
| Palm Beach County Health Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 11/01/2034 | 310000 | 323424 |
| St. Johns County School Board, Certificate <br> of Participation, |  |  |
| Series A, AGM, |  |  |
| 5.50%, 07/01/2049 | 975000 | 1033258 |
| Wildwood Utility Dependent District, <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.50%, 10/01/2048 | 705000 | 753633 |
|  |  | 29454894 |
| **Georgia - 2.2%**  | **Georgia - 2.2%**  | **Georgia - 2.2%**  |
| Albany-Dougherty County Hospital <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM-TCRS, |  |  |
| 5.00%, 09/01/2033 | 370000 | 401415 |
| Atlanta Development Authority, Revenue <br> Bonds, |  |  |
| Series A-1, |  |  |
| 5.25%, 07/01/2044 | 2000000 | 2000271 |
| Atlanta Development Authority, Tax <br> Allocation, |  |  |
| Series A, |  |  |
| 5.00%, 04/01/2034 <sup>(A)</sup> <br>| 500000 | 490878 |
| City of Atlanta Department of Aviation, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 07/01/2039 | 1565000 | 1529472 |
| City of Atlanta Water & Wastewater <br> Revenue, Revenue Bonds, |  |  |
| 5.00%, 11/01/2040 | 360000 | 360190 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| City of Fairburn Combined Public Utility <br> Revenue, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 10/01/2038 | $1095000 | $1190384 |
| City of Social Circle Combined Public <br> Utility Revenue, Revenue Bonds, |  |  |
| AGC, |  |  |
| 5.00%, 02/01/2034 - 02/01/2038 | 1585000 | 1734506 |
| DeKalb County Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/01/2035 | 400000 | 379629 |
| Development Authority of Burke County, <br> Revenue Bonds, |  |  |
| Fixed until 04/30/2025, |  |  |
| 2.40% <sup>(B)</sup>, 11/01/2052 | 11000000 | 11000000 |
| Development Authority of Lagrange, <br> Revenue Bonds, |  |  |
| 4.50%, 10/15/2031 | 1810000 | 1715445 |
| 5.00%, 10/15/2052 | 450000 | 373753 |
|  |  | 21175943 |
| **Idaho - 0.1%**  | **Idaho - 0.1%**  | **Idaho - 0.1%**  |
| Idaho Housing & Finance Association, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 3.00%, 05/01/2032 | 580000 | 535862 |
| 4.63%, 07/01/2029 <sup>(A)</sup> <br>| 135000 | 133102 |
|  |  | 668964 |
| **Illinois - 5.2%**  | **Illinois - 5.2%**  | **Illinois - 5.2%**  |
| Chicago O'Hare International Airport, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.50%, 01/01/2059 | 1950000 | 2051646 |
| Chicago Park District, General Obligation <br> Unlimited, |  |  |
| Series D, BAM, |  |  |
| 4.00%, 01/01/2035 | 580000 | 569700 |
| City of Lake Forest, General Obligation <br> Unlimited, |  |  |
| 2.00%, 12/15/2029 | 3275000 | 3002867 |
| Illinois Finance Authority, Revenue Bonds, |  |  |
| 4.00%, 10/15/2037 | 6700000 | 5749593 |
| 5.00%, 01/01/2028 - 12/01/2036 | 2395000 | 2435455 |
| Series A, |  |  |
| 4.00%, 08/15/2036 - 08/15/2037 | 4355000 | 4160837 |
| 5.00%, 11/01/2029 | 4340000 | 4385546 |
| Illinois Housing Development Authority, <br> Revenue Bonds, |  |  |
| FNMA, |  |  |
| 2.63%, 09/01/2032 | 1341194 | 1188165 |
| Manhattan Park District, General <br> Obligation Unlimited, |  |  |
| AGC, |  |  |
| 4.25%, 12/15/2042 | 235000 | 223449 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| &nbsp;&nbsp; McHenry & Lake Counties Community <br> High School District No. 155 Crystal Lake, <br>General Obligation Unlimited, |  |  |
| 4.00%, 06/30/2041 - 06/30/2042 | $850000 | $778204 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of <br> Greater Chicago, General Obligation <br>Unlimited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2028 | 210000 | 214524 |
| Northeastern Illinois University, Certificate <br> of Participation, |  |  |
| AGM, |  |  |
| 4.00%, 07/01/2025 | 75000 | 74870 |
| Northern Illinois University, Certificate of <br> Participation, |  |  |
| BAM, |  |  |
| 5.50%, 04/01/2049 | 3015000 | 3132346 |
| Northern Illinois University, Revenue <br> Bonds, |  |  |
| Series B, BAM, |  |  |
| 4.00%, 04/01/2036 - 04/01/2041 | 1565000 | 1470355 |
| Regional Transportation Authority, <br> Revenue Bonds, |  |  |
| Series A, NATL, |  |  |
| 6.00%, 07/01/2033 | 1000000 | 1119389 |
| &nbsp;&nbsp; Rock Island & Mercer Counties Community <br> Unit School District No. 300, General <br>Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2047 | 400000 | 410673 |
| Sangamon County School District No. 186 <br> Springfield, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2044 | 1000000 | 1009843 |
| &nbsp;&nbsp; South Suburban College Community <br> School District No. 510, General <br>Obligation Limited, |  |  |
| BAM-TCRS, |  |  |
| Zero Coupon, 12/01/2033 | 700000 | 485987 |
| Southern Illinois University, Certificate of <br> Participation, |  |  |
| Series A-1, BAM, |  |  |
| 4.00%, 02/15/2026 | 455000 | 455041 |
| Southwestern Illinois Development <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.50%, 12/01/2040 | 625000 | 667138 |
| Series B, BAM-TCRS, |  |  |
| 5.00%, 10/15/2026 | 850000 | 857006 |
| &nbsp;&nbsp; St. Clair County Community Unit School <br> District No. 187 Cahokia, General <br>Obligation Unlimited, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 01/01/2049 | 1070000 | 1098934 |
| Series B, AGM, |  |  |
| 5.00%, 01/01/2042 - 01/01/2044 | 800000 | 820825 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| St. Clair County School District No. 118 <br> Belleville, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 12/01/2037 - 12/01/2039 <sup>(D)</sup> <br>| $2535000 | $2753819 |
| Stephenson County School District No. <br> 145 Freeport, General Obligation Limited, |  |  |
| Series A, AGC, |  |  |
| 5.00%, 10/01/2049 | 2795000 | 2816117 |
| &nbsp;&nbsp; Stephenson County School District No. <br> 145 Freeport, General Obligation <br>Unlimited, |  |  |
| Series C, AGC, |  |  |
| 5.00%, 10/01/2045 - 10/01/2049 | 4110000 | 4158137 |
| United City of Yorkville, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 4.25%, 12/30/2044 | 1000000 | 965110 |
| University of Illinois, Certificate of <br> Participation, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 10/01/2025 | 790000 | 790941 |
| Village of Lyons, General Obligation <br> Unlimited, |  |  |
| Series B, BAM, |  |  |
| 4.00%, 12/01/2037 | 1050000 | 1021515 |
| 5.00%, 12/01/2032 | 125000 | 125154 |
| &nbsp;&nbsp; Will County Community Unit School District <br> No. 201-U Crete-Monee, General <br>Obligation Limited, |  |  |
| Series E, AGM, |  |  |
| 5.25%, 09/01/2042 | 1885000 | 1991647 |
|  |  | 50984833 |
| **Indiana - 3.3%**  | **Indiana - 3.3%**  | **Indiana - 3.3%**  |
| Bloomington Redevelopment District, Tax <br> Allocation, |  |  |
| AGC, |  |  |
| 5.00%, 02/01/2040 | 615000 | 653874 |
| Fishers Town Hall Building Corp., Revenue <br> Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.75%, 07/15/2058 - 01/15/2063 | 7690000 | 8446379 |
| Gary Chicago International Airport <br> Authority, Tax Allocation, |  |  |
| AGC, |  |  |
| 4.50%, 02/01/2045 | 315000 | 300906 |
| 5.00%, 02/01/2037 | 775000 | 813795 |
| Greater Clark Building Corp., Revenue <br> Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 01/15/2044 | 160000 | 165104 |
| Hamilton County Public Building Corp., <br> Revenue Bonds, |  |  |
| 4.00%, 07/15/2036 | 3350000 | 3332763 |
| Hancock County Redevelopment Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 08/15/2036 | 675000 | 734062 |
| Indiana Finance Authority, Revenue Bonds, |  |  |
| Series A, |  |  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| &nbsp;&nbsp; Indiana Finance Authority, Revenue <br> Bonds, (continued)<br>|  |  |
| 3.00%, 11/01/2030 | $3470000 | $3315485 |
| 5.00%, 10/01/2053 | 475000 | 484136 |
| Series B, |  |  |
| 2.50%, 11/01/2030 | 2500000 | 2301609 |
| 3.00%, 11/01/2030 | 4645000 | 4447054 |
| Indianapolis Local Public Improvement <br> Bond Bank, Revenue Bonds, |  |  |
| Series F-1, BAM, |  |  |
| 5.00%, 03/01/2058 | 30000 | 30273 |
| Porter Township High School Building <br> Corp., Revenue Bonds, |  |  |
| 5.00%, 07/15/2042 - 01/15/2045 | 2010000 | 2089161 |
| Speedway Multi-School Building Corp., <br> Revenue Bonds, |  |  |
| 5.00%, 07/15/2042 | 945000 | 983459 |
| Terre Haute Sanitary District, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 07/01/2042 | 1185000 | 1232162 |
| Town of Huntertown Sewage Works <br> Revenue, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 01/01/2039 | 1465000 | 1557948 |
| Westfield-Washington Multi-School <br> Building Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 07/15/2041 | 1675000 | 1793250 |
|  |  | 32681420 |
| **Iowa - 0.2%**  | **Iowa - 0.2%**  | **Iowa - 0.2%**  |
| &nbsp;&nbsp; Sheldon Community School District School <br> Infrastructure Sales Services & Use Tax, <br>Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2036 - 06/01/2037 <sup>(D)</sup> <br>| 1565000 | 1614654 |
| **Kansas - 1.0%**  | **Kansas - 1.0%**  | **Kansas - 1.0%**  |
| Kansas Municipal Energy Agency, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 04/01/2033 | 745000 | 757038 |
| University of Kansas Hospital Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 09/01/2033 | 1880000 | 1885330 |
| &nbsp;&nbsp; Wyandotte County Unified School District <br> No. 500 Kansas City, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 5.25%, 09/01/2055 | 6920000 | 7200196 |
|  |  | 9842564 |
| **Kentucky - 0.7%**  | **Kentucky - 0.7%**  | **Kentucky - 0.7%**  |
| Kentucky Bond Development Corp., <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2049 | 360000 | 362965 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Economic Development Finance <br> Authority, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 12/01/2047 | $1115000 | $1115353 |
| Kentucky Municipal Power Agency, <br> Revenue Bonds, |  |  |
| Series A, Fixed until 09/02/2025, |  |  |
| 3.45% <sup>(B)</sup>, 09/01/2042 | 2000000 | 1989465 |
| Louisville/Jefferson County Metropolitan <br> Government, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 05/15/2047 | 55000 | 55277 |
| University of Kentucky, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 10/01/2032 | 1970000 | 1964281 |
| Western Kentucky University, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2037 | 1295000 | 1373935 |
|  |  | 6861276 |
| **Louisiana - 0.7%**  | **Louisiana - 0.7%**  | **Louisiana - 0.7%**  |
| City of Shreveport, General Obligation <br> Unlimited, |  |  |
| AGC, |  |  |
| 5.00%, 03/01/2049 | 665000 | 674880 |
| Series A, AGM, |  |  |
| 5.00%, 03/01/2030 | 700000 | 739843 |
| City of Shreveport Water & Sewer <br> Revenue, Revenue Bonds, |  |  |
| Series B, AGM, |  |  |
| 5.00%, 12/01/2027 | 600000 | 623149 |
| Greater New Orleans Expressway <br> Commission, Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 11/01/2047 | 1255000 | 1258966 |
| Louisiana Public Facilities Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2022 - 07/01/2027 <sup>(F)</sup><sup>(G)</sup> <br>| 3160000 | 2722000 |
| New Orleans Aviation Board, Revenue <br> Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 01/01/2029 | 700000 | 728532 |
|  |  | 6747370 |
| **Maine - 1.1%**  | **Maine - 1.1%**  | **Maine - 1.1%**  |
| Maine Health & Higher Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series A, AGC, |  |  |
| 5.25%, 07/01/2049 | 5165000 | 5390062 |
| Maine State Housing Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.50%, 11/15/2045 | 3430000 | 3364826 |
| Series B-2, |  |  |
| 4.40%, 11/15/2043 | 170000 | 170521 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Maine (continued)** | **Maine (continued)** | **Maine (continued)** |
| &nbsp;&nbsp; Maine State Housing Authority, Revenue <br> Bonds, (continued)<br>|  |  |
| Series E, |  |  |
| 4.45%, 11/15/2038 | $2145000 | $2161864 |
|  |  | 11087273 |
| **Maryland - 3.0%**  | **Maryland - 3.0%**  | **Maryland - 3.0%**  |
| County of Frederick, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.00%, 08/01/2031 | 560000 | 540208 |
| County of Montgomery, General Obligation <br> Unlimited, |  |  |
| Series E, Fixed until 05/01/2025, |  |  |
| 2.30% <sup>(B)</sup>, 11/01/2037 | 23500000 | 23500000 |
| Maryland Economic Development Corp., <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 06/01/2043 | 445000 | 445808 |
| Maryland Health & Higher Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| AGM-CR, |  |  |
| 5.00%, 07/01/2034 | 745000 | 808831 |
| Series B, |  |  |
| 4.00%, 01/01/2035 | 445000 | 429677 |
| Maryland Stadium Authority, Revenue <br> Bonds, |  |  |
| 5.25%, 06/01/2051 | 3740000 | 3890831 |
|  |  | 29615355 |
| **Massachusetts - 1.6%**  | **Massachusetts - 1.6%**  | **Massachusetts - 1.6%**  |
| Massachusetts Development Finance <br> Agency, Revenue Bonds, |  |  |
| AGC-CR, |  |  |
| 4.00%, 07/01/2044 | 85000 | 75512 |
| 5.00%, 10/01/2039 | 250000 | 253090 |
| Series B, Fixed until 02/15/2031, |  |  |
| 5.00% <sup>(B)</sup>, 08/15/2055 <sup>(D)</sup> <br>| 1000000 | 1060866 |
| Series D, |  |  |
| 4.00%, 07/01/2045 | 160000 | 138341 |
| 5.00%, 07/01/2037 - 07/01/2044 | 1485000 | 1545821 |
| Series E, |  |  |
| 5.00%, 07/01/2031 - 07/01/2036 | 5915000 | 5932890 |
| Series I, |  |  |
| 5.00%, 07/01/2030 | 1695000 | 1715947 |
| Series K, |  |  |
| 5.00%, 07/01/2038 | 170000 | 171538 |
| Series P, |  |  |
| 5.45%, 05/15/2059 | 1885000 | 1982827 |
| Series S-1, |  |  |
| 4.00%, 07/01/2041 | 460000 | 416692 |
| Massachusetts State College Building <br> Authority, Revenue Bonds, |  |  |
| Series D, |  |  |
| 4.00%, 05/01/2034 | 2500000 | 2470541 |
|  |  | 15764065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Michigan - 1.8%**  | **Michigan - 1.8%**  | **Michigan - 1.8%**  |
| Charles Stewart Mott Community College, <br> General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 05/01/2042 - 05/01/2044 | $5740000 | $6024954 |
| Detroit Wayne County Stadium Authority, <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 10/01/2026 | 1385000 | 1385465 |
| Eastern Michigan University, Revenue <br> Bonds, |  |  |
| Series A, AGM, |  |  |
| 4.00%, 03/01/2044 | 2745000 | 2506561 |
| Grosse Ile Township School District, <br> General Obligation Unlimited, |  |  |
| Series II, |  |  |
| 5.00%, 05/01/2042 <sup>(D)</sup> <br>| 500000 | 519133 |
| Howell Public Schools, General Obligation <br> Unlimited, |  |  |
| 5.00%, 05/01/2041 <sup>(D)</sup> <br>| 500000 | 529146 |
| Michigan Finance Authority, Revenue <br> Bonds, |  |  |
| Series 2013-5, |  |  |
| 4.00%, 12/01/2040 | 2675000 | 2488934 |
| Michigan State Building Authority, Revenue <br> Bonds, |  |  |
| Series I, |  |  |
| 5.00%, 04/15/2034 | 955000 | 959770 |
| Michigan Strategic Fund, Revenue Bonds, |  |  |
| 5.00%, 11/15/2049 | 2150000 | 1908975 |
| Southfield Public Schools, General <br> Obligation Unlimited, |  |  |
| 5.00%, 05/01/2041 - 05/01/2042 <sup>(D)</sup> <br>| 875000 | 914841 |
|  |  | 17237779 |
| **Minnesota - 1.7%**  | **Minnesota - 1.7%**  | **Minnesota - 1.7%**  |
| City of Coon Rapids, Revenue Bonds, |  |  |
| Series M, FNMA, |  |  |
| 5.60%, 12/01/2039 | 1739388 | 1869145 |
| City of Deephaven, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.40%, 07/01/2025 | 25000 | 24977 |
| City of Minneapolis, Revenue Bonds, |  |  |
| Series A, Fixed until 05/15/2028, |  |  |
| 5.00% <sup>(B)</sup>, 11/15/2052 | 2200000 | 2298983 |
| City of Red Wing, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 08/01/2047 | 655000 | 536486 |
| City of Stillwater, Tax Allocation, |  |  |
| 3.00%, 02/01/2026 - 02/01/2027 | 540000 | 535374 |
| Duluth Economic Development Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | 905000 | 730114 |
| &nbsp;&nbsp; Housing & Redevelopment Authority of The <br> City of St. Paul Minnesota, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2030 | 195000 | 195077 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| St. Paul Port Authority, Revenue Bonds, |  |  |
| Series 1, |  |  |
| 5.00%, 10/01/2043 | $2010000 | $2052619 |
| State of Minnesota, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 4.00%, 09/01/2037 | 3375000 | 3381466 |
| Township of Baytown, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 08/01/2036 | 520000 | 473415 |
| Waconia Independent School District No. <br> 110, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2034 | 3895000 | 4193582 |
|  |  | 16291238 |
| **Mississippi - 0.7%**  | **Mississippi - 0.7%**  | **Mississippi - 0.7%**  |
| Mississippi Development Bank, Revenue <br> Bonds, |  |  |
| AGM, |  |  |
| 3.00%, 12/01/2033 | 195000 | 173090 |
| 5.00%, 05/01/2038 - 05/01/2042 <sup>(D)</sup> <br>| 3600000 | 3745831 |
| 6.88%, 12/01/2040 | 3160000 | 3214316 |
|  |  | 7133237 |
| **Missouri - 0.9%**  | **Missouri - 0.9%**  | **Missouri - 0.9%**  |
| Health & Educational Facilities Authority of <br> the State of Missouri, Revenue Bonds, |  |  |
| 3.00%, 11/15/2032 | 180000 | 170810 |
| Series A, |  |  |
| 5.00%, 02/01/2029 - 05/01/2033 | 2405000 | 2473036 |
| Series B, |  |  |
| 4.00% <sup>(B)</sup>, 05/01/2051 | 460000 | 460765 |
| &nbsp;&nbsp; Jefferson County Consolidated School <br> District No. 6, General Obligation <br>Unlimited, |  |  |
| Series A, |  |  |
| 3.00%, 03/01/2034 | 845000 | 774473 |
| Kansas City Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series 2024 A-1, |  |  |
| 5.00%, 06/01/2054 <sup>(A)</sup> <br>| 800000 | 727742 |
| Lebanon Reorganized School District No. <br> R-3, General Obligation Unlimited, |  |  |
| 5.50%, 03/01/2045 | 550000 | 601097 |
| Mineral Area Community College District, <br> General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 03/01/2044 | 350000 | 357904 |
| Missouri Development Finance Board, <br> Revenue Bonds, |  |  |
| Series A, AGC, |  |  |
| 5.00%, 12/01/2028 <sup>(D)</sup> <br>| 220000 | 230171 |
| Missouri Housing Development <br> Commission, Revenue Bonds, |  |  |
| Series B, GNMA, FNMA, FHLMC, |  |  |
| 2.55%, 11/01/2029 | 135000 | 128089 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Riverview Gardens School District, <br> General Obligation Unlimited, |  |  |
| 6.00%, 04/01/2042 | $275000 | $297454 |
| St. Charles County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.65%, 04/01/2043 | 2210000 | 2204574 |
|  |  | 8426115 |
| **Nebraska - 0.3%**  | **Nebraska - 0.3%**  | **Nebraska - 0.3%**  |
| Colfax County School District No. 58, <br> General Obligation Unlimited, |  |  |
| AGC, |  |  |
| 4.25%, 12/15/2045 | 605000 | 575270 |
| Loup River Public Power District, Revenue <br> Bonds, |  |  |
| 5.00%, 12/01/2032 <sup>(D)</sup> <br>| 2120000 | 2288681 |
|  |  | 2863951 |
| **Nevada - 0.2%**  | **Nevada - 0.2%**  | **Nevada - 0.2%**  |
| County of Clark, Revenue Bonds, |  |  |
| 5.00%, 07/01/2034 | 275000 | 281662 |
| Henderson Local Improvement Districts, <br> Special Assessment, |  |  |
| 2.50%, 09/01/2025 | 50000 | 49632 |
| Henderson Redevelopment Agency, Tax <br> Allocation, |  |  |
| AGM, |  |  |
| 5.25%, 04/01/2043 | 1240000 | 1302552 |
|  |  | 1633846 |
| **New Hampshire - 1.2%**  | **New Hampshire - 1.2%**  | **New Hampshire - 1.2%**  |
| City of Manchester Sewer Revenue, <br> Revenue Bonds, |  |  |
| AGC, |  |  |
| 5.25%, 06/01/2054 | 1405000 | 1474403 |
| New Hampshire Business Finance <br> Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/01/2031 <sup>(A)</sup> <br>| 7000000 | 4599796 |
| Series A, BAM, |  |  |
| 5.25%, 12/01/2041 - 06/01/2051 | 5890000 | 6132386 |
|  |  | 12206585 |
| **New Jersey - 1.2%**  | **New Jersey - 1.2%**  | **New Jersey - 1.2%**  |
| City of Atlantic City, General Obligation <br> Unlimited, |  |  |
| AGM, |  |  |
| 4.00%, 11/01/2025 | 465000 | 464428 |
| City of Newark Mass Transit Access Tax <br> Revenue, Revenue Bonds, |  |  |
| AGM, |  |  |
| 6.00%, 11/15/2062 | 2580000 | 2850345 |
| Clifton Board of Education, General <br> Obligation Unlimited, |  |  |
| 2.00%, 08/15/2026 | 600000 | 583285 |
| Essex County Improvement Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2035 <sup>(F)</sup><sup>(G)</sup> <br>| 535000 | 240750 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.25%, 09/01/2027 <sup>(A)</sup> <br>| $130000 | $129957 |
| 5.00%, 09/01/2037 <sup>(A)</sup> <br>| 750000 | 751027 |
| Series A, BAM,BAM, |  |  |
| 3.13%, 07/01/2031 | 200000 | 190128 |
| New Jersey Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| Series C, |  |  |
| 5.00%, 07/01/2031 | 1165000 | 1166229 |
| New Jersey Housing & Mortgage Finance <br> Agency, Revenue Bonds, |  |  |
| Series A, FNMA, |  |  |
| 4.55%, 05/01/2041 | 765000 | 776256 |
| New Jersey Transportation Trust Fund <br> Authority, Revenue Bonds, |  |  |
| Series BB, |  |  |
| 5.25%, 06/15/2050 | 875000 | 906251 |
| Princeton Regional School District, <br> General Obligation Unlimited, |  |  |
| 4.00%, 01/15/2038 | 1870000 | 1909011 |
| Somerville School District, General <br> Obligation Unlimited, |  |  |
| 1.25%, 05/15/2027 <sup>(D)</sup> <br>| 1500000 | 1439074 |
| South Jersey Transportation Authority, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 11/01/2026 | 130000 | 133246 |
|  |  | 11539987 |
| **New Mexico - 0.4%**  | **New Mexico - 0.4%**  | **New Mexico - 0.4%**  |
| New Mexico Finance Authority, Revenue <br> Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 06/15/2041 - 06/15/2042 <sup>(D)</sup> <br>| 2250000 | 2395829 |
| Village of Los Ranchos de Albuquerque, <br> Revenue Bonds, |  |  |
| 4.00%, 09/01/2040 | 1540000 | 1442361 |
|  |  | 3838190 |
| **New York - 9.1%**  | **New York - 9.1%**  | **New York - 9.1%**  |
| Brooklyn Arena Local Development Corp., <br> Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 4.00%, 07/15/2029 - 07/15/2035 | 1555000 | 1512455 |
| Broome County Local Development Corp., <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 4.00%, 04/01/2038 - 04/01/2039 | 2385000 | 2235508 |
| Buffalo & Erie County Industrial Land <br> Development Corp., Revenue Bonds, |  |  |
| 3.88%, 08/01/2027 | 1715000 | 1693110 |
| 5.00%, 08/01/2037 | 1260000 | 1257035 |
| Clinton County Capital Resource Corp., <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2046 <sup>(A)</sup> <br>| 700000 | 687133 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| East Ramapo Central School District, <br> General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 03/15/2044 | $965000 | $978191 |
| Long Island Power Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 09/01/2054 | 2150000 | 2220677 |
| Metropolitan Transportation Authority, <br> Revenue Bonds, |  |  |
| Series C-1, BAM-TCRS, |  |  |
| 4.00%, 11/15/2032 | 2020000 | 2034701 |
| Series D-1, BAM, |  |  |
| 5.00%, 11/15/2033 | 2650000 | 2665528 |
| New York City Municipal Water Finance <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 06/15/2049 | 830000 | 863543 |
| Series AA-6, Fixed until 04/30/2025, |  |  |
| 2.50% <sup>(B)</sup>, 06/15/2048 | 12000000 | 12000000 |
| Series CC-1, |  |  |
| 5.25%, 06/15/2054 | 2250000 | 2366794 |
| New York City Transitional Finance <br> Authority, Revenue Bonds, |  |  |
| Series D, |  |  |
| 5.25%, 05/01/2048 | 390000 | 413168 |
| 5.50%, 05/01/2052 | 300000 | 321111 |
| Series H, |  |  |
| 5.50%, 11/01/2051 | 450000 | 483777 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured Revenue, <br>Revenue Bonds, |  |  |
| Series A4, Fixed until 05/01/2025, |  |  |
| 2.50% <sup>(B)</sup>, 08/01/2045 | 16500000 | 16500000 |
| Series C-1, |  |  |
| 4.00%, 05/01/2035 | 1155000 | 1155418 |
| New York Counties Tobacco Trust VI, <br> Revenue Bonds, |  |  |
| Series C, |  |  |
| 3.75%, 06/01/2045 | 180000 | 134779 |
| New York State Dormitory Authority, <br> Revenue Bonds, |  |  |
| 5.25%, 10/01/2049 | 1400000 | 1413811 |
| 5.50%, 10/01/2054 | 5485000 | 5783116 |
| Series A, |  |  |
| 5.25%, 03/15/2052 | 395000 | 415329 |
| 5.50%, 07/01/2054 | 7505000 | 8105468 |
| Series A-1, |  |  |
| 4.00%, 07/01/2043 | 2525000 | 2413743 |
| New York State Energy Research & <br> Development Authority, Revenue Bonds, |  |  |
| Series C, |  |  |
| 4.00%, 04/01/2034 | 185000 | 185851 |
| New York State Environmental Facilities <br> Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 06/15/2053 | 1340000 | 1423896 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Thruway Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/01/2051 | $3100000 | $3103170 |
| Series P, |  |  |
| 5.25%, 01/01/2054 | 735000 | 771039 |
| Oneida County Local Development Corp., <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 12/01/2026 - 12/01/2029 | 4350000 | 4386140 |
| Port Authority of New York & New Jersey, <br> Revenue Bonds, |  |  |
| Series 189, |  |  |
| 5.00%, 05/01/2045 | 3210000 | 3210125 |
| Series 212, |  |  |
| 4.00%, 09/01/2037 | 1135000 | 1101023 |
| &nbsp;&nbsp; State of New York Mortgage Agency <br> Homeowner Mortgage Revenue, Revenue <br>Bonds, |  |  |
| Series 244, |  |  |
| 2.50%, 04/01/2030 | 600000 | 562854 |
| Westchester County Local Development <br> Corp., Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 11/01/2047 - 11/01/2051 | 3080000 | 3146826 |
| 5.75%, 11/01/2049 - 11/01/2053 | 3695000 | 3976800 |
|  |  | 89522119 |
| **North Carolina - 0.6%**  | **North Carolina - 0.6%**  | **North Carolina - 0.6%**  |
| Charlotte-Mecklenburg Hospital Authority, <br> Revenue Bonds, |  |  |
| Series D, |  |  |
| 5.00% <sup>(B)</sup>, 01/15/2049 | 255000 | 276877 |
| North Carolina Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series 38-B, |  |  |
| 2.45%, 07/01/2025 | 355000 | 353737 |
| North Carolina Medical Care Commission, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 02/01/2036 | 1625000 | 1584131 |
| Series B-1, |  |  |
| 2.55%, 09/01/2026 | 1550000 | 1508627 |
| Series B-2, |  |  |
| 2.30%, 09/01/2025 | 1250000 | 1238749 |
| North Carolina Turnpike Authority, <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 4.00%, 01/01/2037 | 1165000 | 1139555 |
|  |  | 6101676 |
| **North Dakota - 1.3%**  | **North Dakota - 1.3%**  | **North Dakota - 1.3%**  |
| City of Grand Forks, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 2.25%, 12/01/2027 | 485000 | 467400 |
| City of Grand Forks, Revenue Bonds, |  |  |
| 4.00%, 12/01/2037 - 12/01/2046 | 3095000 | 2756937 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **North Dakota (continued)** | **North Dakota (continued)** | **North Dakota (continued)** |
| &nbsp;&nbsp; City of Grand Forks, Revenue <br> Bonds, (continued)<br>|  |  |
| Series A, AGM, |  |  |
| 5.00%, 12/01/2040 - 12/01/2042 | $640000 | $657339 |
| City of Horace, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 4.85%, 08/01/2026 | 1100000 | 1100697 |
| Series C, |  |  |
| 4.50%, 05/01/2039 | 1750000 | 1699550 |
| 4.75%, 05/01/2044 | 1100000 | 1056561 |
| 5.00%, 05/01/2050 | 750000 | 724359 |
| North Dakota Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/01/2031 | 1050000 | 1043119 |
| State Board of Higher Education of the <br> State of North Dakota, Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.25%, 05/01/2054 | 1735000 | 1793709 |
| UND Alumni Association & Foundation, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 05/01/2054 | 1205000 | 1229783 |
|  |  | 12529454 |
| **Ohio - 5.0%**  | **Ohio - 5.0%**  | **Ohio - 5.0%**  |
| Brooklyn City School District, General <br> Obligation Unlimited, |  |  |
| AGC, |  |  |
| 5.25%, 12/01/2054 | 595000 | 615405 |
| Brunswick City School District, General <br> Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 12/01/2060 | 3900000 | 4095034 |
| City of Columbus, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.00%, 08/15/2035 | 640000 | 574885 |
| City of Norwood, Tax Allocation, |  |  |
| 4.38%, 12/01/2030 | 645000 | 635107 |
| 5.00%, 12/01/2041 | 500000 | 483129 |
| Clermont County Port Authority, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2032 | 2200000 | 2215231 |
| Cleveland-Cuyahoga County Port <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 11/15/2054 | 1025000 | 1025056 |
| Columbus Metropolitan Housing Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 12/01/2034 | 1195000 | 1174227 |
| Columbus-Franklin County Finance <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.82%, 11/01/2043 | 200000 | 199645 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| County of Franklin, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2039 | $605000 | $566498 |
| County of Hamilton, Revenue Bonds, |  |  |
| 5.00%, 01/01/2036 | 1000000 | 1002784 |
| County of Ross, Revenue Bonds, |  |  |
| 5.00%, 12/01/2049 | 250000 | 246263 |
| County of Warren, Revenue Bonds, |  |  |
| 5.00%, 07/01/2049 | 1755000 | 1684523 |
| Dayton-Montgomery County Port Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 11/15/2054 | 650000 | 638294 |
| Kings Local School District, General <br> Obligation Unlimited, |  |  |
| 5.50%, 12/01/2062 | 4875000 | 5143834 |
| Margaretta Local School District, <br> Certificate of Participation, |  |  |
| BAM, |  |  |
| 5.50%, 10/01/2038 <sup>(D)</sup> <br>| 700000 | 757201 |
| North Ridgeville City School District, <br> General Obligation Unlimited, |  |  |
| 5.50%, 12/01/2057 | 2350000 | 2425102 |
| North Royalton City School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 12/01/2047 | 2000000 | 2000364 |
| Northeast Ohio Medical University, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2038 - 12/01/2040 | 1170000 | 1205211 |
| Ohio Air Quality Development Authority, <br> Revenue Bonds, |  |  |
| Series C, Fixed until 11/04/2025, |  |  |
| 1.50% <sup>(B)</sup>, 02/01/2026 | 2000000 | 1956246 |
| Ohio Housing Finance Agency, Revenue <br> Bonds, |  |  |
| Series K, GNMA, FNMA, FHLMC, |  |  |
| 3.35%, 09/01/2039 | 535000 | 456584 |
| Ohio University, Revenue Bonds, |  |  |
| 5.25%, 12/01/2054 | 2375000 | 2494043 |
| Port of Greater Cincinnati Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2048 - 12/01/2053 | 620000 | 638646 |
| Series B, |  |  |
| 5.00%, 12/01/2053 | 1155000 | 1159232 |
| Series C, AGM, |  |  |
| 5.00%, 12/01/2043 | 105000 | 107899 |
| Shaker Heights City School District, <br> Certificate of Participation, |  |  |
| BAM, |  |  |
| 5.00%, 12/15/2043 | 135000 | 139240 |
| Summit County Development Finance <br> Authority, Revenue Bonds, |  |  |
| 3.00%, 11/15/2035 | 2985000 | 2688353 |
| Series A, |  |  |
| 5.00%, 05/15/2045 | 1145000 | 1146774 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Toledo City School District, Certificate of <br> Participation, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2048 | $750000 | $773758 |
| Toledo-Lucas County Port Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 3.25%, 05/15/2040 | 845000 | 690721 |
| Series C, |  |  |
| 5.00%, 11/15/2039 - 11/15/2054 | 3595000 | 3642511 |
| Tolles Career & Technical Center, <br> Certificate of Participation, |  |  |
| 5.25%, 12/01/2053 | 2980000 | 3048246 |
| Warren County Port Authority, Revenue <br> Bonds, |  |  |
| Series C, |  |  |
| 3.00%, 12/01/2031 | 1180000 | 1075926 |
| West Holmes Local School District, <br> Certificate of Participation, |  |  |
| BAM, |  |  |
| 5.25%, 12/01/2053 | 2550000 | 2634519 |
|  |  | 49340491 |
| **Oklahoma - 0.6%**  | **Oklahoma - 0.6%**  | **Oklahoma - 0.6%**  |
| Love County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.50%, 09/01/2034 | 335000 | 320600 |
| Oklahoma County Finance Authority, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 10/01/2044 - 10/01/2045 | 2805000 | 2933002 |
| Oklahoma Turnpike Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 01/01/2047 | 1000000 | 1068469 |
| 5.50%, 01/01/2054 | 1435000 | 1545490 |
|  |  | 5867561 |
| **Oregon - 0.8%**  | **Oregon - 0.8%**  | **Oregon - 0.8%**  |
| &nbsp;&nbsp; Clackamas County School District No. <br> 35 Molalla River, General Obligation <br>Unlimited, |  |  |
| Series B, |  |  |
| 5.25%, 06/15/2054 | 1560000 | 1654132 |
| Oregon Coast Community College District, <br> General Obligation Unlimited, |  |  |
| 0.00% <sup>(E)</sup>, 06/15/2043 - 06/15/2045 | 1125000 | 1163356 |
| Oregon State Facilities Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 06/15/2035 <sup>(A)</sup> <br>| 750000 | 710621 |
| State of Oregon Housing & Community <br> Services Department, Revenue Bonds, |  |  |
| Series A, |  |  |
| 2.45%, 07/01/2034 | 3090000 | 2610639 |
| Series K-1, FNMA, |  |  |
| 4.33%, 11/01/2043 | 1030000 | 1002366 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| Tualatin Valley Water District, Revenue <br> Bonds, |  |  |
| 5.00%, 06/01/2045 | $530000 | $551323 |
|  |  | 7692437 |
| **Pennsylvania - 3.8%**  | **Pennsylvania - 3.8%**  | **Pennsylvania - 3.8%**  |
| Allegheny County Hospital Development <br> Authority, Revenue Bonds, |  |  |
| Series A, AGC-CR, |  |  |
| 4.00%, 07/15/2038 - 07/15/2039 | 3350000 | 3216381 |
| Antietam School District, General <br> Obligation Limited, |  |  |
| 5.00%, 04/01/2043 | 1950000 | 2006003 |
| Beaver County Economic Development <br> Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 4.00%, 11/15/2036 | 130000 | 124992 |
| Bensalem Township School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 06/01/2028 | 910000 | 911409 |
| Bucks County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2033 | 825000 | 836000 |
| Chester County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 08/01/2039 | 3970000 | 4133519 |
| County of Lehigh, Revenue Bonds, |  |  |
| AGC-CR, |  |  |
| 4.00%, 07/01/2039 | 635000 | 598153 |
| County of Mercer, General Obligation <br> Unlimited, |  |  |
| AGC, |  |  |
| 5.00%, 10/01/2049 | 530000 | 545213 |
| Cumberland County Municipal Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 01/01/2029 | 640000 | 642345 |
| Delaware County Vocational & Technical <br> School Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 4.00%, 11/01/2041 - 11/01/2042 | 2560000 | 2446693 |
| General Authority of Southcentral <br> Pennsylvania, Revenue Bonds, |  |  |
| 4.00%, 12/01/2030 | 1170000 | 1140783 |
| Hospitals & Higher Education Facilities <br> Authority of Philadelphia, Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 07/01/2035 - 07/01/2036 | 5715000 | 6024349 |
| Lancaster Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 12/01/2044 | 755000 | 634782 |
| Meyersdale Area School District, General <br> Obligation Unlimited, |  |  |
| 3.00%, 05/01/2025 | 355000 | 355000 |
| Newtown Township Sewer Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 09/01/2032 | 100000 | 98563 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Higher Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| AGC, |  |  |
| 5.25%, 11/01/2048 | $1500000 | $1546777 |
| Pennsylvania Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series 121, |  |  |
| 2.25%, 10/01/2026 | 105000 | 102785 |
| Series 129, |  |  |
| 2.45%, 10/01/2029 | 180000 | 166253 |
| Series 132A, |  |  |
| 2.20%, 10/01/2032 | 100000 | 86912 |
| Series 146A, |  |  |
| 4.50%, 10/01/2044 | 1115000 | 1096328 |
| Ridley School District, Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 11/15/2050 | 865000 | 876640 |
| School District of Philadelphia, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 4.00%, 09/01/2036 - 09/01/2037 | 1120000 | 1083333 |
| Series F, |  |  |
| 5.00%, 09/01/2033 | 1455000 | 1483189 |
| State Public School Building Authority, <br> Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 06/01/2032 - 12/01/2043 | 6605000 | 6655958 |
| Township of East Whiteland, General <br> Obligation Unlimited, |  |  |
| 5.00%, 12/01/2046 | 100000 | 102633 |
|  |  | 36914993 |
| **Puerto Rico - 0.4%**  | **Puerto Rico - 0.4%**  | **Puerto Rico - 0.4%**  |
| Children's Trust Fund, Revenue Bonds, |  |  |
| 5.63%, 05/15/2043 | 125000 | 126550 |
| Puerto Rico Electric Power Authority, <br> Revenue Bonds, |  |  |
| Series RR, AGC, |  |  |
| 5.00%, 07/01/2028 | 345000 | 340573 |
| Series SS, AGC, |  |  |
| 4.38%, 07/01/2030 | 145000 | 139947 |
| 5.00%, 07/01/2030 | 2100000 | 2060522 |
| Series UU, AGC, |  |  |
| 4.25%, 07/01/2027 | 20000 | 19558 |
| 5.00%, 07/01/2026 | 650000 | 648600 |
| Series VV, AGM, |  |  |
| 5.25%, 07/01/2027 | 40000 | 39786 |
| Puerto Rico Municipal Finance Agency, <br> Revenue Bonds, |  |  |
| Series A, AGM, |  |  |
| 5.00%, 08/01/2027 | 475000 | 478159 |
|  |  | 3853695 |
| **Rhode Island - 0.5%**  | **Rhode Island - 0.5%**  | **Rhode Island - 0.5%**  |
| Providence Public Building Authority, <br> Revenue Bonds, |  |  |
| Series A, AGM, |  |  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| &nbsp;&nbsp; Providence Public Building Authority, <br> Revenue Bonds, (continued)<br>|  |  |
| 5.00%, 09/15/2039 | $285000 | $290488 |
| 5.25%, 09/15/2044 | 475000 | 499406 |
| Rhode Island Health & Educational <br> Building Corp., Revenue Bonds, |  |  |
| Series D, |  |  |
| 5.50%, 05/15/2049 | 1550000 | 1659442 |
| Series F, |  |  |
| 5.50%, 05/15/2052 | 2115000 | 2228421 |
| Rhode Island Housing & Mortgage Finance <br> Corp., Revenue Bonds, |  |  |
| Series A, FNMA, |  |  |
| 4.80%, 06/01/2043 | 250000 | 249103 |
|  |  | 4926860 |
| **South Carolina - 0.8%**  | **South Carolina - 0.8%**  | **South Carolina - 0.8%**  |
| County of Florence, Revenue Bonds, |  |  |
| 5.25%, 12/01/2053 | 1795000 | 1835855 |
| South Carolina Jobs-Economic <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2026 - 02/01/2036 <sup>(A)</sup> <br>| 1000000 | 997906 |
| Series A, |  |  |
| 5.25%, 11/01/2043 | 1000000 | 1052048 |
| 5.50%, 11/01/2049 - 11/01/2050 | 3300000 | 3522951 |
| South Carolina State Housing Finance & <br> Development Authority, Revenue Bonds, |  |  |
| Series 2025-A, FNMA, |  |  |
| 4.80%, 05/01/2043 | 455000 | 450510 |
|  |  | 7859270 |
| **South Dakota - 0.1%**  | **South Dakota - 0.1%**  | **South Dakota - 0.1%**  |
| Brookings School District No. 005-1, <br> General Obligation Limited, |  |  |
| AGM, |  |  |
| 5.50%, 06/15/2043 | 855000 | 929355 |
| **Tennessee - 2.6%**  | **Tennessee - 2.6%**  | **Tennessee - 2.6%**  |
| Chattanooga Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| Series A-1, |  |  |
| 4.00%, 08/01/2044 | 1100000 | 993716 |
| City of Jackson, Revenue Bonds, |  |  |
| 5.00%, 04/01/2029 | 75000 | 75036 |
| Knox County Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| Series A-1, BAM, |  |  |
| 5.00%, 07/01/2038 - 07/01/2043 | 2445000 | 2529238 |
| 5.25%, 07/01/2049 | 5430000 | 5661307 |
| 5.50%, 07/01/2054 - 07/01/2059 | 8470000 | 8840778 |
| Series B-1, BAM, |  |  |
| 5.00%, 07/01/2049 | 1175000 | 1187720 |
| 5.13%, 07/01/2054 | 1275000 | 1284902 |
| 5.25%, 07/01/2064 | 1885000 | 1933020 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & Educational <br>Facilities Board, Revenue Bonds, |  |  |
| Series B, FNMA, |  |  |
| 3.85% <sup>(B)</sup>, 02/01/2048 | 400000 | 400243 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Sports Authority, <br>Revenue Bonds, |  |  |
| Series B, AGM, |  |  |
| 5.25%, 07/01/2056 | $2080000 | $2151849 |
| New Memphis Arena Public Building <br> Authority, Revenue Bonds, |  |  |
| 0.00% <sup>(E)</sup>, 04/01/2029 | 550000 | 520933 |
|  |  | 25578742 |
| **Texas - 5.2%**  | **Texas - 5.2%**  | **Texas - 5.2%**  |
| Arlington Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 08/15/2034 | 1000000 | 1004149 |
| Banquete Independent School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 08/01/2043 | 850000 | 890823 |
| Brookfield Water Control & Improvement <br> District, General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 4.00%, 09/01/2045 | 1075000 | 959298 |
| Central Texas Turnpike System, Revenue <br> Bonds, |  |  |
| Series C, |  |  |
| 5.00%, 08/15/2038 | 1000000 | 1073037 |
| City of Arlington Special Tax Revenue, <br> Special Tax, |  |  |
| AGM, |  |  |
| 5.00%, 02/15/2028 | 150000 | 150122 |
| City of Celina, Special Assessment, |  |  |
| AGC, |  |  |
| 5.00%, 09/01/2045 | 1450000 | 1464945 |
| City of Rowlett, Special Assessment, |  |  |
| 3.13%, 09/15/2031 <sup>(A)</sup> <br>| 141000 | 125670 |
| City of Seguin, General Obligation Limited, |  |  |
| 5.50%, 09/01/2049 | 4950000 | 5355326 |
| Clifton Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| 3.00%, 08/15/2035 | 1605000 | 1411012 |
| 5.25%, 08/15/2044 - 08/15/2049 | 2110000 | 2187608 |
| Series A, |  |  |
| 5.00%, 08/15/2035 | 900000 | 980710 |
| &nbsp;&nbsp; Crockett County Consolidated Common <br> School District No. 1, General Obligation <br>Unlimited, |  |  |
| AGM, |  |  |
| 5.00%, 08/15/2028 | 1000000 | 1003425 |
| &nbsp;&nbsp; East Montgomery County Improvement <br> District Sales Tax Revenue, Revenue <br>Bonds, |  |  |
| AGC, |  |  |
| 5.25%, 08/15/2049 | 1000000 | 1051034 |
| &nbsp;&nbsp; East Montgomery County Municipal Utility <br> District No. 5, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2046 | 195000 | 171236 |
| 7.00%, 09/01/2030 <sup>(D)</sup> <br>| 955000 | 1059050 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Ellis County Fresh Water Supply District <br> No. 1, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.13%, 09/01/2046 | $280000 | $256363 |
| Fort Stockton Independent School District, <br> General Obligation Limited, |  |  |
| 5.00%, 08/01/2033 - 08/01/2038 | 2155000 | 2158285 |
| &nbsp;&nbsp; Galveston County Water Control & <br> Improvement District No. 1, General <br>Obligation Unlimited, |  |  |
| AGM-CR, |  |  |
| 5.00%, 03/01/2036 | 220000 | 235800 |
| &nbsp;&nbsp; Harlingen Consolidated Independent <br> School District, General Obligation <br>Limited, |  |  |
| BAM, |  |  |
| 5.00%, 02/15/2037 | 605000 | 646976 |
| &nbsp;&nbsp; Harris Center for Mental Health & <br> Intellectual Developmental Disabilities, <br>Revenue Bonds, |  |  |
| 4.00%, 11/01/2045 | 3510000 | 3101995 |
| 4.25%, 11/01/2050 | 760000 | 675636 |
| Harris County Hospital District, General <br> Obligation Limited, |  |  |
| 3.00%, 02/15/2033 | 535000 | 499660 |
| Harris County Municipal Utility District No. <br> 105, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 03/01/2034 | 1015000 | 1013538 |
| Harris County Municipal Utility District No. <br> 213A, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 04/01/2033 | 415000 | 419354 |
| &nbsp;&nbsp; Harris County Water Control & <br> Improvement District No. 89, General <br>Obligation Unlimited, |  |  |
| AGM, |  |  |
| 3.25%, 10/01/2035 | 230000 | 209072 |
| Harris County-Houston Sports Authority, <br> Revenue Bonds, |  |  |
| Series B, AGC, |  |  |
| 5.00%, 11/15/2044 | 915000 | 940903 |
| &nbsp;&nbsp; Highway 380 Municipal Management <br> District No. 1, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 05/01/2029 | 405000 | 435851 |
| Housing Options, Inc., Revenue Bonds, |  |  |
| Fixed until 05/01/2028, |  |  |
| 3.75% <sup>(B)</sup>, 11/01/2045 <sup>(D)</sup> <br>| 2500000 | 2508106 |
| Johnson Ranch Municipal Utility District, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 08/01/2044 | 540000 | 484725 |
| Kaufman County Municipal Utility District <br> No. 3, General Obligation Unlimited, |  |  |
| Series A, BAM, |  |  |
| 4.00%, 03/01/2035 | 560000 | 562151 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Meyer Ranch Municipal Utility District, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.38%, 08/15/2042 | $240000 | $233106 |
| Midlothian Municipal Management District <br> No. 2, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2036 | 840000 | 831939 |
| New Hope Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 5.00%, 01/01/2026 - 01/01/2028 | 2185000 | 2191830 |
| Series A, AGM, |  |  |
| 5.00%, 04/01/2046 | 660000 | 657878 |
| Pottsboro Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 3.88%, 08/15/2026 | 70000 | 68854 |
| Southwest Higher Education Authority, Inc., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 10/01/2042 | 1000000 | 898641 |
| Taft Independent School District, General <br> Obligation Unlimited, |  |  |
| 5.00%, 08/15/2041 | 1300000 | 1368347 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/01/2031 | 530000 | 552710 |
| Series B, |  |  |
| 5.00%, 07/01/2032 | 1060000 | 1102874 |
| Texas Private Activity Bond Surface <br> Transportation Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/30/2037 | 395000 | 379699 |
| Texas Public Finance Authority, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.25%, 05/01/2035 | 900000 | 962261 |
| Texas State University System, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 3.00%, 03/15/2037 | 1900000 | 1587388 |
| Travis County Municipal Utility District No. <br> 22, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.25%, 09/01/2035 <sup>(D)</sup> <br>| 570000 | 573644 |
| 6.75%, 09/01/2030 - 09/01/2033 <sup>(D)</sup> <br>| 2725000 | 3151716 |
| Viridian Municipal Management District, <br> General Obligation Unlimited, |  |  |
| AGM, |  |  |
| 2.25%, 12/01/2037 | 1750000 | 1232384 |
| 4.00%, 12/01/2032 | 520000 | 528384 |
| 6.25%, 12/01/2029 | 455000 | 501690 |
| Waller County Municipal Utility District No. <br> 9B, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2046 | 105000 | 93450 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| West Harris County Regional Water <br> Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 4.00%, 12/15/2034 | $885000 | $882465 |
|  |  | 50835120 |
| **U.S. Virgin Islands - 0.0% \*** | **U.S. Virgin Islands - 0.0% \*** | **U.S. Virgin Islands - 0.0% \*** |
| Virgin Islands Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, AGM-CR, |  |  |
| 5.00%, 10/01/2032 <sup>(C)</sup> <br>| 175000 | 175911 |
| **Utah - 1.0%**  | **Utah - 1.0%**  | **Utah - 1.0%**  |
| Mida Mountain Village Public Infrastructure <br> District, Tax Allocation, |  |  |
| Series 1, |  |  |
| 5.13%, 06/15/2054 <sup>(A)</sup> <br>| 2500000 | 2265476 |
| Series 2, |  |  |
| 6.00%, 06/15/2054 <sup>(A)</sup> <br>| 1500000 | 1501244 |
| Millard School District Local Building <br> Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 05/15/2049 | 2075000 | 2145399 |
| Utah Board of Higher Education, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 11/01/2034 | 1020000 | 1016789 |
| Utah Charter School Finance Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 10/15/2035 | 250000 | 250835 |
| Series 2020A, |  |  |
| 4.00%, 04/15/2040 | 1160000 | 1065325 |
| Series A, |  |  |
| 3.00%, 10/15/2034 | 1275000 | 1141411 |
| 5.00%, 10/15/2049 - 10/15/2054 | 795000 | 791301 |
|  |  | 10177780 |
| **Virginia - 2.8%**  | **Virginia - 2.8%**  | **Virginia - 2.8%**  |
| Chesapeake Bay Bridge & Tunnel District, <br> Revenue Bonds, |  |  |
| AGM, |  |  |
| 5.00%, 07/01/2041 | 1000000 | 1006120 |
| Chesapeake Redevelopment & Housing <br> Authority, Revenue Bonds, |  |  |
| Fixed until 07/01/2040, |  |  |
| 4.50% <sup>(B)</sup>, 10/01/2040 | 1790000 | 1828822 |
| Fairfax County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 05/15/2042 | 1745000 | 1655929 |
| 5.00%, 05/15/2051 | 2250000 | 2332946 |
| &nbsp;&nbsp; Hampton Roads Transportation <br> Accountability Commission, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 07/01/2059 | 3900000 | 4099591 |
| Isle Wight County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| AGM, |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| &nbsp;&nbsp; Isle Wight County Industrial Development <br> Authority, Revenue Bonds, (continued)<br>|  |  |
| 4.75%, 07/01/2053 | $3365000 | $3344101 |
| 5.25%, 07/01/2048 - 07/01/2053 | 8270000 | 8731799 |
| Richmond Redevelopment & Housing <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.50%, 05/01/2040 | 3081278 | 3148903 |
| Roanoke Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 07/01/2038 | 745000 | 718550 |
| Williamsburg Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.25%, 07/01/2053 | 630000 | 655835 |
|  |  | 27522596 |
| **Washington - 2.0%**  | **Washington - 2.0%**  | **Washington - 2.0%**  |
| City of Spokane Valley, General Obligation <br> Limited, |  |  |
| 4.00%, 12/01/2026 | 505000 | 505178 |
| Everett Housing Authority, Revenue Bonds, |  |  |
| 4.00%, 07/01/2036 | 1495000 | 1470957 |
| Island County Fire Protection District No. 1, <br> General Obligation Unlimited, |  |  |
| 4.00%, 12/01/2027 | 585000 | 585127 |
| &nbsp;&nbsp; King & Snohomish Counties School District <br> No. 417 Northshore, General Obligation <br>Unlimited, |  |  |
| 5.00%, 12/01/2041 | 1160000 | 1238305 |
| King County Housing Authority, Revenue <br> Bonds, |  |  |
| 4.00%, 08/01/2035 | 1090000 | 1084358 |
| &nbsp;&nbsp; Pacific County Public Healthcare Services <br> District No. 3, General Obligation <br>Unlimited, |  |  |
| Series A, |  |  |
| 5.25%, 12/01/2039 | 500000 | 528174 |
| Snohomish County Housing Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 04/01/2033 | 2435000 | 2418402 |
| State of Washington, General Obligation <br> Unlimited, |  |  |
| Series A1, |  |  |
| 5.00%, 08/01/2036 | 500000 | 501892 |
| Sumner Library Capital Facility Area, <br> General Obligation Unlimited, |  |  |
| 5.00%, 12/01/2044 | 2200000 | 2295119 |
| Washington Health Care Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 12/01/2048 <sup>(A)</sup> <br>| 175000 | 154077 |
| Series A, |  |  |
| 4.25%, 10/01/2040 | 1180000 | 1105114 |
| Series A2, |  |  |
| 5.00%, 08/01/2044 | 1000000 | 991090 |
| Washington State Housing Finance <br> Commission, Revenue Bonds, |  |  |
| 5.00%, 07/01/2033 - 07/01/2045 <sup>(A)</sup> <br>| 6115000 | 6269013 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| &nbsp;&nbsp; Washington State Housing Finance <br> Commission, Revenue Bonds, (continued)<br>|  |  |
| Series 2N, GNMA, FNMA, FHLMC, |  |  |
| 2.15%, 12/01/2033 | $615000 | $499367 |
| Yakima County School District No. 2 Union <br> Gap, General Obligation Unlimited, |  |  |
| 5.00%, 12/01/2044 | 160000 | 167554 |
|  |  | 19813727 |
| **West Virginia - 0.0% \*** | **West Virginia - 0.0% \*** | **West Virginia - 0.0% \*** |
| State of West Virginia, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.00%, 11/01/2025 | 125000 | 124591 |
| West Virginia Hospital Finance Authority, <br> Revenue Bonds, |  |  |
| Series B, AGM, |  |  |
| 5.38%, 09/01/2053 | 260000 | 271481 |
|  |  | 396072 |
| **Wisconsin - 5.0%**  | **Wisconsin - 5.0%**  | **Wisconsin - 5.0%**  |
| Public Finance Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/15/2034 - 12/15/2037 <sup>(A)</sup> <br>| 9000000 | 4447593 |
| 4.00%, 09/01/2029 <sup>(A)</sup> <br>| 800000 | 777757 |
| 5.00%, 12/15/2036 - 07/01/2037 <sup>(A)</sup> <br>| 4863651 | 4818142 |
| Series A, AGM, |  |  |
| 5.00%, 07/01/2036 - 11/15/2044 | 910000 | 918264 |
| Series A-1, BAM, |  |  |
| 5.25%, 07/01/2042 | 4925000 | 5104874 |
| 5.38%, 07/01/2047 | 6450000 | 6585047 |
| 5.50%, 07/01/2052 | 5215000 | 5311123 |
| 5.63%, 07/01/2055 | 5660000 | 5762243 |
| Public Finance Authority, Tax Allocation, |  |  |
| 5.00%, 08/01/2039 | 500000 | 478649 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Wisconsin Health & Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 08/01/2032 | $670000 | $508047 |
| 5.25%, 02/15/2054 | 4145000 | 4287380 |
| Series A, AGM, |  |  |
| 4.00%, 02/15/2034 - 11/15/2039 | 8945000 | 8423816 |
| Series B, |  |  |
| 4.20%, 08/15/2028 | 1450000 | 1425737 |
|  |  | 48848672 |
| **Wyoming - 0.1%**  | **Wyoming - 0.1%**  | **Wyoming - 0.1%**  |
| Wyoming Community Development <br> Authority, Revenue Bonds, |  |  |
| Series 2, |  |  |
| 2.95%, 06/01/2033 | 1485000 | 1360841 |
| &nbsp;&nbsp; **Total Municipal Government Obligations** <br>**(Cost $974,170,560)**<br>|  | 955511145 |
| **REPURCHASE AGREEMENT - 4.3%**  | **REPURCHASE AGREEMENT - 4.3%**  | **REPURCHASE AGREEMENT - 4.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(H)</sup>, dated 04/30/2025, to be <br> repurchased at $42,460,565 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $43,307,733.<br>| 42458442 | 42458442 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $42,458,442)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $42,458,442)** | 42458442 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,016,629,002)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,016,629,002)** | 997969587 |
| **Net Other Assets (Liabilities) - (1.7)%** | **Net Other Assets (Liabilities) - (1.7)%** | (17091970) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$980877617** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Municipal Government Obligations | $— | &nbsp;&nbsp; $955511145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $955511145 |
| Repurchase Agreement |  | &nbsp;&nbsp; 42458442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42458442 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$997969587** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$997969587** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $38,041,377, representing 3.9% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(C)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Municipal Government <br> Obligations<br>| Bradburn Metropolitan District <br> No. 2 <br>General Obligation Limited, <br> Series A <br>4.00%, 12/01/2028<br>| 03/08/2018 | &nbsp;&nbsp; $291210 | &nbsp;&nbsp; $286431 | 0.1 |
| Municipal Government <br> Obligations<br>| California Municipal Finance <br> Authority <br>Revenue Bonds <br>4.38%, 07/01/2025<br>| 09/10/2015 | &nbsp;&nbsp; 55001 | &nbsp;&nbsp; 54930 | 0.0<br> %\*<br>|
| Municipal Government <br> Obligations<br>| Virgin Islands Public Finance <br> Authority <br>Revenue Bonds, Series A <br>5.00%, 10/01/2032<br>| 07/14/2020 - 02/09/2021 | &nbsp;&nbsp; 186332 | &nbsp;&nbsp; 175911 | 0.0<br> %\*<br>|
|  |  |  | &nbsp;&nbsp; **$532543** | &nbsp;&nbsp; **$517272** | **0.1%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2025; the maturity date disclosed is the ultimate maturity* *date.* 

<sup>(F)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2025, the value of this security is* *$1,296,750, representing 0.1% of the Fund's net assets.* 

<sup>(G)</sup> *Non-income producing security.*

<sup>(H)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(I)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*CR* *Custodial Receipts*

**MUNICIPAL INSURER ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AGC* | *Assured Guaranty Corp.* |
| *AGM* | *Assured Guaranty Municipal Corp.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association* |
| *GNMA* | *Government National Mortgage Association* |
| *NATL* | *National Public Finance Guarantee Corp.* |
| *TCRS* | *Temporary Custodian Receipts* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $974,170,560) | $955511145 |
| Repurchase agreement, at value (cost $42,458,442) | 42458442 |
| Receivables and other assets: |  |
| Investments sold  | 11757417 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 29344 |
| Shares of beneficial interest sold  | 2126597 |
| Interest | 12227438 |
| Prepaid expenses | 3785 |
| Total assets | 1024114168 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 5601575 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 34345908 |
| Dividends and/or distributions | 176172 |
| Shares of beneficial interest redeemed | 2551074 |
| Investment management fees | 285408 |
| Distribution and service fees | 52208 |
| Transfer agent fees | 63457 |
| Trustee and CCO fees | 3834 |
| Audit and tax fees  | 26799 |
| Custody fees | 83190 |
| Legal fees | 19786 |
| Printing and shareholder reports fees | 4904 |
| Registration fees | 3414 |
| Other accrued expenses | 18822 |
| Total liabilities | 43236551 |
| **Net assets**  | $980877617 |
| **Net assets consist of:** |  |
| Paid-in capital | $1234505193 |
| Total distributable earnings (accumulated losses) | (253627576)<br>|
| **Net assets** | $980877617 |
| **Net assets by class:** |  |
| Class A | $121194149 |
| Class C | 32256489 |
| Class I | 827415820 |
| Class I2 | 11159 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 11641757 |
| Class C | 3104311 |
| Class I | 79190281 |
| Class I2 | 1068 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.41 |
| Class C | 10.39 |
| Class I | 10.45 |
| Class I2 | 10.45 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $21345379 |
| Total investment income  | 21345379 |
| **Expenses:** |  |
| Investment management fees | 2284380 |
| Distribution and service fees: |  |
| Class A | 162314 |
| Class C | 180636 |
| Transfer agent fees: |  |
| Class A | 29982 |
| Class C | 12718 |
| Class I | 457737 |
| Class I2 | 1 |
| Trustee and CCO fees | 21635 |
| Audit and tax fees | 26966 |
| Custody fees | 59894 |
| Legal fees | 37807 |
| Printing and shareholder reports fees | 28248 |
| Registration fees | 51339 |
| Other | 26759 |
| Total expenses before waiver and/or reimbursement and recapture | 3380416 |
| Expenses waived and/or reimbursed: |  |
| Class A | (64926)<br>|
| Class C | (47925)<br>|
| Class I | (437277)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 21 |
| Class I | 2431 |
| Net expenses | 2832740 |
| **Net investment income (loss)** | 18512639 |
| **Net realized gain (loss) on:** |  |
| Investments | (18080032)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (8528419)<br>|
| Net realized and change in unrealized gain (loss) | (26608451)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(8095812)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $18512639 | &nbsp;&nbsp;&nbsp;&nbsp; $36090956 |
| Net realized gain (loss) | (18080032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12453784)<br>|
| Net change in unrealized appreciation (depreciation) | (8528419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89497987 |
| Net increase (decrease) in net assets resulting from operations | (8095812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113135159 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2205622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4372553)<br>|
| Class C | (502778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1202276)<br>|
| Class I | (15776727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30514563)<br>|
| Class I2 | (202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (366)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (18485329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36089758)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 13625719 | &nbsp;&nbsp;&nbsp;&nbsp; 16082188 |
| Class C | 1323687 | &nbsp;&nbsp;&nbsp;&nbsp; 5621799 |
| Class I | 135595340 | &nbsp;&nbsp;&nbsp;&nbsp; 288819011 |
|  | 150544746 | &nbsp;&nbsp;&nbsp;&nbsp; 310522998 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1955042 | &nbsp;&nbsp;&nbsp;&nbsp; 3883027 |
| Class C | 457147 | &nbsp;&nbsp;&nbsp;&nbsp; 1091134 |
| Class I | 14999464 | &nbsp;&nbsp;&nbsp;&nbsp; 28548869 |
| Class I2 | 202 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  | 17411855 | &nbsp;&nbsp;&nbsp;&nbsp; 33523396 |
| Cost of shares redeemed: |  |  |
| Class A | (31939462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48648083)<br>|
| Class C | (5387557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13251301)<br>|
| Class I | (227015786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380378468)<br>|
|  | (264342805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (442277852)<br>|
| Automatic conversions: |  |  |
| Class A | 3289120 | &nbsp;&nbsp;&nbsp;&nbsp; 13778092 |
| Class C | (3289120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13778092)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (96386204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98231458)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 72 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| **Net increase (decrease) in net assets** | (122967345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21185985)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 1103844962 | &nbsp;&nbsp;&nbsp;&nbsp; 1125030947 |
| End of period/year | $980877617 | &nbsp;&nbsp;&nbsp;&nbsp; $1103844962 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1278553 | &nbsp;&nbsp;&nbsp;&nbsp; 1506866 |
| Class C | 124216 | &nbsp;&nbsp;&nbsp;&nbsp; 527302 |
| Class I | 12709474 | &nbsp;&nbsp;&nbsp;&nbsp; 26996123 |
|  | 14112243 | &nbsp;&nbsp;&nbsp;&nbsp; 29030291 |
| Shares reinvested: |  |  |
| Class A | 183705 | &nbsp;&nbsp;&nbsp;&nbsp; 363516 |
| Class C | 43024 | &nbsp;&nbsp;&nbsp;&nbsp; 102379 |
| Class I | 1404246 | &nbsp;&nbsp;&nbsp;&nbsp; 2663624 |
| Class I2 | 19 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | 1630994 | &nbsp;&nbsp;&nbsp;&nbsp; 3129553 |
| Shares redeemed: |  |  |
| Class A | (3005380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4566516)<br>|
| Class C | (507678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1248180)<br>|
| Class I | (21281090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35670006)<br>|
|  | (24794148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41484702)<br>|
| Automatic conversions: |  |  |
| Class A | 308230 | &nbsp;&nbsp;&nbsp;&nbsp; 1288713 |
| Class C | (308812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1291103)<br>|
|  | (582)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2390)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (1234892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1407421)<br>|
| Class C | (649250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1909602)<br>|
| Class I | (7167370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6010259)<br>|
| Class I2 | 19 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | (9051493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9327248)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Intermediate Muni**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.69 | $9.99 | $9.86 | $11.99 | $11.84 | $11.80 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.33 | 0.26 | 0.20 | 0.20 | 0.19 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 0.70 | 0.13 | (2.09)<br>| 0.16 | 0.13 |
| Total investment operations | (0.10)<br>| 1.03 | 0.39 | (1.89)<br>| 0.36 | 0.32 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.33)<br>| (0.26)<br>| (0.20)<br>| (0.21)<br>| (0.24)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.33)<br>| (0.26)<br>| (0.24)<br>| (0.21)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $10.41 | $10.69 | $9.99 | $9.86 | $11.99 | $11.84 |
| **Total return** <sup>(D)</sup> <br>| (0.96 )%<sup>(E)</sup><br>| 10.36<br> %<br>| 3.90<br> %<br>| (15.92 )%<sup>(C)</sup><br>| 3.03<br> %<br>| 2.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $121194 | $137610 | $142644 | $179426 | $284610 | $245980 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(F)</sup><br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.75 %<sup>(G)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.68 %<sup>(F)</sup><br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.65 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 3.40 %<sup>(F)</sup><br>| 3.09<br> %<br>| 2.50<br> %<br>| 1.83<br> %<br>| 1.69<br> %<br>| 1.65<br> %<br>|
| Portfolio turnover rate | 66 %<sup>(E)</sup><br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.67 | $9.97 | $9.84 | $11.96 | $11.82 | $11.78 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.26 | 0.20 | 0.13 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 0.70 | 0.13 | (2.07)<br>| 0.14 | 0.13 |
| Total investment operations | (0.13)<br>| 0.96 | 0.33 | (1.94)<br>| 0.27 | 0.25 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.26)<br>| (0.20)<br>| (0.14)<br>| (0.13)<br>| (0.18)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.03)<br>|
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.26)<br>| (0.20)<br>| (0.18)<br>| (0.13)<br>| (0.21)<br>|
| **Net asset value, end of period/year** | $10.39 | $10.67 | $9.97 | $9.84 | $11.96 | $11.82 |
| **Total return** <sup>(E)</sup> <br>| (1.27 )%<sup>(F)</sup><br>| 9.69 %<sup>(C)</sup><br>| 3.26<br> %<br>| (16.40 )%<sup>(D)</sup><br>| 2.30<br> %<br>| 2.10<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $32257 | $40038 | $56454 | $77442 | $131738 | $138959 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.56 %<sup>(G)</sup><br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.52<br> %<br>| 1.50<br> %<br>| 1.52 %<sup>(H)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.29 %<sup>(G)</sup><br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.27 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | 2.79 %<sup>(G)</sup><br>| 2.46<br> %<br>| 1.87<br> %<br>| 1.20<br> %<br>| 1.06<br> %<br>| 1.03<br> %<br>|
| Portfolio turnover rate | 66 %<sup>(F)</sup><br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Intermediate Muni**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.73 | $10.02 | $9.90 | $12.03 | $11.88 | $11.85 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.35 | 0.28 | 0.22 | 0.22 | 0.21 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 0.71 | 0.12 | (2.10)<br>| 0.15 | 0.12 |
| Total investment operations | (0.09)<br>| 1.06 | 0.40 | (1.88)<br>| 0.37 | 0.33 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.35)<br>| (0.28)<br>| (0.22)<br>| (0.22)<br>| (0.26)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.04)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.35)<br>| (0.28)<br>| (0.26)<br>| (0.22)<br>| (0.30)<br>|
| **Net asset value, end of period/year** | $10.45 | $10.73 | $10.02 | $9.90 | $12.03 | $11.88 |
| **Total return** | (0.86 )%<sup>(C)</sup><br>| 10.64<br> %<br>| 3.98<br> %<br>| (15.67 )%<sup>(B)</sup><br>| 3.16<br> %<br>| 2.81<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $827416 | $926186 | $925923 | $1168497 | $2315780 | $1888406 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59 %<sup>(D)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.56 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.49 %<sup>(D)</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.59 %<sup>(D)</sup><br>| 3.27<br> %<br>| 2.68<br> %<br>| 1.96<br> %<br>| 1.84<br> %<br>| 1.80<br> %<br>|
| Portfolio turnover rate | 66 %<sup>(C)</sup><br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.73 | $10.03 | $9.91 | $12.04 | $11.90 | $11.86 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.35 | 0.28 | 0.23 | 0.23 | 0.21 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 0.71 | 0.13 | (2.09)<br>| 0.14 | 0.13 |
| Total investment operations | (0.09)<br>| 1.06 | 0.41 | (1.86)<br>| 0.37 | 0.34 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.36)<br>| (0.29)<br>| (0.23)<br>| (0.23)<br>| (0.23)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |  |
| Return of capital |  |  |  |  |  | (0.07)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.36)<br>| (0.29)<br>| (0.27)<br>| (0.23)<br>| (0.30)<br>|
| **Net asset value, end of period/year** | $10.45 | $10.73 | $10.03 | $9.91 | $12.04 | $11.90 |
| **Total return** | (0.85 )%<sup>(B)</sup><br>| 10.58<br> %<br>| 4.02<br> %<br>| (15.67)%<br>| 3.14<br> %<br>| 2.94<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $11 | $11 | $10 | $10 | $12 | $11 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.49 %<sup>(C)</sup><br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>| 0.46 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.49 %<sup>(C)</sup><br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>| 0.46 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.60 %<sup>(C)</sup><br>| 3.29<br> %<br>| 2.70<br> %<br>| 2.03<br> %<br>| 1.93<br> %<br>| 1.80<br> %<br>|
| Portfolio turnover rate | 66 %<sup>(B)</sup><br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>| 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Intermediate Muni (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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:

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| |
|:---|
| **Account Balance** |
| $11125<br> 0.00 % <sup>(A)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Rounds to less than 0.01%.*

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $150 million | 0.4700<br> % <br>|
| Over $150 million up to $350 million | 0.4500 |
| Over $350 million up to $650 million | 0.4400 |
| Over $650 million up to $1 billion | 0.4200 |
| Over $1 billion up to $2 billion | 0.3900 |
| Over $2 billion up to $3 billion | 0.3875 |
| Over $3 billion | 0.3825 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.81<br> % <br>| March 1, 2026 |
| Class C | 1.54 | March 1, 2026 |
| Class I | 0.49 | March 1, 2026 |
| Class I2 | 0.51 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class C | $— | $— | $4217 | $2767 | $6984 |
| Class I | 565193 | 937775 | 879608 | 437277 | 2819853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Intermediate Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years.

---

| | | |
|:---|:---|:---|
| **Class A** <br>**Waiver**<br>| **Class C** <br>**Waiver**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12b-1 Expense Waiver** <br>**Effective Through**<br>|
| 0.10<br> % <br>| 0.25<br> % <br>| March 1, 2026 |

---

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $21058 | &nbsp;&nbsp;&nbsp;&nbsp; $2164 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $492267 | &nbsp;&nbsp; $60682 |

---

**Brokerage commissions:** The Fund incurred $0 brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Intermediate Muni**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $657087202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $682936457 | &nbsp;&nbsp; $10176533 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1016629002 | &nbsp;&nbsp; $3583679 | &nbsp;&nbsp; $(22243094)<br>| &nbsp;&nbsp; $(18659415)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Intermediate Muni** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Intermediate Muni** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

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**Transamerica Intermediate Muni** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 37**

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**Transamerica Intermediate Muni** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 38**

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![](g947814img8155a7743.gif)

![](g947814img39fa7a484.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA INTER MUNI 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img2b47ea125.gif)

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![](g947814img96606e521.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica International Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img721320052.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_SOI-RunningFooter-158_1) | 2 |
| [Statement of Assets and Liabilities](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_FS-RunningFooter-158_1) | 6 |
| [Statement of Operations](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_FS-RunningFooter-158_3) | 8 |
| [Statement of Changes in Net Assets](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_FS-RunningFooter-158_4) | 9 |
| [Financial Highlights](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_FIHI-RunningFooter-158_1) | 11 |
| [Notes to Financial Statements](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_NTF-RunningFooter-158_1) | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_DWA-RunningFooter-158_1)**<br> **[Companies](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_DWA-RunningFooter-158_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_PD-RunningFooter-158_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_REMU-RunningFooter-158_1)**<br> **[Companies](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_REMU-RunningFooter-158_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_52180b51-fee7-4245-a97b-00b34e1be62a_AIAC-RunningFooter-158_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica International Equity**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.9%**  | **COMMON STOCKS - 97.9%**  | **COMMON STOCKS - 97.9%**  |
| **Australia - 2.9%**  | **Australia - 2.9%**  | **Australia - 2.9%**  |
| BHP Group Ltd. | 279100 | $6827514 |
| Macquarie Group Ltd. | 273300 | 33865813 |
| Santos Ltd. | 9392700 | 36159138 |
| Sonic Healthcare Ltd. | 1806200 | 30173561 |
| Whitehaven Coal Ltd. | 4739600 | 15149398 |
|  |  | 122175424 |
| **Belgium - 2.8%**  | **Belgium - 2.8%**  | **Belgium - 2.8%**  |
| Anheuser-Busch InBev SA | 1069800 | 69806793 |
| KBC Group NV | 536100 | 49229453 |
|  |  | 119036246 |
| **Canada - 1.2%**  | **Canada - 1.2%**  | **Canada - 1.2%**  |
| Canadian National Railway Co. | 260500 | 25228025 |
| CCL Industries, Inc., Class B | 435700 | 22767901 |
|  |  | 47995926 |
| **Denmark - 0.3%**  | **Denmark - 0.3%**  | **Denmark - 0.3%**  |
| Novo Nordisk AS, Class B | 207500 | 13702117 |
| **France - 11.9%**  | **France - 11.9%**  | **France - 11.9%**  |
| Accor SA | 950300 | 46453039 |
| Amundi SA <sup>(A)</sup> <br>| 403300 | 31684532 |
| Capgemini SE | 334952 | 53066159 |
| Cie de Saint-Gobain SA | 392137 | 42424213 |
| Edenred SE | 569200 | 17655131 |
| La Francaise des Jeux SACA <sup>(A)</sup> <br>| 74900 | 2667700 |
| Rexel SA | 426017 | 11770945 |
| Sanofi SA | 461001 | 50083316 |
| Societe Generale SA | 1472800 | 76081878 |
| Sodexo SA | 422800 | 26774378 |
| Teleperformance SE <sup>(B)</sup> <br>| 204300 | 22324834 |
| TotalEnergies SE | 691400 | 40071216 |
| Veolia Environnement SA <sup>(B)</sup> <br>| 2175623 | 79312618 |
|  |  | 500369959 |
| **Germany - 12.2%**  | **Germany - 12.2%**  | **Germany - 12.2%**  |
| Allianz SE | 99602 | 41082924 |
| BASF SE <sup>(C)</sup> <br>| 482900 | 24414998 |
| CTS Eventim AG & Co. KGaA | 97900 | 11512050 |
| Deutsche Boerse AG | 127982 | 41103098 |
| Deutsche Post AG | 964801 | 40997504 |
| Heidelberg Materials AG | 331742 | 65485606 |
| Infineon Technologies AG | 1372627 | 44923407 |
| K&S AG | 533700 | 9268553 |
| Merck KGaA | 313800 | 43334047 |
| SAP SE | 296647 | 85795277 |
| Siemens AG | 276895 | 63347806 |
| Zalando SE <sup>(A)(C)</sup> <br>| 1181200 | 42779793 |
|  |  | 514045063 |
| **Hong Kong - 2.8%**  | **Hong Kong - 2.8%**  | **Hong Kong - 2.8%**  |
| AIA Group Ltd. | 5926600 | 44398301 |
| CK Asset Holdings Ltd. | 5271300 | 21579733 |
| CK Hutchison Holdings Ltd. | 8979100 | 50709755 |
|  |  | 116687789 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland - 4.6%**  | **Ireland - 4.6%**  | **Ireland - 4.6%**  |
| AerCap Holdings NV | 539549 | $57192194 |
| AIB Group PLC | 7348821 | 49243059 |
| DCC PLC | 620831 | 40425881 |
| Ryanair Holdings PLC | 606800 | 14284457 |
| Smurfit WestRock PLC | 737615 | 30994582 |
|  |  | 192140173 |
| **Israel - 1.0%**  | **Israel - 1.0%**  | **Israel - 1.0%**  |
| Check Point Software Technologies Ltd. <sup>(C)</sup> <br>| 190800 | 41892048 |
| **Italy - 0.2%**  | **Italy - 0.2%**  | **Italy - 0.2%**  |
| Prysmian SpA | 118366 | 6428322 |
| **Japan - 19.2%**  | **Japan - 19.2%**  | **Japan - 19.2%**  |
| Canon, Inc. <sup>(B)</sup> <br>| 1036100 | 31913445 |
| FANUC Corp. | 1172800 | 29972102 |
| Fujitsu Ltd. | 3137800 | 69150985 |
| Hitachi Ltd. | 3128800 | 76983623 |
| Kyocera Corp. | 1389300 | 16440730 |
| Nintendo Co. Ltd. | 304700 | 25210526 |
| Olympus Corp. | 2917800 | 38069352 |
| ORIX Corp. | 2809100 | 56013038 |
| Panasonic Holdings Corp. | 1867600 | 21434687 |
| Rakuten Group, Inc. <sup>(C)</sup> <br>| 6279500 | 36869774 |
| Renesas Electronics Corp. | 2372400 | 27751007 |
| SBI Holdings, Inc. | 1782100 | 46602825 |
| Seven & i Holdings Co. Ltd. | 4534900 | 67065646 |
| Sony Group Corp. | 4096700 | 108047669 |
| Sumitomo Mitsui Financial Group, Inc. | 3410000 | 81088264 |
| Toyota Industries Corp. | 631600 | 74035641 |
|  |  | 806649314 |
| **Luxembourg - 2.6%**  | **Luxembourg - 2.6%**  | **Luxembourg - 2.6%**  |
| ArcelorMittal SA | 1466435 | 43059643 |
| Eurofins Scientific SE <sup>(B)</sup> <br>| 651900 | 40972271 |
| Tenaris SA | 1481700 | 24649427 |
|  |  | 108681341 |
| **Netherlands - 4.7%**  | **Netherlands - 4.7%**  | **Netherlands - 4.7%**  |
| ASML Holding NV | 91200 | 60181550 |
| EXOR NV | 136600 | 12828558 |
| Heineken Holding NV | 480485 | 37449056 |
| ING Groep NV, Series N | 2018400 | 38903285 |
| Koninklijke Philips NV | 394022 | 9958471 |
| Prosus NV | 846800 | 39259263 |
|  |  | 198580183 |
| **Norway - 2.1%**  | **Norway - 2.1%**  | **Norway - 2.1%**  |
| Aker BP ASA | 1552999 | 33318855 |
| DNB Bank ASA | 2267600 | 56409912 |
|  |  | 89728767 |
| **Republic of Korea - 1.1%**  | **Republic of Korea - 1.1%**  | **Republic of Korea - 1.1%**  |
| Samsung Electronics Co. Ltd. | 1145219 | 44713088 |
| **Singapore - 1.6%**  | **Singapore - 1.6%**  | **Singapore - 1.6%**  |
| DBS Group Holdings Ltd. | 2038120 | 66241631 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden - 2.7%**  | **Sweden - 2.7%**  | **Sweden - 2.7%**  |
| Boliden AB <sup>(C)</sup> <br>| 618300 | $18941455 |
| Essity AB, Class B | 1645400 | 47393240 |
| Husqvarna AB, B Shares <sup>(B)</sup> <br>| 683600 | 3186196 |
| Skandinaviska Enskilda Banken AB, Class A | 2823000 | 44526031 |
|  |  | 114046922 |
| **Switzerland - 7.5%**  | **Switzerland - 7.5%**  | **Switzerland - 7.5%**  |
| Cie Financiere Richemont SA, Class A | 238000 | 41884655 |
| Glencore PLC <sup>(C)</sup> <br>| 7827700 | 25495763 |
| Julius Baer Group Ltd. | 519854 | 33533685 |
| Nestle SA | 770164 | 81873374 |
| Novartis AG | 306215 | 34797243 |
| Roche Holding AG | 291761 | 95197477 |
|  |  | 312782197 |
| **United Kingdom - 15.8%**  | **United Kingdom - 15.8%**  | **United Kingdom - 15.8%**  |
| Ashtead Group PLC | 497600 | 26459760 |
| Aviva PLC | 4514812 | 33694603 |
| Barratt Redrow PLC | 3140442 | 19494985 |
| BP PLC | 10135300 | 47316149 |
| Bunzl PLC | 361248 | 11313734 |
| Burberry Group PLC | 721100 | 6953872 |
| CNH Industrial NV | 2684800 | 31063136 |
| GSK PLC | 2175080 | 43002670 |
| Inchcape PLC | 2892096 | 25881614 |
| Informa PLC | 1831451 | 17763969 |
| Kingfisher PLC | 5060200 | 19367999 |
| Legal & General Group PLC | 14428400 | 45091394 |
| Lloyds Banking Group PLC | 79020954 | 77172109 |
| Pearson PLC | 1449077 | 23106640 |
| Persimmon PLC | 1153000 | 19899021 |
| Reckitt Benckiser Group PLC | 658200 | 42438144 |
| Shell PLC | 1602900 | 52133620 |
| Smith & Nephew PLC | 1286000 | 18064012 |
| Tesco PLC | 9174932 | 45327115 |
| Unilever PLC | 644514 | 40877159 |
| Wise PLC, Class A <sup>(C)</sup> <br>| 1340100 | 17475543 |
|  |  | 663897248 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States - 0.7%**  | **United States - 0.7%**  | **United States - 0.7%**  |
| Linde PLC | 68800 | $31182224 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $3,116,051,161)**<br>|  | 4110975982 |
| **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  |
| **Germany - 0.5%**  | **Germany - 0.5%**  | **Germany - 0.5%**  |
| Henkel AG & Co. KGaA |  |  |
| 2.97% <sup>(D)</sup> <br>| 305690 | 23686993 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $23,491,347)**<br>|  | 23686993 |
| **OTHER INVESTMENT COMPANY - 0.8%**  | **OTHER INVESTMENT COMPANY - 0.8%**  | **OTHER INVESTMENT COMPANY - 0.8%**  |
| **Securities Lending Collateral - 0.8%**  | **Securities Lending Collateral - 0.8%**  | **Securities Lending Collateral - 0.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 33724102 | 33724102 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $33,724,102)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $33,724,102)** | 33724102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $24,417,493 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $24,904,754.<br>| $24416272 | 24416272 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,416,272)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,416,272)** | 24416272 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,197,682,882)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,197,682,882)** | 4192803349 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 7407092 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$4200210441** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 12.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $538895622 |
| Pharmaceuticals | 6.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280116870 |
| Industrial Conglomerates | 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231467065 |
| Oil, Gas & Consumable Fuels | 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224148376 |
| Capital Markets | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186789953 |
| Household Durables | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168876362 |
| Insurance | 3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164267222 |
| Machinery | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138257075 |
| Semiconductors & Semiconductor Equipment | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132855964 |
| Software | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127687325 |
| IT Services | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122217144 |
| Household Products | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113518377 |
| Consumer Staples Distribution & Retail | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112392761 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Beverages | 2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107255849 |
| Trading Companies & Distributors | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106736633 |
| Financial Services | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103972270 |
| Metals & Mining | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94324375 |
| Food Products | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81873374 |
| Multi-Utilities | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79312618 |
| Technology Hardware, Storage & Peripherals | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76626533 |
| Broadline Retail | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76129037 |
| Hotels, Restaurants & Leisure | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75895117 |
| Health Care Equipment & Supplies | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66091835 |
| Construction Materials | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65485606 |
| Chemicals | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64865775 |
| Specialty Retail | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62147792 |
| Containers & Packaging | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53762483 |
| Textiles, Apparel & Luxury Goods | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48838527 |
| Building Products | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42424213 |
| Air Freight & Logistics | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40997504 |
| Life Sciences Tools & Services | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40972271 |
| Personal Care Products | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40877159 |
| Entertainment | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36722576 |
| Health Care Providers & Services | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30173561 |
| Distributors | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25881614 |
| Ground Transportation | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25228025 |
| Energy Equipment & Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24649427 |
| Diversified Consumer Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23106640 |
| Professional Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22324834 |
| Real Estate Management & Development | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21579733 |
| Media | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17763969 |
| Electronic Equipment, Instruments & Components | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16440730 |
| Passenger Airlines | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14284457 |
| Electrical Equipment | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6428322 |
| **Investments** | **98.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4134662975** |
| Short-Term Investments | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58140374 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$4192803349** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $240320110 | &nbsp;&nbsp; $3870655872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4110975982 |
| Preferred Stock |  | &nbsp;&nbsp; 23686993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23686993 |
| Other Investment Company | 33724102 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33724102 |
| Repurchase Agreement |  | &nbsp;&nbsp; 24416272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24416272 |
| **Total Investments** | **$274044212** | &nbsp;&nbsp; **$3918759137** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4192803349** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $77,132,025, representing 1.8% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $147,900,210, collateralized by cash collateral of $33,724,102 and* *non-cash collateral, such as U.S. government securities of $121,621,670. 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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(C)</sup> *Non-income producing security.*

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica International Equity**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $3,173,266,610) (including securities loaned of $147,900,210) | $4168387077 |
| Repurchase agreement, at value (cost $24,416,272) | 24416272 |
| Foreign currency, at value (cost $1,045,564) | 1040590 |
| Receivables and other assets: |  |
| Investments sold  | 1392 |
| Net income from securities lending | 187275 |
| Shares of beneficial interest sold  | 1966544 |
| Dividends  | 24878690 |
| Interest | 1221 |
| Tax reclaims | 30073094 |
| Prepaid expenses | 40789 |
| Total assets | 4250992944 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 33724102 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 13654327 |
| Investment management fees | 2330675 |
| Distribution and service fees | 48056 |
| Transfer agent fees | 320555 |
| Trustee and CCO fees | 15602 |
| Audit and tax fees  | 35820 |
| Custody fees | 397762 |
| Legal fees | 77458 |
| Printing and shareholder reports fees | 106683 |
| Other accrued expenses | 71463 |
| Total liabilities | 50782503 |
| **Net assets**  | $4200210441 |
| **Net assets consist of:** |  |
| Paid-in capital | $3087960188 |
| Total distributable earnings (accumulated losses) | 1112250253 |
| **Net assets** | $4200210441 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica International Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $153839833 |
| Class C | 12921057 |
| Class I | 2487300152 |
| Class I2 | 889782824 |
| Class I3 | 52302027 |
| Class R | 17091473 |
| Class R4 | 6328132 |
| Class R6 | 580644943 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 6863003 |
| Class C | 583313 |
| Class I | 109622752 |
| Class I2 | 39158096 |
| Class I3 | 2283132 |
| Class R | 742128 |
| Class R4 | 275373 |
| Class R6 | 25263357 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $22.42 |
| Class C | 22.15 |
| Class I | 22.69 |
| Class I2 | 22.72 |
| Class I3 | 22.91 |
| Class R | 23.03 |
| Class R4 | 22.98 |
| Class R6 | 22.98 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $23.72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica International Equity**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $64389403 |
| Interest income | 1460723 |
| Net income from securities lending | 233647 |
| Withholding taxes on foreign income | (6292353)<br>|
| Total investment income  | 59791420 |
| **Expenses:** |  |
| Investment management fees | 14927846 |
| Distribution and service fees: |  |
| Class A | 183846 |
| Class C | 64008 |
| Class R | 44108 |
| Class R4 | 7238 |
| Transfer agent fees: |  |
| Class A | 327751 |
| Class C | 10846 |
| Class I | 1321431 |
| Class I2 | 32994 |
| Class I3 | 2573 |
| Class R | 1657 |
| Class R4 | 217 |
| Class R6 | 19956 |
| Trustee and CCO fees | 88121 |
| Audit and tax fees | 32857 |
| Custody fees | 283345 |
| Legal fees | 152204 |
| Printing and shareholder reports fees | 274635 |
| Registration fees | 82446 |
| Insurance fees | 86613 |
| Interest | 93434 |
| Other | 255516 |
| Total expenses before waiver and/or reimbursement and recapture | 18293642 |
| Expenses waived and/or reimbursed: |  |
| Class A | (153850)<br>|
| Class C | (214)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 474 |
| Net expenses | 18140052 |
| **Net investment income (loss)** | 41651368 |
| **Net realized gain (loss) on:** |  |
| Investments | 126346310 |
| Foreign currency transactions | (1744326)<br>|
| Net realized gain (loss) | 124601984 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 207897522 |
| Translation of assets and liabilities denominated in foreign currencies | 2316252 |
| Net change in unrealized appreciation (depreciation) | 210213774 |
| Net realized and change in unrealized gain (loss) | 334815758 |
| **Net increase (decrease) in net assets resulting from operations** | $376467126 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica International Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $41651368 | &nbsp;&nbsp;&nbsp;&nbsp; $100675990 |
| Net realized gain (loss) | 124601984 | &nbsp;&nbsp;&nbsp;&nbsp; 174672312 |
| Net change in unrealized appreciation (depreciation) | 210213774 | &nbsp;&nbsp;&nbsp;&nbsp; 573217145 |
| Net increase (decrease) in net assets resulting from operations | 376467126 | &nbsp;&nbsp;&nbsp;&nbsp; 848565447 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (3737574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4511730)<br>|
| Class C | (231959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313256)<br>|
| Class I | (77444261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89248113)<br>|
| Class I2 | (24559310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28664935)<br>|
| Class I3 | (1488891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3776645)<br>|
| Class R | (344490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (627978)<br>|
| Class R4 | (135970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187392)<br>|
| Class R6 | (15501413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17688586)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (123443868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145018635)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 22555226 | &nbsp;&nbsp;&nbsp;&nbsp; 28827277 |
| Class C | 897567 | &nbsp;&nbsp;&nbsp;&nbsp; 2165922 |
| Class I | 211368502 | &nbsp;&nbsp;&nbsp;&nbsp; 458556032 |
| Class I2 | 108436012 | &nbsp;&nbsp;&nbsp;&nbsp; 137231424 |
| Class I3 | 3150095 | &nbsp;&nbsp;&nbsp;&nbsp; 855055 |
| Class R | 1247726 | &nbsp;&nbsp;&nbsp;&nbsp; 1013391 |
| Class R4 | 1137714 | &nbsp;&nbsp;&nbsp;&nbsp; 1294969 |
| Class R6 | 142801416 | &nbsp;&nbsp;&nbsp;&nbsp; 118747455 |
|  | 491594258 | &nbsp;&nbsp;&nbsp;&nbsp; 748691525 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2841572 | &nbsp;&nbsp;&nbsp;&nbsp; 3225660 |
| Class C | 218827 | &nbsp;&nbsp;&nbsp;&nbsp; 295805 |
| Class I | 72002321 | &nbsp;&nbsp;&nbsp;&nbsp; 82548894 |
| Class I2 | 24559310 | &nbsp;&nbsp;&nbsp;&nbsp; 28664935 |
| Class I3 | 1488891 | &nbsp;&nbsp;&nbsp;&nbsp; 3776645 |
| Class R | 344490 | &nbsp;&nbsp;&nbsp;&nbsp; 627978 |
| Class R4 | 135970 | &nbsp;&nbsp;&nbsp;&nbsp; 187392 |
| Class R6 | 13476822 | &nbsp;&nbsp;&nbsp;&nbsp; 14911034 |
|  | 115068203 | &nbsp;&nbsp;&nbsp;&nbsp; 134238343 |
| Cost of shares redeemed: |  |  |
| Class A | (26650076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57050813)<br>|
| Class C | (1353454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3082852)<br>|
| Class I | (704345462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (902328251)<br>|
| Class I2 | (130593107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (279612321)<br>|
| Class I3 | (68977186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16925701)<br>|
| Class R | (7602355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3780656)<br>|
| Class R4 | (1251561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1953612)<br>|
| Class R6 | (122261705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179357050)<br>|
|  | (1063034906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1444091256)<br>|
| Automatic conversions: |  |  |
| Class A | 1299637 | &nbsp;&nbsp;&nbsp;&nbsp; 2715066 |
| Class C | (1299637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2715066)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (456372445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (561161388)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 3199 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 498 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3697 |
| **Net increase (decrease) in net assets** | (203349187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142389121 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica International Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of period/year | $4403559628 | &nbsp;&nbsp;&nbsp;&nbsp; $4261170507 |
| End of period/year | $4200210441 | &nbsp;&nbsp;&nbsp;&nbsp; $4403559628 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1081515 | &nbsp;&nbsp;&nbsp;&nbsp; 1475378 |
| Class C | 41041 | &nbsp;&nbsp;&nbsp;&nbsp; 106906 |
| Class I | 9897281 | &nbsp;&nbsp;&nbsp;&nbsp; 22175284 |
| Class I2 | 5282731 | &nbsp;&nbsp;&nbsp;&nbsp; 6345697 |
| Class I3 | 150738 | &nbsp;&nbsp;&nbsp;&nbsp; 40257 |
| Class R | 56030 | &nbsp;&nbsp;&nbsp;&nbsp; 48974 |
| Class R4 | 53092 | &nbsp;&nbsp;&nbsp;&nbsp; 63679 |
| Class R6 | 6598028 | &nbsp;&nbsp;&nbsp;&nbsp; 5806393 |
|  | 23160456 | &nbsp;&nbsp;&nbsp;&nbsp; 36062568 |
| Shares reinvested: |  |  |
| Class A | 141583 | &nbsp;&nbsp;&nbsp;&nbsp; 163656 |
| Class C | 11007 | &nbsp;&nbsp;&nbsp;&nbsp; 15162 |
| Class I | 3550409 | &nbsp;&nbsp;&nbsp;&nbsp; 4144021 |
| Class I2 | 1209223 | &nbsp;&nbsp;&nbsp;&nbsp; 1437559 |
| Class I3 | 72735 | &nbsp;&nbsp;&nbsp;&nbsp; 187893 |
| Class R | 16707 | &nbsp;&nbsp;&nbsp;&nbsp; 31103 |
| Class R4 | 6617 | &nbsp;&nbsp;&nbsp;&nbsp; 9291 |
| Class R6 | 656126 | &nbsp;&nbsp;&nbsp;&nbsp; 739268 |
|  | 5664407 | &nbsp;&nbsp;&nbsp;&nbsp; 6727953 |
| Shares redeemed: |  |  |
| Class A | (1266890)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2772848)<br>|
| Class C | (65129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (154042)<br>|
| Class I | (33515454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44022120)<br>|
| Class I2 | (6157643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13674410)<br>|
| Class I3 | (3252020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (805145)<br>|
| Class R | (359312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179845)<br>|
| Class R4 | (56683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93028)<br>|
| Class R6 | (5625181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8552718)<br>|
|  | (50298312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70254156)<br>|
| Automatic conversions: |  |  |
| Class A | 60939 | &nbsp;&nbsp;&nbsp;&nbsp; 132359 |
| Class C | (61715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134279)<br>|
|  | (776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1920)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 17147 | &nbsp;&nbsp;&nbsp;&nbsp; (1001455)<br>|
| Class C | (74796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166253)<br>|
| Class I | (20067764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17702815)<br>|
| Class I2 | 334311 | &nbsp;&nbsp;&nbsp;&nbsp; (5891154)<br>|
| Class I3 | (3028547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (576995)<br>|
| Class R | (286575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99768)<br>|
| Class R4 | 3026 | &nbsp;&nbsp;&nbsp;&nbsp; (20058)<br>|
| Class R6 | 1628973 | &nbsp;&nbsp;&nbsp;&nbsp; (2007057)<br>|
|  | (21474225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27465555)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.02 | $17.96 | $16.03 | $21.36 | $15.73 | $17.65 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.38 | 0.35 | 0.40 | 0.31 | 0.20 |
| Net realized and unrealized gain (loss) | 1.76 | 3.24 | 1.69 | (5.03)<br>| 5.45 | (1.69)<br>|
| Total investment operations | 1.93 | 3.62 | 2.04 | (4.63)<br>| 5.76 | (1.49)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.46)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>| (0.43)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.53)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>| (0.43)<br>|
| **Net asset value, end of period/year** | $22.42 | $21.02 | $17.96 | $16.03 | $21.36 | $15.73 |
| **Total return** <sup>(E)</sup> <br>| 9.46 %<sup>(F)</sup><br>| 20.37 %<sup>(C)</sup><br>| 12.73<br> %<br>| (22.39 )%<sup>(D)</sup><br>| 36.70<br> %<br>| (8.77)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $153840 | $143866 | $140914 | $142550 | $111299 | $147674 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.47 %<sup>(G)</sup><br>| 1.67<br> %<br>| 1.74<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>| 1.30<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26 %<sup>(G)(H)</sup><br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.65 %<sup>(G)</sup><br>| 1.85<br> %<br>| 1.87<br> %<br>| 2.18<br> %<br>| 1.52<br> %<br>| 1.22<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(F)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $20.68 | $17.65 | $15.77 | $21.00 | $15.46 | $17.34 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.10 | 0.22 | 0.22 | 0.25 | 0.18 | 0.07 |
| Net realized and unrealized gain (loss) | 1.74 | 3.21 | 1.66 | (4.94)<br>| 5.36 | (1.66)<br>|
| Total investment operations | 1.84 | 3.43 | 1.88 | (4.69)<br>| 5.54 | (1.59)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.40)<br>|  | (0.54)<br>|  | (0.29)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.40)<br>|  | (0.54)<br>|  | (0.29)<br>|
| **Net asset value, end of period/year** | $22.15 | $20.68 | $17.65 | $15.77 | $21.00 | $15.46 |
| **Total return** <sup>(E)</sup> <br>| 9.10 %<sup>(F)</sup><br>| 19.54 %<sup>(C)</sup><br>| 11.92<br> %<br>| (22.86 )%<sup>(D)</sup><br>| 35.77<br> %<br>| (9.38)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $12921 | $13611 | $14549 | $19439 | $30911 | $27884 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.94 %<sup>(G)</sup><br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>| 1.96<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.94 %<sup>(G)(H)(I)</sup><br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91 %<sup>(I)</sup><br>| 1.91<br> %<br>| 1.96<br> %<br>|
| Net investment income (loss) to average net assets | 0.93 %<sup>(G)</sup><br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.35<br> %<br>| 0.88<br> %<br>| 0.45<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(F)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.31 | $18.20 | $16.25 | $21.62 | $15.95 | $17.89 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.20 | 0.46 | 0.44 | 0.47 | 0.40 | 0.26 |
| Net realized and unrealized gain (loss) | 1.79 | 3.29 | 1.69 | (5.09)<br>| 5.51 | (1.70)<br>|
| Total investment operations | 1.99 | 3.75 | 2.13 | (4.62)<br>| 5.91 | (1.44)<br>|
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>| (0.50)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>| (0.50)<br>|
| **Net asset value, end of period/year** | $22.69 | $21.31 | $18.20 | $16.25 | $21.62 | $15.95 |
| **Total return** | 9.70 %<sup>(C)</sup><br>| 20.84<br> %<br>| 13.15<br> %<br>| (22.03 )%<sup>(B)</sup><br>| 37.24<br> %<br>| (8.38)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $2487300 | $2764252 | $2683142 | $2315412 | $2994603 | $1891398 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.88 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.88 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>|
| Net investment income (loss) to average net assets | 1.92 %<sup>(D)</sup><br>| 2.23<br> %<br>| 2.30<br> %<br>| 2.49<br> %<br>| 1.95<br> %<br>| 1.58<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(C)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.36 | $18.24 | $16.28 | $21.65 | $15.97 | $17.91 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.23 | 0.46 | 0.44 | 0.47 | 0.42 | 0.28 |
| Net realized and unrealized gain (loss) | 1.77 | 3.32 | 1.72 | (5.07)<br>| 5.51 | (1.70)<br>|
| Total investment operations | 2.00 | 3.78 | 2.16 | (4.60)<br>| 5.93 | (1.42)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| **Net asset value, end of period/year** | $22.72 | $21.36 | $18.24 | $16.28 | $21.65 | $15.97 |
| **Total return** | 9.70 %<sup>(B)</sup><br>| 20.96<br> %<br>| 13.31<br> %<br>| (22.01)%<br>| 37.36<br> %<br>| (8.28)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $889783 | $829139 | $815534 | $1168404 | $1548574 | $1387536 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 2.13 %<sup>(C)</sup><br>| 2.20<br> %<br>| 2.31<br> %<br>| 2.51<br> %<br>| 2.06<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(B)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.52 | $18.37 | $16.40 | $21.81 | $16.08 | $18.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.49 | 0.46 | 0.47 | 0.42 | 0.29 |
| Net realized and unrealized gain (loss) | 1.83 | 3.32 | 1.71 | (5.11)<br>| 5.56 | (1.73)<br>|
| Total investment operations | 2.02 | 3.81 | 2.17 | (4.64)<br>| 5.98 | (1.44)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| **Net asset value, end of period/year** | $22.91 | $21.52 | $18.37 | $16.40 | $21.81 | $16.08 |
| **Total return** | 9.76 %<sup>(B)</sup><br>| 20.98<br> %<br>| 13.27<br> %<br>| (22.03)%<br>| 37.42<br> %<br>| (8.34)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $52302 | $114306 | $108197 | $115536 | $166596 | $204877 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 1.73 %<sup>(C)</sup><br>| 2.32<br> %<br>| 2.39<br> %<br>| 2.48<br> %<br>| 2.04<br> %<br>| 1.74<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(B)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.53 | $18.38 | $16.40 | $21.80 | $16.08 | $18.03 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.38 | 0.36 | 0.37 | 0.33 | 0.20 |
| Net realized and unrealized gain (loss) | 1.82 | 3.33 | 1.72 | (5.11)<br>| 5.55 | (1.72)<br>|
| Total investment operations | 1.98 | 3.71 | 2.08 | (4.74)<br>| 5.88 | (1.52)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.41)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>| (0.43)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.48)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>| (0.43)<br>|
| **Net asset value, end of period/year** | $23.03 | $21.53 | $18.38 | $16.40 | $21.80 | $16.08 |
| **Total return** | 9.44 %<sup>(B)</sup><br>| 20.37<br> %<br>| 12.70<br> %<br>| (22.40)%<br>| 36.74<br> %<br>| (8.75)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $17091 | $22147 | $20745 | $19863 | $31246 | $25413 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29 %<sup>(C)</sup><br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29 %<sup>(C)</sup><br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>|
| Net investment income (loss) to average net assets | 1.50 %<sup>(C)</sup><br>| 1.80<br> %<br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.57<br> %<br>| 1.18<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(B)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.55 | $18.40 | $16.37 | $21.77 | $16.06 | $18.01 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.21 | 0.44 | 0.41 | 0.42 | 0.37 | 0.24 |
| Net realized and unrealized gain (loss) | 1.79 | 3.32 | 1.72 | (5.11)<br>| 5.55 | (1.71)<br>|
| Total investment operations | 2.00 | 3.76 | 2.13 | (4.69)<br>| 5.92 | (1.47)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.50)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>| (0.48)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>| (0.48)<br>|
| **Net asset value, end of period/year** | $22.98 | $21.55 | $18.40 | $16.37 | $21.77 | $16.06 |
| **Total return** | 9.59 % <sup>(B)</sup><br>| 20.66<br> %<br>| 12.99<br> %<br>| (22.22)%<br>| 37.05<br> %<br>| (8.50)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $6328 | $5869 | $5381 | $4986 | $23706 | $17802 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.03 %<sup>(C)</sup><br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.03 %<sup>(C)</sup><br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | 1.95 %<sup>(C)</sup><br>| 2.09<br> %<br>| 2.12<br> %<br>| 2.14<br> %<br>| 1.76<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(B)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $21.59 | $18.44 | $16.46 | $21.88 | $16.13 | $18.09 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.49 | 0.46 | 0.48 | 0.43 | 0.28 |
| Net realized and unrealized gain (loss) | 1.79 | 3.32 | 1.72 | (5.13)<br>| 5.57 | (1.72)<br>|
| Total investment operations | 2.03 | 3.81 | 2.18 | (4.65)<br>| 6.00 | (1.44)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>| (0.52)<br>|
| **Net asset value, end of period/year** | $22.98 | $21.59 | $18.44 | $16.46 | $21.88 | $16.13 |
| **Total return** | 9.73 %<sup>(B)</sup><br>| 20.90<br> %<br>| 13.28<br> %<br>| (21.97)%<br>| 37.37<br> %<br>| (8.31)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $580645 | $510370 | $472709 | $397503 | $451687 | $222323 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 2.19 %<sup>(C)</sup><br>| 2.32<br> %<br>| 2.40<br> %<br>| 2.53<br> %<br>| 2.05<br> %<br>| 1.70<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(B)</sup><br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Equity (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $33,625.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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:

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund had no amounts outstanding as of April 30, 2025. For the period December 31, 2024 to April 30, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $15918750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $33724102 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33724102 |
| **Total Borrowings** | **$33724102** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$33724102** |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $920686129 | 21.92<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.77<br> % <br>|
| $250 million up to $1 billion  | 0.74 |
| $1 billion up to $2 billion  | 0.72 |
| $2 billion up to $6 billion | 0.69 |
| $6 billion up to $8 billion  | 0.68 |
| Over $8 billion  | 0.66 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica International Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.25<br> % <br>| March 1, 2026 |
| Class C | 1.96 | March 1, 2026 |
| Class I | 0.89 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.80 | March 1, 2026 |
| Class R | 1.31 | March 1, 2026 |
| Class R4 | 1.06 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows. Classes not listed in the subsequent table are not subject to recapture by TAM.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $209520 | $782190 | $796798 | $153850 | $1942358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $18754 | &nbsp;&nbsp;&nbsp;&nbsp; $80 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 595 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class C shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1694935 | &nbsp;&nbsp; $311246 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $267543598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $834021529 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal period exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the period ended April 30, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $3197682882 | &nbsp;&nbsp; $1193135465 | &nbsp;&nbsp; $(198014998)<br>| &nbsp;&nbsp; $995120467 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica International Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica International Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica International Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

**Transamerica International Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

![](g947814imgc47459983.gif)

![](g947814img40e2636d4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453813 TA INTL EQTY 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img573a829a5.gif)

------

![](g947814img835f4c951.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica International Focus**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img7daac6c82.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_SOI-RunningFooter-156_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_FS-RunningFooter-156_1) | 4 |
| [Statement of Operations](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_FS-RunningFooter-156_2) | 5 |
| [Statement of Changes in Net Assets](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_FS-RunningFooter-156_3) | 6 |
| [Financial Highlights](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_FIHI-RunningFooter-156_1) | 8 |
| [Notes to Financial Statements](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_NTF-RunningFooter-156_1) | 10 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_DWA-RunningFooter-156_1)**<br> **[Companies](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_DWA-RunningFooter-156_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_PD-RunningFooter-156_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_REMU-RunningFooter-156_1)**<br> **[Companies](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_REMU-RunningFooter-156_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7f66f544-d9e7-4353-bca9-a603c38890d0_AIAC-RunningFooter-156_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Focus**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.2%**  | **COMMON STOCKS - 95.2%**  | **COMMON STOCKS - 95.2%**  |
| **Australia - 1.0%**  | **Australia - 1.0%**  | **Australia - 1.0%**  |
| WiseTech Global Ltd. | 129048 | $7317215 |
| **Canada - 13.2%**  | **Canada - 13.2%**  | **Canada - 13.2%**  |
| Alimentation Couche-Tard, Inc. | 411796 | 21494879 |
| Constellation Software, Inc. | 7927 | 28568193 |
| Dollarama, Inc. | 139679 | 17234439 |
| Waste Connections, Inc. | 145243 | 28704374 |
|  |  | 96001885 |
| **France - 6.5%**  | **France - 6.5%**  | **France - 6.5%**  |
| Hermes International SCA | 6754 | 18294192 |
| Safran SA | 109455 | 28891104 |
|  |  | 47185296 |
| **Germany - 7.1%**  | **Germany - 7.1%**  | **Germany - 7.1%**  |
| CTS Eventim AG & Co. KGaA | 200695 | 23599701 |
| SAP SE | 97583 | 28222637 |
|  |  | 51822338 |
| **Hong Kong - 2.9%**  | **Hong Kong - 2.9%**  | **Hong Kong - 2.9%**  |
| AIA Group Ltd. | 2841400 | 21285953 |
| **India - 3.4%**  | **India - 3.4%**  | **India - 3.4%**  |
| HDFC Bank Ltd., ADR | 344796 | 25063221 |
| **Ireland - 1.3%**  | **Ireland - 1.3%**  | **Ireland - 1.3%**  |
| ICON PLC <sup>(A)</sup> <br>| 62475 | 9461214 |
| **Italy - 3.5%**  | **Italy - 3.5%**  | **Italy - 3.5%**  |
| Ferrari NV | 55307 | 25539667 |
| **Japan - 18.1%**  | **Japan - 18.1%**  | **Japan - 18.1%**  |
| Ajinomoto Co., Inc. | 1181900 | 24104213 |
| Hoya Corp. | 190800 | 22392111 |
| ITOCHU Corp. | 608500 | 30991027 |
| Japan Elevator Service Holdings Co. Ltd. | 326000 | 7033921 |
| Keyence Corp. | 60400 | 25278612 |
| Pan Pacific International Holdings Corp. | 711600 | 21948216 |
|  |  | 131748100 |
| **Netherlands - 9.0%**  | **Netherlands - 9.0%**  | **Netherlands - 9.0%**  |
| Adyen NV <sup>(A)(B)</sup> <br>| 12256 | 19685041 |
| ASM International NV | 41593 | 20039563 |
| Wolters Kluwer NV | 146422 | 25785150 |
|  |  | 65509754 |
| **Norway - 2.4%**  | **Norway - 2.4%**  | **Norway - 2.4%**  |
| Salmar ASA | 347170 | 17102546 |
| **Sweden - 4.0%**  | **Sweden - 4.0%**  | **Sweden - 4.0%**  |
| Evolution AB <sup>(A)(B)(C)</sup> <br>| 200471 | 13983503 |
| Lagercrantz Group AB, B Shares | 649710 | 14734513 |
|  |  | 28718016 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland - 6.4%**  | **Switzerland - 6.4%**  | **Switzerland - 6.4%**  |
| Belimo Holding AG | 23818 | $20142926 |
| Sika AG | 107220 | 26735174 |
|  |  | 46878100 |
| **Taiwan - 3.3%**  | **Taiwan - 3.3%**  | **Taiwan - 3.3%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 144287 | 24051200 |
| **United Kingdom - 4.0%**  | **United Kingdom - 4.0%**  | **United Kingdom - 4.0%**  |
| Compass Group PLC | 874081 | 29331890 |
| **United States - 9.1%**  | **United States - 9.1%**  | **United States - 9.1%**  |
| Coupang, Inc. <sup>(A)</sup> <br>| 841678 | 19670015 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 224758 | 19929292 |
| Linde PLC | 59139 | 26803569 |
|  |  | 66402876 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $657,719,208)**<br>|  | 693419271 |
| **OTHER INVESTMENT COMPANY - 0.8%**  | **OTHER INVESTMENT COMPANY - 0.8%**  | **OTHER INVESTMENT COMPANY - 0.8%**  |
| **Securities Lending Collateral - 0.8%**  | **Securities Lending Collateral - 0.8%**  | **Securities Lending Collateral - 0.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 6055189 | 6055189 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,055,189)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,055,189)** | 6055189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.3%**  | **REPURCHASE AGREEMENT - 4.3%**  | **REPURCHASE AGREEMENT - 4.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $31,364,493 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $31,990,266.<br>| $31362925 | 31362925 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $31,362,925)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $31,362,925)** | 31362925 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $695,137,322)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $695,137,322)** | 730837385 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (2366555) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$728470830** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Focus**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Software | 8.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64108045 |
| Broadline Retail | 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58852670 |
| Chemicals | 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53538743 |
| Semiconductors & Semiconductor Equipment | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44090763 |
| Entertainment | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43528993 |
| Hotels, Restaurants & Leisure | 5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43315393 |
| Food Products | 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41206759 |
| Electronic Equipment, Instruments & Components | 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40013125 |
| Commercial Services & Supplies | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35738295 |
| Trading Companies & Distributors | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30991027 |
| Aerospace & Defense | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28891104 |
| Professional Services | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25785150 |
| Automobiles | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25539667 |
| Banks | 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25063221 |
| Health Care Equipment & Supplies | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22392111 |
| Consumer Staples Distribution & Retail | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21494879 |
| Insurance | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21285953 |
| Building Products | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20142926 |
| Financial Services | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19685041 |
| Textiles, Apparel & Luxury Goods | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18294192 |
| Life Sciences Tools & Services | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9461214 |
| **Investments** | **94.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **693419271** |
| Short-Term Investments | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37418114 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$730837385** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $246520063 | &nbsp;&nbsp; $446899208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $693419271 |
| Other Investment Company | 6055189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6055189 |
| Repurchase Agreement |  | &nbsp;&nbsp; 31362925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31362925 |
| **Total Investments** | **$252575252** | &nbsp;&nbsp; **$478262133** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$730837385** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $33,668,544, representing 4.6% of the* *Fund's net assets.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,765,296, collateralized by cash collateral of $6,055,189. 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.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $663,774,397) (including securities loaned of $5,765,296) | $699474460 |
| Repurchase agreement, at value (cost $31,362,925) | 31362925 |
| Receivables and other assets: |  |
| Investments sold  | 449 |
| Net income from securities lending | 1519 |
| Shares of beneficial interest sold  | 36357 |
| Dividends  | 829518 |
| Interest | 1568 |
| Tax reclaims | 3822388 |
| Prepaid expenses | 16743 |
| Other assets | 154 |
| Total assets | 735546081 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 6055189 |
| Payables and other liabilities: |  |
| Investments purchased | 324122 |
| Shares of beneficial interest redeemed | 139655 |
| Investment management fees | 426601 |
| Distribution and service fees | 247 |
| Transfer agent fees | 4696 |
| Trustee and CCO fees | 2015 |
| Audit and tax fees  | 14519 |
| Custody fees | 75658 |
| Legal fees | 10703 |
| Printing and shareholder reports fees | 9137 |
| Other accrued expenses | 12709 |
| Total liabilities | 7075251 |
| **Net assets**  | $728470830 |
| **Net assets consist of:** |  |
| Paid-in capital | $697320466 |
| Total distributable earnings (accumulated losses) | 31150364 |
| **Net assets** | $728470830 |
| **Net assets by class:** |  |
| Class A | $1322286 |
| Class I | 378579 |
| Class I2 | 712801383 |
| Class R6 | 13968582 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 195711 |
| Class I | 55442 |
| Class I2 | 105204383 |
| Class R6 | 2049912 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $6.76 |
| Class I | 6.83 |
| Class I2 | 6.78 |
| Class R6 | 6.81 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $7.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price. The redemption price for Class A shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $2563569 |
| Interest income | 448370 |
| Net income from securities lending | 1919 |
| Withholding taxes on foreign income | (251601)<br>|
| Total investment income  | 2762257 |
| **Expenses:** |  |
| Investment management fees | 2471418 |
| Distribution and service fees: |  |
| Class A | 1368 |
| Transfer agent fees: |  |
| Class A | 2170 |
| Class I | 447 |
| Class I2 | 24107 |
| Class R6 | 617 |
| Trustee and CCO fees | 12929 |
| Audit and tax fees | 16142 |
| Custody fees | 48468 |
| Legal fees | 115748 |
| Printing and shareholder reports fees | 25960 |
| Registration fees | 33234 |
| Other | 18310 |
| Total expenses before waiver and/or reimbursement and recapture | 2770918 |
| Expenses waived and/or reimbursed: |  |
| Class A | (1527)<br>|
| Class I | (403)<br>|
| Net expenses | 2768988 |
| **Net investment income (loss)** | (6731)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | (1774926)<br>|
| Foreign currency transactions | (303809)<br>|
| Net realized gain (loss) | (2078735)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 23127102 |
| Translation of assets and liabilities denominated in foreign currencies | 308712 |
| Net change in unrealized appreciation (depreciation) | 23435814 |
| Net realized and change in unrealized gain (loss) | 21357079 |
| **Net increase (decrease) in net assets resulting from operations** | $21350348 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(6731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10363453 |
| Net realized gain (loss) | (2078735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103726435 |
| Net change in unrealized appreciation (depreciation) | 23435814 | &nbsp;&nbsp;&nbsp;&nbsp; (50610533)<br>|
| Net increase (decrease) in net assets resulting from operations | 21350348 | &nbsp;&nbsp;&nbsp;&nbsp; 63479355 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (179956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58653)<br>|
| Class I | (159695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20645)<br>|
| Class I2 | (90262753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49369873)<br>|
| Class R6 | (2564143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1086982)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (93166547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50536153)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 569467 | &nbsp;&nbsp;&nbsp;&nbsp; 429176 |
| Class I | 17133 | &nbsp;&nbsp;&nbsp;&nbsp; 1535157 |
| Class I2 | 212616616 | &nbsp;&nbsp;&nbsp;&nbsp; 221286271 |
| Class R6 | 8489788 | &nbsp;&nbsp;&nbsp;&nbsp; 2263483 |
|  | 221693004 | &nbsp;&nbsp;&nbsp;&nbsp; 225514087 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 179956 | &nbsp;&nbsp;&nbsp;&nbsp; 58653 |
| Class I | 159695 | &nbsp;&nbsp;&nbsp;&nbsp; 20645 |
| Class I2 | 90262753 | &nbsp;&nbsp;&nbsp;&nbsp; 49369873 |
| Class R6 | 2564143 | &nbsp;&nbsp;&nbsp;&nbsp; 1086982 |
|  | 93166547 | &nbsp;&nbsp;&nbsp;&nbsp; 50536153 |
| Cost of shares redeemed: |  |  |
| Class A | (267018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (205556)<br>|
| Class I | (1134636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (275381)<br>|
| Class I2 | (31198999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (420117799)<br>|
| Class R6 | (9100983)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2358579)<br>|
|  | (41701636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (422957315)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 273157915 | &nbsp;&nbsp;&nbsp;&nbsp; (146907075)<br>|
| **Net increase (decrease) in net assets** | 201341716 | &nbsp;&nbsp;&nbsp;&nbsp; (133963873)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 527129114 | &nbsp;&nbsp;&nbsp;&nbsp; 661092987 |
| End of period/year | $728470830 | &nbsp;&nbsp;&nbsp;&nbsp; $527129114 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica International Focus**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 83037 | &nbsp;&nbsp;&nbsp;&nbsp; 52761 |
| Class I | 2416 | &nbsp;&nbsp;&nbsp;&nbsp; 184292 |
| Class I2 | 31788678 | &nbsp;&nbsp;&nbsp;&nbsp; 26998160 |
| Class R6 | 1252139 | &nbsp;&nbsp;&nbsp;&nbsp; 275044 |
|  | 33126270 | &nbsp;&nbsp;&nbsp;&nbsp; 27510257 |
| Shares reinvested: |  |  |
| Class A | 27601 | &nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| Class I | 24270 | &nbsp;&nbsp;&nbsp;&nbsp; 2637 |
| Class I2 | 13822780 | &nbsp;&nbsp;&nbsp;&nbsp; 6345742 |
| Class R6 | 390281 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 |
|  | 14264932 | &nbsp;&nbsp;&nbsp;&nbsp; 6494918 |
| Shares redeemed: |  |  |
| Class A | (39942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25233)<br>|
| Class I | (156252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33042)<br>|
| Class I2 | (4579191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53256774)<br>|
| Class R6 | (1335402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285061)<br>|
|  | (6110787)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53600110)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 70696 | &nbsp;&nbsp;&nbsp;&nbsp; 35067 |
| Class I | (129566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 153887 |
| Class I2 | 41032267 | &nbsp;&nbsp;&nbsp;&nbsp; (19912872)<br>|
| Class R6 | 307018 | &nbsp;&nbsp;&nbsp;&nbsp; 128983 |
|  | 41280415 | &nbsp;&nbsp;&nbsp;&nbsp; (19594935)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica International Focus**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.93 | $7.67 | $6.97 | $10.07 | $7.77 | $7.53 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| 0.12 | 0.15 | 0.15 | 0.14 | 0.08 |
| Net realized and unrealized gain (loss) | 0.16 | 0.79 | 0.66 | (2.69)<br>| 2.23 | 0.28 |
| Total investment operations | 0.15 | 0.91 | 0.81 | (2.54)<br>| 2.37 | 0.36 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.26)<br>| (0.11)<br>| (0.26)<br>| (0.07)<br>| (0.12)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |  |
| Total dividends and/or distributions to shareholders | (1.32)<br>| (0.65)<br>| (0.11)<br>| (0.56)<br>| (0.07)<br>| (0.12)<br>|
| **Net asset value, end of period/year** | $6.76 | $7.93 | $7.67 | $6.97 | $10.07 | $7.77 |
| **Total return** <sup>(D)</sup> <br>| 2.53 %<sup>(E)</sup><br>| 11.98<br> %<br>| 11.78<br> %<br>| (26.67 )%<sup>(C)</sup><br>| 30.55<br> %<br>| 4.81<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1322 | $991 | $690 | $480 | $530 | $190 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.48 %<sup>(F)</sup><br>| 1.46<br> %<br>| 1.52<br> %<br>| 1.45<br> %<br>| 1.42<br> %<br>| 1.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.20 %<sup>(F)</sup><br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.21 %<sup>(G)</sup><br>| 1.21 %<sup>(G)</sup><br>| 1.20<br> %<br>|
| Net investment income (loss) to average net assets | (0.36 )%<sup>(F)</sup><br>| 1.46<br> %<br>| 1.91<br> %<br>| 1.79<br> %<br>| 1.48<br> %<br>| 1.11<br> %<br>|
| Portfolio turnover rate | 25 %<sup>(E)</sup><br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.00 | $7.74 | $7.02 | $10.12 | $7.79 | $7.55 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| 0.16 | 0.18 | 0.16 | 0.16 | 0.09 |
| Net realized and unrealized gain (loss) | 0.17 | 0.77 | 0.67 | (2.69)<br>| 2.24 | 0.28 |
| Total investment operations | 0.16 | 0.93 | 0.85 | (2.53)<br>| 2.40 | 0.37 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.28)<br>| (0.13)<br>| (0.27)<br>| (0.07)<br>| (0.13)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |  |
| Total dividends and/or distributions to shareholders | (1.33)<br>| (0.67)<br>| (0.13)<br>| (0.57)<br>| (0.07)<br>| (0.13)<br>|
| **Net asset value, end of period/year** | $6.83 | $8.00 | $7.74 | $7.02 | $10.12 | $7.79 |
| **Total return** | 2.74 %<sup>(B)</sup><br>| 12.16<br> %<br>| 12.16<br> %<br>| (26.47)%<br>| 30.95<br> %<br>| 4.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $379 | $1481 | $241 | $73 | $29 | $21 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93 %<sup>(C)</sup><br>| 0.92<br> %<br>| 0.92<br> %<br>| 1.02<br> %<br>| 1.33<br> %<br>| 1.31<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.84 %<sup>(C)(D)</sup><br>| 0.83 %<sup>(D)</sup><br>| 0.84 %<sup>(D)</sup><br>| 0.98 %<sup>(E)</sup><br>| 0.91 %<sup>(E)</sup><br>| 1.03<br> %<br>|
| Net investment income (loss) to average net assets | (0.21 )%<sup>(C)</sup><br>| 1.92<br> %<br>| 2.29<br> %<br>| 2.05<br> %<br>| 1.59<br> %<br>| 1.24<br> %<br>|
| Portfolio turnover rate | 25 %<sup>(B)</sup><br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica International Focus**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.96 | $7.70 | $7.00 | $10.09 | $7.78 | $7.53 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.00 )<sup>(B)</sup><br>| 0.15 | 0.19 | 0.17 | 0.16 | 0.11 |
| Net realized and unrealized gain (loss) | 0.16 | 0.78 | 0.65 | (2.66)<br>| 2.24 | 0.29 |
| Total investment operations | 0.16 | 0.93 | 0.84 | (2.49)<br>| 2.40 | 0.40 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>| (0.15)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>| (0.15)<br>|
| **Net asset value, end of period/year** | $6.78 | $7.96 | $7.70 | $7.00 | $10.09 | $7.78 |
| **Total return** | 2.76 %<sup>(C)</sup><br>| 12.31<br> %<br>| 12.17<br> %<br>| (26.24)%<br>| 31.01<br> %<br>| 5.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $712801 | $510720 | $647678 | $862508 | $1467721 | $1439535 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.84 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.84 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | (0.00 )%<sup>(D)(E)</sup><br>| 1.86<br> %<br>| 2.34<br> %<br>| 2.06<br> %<br>| 1.69<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | 25 %<sup>(C)</sup><br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.00 | $7.74 | $7.03 | $10.13 | $7.81 | $7.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.00 )<sup>(B)</sup><br>| 0.15 | 0.19 | 0.19 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) | 0.15 | 0.78 | 0.66 | (2.69)<br>| 2.24 | 0.28 |
| Total investment operations | 0.15 | 0.93 | 0.85 | (2.50)<br>| 2.41 | 0.39 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>| (0.15)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>| (0.15)<br>|
| **Net asset value, end of period/year** | $6.81 | $8.00 | $7.74 | $7.03 | $10.13 | $7.81 |
| **Total return** | 2.59 %<sup>(C)</sup><br>| 12.24<br> %<br>| 12.11<br> %<br>| (26.23)%<br>| 31.02<br> %<br>| 5.19<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $13969 | $13937 | $12484 | $11765 | $14 | $11 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.84 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.84 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | (0.10 )%<sup>(D)</sup><br>| 1.84<br> %<br>| 2.34<br> %<br>| 2.28<br> %<br>| 1.71<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 25 %<sup>(C)</sup><br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Focus (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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:

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $6055189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6055189 |
| **Total Borrowings** | **$6055189** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6055189** |

---

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

**Transamerica Funds**

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**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

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**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $695689643 | 95.50<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.750<br> % <br>|
| Over $500 million up to $1 billion | 0.740 |
| Over $1 billion up to $2 billion | 0.690 |
| Over $2 billion up to $3 billion | 0.675 |
| Over $3 billion | 0.660 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.20<br> % <br>| March 1, 2026 |
| Class I | 0.97 | March 1, 2026 |
| Class I2, Class R6 | 0.87 | March 1, 2026 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $907 | $1908 | $2483 | $1527 | $6825 |
| Class I | 11 |  |  |  | 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $898 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $27321 | &nbsp;&nbsp; $4686 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $330354139 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $159143659 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal period exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the period ended April 30, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $695137322 | &nbsp;&nbsp; $56439960 | &nbsp;&nbsp; $(20739897)<br>| &nbsp;&nbsp; $35700063 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica International Focus** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica International Focus** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica International Focus** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica International Focus** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**APPROVAL OF SUB-ADVISORY AGREEMENTS**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on October 25, 2024, the Board considered the termination of Epoch Investment Partners, Inc. ("Epoch") as sub-adviser to Transamerica International Focus (the "Fund") and the approval of a proposed interim sub-advisory agreement between TAM and Sands Capital Management, LLC ("Sands Capital") with respect to the Fund (the "Sands Interim Sub-Advisory Agreement"), as well as the approval of revised management and sub-advisory fee schedules for the Fund, each of which took effect at the close of business on October 25, 2024. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the Sands Interim Sub-Advisory Agreement and Sands Capital began sub-advising the Fund on October 25, 2024, pursuant to the Sands Interim Sub-Advisory Agreement for a duration of no greater than 150 days.

At a meeting held on December 11-12, 2024, the Board considered the approval of a proposed continuing sub-advisory agreement between TAM and Sands Capital with respect to the Fund (the "Sands Continuing Sub-Advisory Agreement" and together with the Sands Interim Sub-Advisory Agreement, the "Sands Sub-Advisory Agreements"), which took effect at the close of business on December 12, 2024 and superseded the Sands Interim Sub-Advisory Agreement. The Board, including the Independent Trustees, unanimously approved the Sands Continuing Sub-Advisory Agreement for an initial two-year period. The Sands Interim Sub-Advisory Agreement and the Sands Continuing Sub-Advisory Agreement are substantially identical except for term provisions.

Following its review and consideration, the Board determined that the terms of the Sands Sub-Advisory Agreements were reasonable and that approval of each Sands Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. Prior to reaching their decision with respect to each Sands Sub-Advisory Agreement, the Board requested and received from TAM and Sands Capital certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Sands Sub-Advisory Agreements. Among other materials, the Board considered fee, expense and profitability information prepared by TAM. At the December 2024 meeting, the Board received information regarding TAM's assessment of the sub-advisory services provided by Sands Capital between October 25, 2024 and the date of the meeting. The Board noted that, consistent with Rule 15a-4, the compensation to be received by Sands Capital under the Sands Interim Sub-Advisory Agreement is no greater than the compensation that Epoch would have received under the sub-advisory agreement TAM had previously entered into with Epoch, on behalf of the Fund (the "Prior Sub-Advisory Agreement").

In their deliberations, the Independent Trustees met privately without representatives of TAM or Sands Capital present and were represented throughout the process by their independent legal counsel. In considering whether to approve the Sands Sub-Advisory Agreements, the Board evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services to be Provided**

In evaluating the nature, extent and quality of the services to be provided by Sands Capital under the Sands Sub-Advisory Agreements, the Board considered information provided by TAM and Sands Capital regarding the operations, facilities, organization and personnel of Sands Capital, the anticipated ability of Sands Capital to perform its duties under the Sands Sub-Advisory Agreements and the proposed changes to the Fund's principal investment strategies. The Board further considered: (i) that Sands Capital is an experienced asset management firm; (ii) TAM's recommendation that Sands Capital be appointed as sub-adviser to the Fund; and (iii) TAM's belief that Sands Capital has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on TAM's assessment of Sands Capital's organization, investment personnel and experience. The Board also considered Sands Capital's proposed responsibilities and experience with the Fund's proposed principal investment strategies.

The Board noted that TAM had advised the Board that neither the approval of the Sands Sub-Advisory Agreements nor the approval of the new management and sub-advisory fee schedules was expected to result in any diminution in the nature, extent and quality of the services provided to the Fund and its shareholders, including compliance services. Based on these and other considerations, the Board determined that Sands Capital can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Funds and that Sands Capital's appointment is not expected to diminish the nature, extent and quality of services provided to the Fund.

**Investment Performance**

. The Board considered Sands Capital's investment management experience, capabilities and resources. The Board reviewed the historical performance of the Fund for the past 1-, 3- and 5- year periods and the period since the inception of the Fund's new proposed strategy, each ended September 30, 2024, as compared to: (i) the historical performance of the proposed strategy for the Fund; (ii) the benchmark that TAM utilizes to measure performance of the Fund ("Performance Benchmark"); and (iii) the Fund's current and proposed Morningstar peer group medians. The Board noted that the proposed strategy outperformed the Fund, the Performance Benchmark and the Fund's current and proposed Morningstar peer group medians over the past 1- and 5-year periods and over the period since the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica International Focus** 

------

**APPROVAL OF SUB-ADVISORY AGREEMENTS (continued)**

proposed strategy's inception. The Board noted that the proposed strategy underperformed the Fund, the Performance Benchmark and the Fund's Morningstar peer group medians over the past 3-year period.

On the basis of this information and the Board's assessment of the nature, extent and quality of the sub-advisory services to be provided by Sands Capital, the Board concluded that Sands Capital is capable of generating a level of investment performance that is appropriate in scope and extent in light of the Fund's proposed new principal investment strategies, the competitive landscape of the investment company business and shareholder needs.

**Management and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the new management and sub-advisory fee schedules ("Fee Changes") for the Fund. The Board noted that the sub-advisory fee schedules for the Sands Interim Sub-Advisory Agreement and the Sands Continuing Sub-Advisory Agreement are identical. The Board noted that the Fee Changes would result in lower management and sub-advisory fees paid as of October 25, 2024, resulting in immediate savings for current shareholders of the Fund, other than shareholders of Class A of the Fund, which would not experience any immediate savings but would also not experience any cost increases.

The Board reviewed the management fee and total expense ratio of each class of the Fund, based on the annual fund operating expenses disclosed in the current prospectus and assuming implementation of the Fee Changes, as compared to the applicable Lipper and Morningstar peer group medians. The Board Members considered that the management fees of the Fund would be above the applicable Lipper and Morningstar peer group medians. The Board further considered that, with the exception of Class A shares of the Fund, the total expense ratio of each class of the Fund's shares would be below the applicable Lipper and Morningstar peer group medians.

The Board considered that TAM had negotiated with Sands Capital to have the assets of the Fund and of Transamerica International Focus VP, a series of Transamerica Series Trust, aggregated with the assets of the Great Gray Trust Company Transamerica International Growth CIT for purposes of computing breakpoints in the sub-advisory fee schedules under the Sands Sub-Advisory Agreements.

The Board considered the portion of the Fund's management fees to be retained by TAM following payment of the sub-advisory fees by TAM to Sands Capital under the Sands Sub-Advisory Agreements and noted that TAM considered the amount to be reasonable compensation for its services. The Board also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees and/or reimbursing expenses for the benefit of shareholders. On the basis of these and other considerations, together with the other information it considered, the Board determined that the new management and sub-advisory fee schedules were reasonable in light of the services to be provided.

**Cost of Services to be Provided and Level of Profitability**

The Board considered the sub-advisory fee schedules under the Sands Sub-Advisory Agreements, noting that the proposed sub-advisory fee schedules payable by TAM to Sands Capital are lower than the fee schedules in the Prior Sub-Advisory Agreement, and are the product of arm's-length negotiation between TAM and Sands Capital, which is not affiliated with TAM, and would be paid by TAM and not the Fund. As a result, the Board did not consider Sands Capital's anticipated profitability to be material to its decision to approve the Sands Sub-Advisory Agreements. On the basis of these considerations, together with the other information they considered, the Board determined that the sub-advisory fees to be received by Sands Capital under the Sands Sub-Advisory Agreements are reasonable in light of the sub-advisory services to be provided. The Board also reviewed pro forma estimated TAM profitability information provided by TAM, noting that, based on assets as of September 30, 2024, assuming implementation of the Fee Changes, TAM would experience a minimal increase in net management fees it retains with respect to the Fund and that the Fund's revised net management fee would allow TAM to be reasonably compensated for its services.

**Economies of Scale**

In evaluating the extent to which the Fund's new management fee schedule, and the sub-advisory fees payable under the Sands Sub-Advisory Agreements, reflect economies of scale or would permit economies of scale to be realized in the future, the Board considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to Sands Capital, in light of any economies of scale experienced in the future.

**Fall-Out Benefits**

The Board considered other benefits expected to be derived by Sands Capital from its relationships with the Fund. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions ("soft dollars") as a result of its relationships with Sands Capital or the Fund, and that TAM believes that the use of soft dollars by Sands Capital is generally appropriate and in the best interest of the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica International Focus** 

------

**APPROVAL OF SUB-ADVISORY AGREEMENTS (continued)**

**Conclusion**

After consideration of the factors described above, as well as other factors, the Board , including the Independent Trustees, concluded that the approval of the new management and sub-advisory fee schedules and each Sands Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and voted to approve the new management and sub-advisory fee schedules and the Sands Sub-Advisory Agreements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

![](g947814imga90056cd3.gif)

![](g947814img69d51db44.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453782 TA INTL FOCUS 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img4914828e5.gif)

------

![](g947814img7ad9ab6e1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica International Small Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img82ec1d3c2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_SOI-RunningFooter-166_1) | 2 |
| [Statement of Assets and Liabilities](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_FS-RunningFooter-166_1) | 6 |
| [Statement of Operations](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_FS-RunningFooter-166_2) | 7 |
| [Statement of Changes in Net Assets](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_FS-RunningFooter-166_3) | 8 |
| [Financial Highlights](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_FIHI-RunningFooter-166_1) | 9 |
| [Notes to Financial Statements](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_NTF-RunningFooter-166_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_DWA-RunningFooter-166_1)**<br> **[Companies](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_DWA-RunningFooter-166_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_PD-RunningFooter-166_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_REMU-RunningFooter-166_1)**<br> **[Companies](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_REMU-RunningFooter-166_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_ca38553d-030a-4ab6-b10e-61872de987d5_AIAC-RunningFooter-166_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  |
| **Australia - 4.7%**  | **Australia - 4.7%**  | **Australia - 4.7%**  |
| BlueScope Steel Ltd. | 802100 | $12264055 |
| Charter Hall Group, REIT | 563132 | 6096071 |
| Omni Bridgeway Ltd. <sup>(A)(B)</sup> <br>| 2224069 | 2079956 |
| Qantas Airways Ltd. | 2119900 | 12017435 |
| SGH Ltd. | 90400 | 2956088 |
| Whitehaven Coal Ltd. | 633000 | 2023287 |
| Yancoal Australia Ltd. <sup>(B)</sup> <br>| 713300 | 2275384 |
|  |  | 39712276 |
| **Austria - 0.6%**  | **Austria - 0.6%**  | **Austria - 0.6%**  |
| Strabag SE | 58500 | 5122807 |
| **Belgium - 3.2%**  | **Belgium - 3.2%**  | **Belgium - 3.2%**  |
| Barco NV <sup>(B)</sup> <br>| 242034 | 3301228 |
| D'ieteren Group <sup>(B)</sup> <br>| 60208 | 11983911 |
| Fagron <sup>(B)</sup> <br>| 214748 | 4987186 |
| Groupe Bruxelles Lambert NV | 83227 | 6835572 |
|  |  | 27107897 |
| **Denmark - 2.2%**  | **Denmark - 2.2%**  | **Denmark - 2.2%**  |
| Scandinavian Tobacco Group AS <sup>(C)</sup> <br>| 799628 | 11626098 |
| Schouw & Co. AS | 78467 | 7121455 |
|  |  | 18747553 |
| **Finland - 0.9%**  | **Finland - 0.9%**  | **Finland - 0.9%**  |
| Enento Group OYJ <sup>(B)(C)</sup> <br>| 167800 | 3235371 |
| Raisio OYJ, V Shares | 1446183 | 4022049 |
|  |  | 7257420 |
| **France - 6.1%**  | **France - 6.1%**  | **France - 6.1%**  |
| Coface SA | 620900 | 12667998 |
| Elis SA | 565900 | 14462767 |
| ICADE, REIT | 78200 | 1851508 |
| JCDecaux SE <sup>(A)</sup> <br>| 315600 | 5473748 |
| Kaufman & Broad SA | 211829 | 8290984 |
| Virbac SACA | 25100 | 8818975 |
|  |  | 51565980 |
| **Germany - 5.0%**  | **Germany - 5.0%**  | **Germany - 5.0%**  |
| Borussia Dortmund GmbH & Co. KGaA | 500180 | 1858544 |
| BRANICKS Group AG <sup>(A)(B)</sup> <br>| 157861 | 343359 |
| DWS Group GmbH & Co. KGaA <sup>(C)</sup> <br>| 123800 | 6468187 |
| Elmos Semiconductor SE | 70200 | 4731803 |
| Gerresheimer AG | 144400 | 9716867 |
| K&S AG | 285000 | 4949480 |
| SAF-Holland SE | 460488 | 8304892 |
| SUSS MicroTec SE | 100600 | 3813261 |
| Takkt AG | 284713 | 2451283 |
|  |  | 42637676 |
| **Greece - 1.1%**  | **Greece - 1.1%**  | **Greece - 1.1%**  |
| Motor Oil Hellas Corinth Refineries SA | 388451 | 9373212 |
| **Hong Kong - 0.4%**  | **Hong Kong - 0.4%**  | **Hong Kong - 0.4%**  |
| Great Eagle Holdings Ltd. | 1524493 | 2555368 |
| Pacific Textiles Holdings Ltd. | 6319600 | 1002257 |
|  |  | 3557625 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland - 3.4%**  | **Ireland - 3.4%**  | **Ireland - 3.4%**  |
| Bank of Ireland Group PLC | 2133900 | $24959549 |
| C&C Group PLC | 2057785 | 3773558 |
|  |  | 28733107 |
| **Italy - 2.8%**  | **Italy - 2.8%**  | **Italy - 2.8%**  |
| BFF Bank SpA <sup>(A)(C)</sup> <br>| 931600 | 8791178 |
| Buzzi SpA | 288800 | 15088953 |
|  |  | 23880131 |
| **Japan - 34.0%**  | **Japan - 34.0%**  | **Japan - 34.0%**  |
| A&D HOLON Holdings Co. Ltd. | 345300 | 4303571 |
| Air Water, Inc. | 411800 | 5598959 |
| Capcom Co. Ltd. | 765000 | 22145300 |
| CKD Corp. | 456300 | 6647593 |
| DTS Corp. | 351900 | 10004711 |
| Fuji Corp. | 471300 | 7004564 |
| FULLCAST Holdings Co. Ltd. | 224500 | 2510669 |
| Furyu Corp. | 148500 | 966943 |
| Galilei Co. Ltd. | 239600 | 4799373 |
| GMO internet group, Inc. | 460300 | 10755786 |
| Hikari Tsushin, Inc. | 59700 | 16526269 |
| Horiba Ltd. | 172500 | 11773867 |
| Hosokawa Micron Corp. | 102000 | 2832144 |
| Japan Petroleum Exploration Co. Ltd. | 909300 | 6518622 |
| Kadokawa Corp. | 213900 | 5738708 |
| Kaken Pharmaceutical Co. Ltd. | 79400 | 2257386 |
| Katitas Co. Ltd. | 205900 | 2975167 |
| Kumiai Chemical Industry Co. Ltd. <sup>(B)</sup> <br>| 712800 | 3788838 |
| MatsukiyoCocokara & Co. | 336300 | 6177731 |
| MEITEC Group Holdings, Inc. | 322600 | 6614225 |
| Nakanishi, Inc. | 546700 | 7119565 |
| Nextage Co. Ltd. <sup>(B)</sup> <br>| 150600 | 1880130 |
| Nichiha Corp. | 281000 | 5697433 |
| Nippon Parking Development Co. Ltd. | 2418800 | 4026258 |
| Organo Corp. | 144400 | 6857435 |
| Paramount Bed Holdings Co. Ltd. | 391700 | 6298212 |
| PCA Corp. <sup>(B)</sup> <br>| 387300 | 4970594 |
| Rohto Pharmaceutical Co. Ltd. <sup>(B)</sup> <br>| 432400 | 7212715 |
| RS Technologies Co. Ltd. | 144400 | 2681368 |
| Sanwa Holdings Corp. | 738300 | 24196907 |
| Square Enix Holdings Co. Ltd. | 280100 | 16218687 |
| Starts Corp., Inc. | 105500 | 2862918 |
| Takasago Thermal Engineering Co. Ltd. | 305300 | 13494866 |
| TKC Corp. <sup>(B)</sup> <br>| 122800 | 3452623 |
| Token Corp. <sup>(B)</sup> <br>| 79300 | 7393125 |
| Topcon Corp. | 306900 | 6965243 |
| USS Co. Ltd. | 1296500 | 12957746 |
| Wakita & Co. Ltd. | 356700 | 4388273 |
| Yonex Co. Ltd. | 648700 | 10589354 |
|  |  | 289203878 |
| **Netherlands - 5.4%**  | **Netherlands - 5.4%**  | **Netherlands - 5.4%**  |
| Euronext NV <sup>(C)</sup> <br>| 82980 | 13818579 |
| Koninklijke Vopak NV | 221200 | 9131373 |
| Van Lanschot Kempen NV | 390500 | 22583403 |
|  |  | 45533355 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway - 3.4%**  | **Norway - 3.4%**  | **Norway - 3.4%**  |
| ABG Sundal Collier Holding ASA | 6958327 | $4380976 |
| Aker ASA, Class A | 153800 | 8870177 |
| Protector Forsikring ASA | 283200 | 9949593 |
| Var Energi ASA | 2131200 | 5852739 |
|  |  | 29053485 |
| **Republic of Korea - 1.3%**  | **Republic of Korea - 1.3%**  | **Republic of Korea - 1.3%**  |
| Eugene Technology Co. Ltd. | 307909 | 7364689 |
| Value Added Technology Co. Ltd. | 279600 | 3992881 |
|  |  | 11357570 |
| **Singapore - 0.7%**  | **Singapore - 0.7%**  | **Singapore - 0.7%**  |
| ASMPT Ltd. | 809200 | 5446418 |
| **Spain - 2.7%**  | **Spain - 2.7%**  | **Spain - 2.7%**  |
| Fluidra SA | 157900 | 3634783 |
| Logista Integral SA | 448264 | 15295421 |
| Vidrala SA <sup>(B)</sup> <br>| 39300 | 4265114 |
|  |  | 23195318 |
| **Sweden - 2.3%**  | **Sweden - 2.3%**  | **Sweden - 2.3%**  |
| Cloetta AB, B Shares | 2908800 | 8456601 |
| Husqvarna AB, B Shares <sup>(B)</sup> <br>| 763700 | 3559535 |
| Nobia AB <sup>(A)(B)</sup> <br>| 501000 | 171777 |
| Ratos AB, B Shares <sup>(B)</sup> <br>| 650800 | 2211192 |
| Trelleborg AB, B Shares <sup>(B)</sup> <br>| 148700 | 5120000 |
|  |  | 19519105 |
| **Switzerland - 3.3%**  | **Switzerland - 3.3%**  | **Switzerland - 3.3%**  |
| Swissquote Group Holding SA | 55176 | 28278243 |
| **United Kingdom - 14.5%**  | **United Kingdom - 14.5%**  | **United Kingdom - 14.5%**  |
| Barratt Redrow PLC | 2518428 | 15633696 |
| Bellway PLC | 349200 | 12481468 |
| Burberry Group PLC | 355700 | 3430165 |
| Clarkson PLC | 167500 | 7333019 |
| Domino's Pizza Group PLC | 1991700 | 7140175 |
| Howden Joinery Group PLC | 962600 | 9865176 |
| IG Group Holdings PLC | 1047235 | 14863682 |
| Inchcape PLC | 418600 | 3746087 |
| Informa PLC | 1067027 | 10349517 |
| Intermediate Capital Group PLC | 336135 | 8403868 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Lancashire Holdings Ltd. | 735800 | $5520785 |
| Morgan Sindall Group PLC | 163500 | 7702644 |
| Oxford Metrics PLC <sup>(B)</sup> <br>| 1009500 | 699588 |
| Savills PLC | 635900 | 7855995 |
| Schroders PLC | 1937700 | 8480517 |
|  |  | 123506382 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $636,741,801)**<br>|  | 832789438 |
| **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  |
| **Italy - 0.5%**  | **Italy - 0.5%**  | **Italy - 0.5%**  |
| Danieli & C Officine Meccaniche SpA |  |  |
| 1.39% <sup>(D)</sup><sup>(E)</sup> <br>| 158190 | 4268678 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $2,646,916)**<br>|  | 4268678 |
| **OTHER INVESTMENT COMPANY - 1.3%**  | **OTHER INVESTMENT COMPANY - 1.3%**  | **OTHER INVESTMENT COMPANY - 1.3%**  |
| **Securities Lending Collateral - 1.3%**  | **Securities Lending Collateral - 1.3%**  | **Securities Lending Collateral - 1.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(E)</sup> <br>| 11580612 | 11580612 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $11,580,612)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $11,580,612)** | 11580612 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $4,118,080 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 10/31/2029, and <br> with a value of $4,200,430.<br>| $4117874 | 4117874 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,117,874)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,117,874)** | 4117874 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $655,087,203)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $655,087,203)** | 852756602 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (2878892) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$849877710** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Capital Markets | 12.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109488647 |
| Machinery | 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44724105 |
| Household Durables | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43971050 |
| Building Products | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43389206 |
| Entertainment | 4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40222531 |
| Oil, Gas & Consumable Fuels | 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35174617 |
| Insurance | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28138376 |
| Electronic Equipment, Instruments & Components | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26343909 |
| Industrial Conglomerates | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25396446 |
| Banks | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24959549 |
| Semiconductors & Semiconductor Equipment | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24037539 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Media | 2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21561973 |
| Commercial Services & Supplies | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20940308 |
| IT Services | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20760497 |
| Food Products | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19600105 |
| Financial Services | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17706706 |
| Health Care Equipment & Supplies | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17410658 |
| Trading Companies & Distributors | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17209537 |
| Real Estate Management & Development | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16592807 |
| Professional Services | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15812888 |
| Distributors | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15729998 |
| Air Freight & Logistics | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15295421 |
| Construction Materials | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15088953 |
| Specialty Retail | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14837876 |
| Chemicals | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14337277 |
| Construction & Engineering | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12825451 |
| Metals & Mining | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12264055 |
| Passenger Airlines | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12017435 |
| Tobacco | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11626098 |
| Leisure Products | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11556297 |
| Pharmaceuticals | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11076361 |
| Life Sciences Tools & Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9716867 |
| Automobile Components | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8304892 |
| Diversified REITs | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7947579 |
| Marine Transportation | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7333019 |
| Personal Care Products | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7212715 |
| Hotels, Restaurants & Leisure | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7140175 |
| Consumer Staples Distribution & Retail | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177731 |
| Software | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5670182 |
| Health Care Providers & Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4987186 |
| Textiles, Apparel & Luxury Goods | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4432422 |
| Containers & Packaging | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265114 |
| Beverages | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3773558 |
| **Investments** | **98.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **837058116** |
| Short-Term Investments | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15698486 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$852756602** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $— | &nbsp;&nbsp; $832789438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $832789438 |
| Preferred Stock |  | &nbsp;&nbsp; 4268678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4268678 |
| Other Investment Company | 11580612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11580612 |
| Repurchase Agreement |  | &nbsp;&nbsp; 4117874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4117874 |
| **Total Investments** | **$11580612** | &nbsp;&nbsp; **$841175990** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$852756602** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $27,750,471, collateralized by cash collateral of $11,580,612 and* *non-cash collateral, such as U.S. government securities of $17,616,152. 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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $43,939,413, representing 5.2% of the* *Fund's net assets.* 

<sup>(D)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica International Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $650,969,329) (including securities loaned of $27,750,471) | $848638728 |
| Repurchase agreement, at value (cost $4,117,874) | 4117874 |
| Foreign currency, at value (cost $251,899) | 252916 |
| Receivables and other assets: |  |
| Investments sold  | 27366 |
| Net income from securities lending | 24548 |
| Shares of beneficial interest sold  | 1169394 |
| Dividends  | 6157663 |
| Interest | 206 |
| Tax reclaims | 1965686 |
| Prepaid expenses | 2940 |
| Total assets | 862357321 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 11580612 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 157763 |
| Investment management fees | 571815 |
| Transfer agent fees | 34520 |
| Trustee and CCO fees | 2605 |
| Audit and tax fees  | 17785 |
| Custody fees | 84731 |
| Legal fees | 9409 |
| Printing and shareholder reports fees | 11849 |
| Other accrued expenses | 8522 |
| Total liabilities | 12479611 |
| **Net assets**  | $849877710 |
| **Net assets consist of:** |  |
| Paid-in capital | $673673703 |
| Total distributable earnings (accumulated losses) | 176204007 |
| **Net assets** | $849877710 |
| **Net assets by class:** |  |
| Class I | $393987026 |
| Class I2 | 455879541 |
| Class R6 | 11143 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I | 24546177 |
| Class I2 | 28332989 |
| Class R6 | 680 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I | $16.05 |
| Class I2 | 16.09 |
| Class R6 | 16.39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica International Small Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $18380351 |
| Interest income | 251835 |
| Net income from securities lending | 94291 |
| Withholding taxes on foreign income | (2059631)<br>|
| Total investment income  | 16666846 |
| **Expenses:** |  |
| Investment management fees | 3399919 |
| Transfer agent fees: |  |
| Class I | 186283 |
| Class I2 | 15702 |
| Trustee and CCO fees | 15808 |
| Audit and tax fees | 16623 |
| Custody fees | 68212 |
| Legal fees | 24340 |
| Printing and shareholder reports fees | 39907 |
| Registration fees | 31165 |
| Insurance fees | 15262 |
| Interest | 3581 |
| Other | 20550 |
| Total expenses | 3837352 |
| **Net investment income (loss)** | 12829494 |
| **Net realized gain (loss) on:** |  |
| Investments | (3353887)<br>|
| Foreign currency transactions | (98542)<br>|
| Net realized gain (loss) | (3452429)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 83101649 |
| Translation of assets and liabilities denominated in foreign currencies | 369409 |
| Net change in unrealized appreciation (depreciation) | 83471058 |
| Net realized and change in unrealized gain (loss) | 80018629 |
| **Net increase (decrease) in net assets resulting from operations** | $92848123 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica International Small Cap Value**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $12829494 | &nbsp;&nbsp;&nbsp;&nbsp; $17652402 |
| Net realized gain (loss) | (3452429)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16438186 |
| Net change in unrealized appreciation (depreciation) | 83471058 | &nbsp;&nbsp;&nbsp;&nbsp; 112655410 |
| Net increase (decrease) in net assets resulting from operations | 92848123 | &nbsp;&nbsp;&nbsp;&nbsp; 146745998 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I | (20151412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10359911)<br>|
| Class I2 | (23366723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10691629)<br>|
| Class R6 <sup>(A)</sup> <br>| (389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (43518524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21051540)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | 61523497 | &nbsp;&nbsp;&nbsp;&nbsp; 85381363 |
| Class I2 | 12794995 | &nbsp;&nbsp;&nbsp;&nbsp; 56323915 |
| Class R6 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
|  | 74318492 | &nbsp;&nbsp;&nbsp;&nbsp; 141715278 |
| Dividends and/or distributions reinvested: |  |  |
| Class I | 19862741 | &nbsp;&nbsp;&nbsp;&nbsp; 10224018 |
| Class I2 | 23366723 | &nbsp;&nbsp;&nbsp;&nbsp; 10691629 |
| Class R6 <sup>(A)</sup> <br>| 389 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 43229853 | &nbsp;&nbsp;&nbsp;&nbsp; 20915647 |
| Cost of shares redeemed: |  |  |
| Class I | (69316286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103279589)<br>|
| Class I2 | (19594856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30666136)<br>|
|  | (88911142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133945725)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 28637203 | &nbsp;&nbsp;&nbsp;&nbsp; 28685200 |
| **Net increase (decrease) in net assets** | 77966802 | &nbsp;&nbsp;&nbsp;&nbsp; 154379658 |
| **Net assets:** |  |  |
| Beginning of period/year | 771910908 | &nbsp;&nbsp;&nbsp;&nbsp; 617531250 |
| End of period/year | $849877710 | &nbsp;&nbsp;&nbsp;&nbsp; $771910908 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I | 4127176 | &nbsp;&nbsp;&nbsp;&nbsp; 5844436 |
| Class I2 | 909067 | &nbsp;&nbsp;&nbsp;&nbsp; 3590905 |
| Class R6 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | 5036243 | &nbsp;&nbsp;&nbsp;&nbsp; 9435994 |
| Shares reinvested: |  |  |
| Class I | 1412713 | &nbsp;&nbsp;&nbsp;&nbsp; 733957 |
| Class I2 | 1658391 | &nbsp;&nbsp;&nbsp;&nbsp; 765876 |
| Class R6 <sup>(A)</sup> <br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 3071131 | &nbsp;&nbsp;&nbsp;&nbsp; 1499833 |
| Shares redeemed: |  |  |
| Class I | (4679811)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7186459)<br>|
| Class I2 | (1365861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2082136)<br>|
|  | (6045672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9268595)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I | 860078 | &nbsp;&nbsp;&nbsp;&nbsp; (608066)<br>|
| Class I2 | 1201597 | &nbsp;&nbsp;&nbsp;&nbsp; 2274645 |
| Class R6 <sup>(A)</sup> <br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | 2061702 | &nbsp;&nbsp;&nbsp;&nbsp; 1667232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 31, 2024.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica International Small Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.17 | $12.55 | $11.25 | $16.30 | $11.94 | $12.60 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.35 | 0.33 | 0.27 | 0.28 | 0.13 |
| Net realized and unrealized gain (loss) | 1.48 | 2.69 | 1.41 | (4.74)<br>| 4.23 | (0.51)<br>|
| Total investment operations | 1.72 | 3.04 | 1.74 | (4.47)<br>| 4.51 | (0.38)<br>|
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.63)<br>| (0.42)<br>| (0.09)<br>| (0.42)<br>| (0.15)<br>| (0.28)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.84)<br>| (0.42)<br>| (0.44)<br>| (0.59)<br>| (0.15)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $16.05 | $15.17 | $12.55 | $11.25 | $16.30 | $11.94 |
| **Total return** | 12.19 %<sup>(C)</sup><br>| 24.55<br> %<br>| 15.54<br> %<br>| (28.23 )%<sup>(B)</sup><br>| 37.93<br> %<br>| (3.21)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $393987 | $359244 | $304824 | $233431 | $348810 | $232368 |
| Expenses to average net assets | 1.04 %<sup>(D)</sup><br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net investment income (loss) to average net assets | 3.25 %<sup>(D)</sup><br>| 2.39<br> %<br>| 2.47<br> %<br>| 2.06<br> %<br>| 1.82<br> %<br>| 1.09<br> %<br>|
| Portfolio turnover rate | 4 %<sup>(C)</sup><br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>| 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.21 | $12.58 | $11.28 | $16.34 | $11.96 | $12.63 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.37 | 0.34 | 0.29 | 0.30 | 0.12 |
| Net realized and unrealized gain (loss) | 1.49 | 2.70 | 1.41 | (4.75)<br>| 4.24 | (0.49)<br>|
| Total investment operations | 1.74 | 3.07 | 1.75 | (4.46)<br>| 4.54 | (0.37)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.65)<br>| (0.44)<br>| (0.10)<br>| (0.43)<br>| (0.16)<br>| (0.30)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.45)<br>| (0.60)<br>| (0.16)<br>| (0.30)<br>|
| **Net asset value, end of period/year** | $16.09 | $15.21 | $12.58 | $11.28 | $16.34 | $11.96 |
| **Total return** | 12.26 %<sup>(B)</sup><br>| 24.67<br> %<br>| 15.63<br> %<br>| (28.23)%<br>| 38.13<br> %<br>| (3.15)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $455880 | $412657 | $312707 | $334444 | $489410 | $282379 |
| Expenses to average net assets | 0.94 %<sup>(C)</sup><br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | 3.34 %<sup>(C)</sup><br>| 2.49<br> %<br>| 2.53<br> %<br>| 2.18<br> %<br>| 1.92<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | 4 %<sup>(B)</sup><br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>| 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | |
|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $15.21 | $15.32 |
| **Investment operations:** |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.25 | 0.12 |
| Net realized and unrealized gain (loss) | 1.52 | (0.23 )<sup>(C)</sup><br>|
| Total investment operations | 1.77 | (0.11)<br>|
| **Contributions from affiliate** |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |
| Net investment income | (0.38)<br>|  |
| Net realized gains | (0.21)<br>|  |
| Total dividends and/or distributions to shareholders | (0.59)<br>|  |
| **Net asset value, end of period/year** | $16.39 | $15.21 |
| **Total return** <sup>(D)</sup> <br>| 12.23<br> %<br>| (0.72)%<br>|
| **Ratio and supplemental data:** |  |  |
| Net assets end of period/year (000's) | $11 | $10 |
| Expenses to average net assets | 0.94 %<sup>(E)</sup><br>| 0.98<br> %<br>|
| Net investment income (loss) to average net assets | 3.35 %<sup>(E)</sup><br>| 1.84<br> %<br>|
| Portfolio turnover rate | 4 %<sup>(D)</sup><br>| 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 31, 2024.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Small Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $2,125.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025. For the period December 31, 2024 to April 30, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $11580612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11580612 |
| **Total Borrowings** | **$11580612** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$11580612** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica International Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $451794991 | 53.16<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.895<br> % <br>|
| Over $300 million up to $750 million | 0.870 |
| Over $750 million up to $1 billion | 0.770 |
| Over $1 billion | 0.750 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica International Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class I | 1.10<br> % <br>| March 1, 2026 |
| Class I2 | 1.00 | March 1, 2026 |
| Class R6 | 1.04 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class R6 | 1.06 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of April 30, 2025, there are no amounts available for recapture by TAM.

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $199289 | &nbsp;&nbsp; $33598 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $32441013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35098350 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica International Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal period exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the period ended April 30, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $655087203 | &nbsp;&nbsp; $259577478 | &nbsp;&nbsp; $(61908079)<br>| &nbsp;&nbsp; $197669399 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica International Small Cap Value** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica International Small Cap Value** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica International Small Cap Value** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica International Small Cap Value** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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![](g947814imgf88075f83.gif)

![](g947814imgd077786a4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453782 TA INTL SCV 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img6066d5d35.gif)

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![](g947814img089ec0e11.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica International Stock**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img4c5e01042.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_SOI-RunningFooter-151_1) | 2 |
| [Statement of Assets and Liabilities](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_FS-RunningFooter-151_1) | 6 |
| [Statement of Operations](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_FS-RunningFooter-151_2) | 7 |
| [Statement of Changes in Net Assets](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_FS-RunningFooter-151_3) | 8 |
| [Financial Highlights](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_FIHI-RunningFooter-151_1) | 9 |
| [Notes to Financial Statements](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_NTF-RunningFooter-151_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_DWA-RunningFooter-151_1)**<br> **[Companies](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_DWA-RunningFooter-151_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_PD-RunningFooter-151_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_REMU-RunningFooter-151_1)**<br> **[Companies](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_REMU-RunningFooter-151_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_08564fc7-51ac-4465-8d3f-81eb24894f88_AIAC-RunningFooter-151_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.4%**  | **COMMON STOCKS - 93.4%**  | **COMMON STOCKS - 93.4%**  |
| **Australia - 4.1%**  | **Australia - 4.1%**  | **Australia - 4.1%**  |
| AGL Energy Ltd. | 160592 | $1093479 |
| ANZ Group Holdings Ltd. | 57552 | 1100787 |
| Aristocrat Leisure Ltd. | 66284 | 2837908 |
| BlueScope Steel Ltd. | 85548 | 1308023 |
| CSL Ltd. | 6277 | 1009727 |
| Evolution Mining Ltd. | 902750 | 4527750 |
| Goodman Group, REIT | 69012 | 1325285 |
| Northern Star Resources Ltd. | 120195 | 1476686 |
| Qantas Airways Ltd. | 577351 | 3272927 |
| South32 Ltd. | 290950 | 512512 |
|  |  | 18465084 |
| **Belgium - 0.3%**  | **Belgium - 0.3%**  | **Belgium - 0.3%**  |
| Anheuser-Busch InBev SA | 21107 | 1377278 |
| **Denmark - 2.2%**  | **Denmark - 2.2%**  | **Denmark - 2.2%**  |
| Danske Bank AS | 76148 | 2654605 |
| Genmab AS <sup>(A)</sup> <br>| 6387 | 1347387 |
| Novo Nordisk AS, Class B | 91736 | 6057723 |
|  |  | 10059715 |
| **Finland - 0.7%**  | **Finland - 0.7%**  | **Finland - 0.7%**  |
| Nokia OYJ | 447454 | 2224777 |
| UPM-Kymmene OYJ <sup>(B)</sup> <br>| 32041 | 846462 |
|  |  | 3071239 |
| **France - 8.9%**  | **France - 8.9%**  | **France - 8.9%**  |
| BNP Paribas SA | 18754 | 1578327 |
| Cie de Saint-Gobain SA | 23904 | 2586107 |
| Credit Agricole SA | 63966 | 1194930 |
| Eiffage SA | 24799 | 3364204 |
| Hermes International SCA | 539 | 1459960 |
| L'Oreal SA <sup>(A)</sup> <br>| 6455 | 2829957 |
| LVMH Moet Hennessy Louis Vuitton SE | 1366 | 755012 |
| Publicis Groupe SA | 15783 | 1595949 |
| Renault SA | 132791 | 7014660 |
| Safran SA | 4775 | 1260381 |
| Sanofi SA | 33640 | 3654662 |
| Societe Generale SA | 121685 | 6286002 |
| TotalEnergies SE | 51588 | 2989867 |
| Unibail-Rodamco-Westfield, REIT <sup>(A)</sup> <br>| 26779 | 2260684 |
| Veolia Environnement SA <sup>(B)</sup> <br>| 44489 | 1621852 |
|  |  | 40452554 |
| **Germany - 9.2%**  | **Germany - 9.2%**  | **Germany - 9.2%**  |
| Allianz SE | 2700 | 1113671 |
| Bayerische Motoren Werke AG | 25412 | 2138948 |
| Deutsche Telekom AG | 166341 | 5954688 |
| E.ON SE | 192954 | 3369535 |
| Fresenius SE & Co. KGaA <sup>(A)</sup> <br>| 36847 | 1744822 |
| Infineon Technologies AG | 57487 | 1881437 |
| MTU Aero Engines AG | 5906 | 2033278 |
| Rheinmetall AG | 3482 | 5912934 |
| SAP SE | 33514 | 9692810 |
| Siemens AG | 26322 | 6021925 |
| Vonovia SE | 52297 | 1732314 |
|  |  | 41596362 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong - 1.3%**  | **Hong Kong - 1.3%**  | **Hong Kong - 1.3%**  |
| AIA Group Ltd. | 354400 | $2654938 |
| CLP Holdings Ltd. | 86000 | 735185 |
| Hong Kong Exchanges & Clearing Ltd. | 38500 | 1691784 |
| Jardine Matheson Holdings Ltd. | 21100 | 938106 |
|  |  | 6020013 |
| **Ireland - 0.2%**  | **Ireland - 0.2%**  | **Ireland - 0.2%**  |
| DCC PLC | 14202 | 924774 |
| **Israel - 1.0%**  | **Israel - 1.0%**  | **Israel - 1.0%**  |
| Teva Pharmaceutical Industries Ltd., ADR <sup>(A)</sup> <br>| 276790 | 4293013 |
| **Italy - 2.9%**  | **Italy - 2.9%**  | **Italy - 2.9%**  |
| ENEL SpA | 302252 | 2617354 |
| Ferrari NV | 3118 | 1418543 |
| Intesa Sanpaolo SpA | 1089966 | 5781186 |
| Leonardo SpA | 65662 | 3406844 |
|  |  | 13223927 |
| **Japan - 23.6%**  | **Japan - 23.6%**  | **Japan - 23.6%**  |
| Asahi Group Holdings Ltd. | 232100 | 3201967 |
| Chugoku Electric Power Co., Inc. <sup>(B)</sup> <br>| 150900 | 799776 |
| Dai-ichi Life Holdings, Inc. | 295600 | 2118074 |
| Daiichi Sankyo Co. Ltd. | 71900 | 1832449 |
| Daiwa House Industry Co. Ltd. | 88100 | 3176357 |
| Disco Corp. | 6600 | 1274948 |
| FUJIFILM Holdings Corp. | 258800 | 5313382 |
| Fujitsu Ltd. | 193100 | 4255547 |
| Honda Motor Co. Ltd. | 226100 | 2297687 |
| ITOCHU Corp. | 108800 | 5541206 |
| Japan Tobacco, Inc. | 53000 | 1633592 |
| JFE Holdings, Inc. | 137200 | 1592894 |
| KDDI Corp. | 382000 | 6742041 |
| Marubeni Corp. | 241000 | 4261071 |
| Mitsubishi Corp. | 59800 | 1134268 |
| Mitsubishi UFJ Financial Group, Inc. | 356800 | 4500551 |
| Mitsui & Co. Ltd. | 112000 | 2270080 |
| Mizuho Financial Group, Inc. | 79990 | 2002827 |
| MS&AD Insurance Group Holdings, Inc. | 69300 | 1572797 |
| Murata Manufacturing Co. Ltd. | 53800 | 833076 |
| NEC Corp. | 147500 | 3585886 |
| Nintendo Co. Ltd. | 45500 | 3764617 |
| Nippon Telegraph & Telephone Corp. | 3293600 | 3439184 |
| Nomura Holdings, Inc. | 513000 | 2838758 |
| Olympus Corp. | 326200 | 4256022 |
| Otsuka Holdings Co. Ltd. | 77800 | 3785527 |
| Recruit Holdings Co. Ltd. | 36100 | 2005219 |
| Renesas Electronics Corp. | 83300 | 974397 |
| Sekisui Chemical Co. Ltd. | 162400 | 2827064 |
| Sekisui House Ltd. | 63000 | 1443475 |
| SoftBank Group Corp. | 20900 | 1047193 |
| Sony Group Corp. | 167100 | 4407148 |
| Sumitomo Corp. | 159500 | 3902161 |
| Sumitomo Mitsui Financial Group, Inc. | 199300 | 4739264 |
| Suzuki Motor Corp. | 175200 | 2092279 |
| Takeda Pharmaceutical Co. Ltd. | 33700 | 1021276 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tokyo Electron Ltd. | 7500 | $1113355 |
| Toyota Motor Corp. | 181300 | 3460398 |
|  |  | 107057813 |
| **Netherlands - 4.7%**  | **Netherlands - 4.7%**  | **Netherlands - 4.7%**  |
| ASM International NV | 2732 | 1316281 |
| ASML Holding NV | 12184 | 8040044 |
| Koninklijke Ahold Delhaize NV | 61108 | 2501836 |
| Koninklijke Philips NV <sup>(B)</sup> <br>| 77567 | 1960420 |
| NN Group NV | 40310 | 2461355 |
| Prosus NV | 70815 | 3283118 |
| Stellantis NV | 191157 | 1762736 |
|  |  | 21325790 |
| **New Zealand - 0.5%**  | **New Zealand - 0.5%**  | **New Zealand - 0.5%**  |
| Xero Ltd. <sup>(A)</sup> <br>| 21141 | 2223440 |
| **Singapore - 3.4%**  | **Singapore - 3.4%**  | **Singapore - 3.4%**  |
| DBS Group Holdings Ltd. | 226680 | 7367404 |
| Oversea-Chinese Banking Corp. Ltd. | 397300 | 4912637 |
| United Overseas Bank Ltd. | 118200 | 3134865 |
|  |  | 15414906 |
| **Spain - 4.4%**  | **Spain - 4.4%**  | **Spain - 4.4%**  |
| Banco Bilbao Vizcaya Argentaria SA | 174124 | 2378913 |
| Banco Santander SA <sup>(B)</sup> <br>| 1382154 | 9679614 |
| Iberdrola SA | 320257 | 5766759 |
| Redeia Corp. SA | 70806 | 1483933 |
| Repsol SA | 51301 | 628238 |
|  |  | 19937457 |
| **Sweden - 1.7%**  | **Sweden - 1.7%**  | **Sweden - 1.7%**  |
| Alfa Laval AB <sup>(B)</sup> <br>| 44959 | 1861062 |
| Assa Abloy AB, Class B | 66958 | 2020066 |
| Atlas Copco AB, A Shares <sup>(B)</sup> <br>| 140011 | 2170674 |
| SKF AB, B Shares | 92165 | 1807447 |
|  |  | 7859249 |
| **Switzerland - 6.8%**  | **Switzerland - 6.8%**  | **Switzerland - 6.8%**  |
| ABB Ltd. | 57681 | 3018407 |
| Alcon AG | 34737 | 3352698 |
| Holcim AG | 32243 | 3578432 |
| Nestle SA | 19956 | 2121451 |
| Novartis AG | 57965 | 6586948 |
| Roche Holding AG | 18378 | 5996481 |
| UBS Group AG | 205213 | 6188588 |
|  |  | 30843005 |
| **United Kingdom - 17.5%**  | **United Kingdom - 17.5%**  | **United Kingdom - 17.5%**  |
| 3i Group PLC | 167286 | 9439371 |
| AstraZeneca PLC | 27460 | 3926015 |
| BAE Systems PLC | 80336 | 1857022 |
| Barclays PLC | 1587447 | 6279077 |
| BP PLC | 331326 | 1546779 |
| British American Tobacco PLC | 62229 | 2693652 |
| Coca-Cola Europacific Partners PLC | 45345 | 4114605 |
| Compass Group PLC | 65101 | 2184621 |
| GSK PLC | 104964 | 2075203 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Halma PLC | 46716 | $1715843 |
| HSBC Holdings PLC | 716878 | 7948794 |
| Imperial Brands PLC | 117419 | 4810330 |
| Lloyds Banking Group PLC | 2136176 | 2086196 |
| Marks & Spencer Group PLC | 250151 | 1296834 |
| RELX PLC | 60532 | 3280891 |
| Rio Tinto PLC | 34117 | 2021951 |
| Rolls-Royce Holdings PLC | 665418 | 6688269 |
| Sage Group PLC | 115368 | 1902669 |
| Shell PLC | 96155 | 3127399 |
| SSE PLC | 73225 | 1651172 |
| Standard Chartered PLC | 189782 | 2721447 |
| Unilever PLC | 78811 | 4998448 |
| Vodafone Group PLC | 1099370 | 1073355 |
|  |  | 79439943 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $340,198,490)**<br>|  | 423585562 |
| **PREFERRED STOCKS - 1.3%**  | **PREFERRED STOCKS - 1.3%**  | **PREFERRED STOCKS - 1.3%**  |
| **Germany - 1.3%**  | **Germany - 1.3%**  | **Germany - 1.3%**  |
| Henkel AG & Co. KGaA |  |  |
| 2.97% <sup>(C)</sup> <br>| 38265 | 2965039 |
| Volkswagen AG |  |  |
| 9.47% <sup>(C)</sup> <br>| 27732 | 2998363 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $7,119,246)**<br>|  | 5963402 |
| **EXCHANGE-TRADED FUND - 0.5%**  | **EXCHANGE-TRADED FUND - 0.5%**  | **EXCHANGE-TRADED FUND - 0.5%**  |
| **United States - 0.5%**  | **United States - 0.5%**  | **United States - 0.5%**  |
| iShares MSCI EAFE ETF <sup>(B)</sup> <br>| $28635 | 2426816 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $2,164,874)**<br>|  | 2426816 |
| **OTHER INVESTMENT COMPANY - 3.5%**  | **OTHER INVESTMENT COMPANY - 3.5%**  | **OTHER INVESTMENT COMPANY - 3.5%**  |
| **Securities Lending Collateral - 3.5%**  | **Securities Lending Collateral - 3.5%**  | **Securities Lending Collateral - 3.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(C)</sup> <br>| 15812536 | 15812536 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,812,536)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,812,536)** | 15812536 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.2%**  | **REPURCHASE AGREEMENT - 4.2%**  | **REPURCHASE AGREEMENT - 4.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $18,930,641 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 01/31/2031, and <br> with a value of $19,308,422.<br>| $18929695 | $18929695 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,929,695)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,929,695)** | 18929695 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $384,224,841)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $384,224,841)** | 466718011 |
| **Net Other Assets (Liabilities) - (2.9)%** | **Net Other Assets (Liabilities) - (2.9)%** | (13052077) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$453665934** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76347426 |
| Pharmaceuticals | 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39229297 |
| Automobiles | 5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23183614 |
| Aerospace & Defense | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21158728 |
| Capital Markets | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20158501 |
| Trading Companies & Distributors | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17108786 |
| Semiconductors & Semiconductor Equipment | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14600462 |
| Software | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13818919 |
| Electric Utilities | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13054179 |
| Metals & Mining | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11439816 |
| Industrial Conglomerates | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10711869 |
| Insurance | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9920835 |
| Health Care Equipment & Supplies | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9569140 |
| Diversified Telecommunication Services | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9393872 |
| Tobacco | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9137574 |
| Wireless Telecommunication Services | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8862589 |
| Beverages | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8693850 |
| Oil, Gas & Consumable Fuels | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8292283 |
| IT Services | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7841433 |
| Personal Care Products | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7828405 |
| Multi-Utilities | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6084866 |
| Household Durables | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850623 |
| Machinery | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5839183 |
| Technology Hardware, Storage & Peripherals | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5313382 |
| Professional Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5286110 |
| Hotels, Restaurants & Leisure | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022529 |
| Real Estate Management & Development | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4908671 |
| Building Products | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4606173 |
| Consumer Staples Distribution & Retail | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3798670 |
| Entertainment | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764617 |
| Construction Materials | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3578432 |
| Construction & Engineering | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364204 |
| Broadline Retail | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3283118 |
| Passenger Airlines | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3272927 |
| Electrical Equipment | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3018407 |
| Household Products | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2965039 |
| Electronic Equipment, Instruments & Components | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548919 |
| International Equity Fund | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426816 |
| Biotechnology | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357114 |
| Retail REITs | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260684 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica International Stock**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Communications Equipment | 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2224777 |
| Textiles, Apparel & Luxury Goods | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214972 |
| Food Products | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2121451 |
| Health Care Providers & Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744822 |
| Media | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595949 |
| Industrial REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325285 |
| Paper & Forest Products | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846462 |
| **Investments** | **92.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **431975780** |
| Short-Term Investments | 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34742231 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$466718011** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $8407618 | &nbsp;&nbsp; $415177944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $423585562 |
| Preferred Stocks |  | &nbsp;&nbsp; 5963402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5963402 |
| Exchange-Traded Fund | 2426816 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2426816 |
| Other Investment Company | 15812536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15812536 |
| Repurchase Agreement |  | &nbsp;&nbsp; 18929695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18929695 |
| **Total Investments** | **$26646970** | &nbsp;&nbsp; **$440071041** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$466718011** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $18,714,553, collateralized by cash collateral of $15,812,536 and* *non-cash collateral, such as U.S. government securities of $3,814,228. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica International Stock**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $365,295,146) (including securities loaned of $18,714,553) | $447788316 |
| Repurchase agreement, at value (cost $18,929,695) | 18929695 |
| Foreign currency, at value (cost $18,058) | 18018 |
| Receivables and other assets: |  |
| Net income from securities lending | 9090 |
| Shares of beneficial interest sold  | 256426 |
| Dividends  | 2253879 |
| Interest | 946 |
| Tax reclaims | 777814 |
| Prepaid expenses | 1615 |
| Other assets | 3553 |
| Total assets | 470039352 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 15812536 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 234756 |
| Investment management fees | 241392 |
| Distribution and service fees | 2541 |
| Transfer agent fees | 9226 |
| Trustee and CCO fees | 1003 |
| Audit and tax fees  | 11998 |
| Custody fees | 41938 |
| Legal fees | 1570 |
| Printing and shareholder reports fees | 3144 |
| Registration fees | 7572 |
| Other accrued expenses | 5742 |
| Total liabilities | 16373418 |
| **Net assets**  | $453665934 |
| **Net assets consist of:** |  |
| Paid-in capital | $367258233 |
| Total distributable earnings (accumulated losses) | 86407701 |
| **Net assets** | $453665934 |
| **Net assets by class:** |  |
| Class A | $13828023 |
| Class I | 81029460 |
| Class I2 | 316600836 |
| Class R6 | 42207615 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1079910 |
| Class I | 6302806 |
| Class I2 | 24613541 |
| Class R6 | 3282715 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $12.80 |
| Class I | 12.86 |
| Class I2 | 12.86 |
| Class R6 | 12.86 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $13.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price. The redemption price for Class A shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica International Stock**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $6332121 |
| Interest income | 169470 |
| Net income from securities lending | 34968 |
| Withholding taxes on foreign income | (498010)<br>|
| Total investment income  | 6038549 |
| **Expenses:** |  |
| Investment management fees | 1386387 |
| Distribution and service fees: |  |
| Class A | 11163 |
| Transfer agent fees: |  |
| Class A | 5198 |
| Class I | 26463 |
| Class I2 | 11295 |
| Class R6 | 1321 |
| Trustee and CCO fees | 7699 |
| Audit and tax fees | 13743 |
| Custody fees | 29290 |
| Legal fees | 10107 |
| Printing and shareholder reports fees | 12521 |
| Registration fees | 38509 |
| Insurance fees | 3844 |
| Other | 12302 |
| Total expenses before waiver and/or reimbursement and recapture | 1569842 |
| Expenses waived and/or reimbursed: |  |
| Class A | (205)<br>|
| Class I | (8109)<br>|
| Net expenses | 1561528 |
| **Net investment income (loss)** | 4477021 |
| **Net realized gain (loss) on:** |  |
| Investments | 3564588 |
| Foreign currency transactions | (53111)<br>|
| Net realized gain (loss) | 3511477 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 37621096 |
| Translation of assets and liabilities denominated in foreign currencies | 149839 |
| Net change in unrealized appreciation (depreciation) | 37770935 |
| Net realized and change in unrealized gain (loss) | 41282412 |
| **Net increase (decrease) in net assets resulting from operations** | $45759433 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica International Stock**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $4477021 | &nbsp;&nbsp;&nbsp;&nbsp; $6969715 |
| Net realized gain (loss) | 3511477 | &nbsp;&nbsp;&nbsp;&nbsp; 14884304 |
| Net change in unrealized appreciation (depreciation) | 37770935 | &nbsp;&nbsp;&nbsp;&nbsp; 33221251 |
| Net increase (decrease) in net assets resulting from operations | 45759433 | &nbsp;&nbsp;&nbsp;&nbsp; 55075270 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (334629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47324)<br>|
| Class I | (2224399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20868)<br>|
| Class I2 | (17323684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5489683)<br>|
| Class R6 | (1742739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (543035)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (21625451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6100910)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 8612029 | &nbsp;&nbsp;&nbsp;&nbsp; 4959903 |
| Class I | 54606192 | &nbsp;&nbsp;&nbsp;&nbsp; 32704668 |
| Class I2 | 10417806 | &nbsp;&nbsp;&nbsp;&nbsp; 112814033 |
| Class R6 | 14891216 | &nbsp;&nbsp;&nbsp;&nbsp; 12664628 |
|  | 88527243 | &nbsp;&nbsp;&nbsp;&nbsp; 163143232 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 334629 | &nbsp;&nbsp;&nbsp;&nbsp; 47324 |
| Class I | 2224399 | &nbsp;&nbsp;&nbsp;&nbsp; 20868 |
| Class I2 | 17323684 | &nbsp;&nbsp;&nbsp;&nbsp; 5489683 |
| Class R6 | 1742739 | &nbsp;&nbsp;&nbsp;&nbsp; 543035 |
|  | 21625451 | &nbsp;&nbsp;&nbsp;&nbsp; 6100910 |
| Cost of shares redeemed: |  |  |
| Class A | (1733446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (787147)<br>|
| Class I | (8002014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5849669)<br>|
| Class I2 | (22034904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18263761)<br>|
| Class R6 | (4946456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2522796)<br>|
|  | (36716820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27423373)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 73435874 | &nbsp;&nbsp;&nbsp;&nbsp; 141820769 |
| **Net increase (decrease) in net assets** | 97569856 | &nbsp;&nbsp;&nbsp;&nbsp; 190795129 |
| **Net assets:** |  |  |
| Beginning of period/year | 356096078 | &nbsp;&nbsp;&nbsp;&nbsp; 165300949 |
| End of period/year | $453665934 | &nbsp;&nbsp;&nbsp;&nbsp; $356096078 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 716651 | &nbsp;&nbsp;&nbsp;&nbsp; 406576 |
| Class I | 4529562 | &nbsp;&nbsp;&nbsp;&nbsp; 2652547 |
| Class I2 | 891504 | &nbsp;&nbsp;&nbsp;&nbsp; 10170932 |
| Class R6 | 1254725 | &nbsp;&nbsp;&nbsp;&nbsp; 1056957 |
|  | 7392442 | &nbsp;&nbsp;&nbsp;&nbsp; 14287012 |
| Shares reinvested: |  |  |
| Class A | 29483 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| Class I | 195466 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| Class I2 | 1520955 | &nbsp;&nbsp;&nbsp;&nbsp; 505030 |
| Class R6 | 153140 | &nbsp;&nbsp;&nbsp;&nbsp; 50003 |
|  | 1899044 | &nbsp;&nbsp;&nbsp;&nbsp; 561315 |
| Shares redeemed: |  |  |
| Class A | (144066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65748)<br>|
| Class I | (667884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (476993)<br>|
| Class I2 | (1821452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1587109)<br>|
| Class R6 | (411178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (213596)<br>|
|  | (3044580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2343446)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 602068 | &nbsp;&nbsp;&nbsp;&nbsp; 345190 |
| Class I | 4057144 | &nbsp;&nbsp;&nbsp;&nbsp; 2177474 |
| Class I2 | 591007 | &nbsp;&nbsp;&nbsp;&nbsp; 9088853 |
| Class R6 | 996687 | &nbsp;&nbsp;&nbsp;&nbsp; 893364 |
|  | 6246906 | &nbsp;&nbsp;&nbsp;&nbsp; 12504881 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica International Stock**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.21 | $9.96 | $8.75 | $11.77 | $8.62 | $9.60 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.21 | 0.20 | 0.31 | 0.23 | 0.14 |
| Net realized and unrealized gain (loss) | 1.14 | 2.38 | 1.23 | (2.42)<br>| 3.03 | (1.12)<br>|
| Total investment operations | 1.28 | 2.59 | 1.43 | (2.11)<br>| 3.26 | (0.98)<br>|
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.34)<br>| (0.22)<br>| (0.30)<br>| (0.11)<br>|  |
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.34)<br>| (0.22)<br>| (0.93)<br>| (0.11)<br>|  |
| **Net asset value, end of period/year** | $12.80 | $12.21 | $9.96 | $8.75 | $11.77 | $8.62 |
| **Total return** <sup>(C)</sup> <br>| 11.26 %<sup>(D)</sup><br>| 26.43<br> %<br>| 16.69<br> %<br>| (19.19 )%<sup>(B)</sup><br>| 38.12<br> %<br>| (10.21)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $13828 | $5834 | $1321 | $745 | $780 | $473 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.13 %<sup>(F)</sup><br>| 1.16<br> %<br>| 1.18<br> %<br>| 1.15<br> %<br>| 1.14<br> %<br>| 1.20<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.13 %<sup>(F)(G)(H)</sup><br>| 1.14<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 2.35 %<sup>(F)</sup><br>| 1.72<br> %<br>| 2.00<br> %<br>| 3.13<br> %<br>| 2.04<br> %<br>| 1.60<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(D)</sup><br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>| 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.19%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.26 | $9.99 | $8.77 | $11.83 | $8.65 | $9.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.22 | 0.23 | 0.33 | 0.25 | 0.17 |
| Net realized and unrealized gain (loss) | 1.16 | 2.41 | 1.23 | (2.43)<br>| 3.07 | (1.13)<br>|
| Total investment operations | 1.32 | 2.63 | 1.46 | (2.10)<br>| 3.32 | (0.96)<br>|
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.36)<br>| (0.24)<br>| (0.35)<br>| (0.14)<br>| (0.01)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.36)<br>| (0.24)<br>| (0.98)<br>| (0.14)<br>| (0.01)<br>|
| **Net asset value, end of period/year** | $12.86 | $12.26 | $9.99 | $8.77 | $11.83 | $8.65 |
| **Total return** | 11.52 %<sup>(C)</sup><br>| 26.77<br> %<br>| 16.79<br> %<br>| (19.02 )%<sup>(B)</sup><br>| 38.63<br> %<br>| (9.98)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $81029 | $27532 | $681 | $547 | $608 | $439 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87 %<sup>(E)</sup><br>| 0.88<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>| 0.96<br> %<br>| 1.03<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.84 %<sup>(E)</sup><br>| 0.85<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.61 %<sup>(E)</sup><br>| 1.81<br> %<br>| 2.29<br> %<br>| 3.33<br> %<br>| 2.25<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(C)</sup><br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>| 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Stock**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.27 | $10.00 | $8.78 | $11.83 | $8.65 | $9.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.29 | 0.25 | 0.34 | 0.26 | 0.17 |
| Net realized and unrealized gain (loss) | 1.18 | 2.36 | 1.23 | (2.42)<br>| 3.06 | (1.13)<br>|
| Total investment operations | 1.31 | 2.65 | 1.48 | (2.08)<br>| 3.32 | (0.96)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.26)<br>| (0.34)<br>| (0.14)<br>| (0.01)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.26)<br>| (0.97)<br>| (0.14)<br>| (0.01)<br>|
| **Net asset value, end of period/year** | $12.86 | $12.27 | $10.00 | $8.78 | $11.83 | $8.65 |
| **Total return** | 11.45 %<sup>(B)</sup><br>| 26.94<br> %<br>| 16.97<br> %<br>| (19.08)%<br>| 38.64<br> %<br>| (9.98)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $316601 | $294696 | $149376 | $142358 | $136492 | $106120 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77 %<sup>(D)</sup><br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>| 0.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77 %<sup>(D)</sup><br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.93<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.18 %<sup>(D)</sup><br>| 2.40<br> %<br>| 2.45<br> %<br>| 3.37<br> %<br>| 2.31<br> %<br>| 1.89<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(B)</sup><br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>| 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.26 | $10.00 | $8.77 | $11.83 | $8.65 | $9.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.27 | 0.25 | 0.36 | 0.25 | 0.17 |
| Net realized and unrealized gain (loss) | 1.18 | 2.37 | 1.23 | (2.45)<br>| 3.07 | (1.13)<br>|
| Total investment operations | 1.32 | 2.64 | 1.48 | (2.09)<br>| 3.32 | (0.96)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.25)<br>| (0.34)<br>| (0.14)<br>| (0.01)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.25)<br>| (0.97)<br>| (0.14)<br>| (0.01)<br>|
| **Net asset value, end of period/year** | $12.86 | $12.26 | $10.00 | $8.77 | $11.83 | $8.65 |
| **Total return** | 11.54 %<sup>(B)</sup><br>| 26.84<br> %<br>| 17.01<br> %<br>| (19.12)%<br>| 38.63<br> %<br>| (9.98)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $42208 | $28034 | $13923 | $12337 | $601 | $434 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77 %<sup>(D)</sup><br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77 %<sup>(D)</sup><br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.92<br> %<br>| 0.96<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.38 %<sup>(D)</sup><br>| 2.25<br> %<br>| 2.43<br> %<br>| 3.70<br> %<br>| 2.28<br> %<br>| 1.85<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(B)</sup><br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>| 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Stock (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $9,126.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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.

*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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $15782580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15782580 |
| Exchange-Traded Funds | 29956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29956 |
| Total Securities Lending Transactions | $15812536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15812536 |
| **Total Borrowings** | **$15812536** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15812536** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $309082601 | 68.13<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.70<br> % <br>|
| Over $500 million up to $1 billion | 0.68 |
| Over $1 billion up to $2 billion | 0.67 |
| Over $2 billion up to $3 billion | 0.64 |
| Over $3 billion | 0.63 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.23<br> % <br>| March 1, 2026 |
| Class I | 0.84 | March 1, 2026 |
| Class I2, Class R6 | 0.81 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.25 |  |
| Class I | 0.84 |  |
| Class I2, Class R6 | 0.81 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $109 | $440 | $717 | $— | $1266 |
| Class I |  |  | 2879 | 8109 | 10988 |
| Class I2 |  |  | 27639 |  | 27639 |
| Class R6 |  |  | 1972 |  | 1972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $9092 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $43733 | &nbsp;&nbsp; $8985 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $87111505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40818792 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $384224841 | &nbsp;&nbsp; $96151507 | &nbsp;&nbsp; $(13658337)<br>| &nbsp;&nbsp; $82493170 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica International Stock** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica International Stock** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica International Stock** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica International Stock** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

![](g947814img334e6abf3.gif)

![](g947814imgd7e0c66b4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA INTL STOCK 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img644425d75.gif)

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![](g947814img30ac780d1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica International Sustainable Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgecde553a2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_SOI-RunningFooter-545_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_FS-RunningFooter-545_1) | 6 |
| [Statement of Operations](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_FS-RunningFooter-545_2) | 7 |
| [Statement of Changes in Net Assets](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_FS-RunningFooter-545_3) | 8 |
| [Financial Highlights](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_FIHI-RunningFooter-545_1) | 9 |
| [Notes to Financial Statements](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_NTF-RunningFooter-545_1) | 10 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_DWA-RunningFooter-545_1)**<br> **[Companies](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_DWA-RunningFooter-545_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_PD-RunningFooter-545_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_REMU-RunningFooter-545_1)**<br> **[Companies](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_REMU-RunningFooter-545_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5ddb5e9d-7f81-4624-aff3-5a3691a31628_AIAC-RunningFooter-545_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Sustainable Equity**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  |
| **Australia - 1.8%**  | **Australia - 1.8%**  | **Australia - 1.8%**  |
| Cochlear Ltd. | 249 | $43796 |
| CSL Ltd. | 376 | 60484 |
|  |  | 104280 |
| **Belgium - 1.4%**  | **Belgium - 1.4%**  | **Belgium - 1.4%**  |
| KBC Group NV | 875 | 80350 |
| **Brazil - 1.4%**  | **Brazil - 1.4%**  | **Brazil - 1.4%**  |
| Itau Unibanco Holding SA, ADR | 8003 | 50499 |
| Klabin SA | 9747 | 31825 |
|  |  | 82324 |
| **Canada - 1.3%**  | **Canada - 1.3%**  | **Canada - 1.3%**  |
| Canadian Pacific Kansas City Ltd. | 1093 | 79210 |
| **China - 4.4%**  | **China - 4.4%**  | **China - 4.4%**  |
| BYD Co. Ltd., H Shares | 3500 | 167066 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics <br> Co. Ltd., Class A<br>| 1200 | 36294 |
| Sungrow Power Supply Co. Ltd., Class A | 6380 | 53234 |
|  |  | 256594 |
| **Denmark - 2.4%**  | **Denmark - 2.4%**  | **Denmark - 2.4%**  |
| Novo Nordisk AS, Class B | 1372 | 90599 |
| Novonesis Novozymes B, Class B | 752 | 48631 |
|  |  | 139230 |
| **France - 9.0%**  | **France - 9.0%**  | **France - 9.0%**  |
| Air Liquide SA | 406 | 83046 |
| Cie de Saint-Gobain SA | 607 | 65670 |
| &nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> SCA<br>| 1977 | 72050 |
| EssilorLuxottica SA | 243 | 69564 |
| L'Oreal SA <sup>(A)</sup> <br>| 226 | 99081 |
| Schneider Electric SE | 274 | 63384 |
| Veolia Environnement SA | 1945 | 70905 |
|  |  | 523700 |
| **Germany - 6.1%**  | **Germany - 6.1%**  | **Germany - 6.1%**  |
| Infineon Technologies AG | 1506 | 49288 |
| Merck KGaA | 318 | 43914 |
| SAP SE | 566 | 163697 |
| Siemens AG | 436 | 99748 |
|  |  | 356647 |
| **Greece - 0.9%**  | **Greece - 0.9%**  | **Greece - 0.9%**  |
| &nbsp;&nbsp; Eurobank Ergasias Services & Holdings SA, <br> Class A<br>| 19855 | 55804 |
| **Hong Kong - 4.0%**  | **Hong Kong - 4.0%**  | **Hong Kong - 4.0%**  |
| AIA Group Ltd. | 18000 | 134845 |
| Hong Kong Exchanges & Clearing Ltd. | 2200 | 96673 |
|  |  | 231518 |
| **India - 2.8%**  | **India - 2.8%**  | **India - 2.8%**  |
| HDFC Bank Ltd., ADR | 2228 | 161953 |
| **Indonesia - 1.3%**  | **Indonesia - 1.3%**  | **Indonesia - 1.3%**  |
| Bank Rakyat Indonesia Persero Tbk. PT | 328294 | 76140 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland - 6.2%**  | **Ireland - 6.2%**  | **Ireland - 6.2%**  |
| Accenture PLC, Class A | 230 | $68805 |
| Experian PLC | 940 | 46539 |
| Kerry Group PLC, Class A | 1136 | 120005 |
| TE Connectivity PLC | 443 | 64846 |
| Trane Technologies PLC | 161 | 61713 |
|  |  | 361908 |
| **Japan - 13.1%**  | **Japan - 13.1%**  | **Japan - 13.1%**  |
| Daiichi Sankyo Co. Ltd. | 2600 | 66264 |
| Hitachi Ltd. | 4800 | 118103 |
| KDDI Corp. | 5000 | 88247 |
| Keyence Corp. | 200 | 83704 |
| Recruit Holdings Co. Ltd. | 1600 | 88874 |
| SMC Corp. | 100 | 32501 |
| Sony Group Corp., ADR <sup>(B)</sup> <br>| 6556 | 170456 |
| Sysmex Corp. | 3100 | 57488 |
| Tokio Marine Holdings, Inc. | 1500 | 59882 |
|  |  | 765519 |
| **Kenya - 0.7%**  | **Kenya - 0.7%**  | **Kenya - 0.7%**  |
| Safaricom PLC | 314512 | 43750 |
| **Mexico - 1.5%**  | **Mexico - 1.5%**  | **Mexico - 1.5%**  |
| &nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, <br> Class O<br>| 10033 | 86028 |
| **Netherlands - 2.5%**  | **Netherlands - 2.5%**  | **Netherlands - 2.5%**  |
| ASML Holding NV | 68 | 44872 |
| Koninklijke Ahold Delhaize NV | 2550 | 104400 |
|  |  | 149272 |
| **Norway - 1.4%**  | **Norway - 1.4%**  | **Norway - 1.4%**  |
| DNB Bank ASA | 3280 | 81595 |
| **Peru - 1.1%**  | **Peru - 1.1%**  | **Peru - 1.1%**  |
| Credicorp Ltd. | 326 | 65914 |
| **Portugal - 1.3%**  | **Portugal - 1.3%**  | **Portugal - 1.3%**  |
| Jeronimo Martins SGPS SA | 3113 | 75186 |
| **Republic of Korea - 2.8%**  | **Republic of Korea - 2.8%**  | **Republic of Korea - 2.8%**  |
| Samsung Electronics Co. Ltd. | 1571 | 61337 |
| Samsung SDI Co. Ltd. | 201 | 24886 |
| Shinhan Financial Group Co. Ltd. | 2091 | 75609 |
|  |  | 161832 |
| **Republic of South Africa - 0.8%**  | **Republic of South Africa - 0.8%**  | **Republic of South Africa - 0.8%**  |
| Woolworths Holdings Ltd. | 14347 | 44426 |
| **Singapore - 1.3%**  | **Singapore - 1.3%**  | **Singapore - 1.3%**  |
| CapitaLand Investment Ltd. | 36100 | 76009 |
| **Spain - 3.8%**  | **Spain - 3.8%**  | **Spain - 3.8%**  |
| Amadeus IT Group SA | 710 | 55643 |
| Iberdrola SA | 4009 | 72189 |
| Industria de Diseno Textil SA <sup>(B)</sup> <br>| 1775 | 94990 |
|  |  | 222822 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica International Sustainable Equity**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden - 1.7%**  | **Sweden - 1.7%**  | **Sweden - 1.7%**  |
| Atlas Copco AB, A Shares <sup>(B)</sup> <br>| 2901 | $44976 |
| Epiroc AB, Class A | 2651 | 57268 |
|  |  | 102244 |
| **Switzerland - 4.3%**  | **Switzerland - 4.3%**  | **Switzerland - 4.3%**  |
| DSM-Firmenich AG | 514 | 55504 |
| Lonza Group AG | 115 | 82013 |
| Roche Holding AG | 183 | 59710 |
| Sika AG | 216 | 53859 |
|  |  | 251086 |
| **Taiwan - 3.8%**  | **Taiwan - 3.8%**  | **Taiwan - 3.8%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 1327 | 221198 |
| **United Kingdom - 10.6%**  | **United Kingdom - 10.6%**  | **United Kingdom - 10.6%**  |
| AstraZeneca PLC | 526 | 75203 |
| Aviva PLC | 14420 | 107618 |
| Croda International PLC | 785 | 30873 |
| Greggs PLC | 3194 | 79046 |
| Haleon PLC | 16522 | 82879 |
| Halma PLC | 1716 | 63028 |
| National Grid PLC, ADR <sup>(B)</sup> <br>| 920 | 67160 |
| nVent Electric PLC | 875 | 48046 |
| RELX PLC | 1195 | 64770 |
|  |  | 618623 |
| **United States - 2.1%**  | **United States - 2.1%**  | **United States - 2.1%**  |
| Ferguson Enterprises, Inc. | 265 | 44960 |
| Linde PLC | 177 | 80222 |
|  |  | 125182 |
| **Uruguay - 1.3%**  | **Uruguay - 1.3%**  | **Uruguay - 1.3%**  |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 32 | 74587 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $5,062,103)**<br>|  | 5674931 |
| **PREFERRED STOCK - 0.0% \*** | **PREFERRED STOCK - 0.0% \*** | **PREFERRED STOCK - 0.0% \*** |
| **Brazil - 0.0% \*** | **Brazil - 0.0% \*** | **Brazil - 0.0% \*** |
| Klabin SA |  |  |
| 3.78% <sup>(C)</sup> <br>| 2 | 1 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $0)**<br>|  | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS - 0.0% \*** |  |  |
| **Republic of Korea - 0.0% \*** |  |  |
| &nbsp;&nbsp; Samsung SDI Co. Ltd. <br>Exercise Price KRW 146,200, <br>Expiration Date 05/22/2025 <sup>(A)</sup> <br>| 28 | 679 |
| &nbsp;&nbsp; **Total Rights** <br>**(Cost $0)**<br>|  | 679 |
| **OTHER INVESTMENT COMPANY - 3.2%**  | **OTHER INVESTMENT COMPANY - 3.2%**  | **OTHER INVESTMENT COMPANY - 3.2%**  |
| **Securities Lending Collateral - 3.2%**  | **Securities Lending Collateral - 3.2%**  | **Securities Lending Collateral - 3.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(C)</sup> <br>| 185081 | 185081 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $185,081)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $185,081)** | 185081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $149,311 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 01/31/2031, and <br> with a value of $152,328.<br>| $149303 | 149303 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $149,303)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $149,303)** | 149303 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $5,396,487)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $5,396,487)** | 6009995 |
| **Net Other Assets (Liabilities) - (2.8)%** | **Net Other Assets (Liabilities) - (2.8)%** | (166419) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$5843576** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 12.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $733892 |
| Pharmaceuticals | 7.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418569 |
| Chemicals | 5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352135 |
| Semiconductors & Semiconductor Equipment | 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315358 |
| Insurance | 5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302345 |
| Electronic Equipment, Instruments & Components | 3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237143 |
| Industrial Conglomerates | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217851 |
| Health Care Equipment & Supplies | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207142 |
| Professional Services | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200183 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica International Sustainable Equity**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Consumer Staples Distribution & Retail | 3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $179586 |
| Household Durables | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170456 |
| Automobiles | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167066 |
| Electrical Equipment | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164664 |
| Software | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163697 |
| Multi-Utilities | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138065 |
| Machinery | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134745 |
| Hotels, Restaurants & Leisure | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134689 |
| Wireless Telecommunication Services | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131997 |
| Building Products | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127383 |
| Food Products | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120005 |
| Broadline Retail | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119013 |
| Personal Care Products | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99081 |
| Capital Markets | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96673 |
| Specialty Retail | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94990 |
| Life Sciences Tools & Services | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82013 |
| Ground Transportation | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79210 |
| Real Estate Management & Development | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76009 |
| Electric Utilities | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72189 |
| Automobile Components | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72050 |
| IT Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68805 |
| Technology Hardware, Storage & Peripherals | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61337 |
| Biotechnology | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60484 |
| Trading Companies & Distributors | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44960 |
| Containers & Packaging | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31826 |
| **Investments** | **94.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5675611** |
| Short-Term Investments | 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334384 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6009995** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $1377422 | &nbsp;&nbsp; $4297509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5674931 |
| Rights |  | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 679 |
| Preferred Stock | 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Other Investment Company | 185081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 185081 |
| Repurchase Agreement |  | &nbsp;&nbsp; 149303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149303 |
| **Total Investments** | **$1562504** | &nbsp;&nbsp; **$4447491** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6009995** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $309,720, collateralized by cash collateral of $185,081 and non-cash* *collateral, such as U.S. government securities of $136,236. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica International Sustainable Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**CURRENCY ABBREVIATION(S):** 

*KRW* *South Korean Won*

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica International Sustainable Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $5,247,184) (including securities loaned of $309,720) | $5860692 |
| Repurchase agreement, at value (cost $149,303) | 149303 |
| Foreign currency, at value (cost $586) | 584 |
| Receivables and other assets: |  |
| Investments sold  | 1 |
| Net income from securities lending | 30 |
| Dividends  | 18710 |
| Interest | 7 |
| Tax reclaims | 3308 |
| Due from investment manager | 2878 |
| Prepaid expenses | 15199 |
| Total assets | 6050712 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 185081 |
| Payables and other liabilities: |  |
| Distribution and service fees | 22 |
| Transfer agent fees | 49 |
| Trustee and CCO fees | 23 |
| Audit and tax fees  | 10416 |
| Custody fees | 10227 |
| Legal fees | 26 |
| Printing and shareholder reports fees | 58 |
| Other accrued expenses | 1234 |
| Total liabilities | 207136 |
| **Net assets**  | $5843576 |
| **Net assets consist of:** |  |
| Paid-in capital | $5239022 |
| Total distributable earnings (accumulated losses) | 604554 |
| **Net assets** | $5843576 |
| **Net assets by class:** |  |
| Class A | $110663 |
| Class R6 | 5732913 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 9978 |
| Class R6 | 514568 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $11.09 |
| Class R6 | 11.14 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class R6 shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica International Sustainable Equity**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $58893 |
| Interest income | 703 |
| Net income from securities lending | 93 |
| Withholding taxes on foreign income | (7639)<br>|
| Total investment income  | 52050 |
| **Expenses:** |  |
| Investment management fees | 15676 |
| Distribution and service fees: |  |
| Class A | 316 |
| Transfer agent fees: |  |
| Class A | 91 |
| Class R6 | 204 |
| Trustee and CCO fees | 120 |
| Audit and tax fees | 11802 |
| Custody fees | 6987 |
| Legal fees | 536 |
| Printing and shareholder reports fees | 719 |
| Registration fees | 16909 |
| Filing fees | 4752 |
| Other | 1032 |
| Total expenses before waiver and/or reimbursement and recapture | 59144 |
| Expenses waived and/or reimbursed: |  |
| Class A | (1772)<br>|
| Class R6 | (36951)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 67 |
| Class R6 | 8 |
| Net expenses | 20496 |
| **Net investment income (loss)** | 31554 |
| **Net realized gain (loss) on:** |  |
| Investments | (35014)<br>|
| Foreign currency transactions | (494)<br>|
| Net realized gain (loss) | (35508)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 177837 |
| Translation of assets and liabilities denominated in foreign currencies | 811 |
| Net change in unrealized appreciation (depreciation) | 178648 |
| Net realized and change in unrealized gain (loss) | 143140 |
| **Net increase (decrease) in net assets resulting from operations** | $174694 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica International Sustainable Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $31554 | &nbsp;&nbsp;&nbsp;&nbsp; $86382 |
| Net realized gain (loss) | (35508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30347 |
| Net change in unrealized appreciation (depreciation) | 178648 | &nbsp;&nbsp;&nbsp;&nbsp; 939729 |
| Net increase (decrease) in net assets resulting from operations | 174694 | &nbsp;&nbsp;&nbsp;&nbsp; 1056458 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (4249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3607)<br>|
| Class R6 | (86809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73403)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (91058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77010)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 1273 | &nbsp;&nbsp;&nbsp;&nbsp; 293043 |
| Class R6 | 937 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 2210 | &nbsp;&nbsp;&nbsp;&nbsp; 293043 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 4249 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 |
| Class R6 | 86809 | &nbsp;&nbsp;&nbsp;&nbsp; 73403 |
|  | 91058 | &nbsp;&nbsp;&nbsp;&nbsp; 77010 |
| Cost of shares redeemed: |  |  |
| Class A | (205458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15193)<br>|
|  | (205458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15193)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (112190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 354860 |
| **Net increase (decrease) in net assets** | (28554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1334308 |
| **Net assets:** |  |  |
| Beginning of period/year | 5872130 | &nbsp;&nbsp;&nbsp;&nbsp; 4537822 |
| End of period/year | $5843576 | &nbsp;&nbsp;&nbsp;&nbsp; $5872130 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 118 | &nbsp;&nbsp;&nbsp;&nbsp; 28523 |
| Class R6 | 86 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 204 | &nbsp;&nbsp;&nbsp;&nbsp; 28523 |
| Shares reinvested: |  |  |
| Class A | 408 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| Class R6 | 8307 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
|  | 8715 | &nbsp;&nbsp;&nbsp;&nbsp; 7529 |
| Shares redeemed: |  |  |
| Class A | (19266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1441)<br>|
|  | (19266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1441)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (18740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27436 |
| Class R6 | 8393 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
|  | (10347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34611 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica International Sustainable Equity**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.92 | $9.05 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.02 | 0.15 | 0.09 |
| Net realized and unrealized gain (loss) | 0.30 | 1.87 | (1.04)<br>|
| Total investment operations | 0.32 | 2.02 | (0.95)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.14)<br>| (0.15)<br>|  |
| Net realized gains | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.15)<br>|  |
| **Net asset value, end of period/year** | $11.09 | $10.92 | $9.05 |
| **Total return** <sup>(C)</sup> <br>| 3.00 %<sup>(D)</sup><br>| 22.39<br> %<br>| (9.50 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $111 | $314 | $12 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.37 %<sup>(E)</sup><br>| 2.35<br> %<br>| 6.23 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.02 %<sup>(E)</sup><br>| 1.00<br> %<br>| 1.10 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.35 %<sup>(E)</sup><br>| 1.40<br> %<br>| 1.54 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 7 %<sup>(D)</sup><br>| 22<br> %<br>| 7 %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.98 | $9.07 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.06 | 0.16 | 0.11 |
| Net realized and unrealized gain (loss) | 0.27 | 1.90 | (1.04)<br>|
| Total investment operations | 0.33 | 2.06 | (0.93)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.16)<br>| (0.15)<br>|  |
| Net realized gains | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.17)<br>| (0.15)<br>|  |
| **Net asset value, end of period/year** | $11.14 | $10.98 | $9.07 |
| **Total return** | 3.12 %<sup>(C)</sup><br>| 22.80<br> %<br>| (9.30 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $5733 | $5558 | $4526 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.06 %<sup>(D)</sup><br>| 2.06<br> %<br>| 5.73 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(D)</sup><br>| 0.70<br> %<br>| 0.70 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.14 %<sup>(D)</sup><br>| 1.55<br> %<br>| 1.94 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 7 %<sup>(C)</sup><br>| 22<br> %<br>| 7 %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Sustainable Equity (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class A and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $22.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*Rights:* Rights may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights are priced at zero. Rights are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $185081 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185081 |
| **Total Borrowings** | **$185081** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$185081** |

---

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its sustainability strategy.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used,

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica International Sustainable Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $5733132 | 98.11<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.55<br> % <br>|
| Over $500 million up to $1 billion | 0.53 |
| Over $1 billion up to $2 billion | 0.52 |
| Over $2 billion up to $3 billion | 0.51 |
| Over $3 billion | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.10<br> % <br>| March 1, 2026 |
| Class R6 | 0.70 | March 1, 2026 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Sustainable Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** <sup>(B)</sup> <br>| **2024** | **2025** | **Total** |
| Class A | $— | $— | $3628 | $1674 | $5302 |
| Class R6 |  | 139426 | 80688 | 36951 | 257065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.* <br> <sup>(B)</sup> *Commenced operations on March 31, 2023.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $74 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica International Sustainable Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $292 | &nbsp;&nbsp; $48 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $418348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $659148 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $5396487 | &nbsp;&nbsp; $982879 | &nbsp;&nbsp; $(369371)<br>| &nbsp;&nbsp; $613508 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica International Sustainable Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**10. SUBSEQUENT EVENT**

Effective as of the close of business on July 13, 2025, the Fund will be closed to most new investors. Existing investors of the Fund, retirement plans in which the Fund is a plan option, and any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the Fund as a plan option, will be able to continue to purchase shares in the Fund after the close date. The Fund will remain closed until further notice. The Fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica International Sustainable Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica International Sustainable Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica International Sustainable Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica International Sustainable Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

![](g947814imgb15cdaac3.gif)

![](g947814imgabf01df74.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA INTL SUS EQTY 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img925c66465.gif)

------

![](g947814imgd75cc4be1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Large Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imge06bb7182.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_SOI-RunningFooter-157_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_FS-RunningFooter-157_1) | 4 |
| [Statement of Operations](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_FS-RunningFooter-157_2) | 5 |
| [Statement of Changes in Net Assets](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_FS-RunningFooter-157_3) | 6 |
| [Financial Highlights](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_FIHI-RunningFooter-157_1) | 8 |
| [Notes to Financial Statements](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_NTF-RunningFooter-157_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_DWA-RunningFooter-157_1)**<br> **[Companies](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_DWA-RunningFooter-157_1)**<br>| 19 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_PD-RunningFooter-157_1)** | 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_REMU-RunningFooter-157_1)**<br> **[Companies](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_REMU-RunningFooter-157_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3b9632ab-c229-4cee-aa5b-a5e2f38356bb_AIAC-RunningFooter-157_1)** | 22 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.9%**  | **COMMON STOCKS - 98.9%**  | **COMMON STOCKS - 98.9%**  |
| **Aerospace & Defense - 4.1%**  | **Aerospace & Defense - 4.1%**  | **Aerospace & Defense - 4.1%**  |
| RTX Corp. | 441121 | $55638592 |
| Textron, Inc. | 313901 | 22089213 |
|  |  | 77727805 |
| **Automobiles - 1.7%**  | **Automobiles - 1.7%**  | **Automobiles - 1.7%**  |
| General Motors Co. | 687213 | 31089516 |
| **Banks - 10.4%**  | **Banks - 10.4%**  | **Banks - 10.4%**  |
| Bank of America Corp. | 1012584 | 40381850 |
| JPMorgan Chase & Co. | 346543 | 84771349 |
| Wells Fargo & Co. | 974446 | 69195410 |
|  |  | 194348609 |
| **Beverages - 2.0%**  | **Beverages - 2.0%**  | **Beverages - 2.0%**  |
| PepsiCo, Inc. | 278673 | 37782485 |
| **Biotechnology - 4.9%**  | **Biotechnology - 4.9%**  | **Biotechnology - 4.9%**  |
| AbbVie, Inc. | 268128 | 52311773 |
| Gilead Sciences, Inc. | 379048 | 40383774 |
|  |  | 92695547 |
| **Capital Markets - 7.7%**  | **Capital Markets - 7.7%**  | **Capital Markets - 7.7%**  |
| Blackrock, Inc. | 64097 | 58601323 |
| Goldman Sachs Group, Inc. | 52916 | 28974156 |
| Intercontinental Exchange, Inc. | 342676 | 57559288 |
|  |  | 145134767 |
| **Chemicals - 1.8%**  | **Chemicals - 1.8%**  | **Chemicals - 1.8%**  |
| Air Products & Chemicals, Inc. | 127951 | 34686237 |
| **Communications Equipment - 2.0%**  | **Communications Equipment - 2.0%**  | **Communications Equipment - 2.0%**  |
| Motorola Solutions, Inc. | 85107 | 37480272 |
| **Construction & Engineering - 2.3%**  | **Construction & Engineering - 2.3%**  | **Construction & Engineering - 2.3%**  |
| Quanta Services, Inc. | 149105 | 43641543 |
| **Construction Materials - 2.2%**  | **Construction Materials - 2.2%**  | **Construction Materials - 2.2%**  |
| Martin Marietta Materials, Inc. | 78633 | 41202119 |
| **Electric Utilities - 2.2%**  | **Electric Utilities - 2.2%**  | **Electric Utilities - 2.2%**  |
| Duke Energy Corp. | 345072 | 42105685 |
| **Electrical Equipment - 3.9%**  | **Electrical Equipment - 3.9%**  | **Electrical Equipment - 3.9%**  |
| GE Vernova, Inc. | 121543 | 45070575 |
| Rockwell Automation, Inc. | 111331 | 27574462 |
|  |  | 72645037 |
| **Energy Equipment & Services - 1.3%**  | **Energy Equipment & Services - 1.3%**  | **Energy Equipment & Services - 1.3%**  |
| Schlumberger NV | 759958 | 25268604 |
| **Entertainment - 2.2%**  | **Entertainment - 2.2%**  | **Entertainment - 2.2%**  |
| Walt Disney Co. | 456224 | 41493573 |
| **Food Products - 3.2%**  | **Food Products - 3.2%**  | **Food Products - 3.2%**  |
| Mondelez International, Inc., Class A | 504374 | 34363000 |
| Tyson Foods, Inc., Class A | 404586 | 24776847 |
|  |  | 59139847 |
| **Ground Transportation - 1.6%**  | **Ground Transportation - 1.6%**  | **Ground Transportation - 1.6%**  |
| CSX Corp. | 1052006 | 29529808 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 6.1%**  | **Health Care Equipment & Supplies - 6.1%**  | **Health Care Equipment & Supplies - 6.1%**  |
| Abbott Laboratories | 478318 | $62540078 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 506686 | 52122789 |
|  |  | 114662867 |
| **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  |
| Cencora, Inc. | 157652 | 46140011 |
| UnitedHealth Group, Inc. | 102907 | 42340056 |
|  |  | 88480067 |
| **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  |
| Prologis, Inc. | 277741 | 28385130 |
| **Insurance - 2.9%**  | **Insurance - 2.9%**  | **Insurance - 2.9%**  |
| Hartford Insurance Group, Inc. | 441865 | 54203580 |
| **Interactive Media & Services - 3.5%**  | **Interactive Media & Services - 3.5%**  | **Interactive Media & Services - 3.5%**  |
| Alphabet, Inc., Class A | 190152 | 30196138 |
| Meta Platforms, Inc., Class A | 64214 | 35253486 |
|  |  | 65449624 |
| **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  |
| Thermo Fisher Scientific, Inc. | 80336 | 34464144 |
| **Machinery - 2.4%**  | **Machinery - 2.4%**  | **Machinery - 2.4%**  |
| Parker-Hannifin Corp. | 75788 | 45856287 |
| **Media - 2.2%**  | **Media - 2.2%**  | **Media - 2.2%**  |
| Fox Corp., Class A | 813047 | 40481610 |
| **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  |
| Freeport-McMoRan, Inc. | 597925 | 21543238 |
| **Oil, Gas & Consumable Fuels - 5.5%**  | **Oil, Gas & Consumable Fuels - 5.5%**  | **Oil, Gas & Consumable Fuels - 5.5%**  |
| ConocoPhillips | 415122 | 36995673 |
| Exxon Mobil Corp. | 630527 | 66602567 |
|  |  | 103598240 |
| **Passenger Airlines - 1.5%**  | **Passenger Airlines - 1.5%**  | **Passenger Airlines - 1.5%**  |
| Delta Air Lines, Inc. | 682913 | 28429668 |
| **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  |
| Merck & Co., Inc. | 312513 | 26626108 |
| **Semiconductors & Semiconductor Equipment - 2.9%**  | **Semiconductors & Semiconductor Equipment - 2.9%**  | **Semiconductors & Semiconductor Equipment - 2.9%**  |
| Broadcom, Inc. | 152129 | 29280269 |
| Micron Technology, Inc. | 324075 | 24937571 |
|  |  | 54217840 |
| **Software - 1.7%**  | **Software - 1.7%**  | **Software - 1.7%**  |
| Microsoft Corp. | 79266 | 31330679 |
| **Specialized REITs - 2.2%**  | **Specialized REITs - 2.2%**  | **Specialized REITs - 2.2%**  |
| American Tower Corp. | 184761 | 41646977 |
| **Specialty Retail - 3.9%**  | **Specialty Retail - 3.9%**  | **Specialty Retail - 3.9%**  |
| Lowe's Cos., Inc. | 156096 | 34896822 |
| TJX Cos., Inc. | 291002 | 37446137 |
|  |  | 72342959 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $1,407,740,241)**<br>|  | 1857690472 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Large Cap Value**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.9%**  | **REPURCHASE AGREEMENT - 1.9%**  | **REPURCHASE AGREEMENT - 1.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $35,610,314 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.63%, due 05/15/2030, and <br> with a value of $36,320,717.<br>| $35608533 | $35608533 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $35,608,533)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $35,608,533)** | 35608533 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,443,348,774)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,443,348,774)** | 1893299005 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (15176712) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1878122293** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $1857690472 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1857690472 |
| Repurchase Agreement |  | &nbsp;&nbsp; 35608533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35608533 |
| **Total Investments** | **$1857690472** | &nbsp;&nbsp; **$35608533** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1893299005** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Large Cap Value**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,407,740,241) | $1857690472 |
| Repurchase agreement, at value (cost $35,608,533) | 35608533 |
| Cash | 657618 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 3775394 |
| Dividends  | 1265013 |
| Interest | 1780 |
| Prepaid expenses | 8797 |
| Total assets | 1899007607 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 19765379 |
| Investment management fees | 891988 |
| Distribution and service fees | 34424 |
| Transfer agent fees | 38002 |
| Trustee and CCO fees | 6832 |
| Audit and tax fees  | 18841 |
| Custody fees | 64800 |
| Legal fees | 19855 |
| Printing and shareholder reports fees | 14776 |
| Other accrued expenses | 30417 |
| Total liabilities | 20885314 |
| **Net assets**  | $1878122293 |
| **Net assets consist of:** |  |
| Paid-in capital | $1410497607 |
| Total distributable earnings (accumulated losses) | 467624686 |
| **Net assets** | $1878122293 |
| **Net assets by class:** |  |
| Class A | $119910518 |
| Class C | 13520739 |
| Class I | 156833698 |
| Class I2 | 1513431479 |
| Class R6 | 74425859 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 8555537 |
| Class C | 972687 |
| Class I | 11035827 |
| Class I2 | 107093818 |
| Class R6 | 5266084 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.02 |
| Class C | 13.90 |
| Class I | 14.21 |
| Class I2 | 14.13 |
| Class R6 | 14.13 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $14.84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Large Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $17976678 |
| Interest income | 398118 |
| Total investment income  | 18374796 |
| **Expenses:** |  |
| Investment management fees | 5869467 |
| Distribution and service fees: |  |
| Class A | 147207 |
| Class C | 63507 |
| Transfer agent fees: |  |
| Class A | 75595 |
| Class C | 8781 |
| Class I | 81338 |
| Class I2 | 61334 |
| Class R6 | 2953 |
| Trustee and CCO fees | 40423 |
| Audit and tax fees | 19778 |
| Custody fees | 50243 |
| Legal fees | 60121 |
| Printing and shareholder reports fees | 50168 |
| Registration fees | 45908 |
| Other | 45572 |
| Total expenses before waiver and/or reimbursement and recapture | 6622395 |
| Expenses waived and/or reimbursed: |  |
| Class I | (70578)<br>|
| Net expenses | 6551817 |
| **Net investment income (loss)** | 11822979 |
| **Net realized gain (loss) on:** |  |
| Investments | 31585134 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (113217974)<br>|
| Net realized and change in unrealized gain (loss) | (81632840)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(69809861)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Large Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $11822979 | &nbsp;&nbsp;&nbsp;&nbsp; $21588584 |
| Net realized gain (loss) | 31585134 | &nbsp;&nbsp;&nbsp;&nbsp; 30306876 |
| Net change in unrealized appreciation (depreciation) | (113217974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 438829980 |
| Net increase (decrease) in net assets resulting from operations | (69809861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 490725440 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2766779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6532969)<br>|
| Class C | (242353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1070382)<br>|
| Class I | (3712522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8218852)<br>|
| Class I2 | (38718397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116725336)<br>|
| Class R6 | (1818032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3757254)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (47258083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136304793)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 59788697 | &nbsp;&nbsp;&nbsp;&nbsp; 21460841 |
| Class C | 3687782 | &nbsp;&nbsp;&nbsp;&nbsp; 1526898 |
| Class I | 55723834 | &nbsp;&nbsp;&nbsp;&nbsp; 84646471 |
| Class I2 | 130513006 | &nbsp;&nbsp;&nbsp;&nbsp; 408518545 |
| Class R6 | 25895407 | &nbsp;&nbsp;&nbsp;&nbsp; 43084904 |
|  | 275608726 | &nbsp;&nbsp;&nbsp;&nbsp; 559237659 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2517049 | &nbsp;&nbsp;&nbsp;&nbsp; 5887326 |
| Class C | 213232 | &nbsp;&nbsp;&nbsp;&nbsp; 919131 |
| Class I | 3283914 | &nbsp;&nbsp;&nbsp;&nbsp; 7102791 |
| Class I2 | 38718397 | &nbsp;&nbsp;&nbsp;&nbsp; 116725336 |
| Class R6 | 1818032 | &nbsp;&nbsp;&nbsp;&nbsp; 3757254 |
|  | 46550624 | &nbsp;&nbsp;&nbsp;&nbsp; 134391838 |
| Cost of shares redeemed: |  |  |
| Class A | (40421296)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21176783)<br>|
| Class C | (1035120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3081367)<br>|
| Class I | (30148210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63997011)<br>|
| Class I2 | (158983734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (309211500)<br>|
| Class R6 | (18435737)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30271372)<br>|
|  | (249024097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (427738033)<br>|
| Automatic conversions: |  |  |
| Class A | 2431508 | &nbsp;&nbsp;&nbsp;&nbsp; 2869610 |
| Class C | (2431508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2869610)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 73135253 | &nbsp;&nbsp;&nbsp;&nbsp; 265891464 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 522 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1052 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| **Net increase (decrease) in net assets** | (43932691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 620313685 |
| **Net assets:** |  |  |
| Beginning of period/year | 1922054984 | &nbsp;&nbsp;&nbsp;&nbsp; 1301741299 |
| End of period/year | $1878122293 | &nbsp;&nbsp;&nbsp;&nbsp; $1922054984 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Large Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 4064281 | &nbsp;&nbsp;&nbsp;&nbsp; 1545495 |
| Class C | 259229 | &nbsp;&nbsp;&nbsp;&nbsp; 111578 |
| Class I | 3696736 | &nbsp;&nbsp;&nbsp;&nbsp; 5984885 |
| Class I2 | 8688720 | &nbsp;&nbsp;&nbsp;&nbsp; 30442236 |
| Class R6 | 1754986 | &nbsp;&nbsp;&nbsp;&nbsp; 3274087 |
|  | 18463952 | &nbsp;&nbsp;&nbsp;&nbsp; 41358281 |
| Shares reinvested: |  |  |
| Class A | 174242 | &nbsp;&nbsp;&nbsp;&nbsp; 465071 |
| Class C | 14879 | &nbsp;&nbsp;&nbsp;&nbsp; 73886 |
| Class I | 224339 | &nbsp;&nbsp;&nbsp;&nbsp; 552719 |
| Class I2 | 2659681 | &nbsp;&nbsp;&nbsp;&nbsp; 9125926 |
| Class R6 | 124875 | &nbsp;&nbsp;&nbsp;&nbsp; 291476 |
|  | 3198016 | &nbsp;&nbsp;&nbsp;&nbsp; 10509078 |
| Shares redeemed: |  |  |
| Class A | (2757587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1543206)<br>|
| Class C | (70159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229857)<br>|
| Class I | (2048226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4622962)<br>|
| Class I2 | (11165399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22819498)<br>|
| Class R6 | (1247865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2168892)<br>|
|  | (17289236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31384415)<br>|
| Automatic conversions: |  |  |
| Class A | 164206 | &nbsp;&nbsp;&nbsp;&nbsp; 209016 |
| Class C | (165581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (210829)<br>|
|  | (1375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1813)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1645142 | &nbsp;&nbsp;&nbsp;&nbsp; 676376 |
| Class C | 38368 | &nbsp;&nbsp;&nbsp;&nbsp; (255222)<br>|
| Class I | 1872849 | &nbsp;&nbsp;&nbsp;&nbsp; 1914642 |
| Class I2 | 183002 | &nbsp;&nbsp;&nbsp;&nbsp; 16748664 |
| Class R6 | 631996 | &nbsp;&nbsp;&nbsp;&nbsp; 1396671 |
|  | 4371357 | &nbsp;&nbsp;&nbsp;&nbsp; 20481131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Large Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.84 | $11.96 | $12.80 | $14.07 | $9.10 | $10.97 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.12 | 0.12 | 0.11 | 0.09 | 0.19 |
| Net realized and unrealized gain (loss) | (0.54)<br>| 3.82 | (0.13 )<sup>(B)</sup><br>| (1.03)<br>| 4.98 | (1.57)<br>|
| Total investment operations | (0.48)<br>| 3.94 | (0.01)<br>| (0.92)<br>| 5.07 | (1.38)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.12)<br>| (0.13)<br>| (0.12)<br>| (0.10)<br>| (0.18)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  | (0.31)<br>|
| Total dividends and/or distributions to shareholders | (0.34)<br>| (1.06)<br>| (0.83)<br>| (0.35)<br>| (0.10)<br>| (0.49)<br>|
| **Net asset value, end of period/year** | $14.02 | $14.84 | $11.96 | $12.80 | $14.07 | $9.10 |
| **Total return** <sup>(F)</sup> <br>| (3.32 )%<sup>(G)</sup><br>| 34.49 %<sup>(D)</sup><br>| (0.12)%<br>| (6.69 )%<sup>(E)</sup><br>| 55.91<br> %<br>| (13.06)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $119910 | $102530 | $74589 | $77059 | $82859 | $50011 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00 %<sup>(H)</sup><br>| 0.98<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(H)</sup><br>| 0.98<br> %<br>| 1.00 %<sup>(I)</sup><br>| 0.98 %<sup>(I)</sup><br>| 0.99 %<sup>(I)</sup><br>| 1.07 %<sup>(I)</sup><br>|
| Net investment income (loss) to average net assets | 0.83 %<sup>(H)</sup><br>| 0.91<br> %<br>| 0.98<br> %<br>| 0.81<br> %<br>| 0.76<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(G)</sup><br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>| 184<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.71 | $11.87 | $12.70 | $13.95 | $9.05 | $10.90 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.01 | 0.02 | 0.03 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.12 |
| Net realized and unrealized gain (loss) | (0.54)<br>| 3.77 | (0.13 )<sup>(C)</sup><br>| (1.02)<br>| 4.94 | (1.57)<br>|
| Total investment operations | (0.53)<br>| 3.79 | (0.10)<br>| (1.01)<br>| 4.94 | (1.45)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.01)<br>| (0.03)<br>| (0.01)<br>| (0.04)<br>| (0.09)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  | (0.31)<br>|
| Total dividends and/or distributions to shareholders | (0.28)<br>| (0.95)<br>| (0.73)<br>| (0.24)<br>| (0.04)<br>| (0.40)<br>|
| **Net asset value, end of period/year** | $13.90 | $14.71 | $11.87 | $12.70 | $13.95 | $9.05 |
| **Total return** <sup>(F)</sup> <br>| (3.69 )%<sup>(G)</sup><br>| 33.37 %<sup>(D)</sup><br>| (0.84)%<br>| (7.34 )%<sup>(E)</sup><br>| 54.71<br> %<br>| (13.77)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $13521 | $13747 | $14119 | $17682 | $19204 | $14804 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.76 %<sup>(H)</sup><br>| 1.75<br> %<br>| 1.77<br> %<br>| 1.75<br> %<br>| 1.76<br> %<br>| 1.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.76 %<sup>(H)</sup><br>| 1.75<br> %<br>| 1.77 %<sup>(I)</sup><br>| 1.75 %<sup>(I)</sup><br>| 1.76 %<sup>(I)</sup><br>| 1.83 %<sup>(I)</sup><br>|
| Net investment income (loss) to average net assets | 0.08 %<sup>(H)</sup><br>| 0.16<br> %<br>| 0.22<br> %<br>| 0.04<br> %<br>| 0.02<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(G)</sup><br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>| 184<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.01%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.01%.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Large Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.03 | $12.10 | $12.92 | $14.19 | $9.17 | $11.05 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.17 | 0.17 | 0.16 | 0.14 | 0.24 |
| Net realized and unrealized gain (loss) | (0.56)<br>| 3.85 | (0.12 )<sup>(B)</sup><br>| (1.04)<br>| 5.01 | (1.59)<br>|
| Total investment operations | (0.47)<br>| 4.02 | 0.05 | (0.88)<br>| 5.15 | (1.35)<br>|
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.15)<br>| (0.17)<br>| (0.17)<br>| (0.13)<br>| (0.22)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  | (0.31)<br>|
| Total dividends and/or distributions to shareholders | (0.35)<br>| (1.09)<br>| (0.87)<br>| (0.40)<br>| (0.13)<br>| (0.53)<br>|
| **Net asset value, end of period/year** | $14.21 | $15.03 | $12.10 | $12.92 | $14.19 | $9.17 |
| **Total return** | (3.17 )%<sup>(D)</sup><br>| 34.84<br> %<br>| 0.32<br> %<br>| (6.27 )%<sup>(C)</sup><br>| 56.42<br> %<br>| (12.67)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $156834 | $137717 | $87679 | $99796 | $108943 | $72131 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.72 %<sup>(E)</sup><br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.63 %<sup>(E)(F)</sup><br>| 0.63 %<sup>(F)</sup><br>| 0.64 %<sup>(F)</sup><br>| 0.63 %<sup>(F)(G)</sup><br>| 0.63 %<sup>(G)</sup><br>| 0.68 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.20 %<sup>(E)</sup><br>| 1.24<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 2.38<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(D)</sup><br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>| 184<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.95 | $12.05 | $12.88 | $14.16 | $9.16 | $11.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.17 | 0.17 | 0.16 | 0.14 | 0.21 |
| Net realized and unrealized gain (loss) | (0.55)<br>| 3.84 | (0.12 )<sup>(B)</sup><br>| (1.05)<br>| 5.00 | (1.56)<br>|
| Total investment operations | (0.46)<br>| 4.01 | 0.05 | (0.89)<br>| 5.14 | (1.35)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>| (0.22)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  | (0.31)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>| (0.53)<br>|
| **Net asset value, end of period/year** | $14.13 | $14.95 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Total return** | (3.14 )%<sup>(C)</sup><br>| 34.85<br> %<br>| 0.34<br> %<br>| (6.37)%<br>| 56.43<br> %<br>| (12.66)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1513431 | $1598755 | $1086343 | $1684204 | $2294601 | $1454992 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63 %<sup>(D)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.66<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63 %<sup>(D)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>| 0.66 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.21 %<sup>(D)</sup><br>| 1.25<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 2.23<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(C)</sup><br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>| 184<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Large Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.96 | $12.05 | $12.88 | $14.16 | $9.16 | $11.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.17 | 0.17 | 0.15 | 0.15 | 0.22 |
| Net realized and unrealized gain (loss) | (0.56)<br>| 3.85 | (0.12 )<sup>(B)</sup><br>| (1.04)<br>| 4.99 | (1.57)<br>|
| Total investment operations | (0.47)<br>| 4.02 | 0.05 | (0.89)<br>| 5.14 | (1.35)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>| (0.22)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  | (0.31)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>| (0.53)<br>|
| **Net asset value, end of period/year** | $14.13 | $14.96 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Total return** | (3.21 )%<sup>(C)</sup><br>| 34.94<br> %<br>| 0.33<br> %<br>| (6.37)%<br>| 56.42<br> %<br>| (12.66)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $74426 | $69306 | $39011 | $43589 | $24977 | $25121 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(D)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.66<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62 %<sup>(D)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62 %<sup>(E)</sup><br>| 0.66 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.20 %<sup>(D)</sup><br>| 1.23<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.23<br> %<br>| 2.30<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(C)</sup><br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>| 184<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Large Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Large Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Large Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $10,553.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Large Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1526349988 | 81.27<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.594<br> % <br>|
| Over $1 billion up to $2 billion | 0.580 |
| Over $2 billion up to $3 billion | 0.560 |
| Over $3 billion | 0.540 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.05<br> % <br>| March 1, 2026 |
| Class C | 1.81 | March 1, 2026 |
| Class I | 0.77 | March 1, 2026 |
| Class I2, Class R6 | 0.67 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of April 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $66987 | &nbsp;&nbsp;&nbsp;&nbsp; 4768 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 137 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $228184 | &nbsp;&nbsp; $37729 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $367522649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298427417 | &nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1443348774 | &nbsp;&nbsp; $499259919 | &nbsp;&nbsp; $(49309688)<br>| &nbsp;&nbsp; $449950231 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Large Cap Value** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Large Cap Value** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Large Cap Value** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Large Cap Value** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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![](g947814imgd3c8245e3.gif)

![](g947814imgb7aee6ac4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA LCV 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img2d047ed75.gif)

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![](g947814imgb1916dbb1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Large Core ESG**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img14be5e6f2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_068d2584-166e-47b4-af7b-91b53c662678_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_068d2584-166e-47b4-af7b-91b53c662678_SOI-RunningFooter-146_1) | 2 |
| [Statement of Assets and Liabilities](#xx_068d2584-166e-47b4-af7b-91b53c662678_FS-RunningFooter-146_1) | 6 |
| [Statement of Operations](#xx_068d2584-166e-47b4-af7b-91b53c662678_FS-RunningFooter-146_2) | 7 |
| [Statement of Changes in Net Assets](#xx_068d2584-166e-47b4-af7b-91b53c662678_FS-RunningFooter-146_3) | 8 |
| [Financial Highlights](#xx_068d2584-166e-47b4-af7b-91b53c662678_FIHI-RunningFooter-146_1) | 10 |
| [Notes to Financial Statements](#xx_068d2584-166e-47b4-af7b-91b53c662678_NTF-RunningFooter-146_1) | 13 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_068d2584-166e-47b4-af7b-91b53c662678_DWA-RunningFooter-146_1)**<br> **[Companies](#xx_068d2584-166e-47b4-af7b-91b53c662678_DWA-RunningFooter-146_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_068d2584-166e-47b4-af7b-91b53c662678_PD-RunningFooter-146_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_068d2584-166e-47b4-af7b-91b53c662678_REMU-RunningFooter-146_1)**<br> **[Companies](#xx_068d2584-166e-47b4-af7b-91b53c662678_REMU-RunningFooter-146_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_068d2584-166e-47b4-af7b-91b53c662678_AIAC-RunningFooter-146_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 370 | $226921 |
| Howmet Aerospace, Inc. | 8636 | 1196777 |
|  |  | 1423698 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| Aptiv PLC <sup>(A)</sup> <br>| 2156 | 123021 |
| **Automobiles - 0.5%**  | **Automobiles - 0.5%**  | **Automobiles - 0.5%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 2585 | 729384 |
| **Banks - 3.1%**  | **Banks - 3.1%**  | **Banks - 3.1%**  |
| Bank of America Corp. | 10531 | 419976 |
| JPMorgan Chase & Co. | 15023 | 3674926 |
| U.S. Bancorp | 12473 | 503161 |
|  |  | 4598063 |
| **Beverages - 1.4%**  | **Beverages - 1.4%**  | **Beverages - 1.4%**  |
| Coca-Cola Co. | 3168 | 229838 |
| PepsiCo, Inc. | 14070 | 1907611 |
|  |  | 2137449 |
| **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  |
| AbbVie, Inc. | 1644 | 320744 |
| Amgen, Inc. | 2750 | 800030 |
| Gilead Sciences, Inc. | 5218 | 555926 |
|  |  | 1676700 |
| **Broadline Retail - 3.3%**  | **Broadline Retail - 3.3%**  | **Broadline Retail - 3.3%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 20938 | 3861386 |
| eBay, Inc. | 15929 | 1085721 |
|  |  | 4947107 |
| **Building Products - 1.5%**  | **Building Products - 1.5%**  | **Building Products - 1.5%**  |
| Allegion PLC | 1780 | 247776 |
| Lennox International, Inc. | 98 | 53581 |
| Trane Technologies PLC | 4906 | 1880519 |
|  |  | 2181876 |
| **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  |
| Ameriprise Financial, Inc. | 1380 | 650008 |
| Intercontinental Exchange, Inc. | 1457 | 244732 |
| Moody's Corp. | 2634 | 1193518 |
| Morgan Stanley | 14175 | 1636079 |
| S&P Global, Inc. | 901 | 450545 |
|  |  | 4174882 |
| **Chemicals - 1.0%**  | **Chemicals - 1.0%**  | **Chemicals - 1.0%**  |
| Ecolab, Inc. | 6237 | 1568169 |
| **Commercial Services & Supplies - 1.1%**  | **Commercial Services & Supplies - 1.1%**  | **Commercial Services & Supplies - 1.1%**  |
| Cintas Corp. | 8019 | 1697462 |
| **Communications Equipment - 2.6%**  | **Communications Equipment - 2.6%**  | **Communications Equipment - 2.6%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 16708 | 1374567 |
| Cisco Systems, Inc. | 37613 | 2171398 |
| F5, Inc. <sup>(A)</sup> <br>| 140 | 37064 |
| Motorola Solutions, Inc. | 646 | 284492 |
|  |  | 3867521 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  |
| Comfort Systems USA, Inc. | 1441 | $572870 |
| EMCOR Group, Inc. | 125 | 50087 |
|  |  | 622957 |
| **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  |
| American Express Co. | 2169 | 577843 |
| Capital One Financial Corp. | 4466 | 805041 |
| Discover Financial Services | 2294 | 419045 |
| Synchrony Financial | 124 | 6442 |
|  |  | 1808371 |
| **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  |
| Costco Wholesale Corp. | 1260 | 1253070 |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| Ball Corp. | 2981 | 154833 |
| Crown Holdings, Inc. | 1665 | 160390 |
|  |  | 315223 |
| **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  |
| Verizon Communications, Inc. | 39885 | 1757333 |
| **Electric Utilities - 1.2%**  | **Electric Utilities - 1.2%**  | **Electric Utilities - 1.2%**  |
| Duke Energy Corp. | 5846 | 713329 |
| Edison International | 13298 | 711576 |
| FirstEnergy Corp. | 10249 | 439477 |
|  |  | 1864382 |
| **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  |
| Acuity, Inc. | 781 | 190260 |
| GE Vernova, Inc. | 277 | 102717 |
| Generac Holdings, Inc. <sup>(A)</sup> <br>| 1921 | 219724 |
|  |  | 512701 |
| **Electronic Equipment, Instruments & Components - 0.8%**  | **Electronic Equipment, Instruments & Components - 0.8%**  | **Electronic Equipment, Instruments & Components - 0.8%**  |
| TE Connectivity PLC | 7366 | 1078235 |
| Zebra Technologies Corp., Class A <sup>(A)</sup> <br>| 432 | 108138 |
|  |  | 1186373 |
| **Energy Equipment & Services - 1.0%**  | **Energy Equipment & Services - 1.0%**  | **Energy Equipment & Services - 1.0%**  |
| Baker Hughes Co. | 32447 | 1148624 |
| Schlumberger NV | 2 | 66 |
| TechnipFMC PLC | 11318 | 318828 |
|  |  | 1467518 |
| **Entertainment - 1.0%**  | **Entertainment - 1.0%**  | **Entertainment - 1.0%**  |
| Electronic Arts, Inc. | 8877 | 1287964 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 660 | 153991 |
|  |  | 1441955 |
| **Financial Services - 6.0%**  | **Financial Services - 6.0%**  | **Financial Services - 6.0%**  |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 2780 | 1482435 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 2125 | 392211 |
| Mastercard, Inc., Class A | 5363 | 2939246 |
| PayPal Holdings, Inc. <sup>(A)</sup> <br>| 12894 | 848941 |
| Visa, Inc., Class A | 9741 | 3365515 |
|  |  | 9028348 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 0.0% \*** | **Food Products - 0.0% \*** | **Food Products - 0.0% \*** |
| Hershey Co. | 145 | $24243 |
| **Gas Utilities - 0.8%**  | **Gas Utilities - 0.8%**  | **Gas Utilities - 0.8%**  |
| National Fuel Gas Co. | 15156 | 1163678 |
| **Ground Transportation - 0.6%**  | **Ground Transportation - 0.6%**  | **Ground Transportation - 0.6%**  |
| Union Pacific Corp. | 4368 | 942003 |
| **Health Care Equipment & Supplies - 2.2%**  | **Health Care Equipment & Supplies - 2.2%**  | **Health Care Equipment & Supplies - 2.2%**  |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 219 | 16532 |
| GE HealthCare Technologies, Inc. | 5910 | 415650 |
| Intuitive Surgical, Inc. <sup>(A)</sup> <br>| 428 | 220763 |
| ResMed, Inc. | 7221 | 1708416 |
| STERIS PLC | 2842 | 638711 |
| Stryker Corp. | 764 | 285675 |
|  |  | 3285747 |
| **Health Care Providers & Services - 0.8%**  | **Health Care Providers & Services - 0.8%**  | **Health Care Providers & Services - 0.8%**  |
| Cigna Group | 2385 | 810995 |
| DaVita, Inc. <sup>(A)</sup> <br>| 754 | 106729 |
| Encompass Health Corp. | 291 | 34044 |
| HCA Healthcare, Inc. | 25 | 8627 |
| Premier, Inc., Class A, Class A | 6920 | 140822 |
| UnitedHealth Group, Inc. | 300 | 123432 |
|  |  | 1224649 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Welltower, Inc. | 3146 | 480048 |
| **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 3519 | 822355 |
| **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  |
| Booking Holdings, Inc. | 284 | 1448196 |
| Boyd Gaming Corp. | 1545 | 106821 |
| Hilton Worldwide Holdings, Inc. | 881 | 198648 |
|  |  | 1753665 |
| **Household Durables - 0.7%**  | **Household Durables - 0.7%**  | **Household Durables - 0.7%**  |
| Garmin Ltd. | 230 | 42980 |
| NVR, Inc. <sup>(A)</sup> <br>| 99 | 705449 |
| PulteGroup, Inc. | 2772 | 284352 |
|  |  | 1032781 |
| **Household Products - 2.2%**  | **Household Products - 2.2%**  | **Household Products - 2.2%**  |
| Colgate-Palmolive Co. | 3980 | 366916 |
| Kimberly-Clark Corp. | 10066 | 1326497 |
| Procter & Gamble Co. | 9533 | 1549780 |
|  |  | 3243193 |
| **Independent Power & Renewable Electricity Producers - 0.3%**  | **Independent Power & Renewable Electricity Producers - 0.3%**  | **Independent Power & Renewable Electricity Producers - 0.3%**  |
| Clearway Energy, Inc., Class C | 16762 | 491797 |
| **Industrial Conglomerates - 1.1%**  | **Industrial Conglomerates - 1.1%**  | **Industrial Conglomerates - 1.1%**  |
| 3M Co. | 11418 | 1586074 |
| **Insurance - 2.4%**  | **Insurance - 2.4%**  | **Insurance - 2.4%**  |
| Hartford Insurance Group, Inc. | 8950 | 1097897 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Progressive Corp. | 7080 | $1994719 |
| Travelers Cos., Inc. | 2007 | 530109 |
|  |  | 3622725 |
| **Interactive Media & Services - 4.3%**  | **Interactive Media & Services - 4.3%**  | **Interactive Media & Services - 4.3%**  |
| Alphabet, Inc., Class A | 14555 | 2311334 |
| Alphabet, Inc., Class C | 11906 | 1915556 |
| Meta Platforms, Inc., Class A | 4153 | 2279997 |
|  |  | 6506887 |
| **IT Services - 0.1%**  | **IT Services - 0.1%**  | **IT Services - 0.1%**  |
| Gartner, Inc. <sup>(A)</sup> <br>| 91 | 38318 |
| Twilio, Inc., Class A <sup>(A)</sup> <br>| 951 | 91971 |
|  |  | 130289 |
| **Leisure Products - 0.3%**  | **Leisure Products - 0.3%**  | **Leisure Products - 0.3%**  |
| Mattel, Inc. <sup>(A)</sup> <br>| 22354 | 355205 |
| YETI Holdings, Inc. <sup>(A)</sup> <br>| 4219 | 120452 |
|  |  | 475657 |
| **Life Sciences Tools & Services - 0.6%**  | **Life Sciences Tools & Services - 0.6%**  | **Life Sciences Tools & Services - 0.6%**  |
| Agilent Technologies, Inc. | 2805 | 301818 |
| Avantor, Inc. <sup>(A)</sup> <br>| 6746 | 87631 |
| Illumina, Inc. <sup>(A)</sup> <br>| 367 | 28479 |
| Waters Corp. <sup>(A)</sup> <br>| 1571 | 546284 |
|  |  | 964212 |
| **Machinery - 2.6%**  | **Machinery - 2.6%**  | **Machinery - 2.6%**  |
| Caterpillar, Inc. | 2532 | 783072 |
| Cummins, Inc. | 681 | 200105 |
| Illinois Tool Works, Inc. | 7081 | 1698803 |
| PACCAR, Inc. | 12903 | 1163979 |
| Pentair PLC | 1330 | 120671 |
|  |  | 3966630 |
| **Media - 1.6%**  | **Media - 1.6%**  | **Media - 1.6%**  |
| Interpublic Group of Cos., Inc. | 37819 | 950013 |
| New York Times Co., Class A | 22537 | 1173276 |
| Paramount Global, Class A | 15205 | 344546 |
| Paramount Global, Class B | 1 | 12 |
|  |  | 2467847 |
| **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  |
| Alcoa Corp. | 376 | 9223 |
| Newmont Corp. | 3346 | 176267 |
| Nucor Corp. | 583 | 69593 |
|  |  | 255083 |
| **Multi-Utilities - 0.1%**  | **Multi-Utilities - 0.1%**  | **Multi-Utilities - 0.1%**  |
| Public Service Enterprise Group, Inc. | 2494 | 199345 |
| **Oil, Gas & Consumable Fuels - 3.1%**  | **Oil, Gas & Consumable Fuels - 3.1%**  | **Oil, Gas & Consumable Fuels - 3.1%**  |
| Cheniere Energy, Inc. | 5593 | 1292598 |
| Chevron Corp. | 8596 | 1169572 |
| ConocoPhillips | 18828 | 1677951 |
| Devon Energy Corp. | 2 | 61 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| EOG Resources, Inc. | 4924 | $543265 |
| Targa Resources Corp. | 73 | 12476 |
|  |  | 4695923 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Louisiana-Pacific Corp. | 1392 | 120144 |
| **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** |
| Alaska Air Group, Inc. <sup>(A)</sup> <br>| 418 | 18505 |
| **Pharmaceuticals - 4.9%**  | **Pharmaceuticals - 4.9%**  | **Pharmaceuticals - 4.9%**  |
| Bristol-Myers Squibb Co. | 21579 | 1083266 |
| Eli Lilly & Co. | 2678 | 2407388 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 2291 | 267955 |
| Johnson & Johnson | 11386 | 1779746 |
| Merck & Co., Inc. | 12975 | 1105470 |
| Zoetis, Inc. | 4182 | 654065 |
|  |  | 7297890 |
| **Professional Services - 0.9%**  | **Professional Services - 0.9%**  | **Professional Services - 0.9%**  |
| Automatic Data Processing, Inc. | 2960 | 889776 |
| Leidos Holdings, Inc. | 3353 | 493495 |
|  |  | 1383271 |
| **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  |
| CBRE Group, Inc., Class A <sup>(A)</sup> <br>| 3263 | 398673 |
| Jones Lang LaSalle, Inc. <sup>(A)</sup> <br>| 2209 | 502349 |
|  |  | 901022 |
| **Semiconductors & Semiconductor Equipment - 10.8%**  | **Semiconductors & Semiconductor Equipment - 10.8%**  | **Semiconductors & Semiconductor Equipment - 10.8%**  |
| Broadcom, Inc. | 15529 | 2988867 |
| KLA Corp. | 475 | 333778 |
| Lam Research Corp. | 13247 | 949412 |
| NVIDIA Corp. | 90200 | 9824584 |
| QUALCOMM, Inc. | 13909 | 2064930 |
|  |  | 16161571 |
| **Software - 10.7%**  | **Software - 10.7%**  | **Software - 10.7%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 3575 | 1340553 |
| Atlassian Corp., Class A <sup>(A)</sup> <br>| 921 | 210274 |
| Docusign, Inc. <sup>(A)</sup> <br>| 4910 | 401393 |
| Gen Digital, Inc. | 4782 | 123710 |
| Intuit, Inc. | 3314 | 2079436 |
| Microsoft Corp. | 23762 | 9392168 |
| Oracle Corp. | 3334 | 469160 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 2069 | 386758 |
| Salesforce, Inc. | 6236 | 1675676 |
|  |  | 16079128 |
| **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  |
| American Tower Corp. | 1989 | 448341 |
| Digital Realty Trust, Inc. | 3295 | 528979 |
|  |  | 977320 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail - 3.4%**  | **Specialty Retail - 3.4%**  | **Specialty Retail - 3.4%**  |
| Best Buy Co., Inc. | 924 | $61622 |
| Dick's Sporting Goods, Inc. | 358 | 67211 |
| Home Depot, Inc. | 6165 | 2222421 |
| Lowe's Cos., Inc. | 3104 | 693930 |
| TJX Cos., Inc. | 13775 | 1772567 |
| Williams-Sonoma, Inc. | 2207 | 340915 |
|  |  | 5158666 |
| **Technology Hardware, Storage & Peripherals - 6.1%**  | **Technology Hardware, Storage & Peripherals - 6.1%**  | **Technology Hardware, Storage & Peripherals - 6.1%**  |
| Apple, Inc. | 39576 | 8409900 |
| Dell Technologies, Inc., Class C | 5058 | 464122 |
| NetApp, Inc. | 3275 | 293931 |
|  |  | 9167953 |
| **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  |
| Crocs, Inc. <sup>(A)</sup> <br>| 666 | 64216 |
| Lululemon Athletica, Inc. <sup>(A)</sup> <br>| 976 | 264271 |
| Tapestry, Inc. | 5101 | 360386 |
|  |  | 688873 |
| **Tobacco - 1.0%**  | **Tobacco - 1.0%**  | **Tobacco - 1.0%**  |
| Altria Group, Inc. | 25692 | 1519682 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $116,293,181)**<br>|  | 149192419 |
| **EXCHANGE-TRADED FUND - 0.4%**  | **EXCHANGE-TRADED FUND - 0.4%**  | **EXCHANGE-TRADED FUND - 0.4%**  |
| **U.S. Equity Fund - 0.4%**  | **U.S. Equity Fund - 0.4%**  | **U.S. Equity Fund - 0.4%**  |
| SPDR S&P 500 ETF Trust | 995 | 551767 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $574,873)**<br>|  | 551767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $369,144 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 11/15/2042, and <br> with a value of $376,612.<br>| $369126 | 369126 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $369,126)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $369,126)** | 369126 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $117,237,180)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $117,237,180)** | 150113312 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (50383) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$150062929** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $149192419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149192419 |
| Exchange-Traded Fund | 551767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 551767 |
| Repurchase Agreement |  | &nbsp;&nbsp; 369126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369126 |
| **Total Investments** | **$149744186** | &nbsp;&nbsp; **$369126** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$150113312** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SPDR* *Standard & Poor's Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Large Core ESG**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $116,868,054) | $149744186 |
| Repurchase agreement, at value (cost $369,126) | 369126 |
| Receivables and other assets: |  |
| Net income from securities lending | 36 |
| Shares of beneficial interest sold  | 129 |
| Dividends  | 77167 |
| Interest | 19 |
| Prepaid expenses | 17755 |
| Total assets | 150208418 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 47147 |
| Investment management fees | 53483 |
| Distribution and service fees | 15632 |
| Transfer agent fees | 945 |
| Trustee and CCO fees | 765 |
| Audit and tax fees  | 12136 |
| Custody fees | 9146 |
| Legal fees | 2958 |
| Printing and shareholder reports fees | 467 |
| Other accrued expenses | 2810 |
| Total liabilities | 145489 |
| **Net assets**  | $150062929 |
| **Net assets consist of:** |  |
| Paid-in capital | $104152557 |
| Total distributable earnings (accumulated losses) | 45910372 |
| **Net assets** | $150062929 |
| **Net assets by class:** |  |
| Class A | $391436 |
| Class I3 | 109847495 |
| Class R | 38926748 |
| Class R4 | 671374 |
| Class R6 | 225876 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 37379 |
| Class I3 | 10497350 |
| Class R | 3713897 |
| Class R4 | 64003 |
| Class R6 | 21510 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.47 |
| Class I3 | 10.46 |
| Class R | 10.48 |
| Class R4 | 10.49 |
| Class R6 | 10.50 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I3, R, R4 and R6 shares represents offering price. The redemption price for Class A shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Large Core ESG**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1329452 |
| Interest income | 3633 |
| Net income from securities lending | 314 |
| Total investment income  | 1333399 |
| **Expenses:** |  |
| Investment management fees | 380079 |
| Distribution and service fees: |  |
| Class A | 505 |
| Class R | 119219 |
| Class R4 | 1204 |
| Transfer agent fees: |  |
| Class A | 335 |
| Class I3 | 4487 |
| Class R | 490 |
| Class R4 | 36 |
| Class R6 | 8 |
| Trustee and CCO fees | 3719 |
| Audit and tax fees | 14158 |
| Custody fees | 6640 |
| Legal fees | 6351 |
| Printing and shareholder reports fees | 3184 |
| Registration fees | 42215 |
| Other | 8844 |
| Total expenses before waiver and/or reimbursement and recapture | 591474 |
| Expenses waived and/or reimbursed: |  |
| Class A | (7)<br>|
| Class R4 | (78)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 89 |
| Net expenses | 591478 |
| **Net investment income (loss)** | 741921 |
| **Net realized gain (loss) on:** |  |
| Investments | 13332183 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (17260292)<br>|
| Net realized and change in unrealized gain (loss) | (3928109)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(3186188)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Large Core ESG**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $741921 | &nbsp;&nbsp;&nbsp;&nbsp; $1473318 |
| Net realized gain (loss) | 13332183 | &nbsp;&nbsp;&nbsp;&nbsp; 32912894 |
| Net change in unrealized appreciation (depreciation) | (17260292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21164338 |
| Net increase (decrease) in net assets resulting from operations | (3186188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55550550 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (78390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7093)<br>|
| Class I3 | (23206283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9119689)<br>|
| Class R | (8057374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4114822)<br>|
| Class R4 | (146913)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110241)<br>|
| Class R6 | (42396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (994)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (31531356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13352839)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 100398 | &nbsp;&nbsp;&nbsp;&nbsp; 323303 |
| Class I3 | 827113 | &nbsp;&nbsp;&nbsp;&nbsp; 1772670 |
| Class R | 173470 | &nbsp;&nbsp;&nbsp;&nbsp; 1759603 |
| Class R4 | 78798 | &nbsp;&nbsp;&nbsp;&nbsp; 198715 |
| Class R6 | 49029 | &nbsp;&nbsp;&nbsp;&nbsp; 192711 |
|  | 1228808 | &nbsp;&nbsp;&nbsp;&nbsp; 4247002 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 78390 | &nbsp;&nbsp;&nbsp;&nbsp; 7093 |
| Class I3 | 23206283 | &nbsp;&nbsp;&nbsp;&nbsp; 9119689 |
| Class R | 8057374 | &nbsp;&nbsp;&nbsp;&nbsp; 4114822 |
| Class R4 | 146913 | &nbsp;&nbsp;&nbsp;&nbsp; 110241 |
| Class R6 | 42396 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
|  | 31531356 | &nbsp;&nbsp;&nbsp;&nbsp; 13352839 |
| Cost of shares redeemed: |  |  |
| Class A | (37973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64809)<br>|
| Class I3 | (16671534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17629440)<br>|
| Class R | (23928835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7483685)<br>|
| Class R4 | (1247192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177119)<br>|
| Class R6 | (21122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
|  | (41906656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25355132)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (9146492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7755291)<br>|
| **Net increase (decrease) in net assets** | (43864036)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34442420 |
| **Net assets:** |  |  |
| Beginning of period/year | 193926965 | &nbsp;&nbsp;&nbsp;&nbsp; 159484545 |
| End of period/year | $150062929 | &nbsp;&nbsp;&nbsp;&nbsp; $193926965 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Large Core ESG**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 7840 | &nbsp;&nbsp;&nbsp;&nbsp; 26407 |
| Class I3 | 75209 | &nbsp;&nbsp;&nbsp;&nbsp; 144482 |
| Class R | 14566 | &nbsp;&nbsp;&nbsp;&nbsp; 147020 |
| Class R4 | 6308 | &nbsp;&nbsp;&nbsp;&nbsp; 16191 |
| Class R6 | 4306 | &nbsp;&nbsp;&nbsp;&nbsp; 14350 |
|  | 108229 | &nbsp;&nbsp;&nbsp;&nbsp; 348450 |
| Shares reinvested: |  |  |
| Class A | 6966 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
| Class I3 | 2064445 | &nbsp;&nbsp;&nbsp;&nbsp; 810769 |
| Class R | 715263 | &nbsp;&nbsp;&nbsp;&nbsp; 367385 |
| Class R4 | 13032 | &nbsp;&nbsp;&nbsp;&nbsp; 9807 |
| Class R6 | 3759 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | 2803465 | &nbsp;&nbsp;&nbsp;&nbsp; 1188675 |
| Shares redeemed: |  |  |
| Class A | (3611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5120)<br>|
| Class I3 | (1319373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1412071)<br>|
| Class R | (1773136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (607704)<br>|
| Class R4 | (90688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14065)<br>|
| Class R6 | (1993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
|  | (3188801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2038966)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 11195 | &nbsp;&nbsp;&nbsp;&nbsp; 21914 |
| Class I3 | 820281 | &nbsp;&nbsp;&nbsp;&nbsp; (456820)<br>|
| Class R | (1043307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93299)<br>|
| Class R4 | (71348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11933 |
| Class R6 | 6072 | &nbsp;&nbsp;&nbsp;&nbsp; 14431 |
|  | (277107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (501841)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Large Core ESG**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $13.28 | $10.57 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.03 | 0.06 | 0.04 |
| Net realized and unrealized gain (loss) | (0.27)<br>| 3.52 | 0.59 |
| Total investment operations | (0.24)<br>| 3.58 | 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.05)<br>| (0.08)<br>| (0.04)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.57)<br>| (0.87)<br>| (0.04)<br>|
| **Net asset value, end of period/year** | $10.47 | $13.28 | $10.57 |
| **Total return** <sup>(C)</sup> <br>| (3.11 )%<sup>(D)</sup><br>| 35.38<br> %<br>| 6.28 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $391 | $348 | $45 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97 %<sup>(F)</sup><br>| 0.96<br> %<br>| 1.15 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.96 %<sup>(F)(G)</sup><br>| 0.98<br> %<br>| 1.00 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 0.59 %<sup>(F)</sup><br>| 0.49<br> %<br>| 0.49 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 55 %<sup>(D)</sup><br>| 105<br> %<br>| 98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.27 | $10.55 | $10.17 | $13.68 | $10.52 | $9.95 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.11 | 0.12 | 0.12 | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 3.52 | 0.89 | (1.57)<br>| 4.06 | 0.60 |
| Total investment operations | (0.22)<br>| 3.63 | 1.01 | (1.45)<br>| 4.19 | 0.74 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.12)<br>| (0.12)<br>| (0.12)<br>| (0.13)<br>| (0.17)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>| (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.91)<br>| (0.63)<br>| (2.06)<br>| (1.03)<br>| (0.17)<br>|
| **Net asset value, end of period/year** | $10.46 | $13.27 | $10.55 | $10.17 | $13.68 | $10.52 |
| **Total return** | (2.96 )%<sup>(C)</sup><br>| 36.05<br> %<br>| 10.41<br> %<br>| (12.58)%<br>| 42.24<br> %<br>| 7.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $109848 | $128401 | $106910 | $109512 | $136168 | $109142 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56 %<sup>(E)</sup><br>| 0.54<br> %<br>| 0.59<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.56 %<sup>(E)</sup><br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>|
| Net investment income (loss) to average net assets | 1.01 %<sup>(E)</sup><br>| 0.94<br> %<br>| 1.12<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>| 1.41<br> %<br>|
| Portfolio turnover rate | 55 %<sup>(C)</sup><br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>| 83<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Large Core ESG**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 | $9.95 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.06 | 0.07 | 0.06 | 0.07 | 0.09 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 3.51 | 0.88 | (1.56)<br>| 4.06 | 0.60 |
| Total investment operations | (0.25)<br>| 3.57 | 0.95 | (1.50)<br>| 4.13 | 0.69 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.03)<br>| (0.06)<br>| (0.06)<br>| (0.06)<br>| (0.07)<br>| (0.12)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>| (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (2.55)<br>| (0.85)<br>| (0.57)<br>| (2.00)<br>| (0.97)<br>| (0.12)<br>|
| **Net asset value, end of period/year** | $10.48 | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Total return** | (3.18 )%<sup>(C)</sup><br>| 35.39<br> %<br>| 9.85<br> %<br>| (13.03)%<br>| 41.64<br> %<br>| 7.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $38927 | $63176 | $51216 | $49946 | $66418 | $55318 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.05 %<sup>(E)</sup><br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.05 %<sup>(E)</sup><br>| 1.03<br> %<br>| 1.06<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | 0.56 %<sup>(E)</sup><br>| 0.47<br> %<br>| 0.62<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.91<br> %<br>|
| Portfolio turnover rate | 55 %<sup>(C)</sup><br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>| 83<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 | $9.95 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.05 | 0.08 | 0.09 | 0.09 | 0.10 | 0.12 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 3.52 | 0.89 | (1.56)<br>| 4.06 | 0.59 |
| Total investment operations | (0.23)<br>| 3.60 | 0.98 | (1.47)<br>| 4.16 | 0.71 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.09)<br>| (0.09)<br>| (0.09)<br>| (0.10)<br>| (0.14)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>| (0.00 ) <sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (2.56)<br>| (0.88)<br>| (0.60)<br>| (2.03)<br>| (1.00)<br>| (0.14)<br>|
| **Net asset value, end of period/year** | $10.49 | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Total return** | (3.02 )% <sup>(C)</sup><br>| 35.69<br> %<br>| 10.12<br> %<br>| (12.73)%<br>| 41.88<br> %<br>| 7.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $671 | $1797 | $1303 | $2391 | $2800 | $2045 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81 %<sup>(E)</sup><br>| 0.79<br> %<br>| 0.84<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81 %<sup>(E)(F)</sup><br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | 0.88 %<sup>(E)</sup><br>| 0.68<br> %<br>| 0.89<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 1.20<br> %<br>|
| Portfolio turnover rate | 55 %<sup>(C)</sup><br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>| 83<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Large Core ESG**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $13.31 | $10.58 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.06 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) | (0.28)<br>| 3.55 | 0.59 |
| Total investment operations | (0.22)<br>| 3.64 | 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.07)<br>| (0.12)<br>| (0.06)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.91)<br>| (0.06)<br>|
| **Net asset value, end of period/year** | $10.50 | $13.31 | $10.58 |
| **Total return** | (2.94 )%<sup>(C)</sup><br>| 36.06<br> %<br>| 6.56 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $226 | $205 | $11 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56 %<sup>(E)</sup><br>| 0.54<br> %<br>| 0.59 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.56 %<sup>(E)</sup><br>| 0.54 %<sup>(F)</sup><br>| 0.55 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.99 %<sup>(E)</sup><br>| 0.69<br> %<br>| 1.01 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 55 %<sup>(C)</sup><br>| 105<br> %<br>| 98<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Large Core ESG (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Core ESG**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $2,431.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Core ESG**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Environmental, social and governance ("ESG") investing risk:** Applying the sub-adviser's ESG criteria to its investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of ESG criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. The sub-adviser's ESG assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third part data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its ESG strategy.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $143730273 | 95.78<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

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**Page 18**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.45<br> % <br>|
| Over $250 million up to $750 million  | 0.44 |
| Over $750 million  | 0.43 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.00<br> % <br>| March 1, 2026 |
| Class I3, Class R6 | 0.57 | March 1, 2026 |
| Class R | 1.15 | March 1, 2026 |
| Class R4 | 0.81 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R4 | $— | $92 | $14 | $78 | $184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Large Core ESG**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $1110 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $4884 | &nbsp;&nbsp; $720 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $93076334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132781315 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Large Core ESG**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $117237180 | &nbsp;&nbsp; $37576483 | &nbsp;&nbsp; $(4700351)<br>| &nbsp;&nbsp; $32876132 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Large Core ESG** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Large Core ESG** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Large Core ESG** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Large Core ESG** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

![](g947814img9645ef553.gif)

![](g947814img2c2b06094.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453813 TA LRG CORE ESG 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img5763aa625.gif)

------

![](g947814imga0f1d6541.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Large Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img789b15322.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_SOI-RunningFooter-145_1) | 2 |
| [Statement of Assets and Liabilities](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_FS-RunningFooter-145_1) | 5 |
| [Statement of Operations](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_FS-RunningFooter-145_2) | 6 |
| [Statement of Changes in Net Assets](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_FS-RunningFooter-145_3) | 7 |
| [Financial Highlights](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_FIHI-RunningFooter-145_1) | 9 |
| [Notes to Financial Statements](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_NTF-RunningFooter-145_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_DWA-RunningFooter-145_1)**<br> **[Companies](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_DWA-RunningFooter-145_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_PD-RunningFooter-145_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_REMU-RunningFooter-145_1)**<br> **[Companies](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_REMU-RunningFooter-145_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_1f83eeb6-5c74-4932-b5f3-fe3668357e53_AIAC-RunningFooter-145_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Growth**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.1%**  | **COMMON STOCKS - 96.1%**  | **COMMON STOCKS - 96.1%**  |
| **Automobiles - 4.5%**  | **Automobiles - 4.5%**  | **Automobiles - 4.5%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 50789 | $14330624 |
| **Banks - 0.3%**  | **Banks - 0.3%**  | **Banks - 0.3%**  |
| Wells Fargo & Co. | 14064 | 998685 |
| **Beverages - 0.5%**  | **Beverages - 0.5%**  | **Beverages - 0.5%**  |
| Monster Beverage Corp. <sup>(A)</sup> <br>| 25123 | 1510395 |
| **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 155693 | 1809153 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 3094 | 1576393 |
|  |  | 3385546 |
| **Broadline Retail - 6.8%**  | **Broadline Retail - 6.8%**  | **Broadline Retail - 6.8%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 45295 | 8353304 |
| Global-e Online Ltd. <sup>(A)</sup> <br>| 67528 | 2424930 |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 4629 | 10789505 |
|  |  | 21567739 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 5258 | 629015 |
| **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  |
| Ares Management Corp., Class A | 7181 | 1095318 |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 4407 | 894136 |
| Interactive Brokers Group, Inc., Class A | 5660 | 972671 |
| Intercontinental Exchange, Inc. | 6132 | 1029992 |
| KKR & Co., Inc. | 8236 | 941128 |
| S&P Global, Inc. | 1542 | 771077 |
|  |  | 5704322 |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| Linde PLC | 1550 | 702507 |
| Sherwin-Williams Co. | 5111 | 1803774 |
|  |  | 2506281 |
| **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  |
| Republic Services, Inc. | 3782 | 948336 |
| **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 16330 | 1343469 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| American Express Co. | 5698 | 1518004 |
| **Consumer Staples Distribution & Retail - 0.9%**  | **Consumer Staples Distribution & Retail - 0.9%**  | **Consumer Staples Distribution & Retail - 0.9%**  |
| BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> <br>| 8450 | 993382 |
| Walmart, Inc. | 19083 | 1855822 |
|  |  | 2849204 |
| **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  |
| Emerson Electric Co. | 5422 | 569906 |
| GE Vernova, Inc. | 2422 | 898126 |
|  |  | 1468032 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Amphenol Corp., Class A | 18440 | 1418958 |
| Coherent Corp. <sup>(A)</sup> <br>| 12830 | 825226 |
|  |  | 2244184 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment - 5.8%**  | **Entertainment - 5.8%**  | **Entertainment - 5.8%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 19144 | $1697499 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 12366 | 1637877 |
| Netflix, Inc. <sup>(A)</sup> <br>| 4043 | 4575544 |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 129667 | 8694172 |
| Spotify Technology SA <sup>(A)</sup> <br>| 3278 | 2012626 |
|  |  | 18617718 |
| **Financial Services - 6.6%**  | **Financial Services - 6.6%**  | **Financial Services - 6.6%**  |
| Adyen NV <sup>(A)(B)</sup> <br>| 2237 | 3592970 |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 181370 | 9024971 |
| Federal National Mortgage Association <sup>(A)</sup> <br>| 264585 | 1669531 |
| Mastercard, Inc., Class A | 9591 | 5256443 |
| Visa, Inc., Class A | 4181 | 1444536 |
|  |  | 20988451 |
| **Health Care Equipment & Supplies - 1.4%**  | **Health Care Equipment & Supplies - 1.4%**  | **Health Care Equipment & Supplies - 1.4%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 16312 | 1678015 |
| Dexcom, Inc. <sup>(A)</sup> <br>| 21846 | 1559367 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 14748 | 1113327 |
|  |  | 4350709 |
| **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  |
| UnitedHealth Group, Inc. | 2803 | 1153266 |
| **Health Care Technology - 0.5%**  | **Health Care Technology - 0.5%**  | **Health Care Technology - 0.5%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 7542 | 1762490 |
| **Hotels, Restaurants & Leisure - 7.2%**  | **Hotels, Restaurants & Leisure - 7.2%**  | **Hotels, Restaurants & Leisure - 7.2%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 43903 | 5352654 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 38657 | 1952952 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 67502 | 13020461 |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 32756 | 1090447 |
| Hilton Worldwide Holdings, Inc. | 6569 | 1481178 |
|  |  | 22897692 |
| **Interactive Media & Services - 4.7%**  | **Interactive Media & Services - 4.7%**  | **Interactive Media & Services - 4.7%**  |
| Alphabet, Inc., Class A | 46334 | 7357839 |
| Meta Platforms, Inc., Class A | 14142 | 7763958 |
|  |  | 15121797 |
| **IT Services - 11.5%**  | **IT Services - 11.5%**  | **IT Services - 11.5%**  |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 151447 | 18291769 |
| Gartner, Inc. <sup>(A)</sup> <br>| 2171 | 914165 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 100258 | 9524510 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 50460 | 8047865 |
|  |  | 36778309 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Ingersoll Rand, Inc. | 17331 | 1307277 |
| **Oil, Gas & Consumable Fuels - 0.1%**  | **Oil, Gas & Consumable Fuels - 0.1%**  | **Oil, Gas & Consumable Fuels - 0.1%**  |
| Diamondback Energy, Inc. | 3396 | 448306 |
| **Pharmaceuticals - 4.3%**  | **Pharmaceuticals - 4.3%**  | **Pharmaceuticals - 4.3%**  |
| Eli Lilly & Co. | 6650 | 5978017 |
| Royalty Pharma PLC, Class A | 241185 | 7915692 |
|  |  | 13893709 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment - 7.5%**  | **Semiconductors & Semiconductor Equipment - 7.5%**  | **Semiconductors & Semiconductor Equipment - 7.5%**  |
| Broadcom, Inc. | 35429 | $6819020 |
| KLA Corp. | 3027 | 2127043 |
| NVIDIA Corp. | 119557 | 13022148 |
| QUALCOMM, Inc. | 12822 | 1903554 |
|  |  | 23871765 |
| **Software - 20.3%**  | **Software - 20.3%**  | **Software - 20.3%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 30998 | 8348071 |
| Aurora Innovation, Inc. <sup>(A)</sup> <br>| 1193731 | 8642612 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 6398 | 1904941 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 18836 | 8078195 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 1491 | 911747 |
| Intuit, Inc. | 3780 | 2371837 |
| Microsoft Corp. | 29101 | 11502461 |
| MicroStrategy, Inc., Class A <sup>(A)</sup> <br>| 30564 | 11617682 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 8421 | 997383 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 9865 | 1844064 |
| PTC, Inc. <sup>(A)</sup> <br>| 6708 | 1039539 |
| Salesforce, Inc. | 9382 | 2521037 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 59651 | 2365759 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 2671 | 2550832 |
|  |  | 64696160 |
| **Specialized REITs - 0.8%**  | **Specialized REITs - 0.8%**  | **Specialized REITs - 0.8%**  |
| American Tower Corp. | 5476 | 1234345 |
| Equinix, Inc. | 1630 | 1403023 |
|  |  | 2637368 |
| **Specialty Retail - 0.7%**  | **Specialty Retail - 0.7%**  | **Specialty Retail - 0.7%**  |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 1696 | 2400179 |
| **Technology Hardware, Storage & Peripherals - 4.2%**  | **Technology Hardware, Storage & Peripherals - 4.2%**  | **Technology Hardware, Storage & Peripherals - 4.2%**  |
| Apple, Inc. | 63348 | 13461450 |
| **Trading Companies & Distributors - 0.4%**  | **Trading Companies & Distributors - 0.4%**  | **Trading Companies & Distributors - 0.4%**  |
| FTAI Aviation Ltd. | 5537 | 593068 |
| QXO, Inc. <sup>(C)</sup> <br>| 60107 | 801827 |
|  |  | 1394895 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $194,387,150)**<br>|  | 306785377 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 206 | $206 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $206)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $206)** | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.0%**  | **REPURCHASE AGREEMENT - 4.0%**  | **REPURCHASE AGREEMENT - 4.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $12,606,334 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 4.00% - 4.25%, <br> due 06/30/2029 - 01/31/2031, and with a <br> total value of $12,857,893.<br>| $12605704 | 12605704 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,605,704)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,605,704)** | 12605704 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $206,993,060)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $206,993,060)** | 319391287 |
| &nbsp;&nbsp; **Total Options Purchased - 0.1%** <br>**(Cost $1,046,518)** | &nbsp;&nbsp; **Total Options Purchased - 0.1%** <br>**(Cost $1,046,518)** | 413997 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $208,039,578)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $208,039,578)** | 319805284 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (662201) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$319143083** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | **Premiums** <br>**Paid**<br>| **Value** |
| Put – USD vs. CNH | JPM | USD | 7.66 | 09/01/2025 | USD | 28070577 | &nbsp;&nbsp; $116444 | &nbsp;&nbsp; $37334 |
| Put – USD vs. CNH | JPM | USD | 7.77 | 07/31/2025 | USD | 25167578 | &nbsp;&nbsp; 109529 | &nbsp;&nbsp; 7776 |
| Put – USD vs. CNH | SCB | USD | 7.77 | 10/16/2025 | USD | 55123104 | &nbsp;&nbsp; 239896 | &nbsp;&nbsp; 75133 |
| Put – USD vs. CNH | JPM | USD | 7.82 | 02/25/2026 | USD | 42095378 | &nbsp;&nbsp; 173812 | &nbsp;&nbsp; 137652 |
| Put – USD vs. CNH | SCB | USD | 7.90 | 04/01/2026 | USD | 28011641 | &nbsp;&nbsp; 136109 | &nbsp;&nbsp; 88825 |
| Put – USD vs. CNH | GSI | USD | 8.02 | 12/02/2025 | USD | 57111191 | &nbsp;&nbsp; 270728 | &nbsp;&nbsp; 67277 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **$1046518** | &nbsp;&nbsp; **$413997** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Large Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $303192407 | &nbsp;&nbsp; $3592970 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306785377 |
| Other Investment Company | 206 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 206 |
| Repurchase Agreement |  | &nbsp;&nbsp; 12605704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12605704 |
| Over-the-Counter Foreign Exchange Options Purchased |  | &nbsp;&nbsp; 413997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 413997 |
| **Total Investments** | **$303192613** | &nbsp;&nbsp; **$16612671** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$319805284** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $3,592,970, representing 1.1% of the Fund's* *net assets.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $801,641, collateralized by cash collateral of $206 and non-cash* *collateral, such as U.S. government securities of $826,073. 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.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATION(S):** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Large Growth**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $195,433,874) (including securities loaned of $801,641) | $307199580 |
| Repurchase agreement, at value (cost $12,605,704) | 12605704 |
| Foreign currency, at value (cost $2,017) | 2013 |
| Receivables and other assets: |  |
| Investments sold  | 198019 |
| Net income from securities lending | 79 |
| Shares of beneficial interest sold  | 430 |
| Dividends  | 12567 |
| Interest | 630 |
| Prepaid expenses | 10497 |
| Total assets | 320029519 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 206 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 500000 |
| Payables and other liabilities: |  |
| Investments purchased | 112421 |
| Shares of beneficial interest redeemed | 17307 |
| Investment management fees | 158238 |
| Distribution and service fees | 33962 |
| Transfer agent fees | 1643 |
| Trustee and CCO fees | 1656 |
| Audit and tax fees  | 13302 |
| Custody fees | 25530 |
| Legal fees | 8587 |
| Printing and shareholder reports fees | 714 |
| Other accrued expenses | 12870 |
| Total liabilities | 886436 |
| **Net assets**  | $319143083 |
| **Net assets consist of:** |  |
| Paid-in capital | $124342608 |
| Total distributable earnings (accumulated losses) | 194800475 |
| **Net assets** | $319143083 |
| **Net assets by class:** |  |
| Class I3 | $227674513 |
| Class R | 88756486 |
| Class R4 | 124727 |
| Class R6 | 2587357 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 18028898 |
| Class R | 7415025 |
| Class R4 | 10080 |
| Class R6 | 205089 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class I3 | $12.63 |
| Class R | 11.97 |
| Class R4 | 12.37 |
| Class R6 | 12.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.*

<sup>(B)</sup> *Net asset value per share for Class I3, R, R4 and R6 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Large Growth**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $697317 |
| Interest income | 78251 |
| Net income from securities lending | 2182 |
| Withholding taxes on foreign income | (1575)<br>|
| Total investment income  | 776175 |
| **Expenses:** |  |
| Investment management fees | 1256968 |
| Distribution and service fees: |  |
| Class R | 272025 |
| Class R4 | 736 |
| Transfer agent fees: |  |
| Class I3 | 10341 |
| Class R | 917 |
| Class R4 | 22 |
| Class R6 | 60 |
| Trustee and CCO fees | 8777 |
| Audit and tax fees | 15716 |
| Custody fees | 19455 |
| Legal fees | 15547 |
| Printing and shareholder reports fees | 6597 |
| Registration fees | 30917 |
| Other | 51936 |
| Total expenses before waiver and/or reimbursement and recapture | 1690014 |
| Expenses waived and/or reimbursed: |  |
| Class R4 | (239)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 38 |
| Net expenses | 1689813 |
| **Net investment income (loss)** | (913638)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 92144577 |
| Foreign currency transactions | 522 |
| Net realized gain (loss) | 92145099 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (47248178)<br>|
| Translation of assets and liabilities denominated in foreign currencies | (4)<br>|
| Net change in unrealized appreciation (depreciation) | (47248182)<br>|
| Net realized and change in unrealized gain (loss) | 44896917 |
| **Net increase (decrease) in net assets resulting from operations** | $43983279 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Large Growth**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(913638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1729935)<br>|
| Net realized gain (loss) | 92145099 | &nbsp;&nbsp;&nbsp;&nbsp; 72133691 |
| Net change in unrealized appreciation (depreciation) | (47248182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113300369 |
| Net increase (decrease) in net assets resulting from operations | 43983279 | &nbsp;&nbsp;&nbsp;&nbsp; 183704125 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (47139165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | (19259782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | (23632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | (264496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (66687075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 3400420 | &nbsp;&nbsp;&nbsp;&nbsp; 977034 |
| Class R | 5303068 | &nbsp;&nbsp;&nbsp;&nbsp; 4298958 |
| Class R4 | 27777 | &nbsp;&nbsp;&nbsp;&nbsp; 162145 |
| Class R6 | 1148259 | &nbsp;&nbsp;&nbsp;&nbsp; 1167857 |
|  | 9879524 | &nbsp;&nbsp;&nbsp;&nbsp; 6605994 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 47139165 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 19259782 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 23632 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 264496 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 66687075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed: |  |  |
| Class I3 | (144776946)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91273667)<br>|
| Class R | (54728159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14260126)<br>|
| Class R4 | (2205210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4299625)<br>|
| Class R6 | (159817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1283014)<br>|
|  | (201870132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111116432)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (125303533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104510438)<br>|
| **Net increase (decrease) in net assets** | (148007329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79193687 |
| **Net assets:** |  |  |
| Beginning of period/year | 467150412 | &nbsp;&nbsp;&nbsp;&nbsp; 387956725 |
| End of period/year | $319143083 | &nbsp;&nbsp;&nbsp;&nbsp; $467150412 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Large Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 244147 | &nbsp;&nbsp;&nbsp;&nbsp; 82826 |
| Class R | 354704 | &nbsp;&nbsp;&nbsp;&nbsp; 371514 |
| Class R4 | 1724 | &nbsp;&nbsp;&nbsp;&nbsp; 13295 |
| Class R6 | 105169 | &nbsp;&nbsp;&nbsp;&nbsp; 106828 |
|  | 705744 | &nbsp;&nbsp;&nbsp;&nbsp; 574463 |
| Shares reinvested: |  |  |
| Class I3 | 3401094 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 1463509 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 1739 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 19097 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 4885439 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed: |  |  |
| Class I3 | (9010110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7124204)<br>|
| Class R | (3607388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1174352)<br>|
| Class R4 | (133229)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (336596)<br>|
| Class R6 | (12526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100694)<br>|
|  | (12763253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8735846)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | (5364869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7041378)<br>|
| Class R | (1789175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (802838)<br>|
| Class R4 | (129766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (323301)<br>|
| Class R6 | 111740 | &nbsp;&nbsp;&nbsp;&nbsp; 6134 |
|  | (7172070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8161383)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Large Growth**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.40 | $9.55 | $9.03 | $20.56 | $17.03 | $13.09 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.03)<br>| (0.02)<br>| (0.04)<br>| (0.07)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 1.11 | 4.88 | 0.66 | (7.68)<br>| 6.42 | 6.45 |
| Total investment operations | 1.09 | 4.85 | 0.64 | (7.72)<br>| 6.35 | 6.41 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>| (2.47)<br>|
| **Net asset value, end of period/year** | $12.63 | $14.40 | $9.55 | $9.03 | $20.56 | $17.03 |
| **Total return** | 5.81 %<sup>(B)</sup><br>| 50.79<br> %<br>| 7.21<br> %<br>| (45.20)%<br>| 39.76<br> %<br>| 57.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $227675 | $336765 | $290665 | $303089 | $971642 | $769670 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup><br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup><br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.33 )%<sup>(C)</sup><br>| (0.25)%<br>| (0.16)%<br>| (0.32)%<br>| (0.36)%<br>| (0.31)%<br>|
| Portfolio turnover rate | 34 %<sup>(B)</sup><br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.80 | $9.20 | $8.75 | $20.13 | $16.79 | $13.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.09)<br>| (0.06)<br>| (0.09)<br>| (0.16)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.09 | 4.69 | 0.63 | (7.48)<br>| 6.32 | 6.37 |
| Total investment operations | 1.03 | 4.60 | 0.57 | (7.57)<br>| 6.16 | 6.26 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>| (2.47)<br>|
| **Net asset value, end of period/year** | $11.97 | $13.80 | $9.20 | $8.75 | $20.13 | $16.79 |
| **Total return** | 5.59 %<sup>(B)</sup><br>| 50.00<br> %<br>| 6.63<br> %<br>| (45.47)%<br>| 39.11<br> %<br>| 57.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $88756 | $127060 | $92098 | $92615 | $200390 | $161089 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.23 %<sup>(C)</sup><br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.23 %<sup>(C)</sup><br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>|
| Net investment income (loss) to average net assets | (0.83 )%<sup>(C)</sup><br>| (0.75)%<br>| (0.65)%<br>| (0.81)%<br>| (0.86)%<br>| (0.81)%<br>|
| Portfolio turnover rate | 34 %<sup>(B)</sup><br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Large Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.17 | $9.42 | $8.92 | $20.40 | $16.94 | $13.06 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.05)<br>| (0.03)<br>| (0.06)<br>| (0.11)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 1.09 | 4.80 | 0.65 | (7.61)<br>| 6.39 | 6.42 |
| Total investment operations | 1.06 | 4.75 | 0.62 | (7.67)<br>| 6.28 | 6.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>| (2.47)<br>|
| **Net asset value, end of period/year** | $12.37 | $14.17 | $9.42 | $8.92 | $20.40 | $16.94 |
| **Total return** | 5.67 % <sup>(B)</sup><br>| 50.42<br> %<br>| 7.07<br> %<br>| (45.34)%<br>| 39.52<br> %<br>| 57.53<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $125 | $1982 | $4362 | $16757 | $64361 | $49984 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.98 %<sup>(C)</sup><br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.91 %<sup>(C)(D)</sup><br>| 0.90<br> %<br>| 0.91 %<sup>(D)</sup><br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | (0.37 )%<sup>(C)</sup><br>| (0.42)%<br>| (0.33)%<br>| (0.53)%<br>| (0.58)%<br>| (0.52)%<br>|
| Portfolio turnover rate | 34 %<sup>(B)</sup><br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>| 39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $14.38 | $9.55 | $9.02 | $20.55 | $17.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.02)<br>| (0.03)<br>| (0.01)<br>| (0.03)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 1.12 | 4.86 | 0.66 | (7.69)<br>| 2.67 |
| Total investment operations | 1.10 | 4.83 | 0.65 | (7.72)<br>| 2.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>|  |
| **Net asset value, end of period/year** | $12.62 | $14.38 | $9.55 | $9.02 | $20.55 |
| **Total return** | 5.89 %<sup>(C)</sup><br>| 50.58<br> %<br>| 7.22<br> %<br>| (45.25)%<br>| 14.73 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of period/year (000's) | $2587 | $1343 | $832 | $20288 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup><br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup><br>| 0.71 %<sup>(E)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.36 )%<sup>(D)</sup><br>| (0.25)%<br>| (0.08)%<br>| (0.31)%<br>| (0.45 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 34 %<sup>(C)</sup><br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Large Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $403.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP 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 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 April 30, 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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 |
| **Total Borrowings** | **$206** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$206** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Fund is subject to equity risk, credit risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund may enter into option contracts to manage exposure to various market fluctuations. The Fund may purchase or write call and put options on securities and derivative instruments in which the Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on foreign currency:* The Fund may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Fund the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Open option contracts at April 30, 2025, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $413997 | $— | $— | $— | $413997 |
| **Total** | **$—** | **$413997** | **$—** | **$—** | **$—** | **$413997** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $(473354)<br>| $— | $— | $— | $(473354)<br>|
| **Total** | **$—** | **$(473354)**<br>| **$—** | **$—** | **$—** | **$(473354)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $(89631)<br>| $— | $— | $— | $(89631)<br>|
| **Total** | **$—** | **$(89631)**<br>| **$—** | **$—** | **$—** | **$(89631)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Statement of Operations.*

<sup>(B)</sup> *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $516563 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of April 30, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Goldman Sachs International | $67277 | $— | $(67277)<br>| $— | $— | $— | $— | $— |
| JPMorgan Chase Bank, N.A. | 182762 |  | (182762)<br>|  |  |  |  |  |
| Standard Chartered Bank | 163958 |  | (163958)<br>|  |  |  |  |  |
| **Total** | **$413997** | **$—** | **$(413997)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $304622073 | 95.45<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.650<br> % <br>|
| Over $1 billion up to $1.5 billion | 0.635 |
| Over $1.5 billion up to $2 billion | 0.615 |
| Over $2 billion up to $3 billion | 0.605 |
| Over $3 billion up to $4 billion | 0.590 |
| Over $4 billion up to $5 billion | 0.575 |
| Over $5 billion up to $7 billion | 0.570 |
| Over $7 billion | 0.550 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3, Class R6 | 0.74<br> % <br>| March 1, 2026 |
| Class R | 1.25 | March 1, 2026 |
| Class R4 | 0.90 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R4 | $7476 | $7914 | $2600 | $239 | $18229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3 and Class R6.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $10428 | &nbsp;&nbsp; $1318 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the period ended April 30, 2025, the Fund engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $488830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2586978)<br>|

---

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $125218553 | &nbsp;&nbsp; $1689115 | &nbsp;&nbsp; $328539410 | &nbsp;&nbsp; $— |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $208039578 | &nbsp;&nbsp; $121137240 | &nbsp;&nbsp; $(9371534)<br>| &nbsp;&nbsp; $111765706 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Large Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Large Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Large Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Large Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814img7fc36b2b3.gif)

![](g947814img52fbf9324.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453813 TA LRG GROWTH 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgfdde7c3e5.gif)

------

![](g947814img346a71631.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Large Value Opportunities**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgaac78d062.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_55ce5b6a-c395-4334-a768-53b075b30117_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_55ce5b6a-c395-4334-a768-53b075b30117_SOI-RunningFooter-149_1) | 2 |
| [Statement of Assets and Liabilities](#xx_55ce5b6a-c395-4334-a768-53b075b30117_FS-RunningFooter-149_1) | 6 |
| [Statement of Operations](#xx_55ce5b6a-c395-4334-a768-53b075b30117_FS-RunningFooter-149_2) | 7 |
| [Statement of Changes in Net Assets](#xx_55ce5b6a-c395-4334-a768-53b075b30117_FS-RunningFooter-149_3) | 8 |
| [Financial Highlights](#xx_55ce5b6a-c395-4334-a768-53b075b30117_FIHI-RunningFooter-149_1) | 9 |
| [Notes to Financial Statements](#xx_55ce5b6a-c395-4334-a768-53b075b30117_NTF-RunningFooter-149_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_55ce5b6a-c395-4334-a768-53b075b30117_DWA-RunningFooter-149_1)**<br> **[Companies](#xx_55ce5b6a-c395-4334-a768-53b075b30117_DWA-RunningFooter-149_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_55ce5b6a-c395-4334-a768-53b075b30117_PD-RunningFooter-149_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_55ce5b6a-c395-4334-a768-53b075b30117_REMU-RunningFooter-149_1)**<br> **[Companies](#xx_55ce5b6a-c395-4334-a768-53b075b30117_REMU-RunningFooter-149_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_55ce5b6a-c395-4334-a768-53b075b30117_AIAC-RunningFooter-149_1)** | 23 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  |
| **Aerospace & Defense - 1.4%**  | **Aerospace & Defense - 1.4%**  | **Aerospace & Defense - 1.4%**  |
| Lockheed Martin Corp. | 6732 | $3216213 |
| **Air Freight & Logistics - 1.2%**  | **Air Freight & Logistics - 1.2%**  | **Air Freight & Logistics - 1.2%**  |
| United Parcel Service, Inc., Class B | 29914 | 2850804 |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| General Motors Co. | 15053 | 680998 |
| **Banks - 7.0%**  | **Banks - 7.0%**  | **Banks - 7.0%**  |
| Bank of America Corp. | 60240 | 2402371 |
| Citizens Financial Group, Inc. | 14546 | 536602 |
| East West Bancorp, Inc. | 9878 | 845063 |
| JPMorgan Chase & Co. | 34185 | 8362335 |
| PNC Financial Services Group, Inc. | 17741 | 2850801 |
| U.S. Bancorp | 35034 | 1413272 |
|  |  | 16410444 |
| **Beverages - 2.6%**  | **Beverages - 2.6%**  | **Beverages - 2.6%**  |
| Brown-Forman Corp., Class B | 31822 | 1108679 |
| Coca-Cola Co. | 12999 | 943077 |
| PepsiCo, Inc. | 28623 | 3880706 |
|  |  | 5932462 |
| **Biotechnology - 2.6%**  | **Biotechnology - 2.6%**  | **Biotechnology - 2.6%**  |
| AbbVie, Inc. | 6225 | 1214498 |
| Amgen, Inc. | 6459 | 1879052 |
| Biogen, Inc. <sup>(A)</sup> <br>| 10373 | 1255963 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 12204 | 477787 |
| United Therapeutics Corp. <sup>(A)</sup> <br>| 3916 | 1186900 |
|  |  | 6014200 |
| **Broadline Retail - 1.0%**  | **Broadline Retail - 1.0%**  | **Broadline Retail - 1.0%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 10639 | 1962044 |
| eBay, Inc. | 6398 | 436088 |
|  |  | 2398132 |
| **Building Products - 1.9%**  | **Building Products - 1.9%**  | **Building Products - 1.9%**  |
| A.O. Smith Corp. | 11719 | 795251 |
| Allegion PLC | 9334 | 1299293 |
| Fortune Brands Innovations, Inc. | 11252 | 605582 |
| Masco Corp. | 6547 | 396814 |
| Trane Technologies PLC | 3554 | 1362284 |
|  |  | 4459224 |
| **Capital Markets - 6.4%**  | **Capital Markets - 6.4%**  | **Capital Markets - 6.4%**  |
| Ameriprise Financial, Inc. | 1528 | 719719 |
| Blackrock, Inc. | 460 | 420560 |
| Blackstone, Inc. | 7841 | 1032738 |
| Cboe Global Markets, Inc. | 3165 | 701997 |
| Goldman Sachs Group, Inc. | 3204 | 1754350 |
| Interactive Brokers Group, Inc., Class A | 5857 | 1006525 |
| Intercontinental Exchange, Inc. | 1202 | 201900 |
| Moody's Corp. | 1633 | 739945 |
| Morgan Stanley | 22392 | 2584485 |
| Morningstar, Inc. | 2068 | 588801 |
| S&P Global, Inc. | 2178 | 1089109 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| SEI Investments Co. | 27320 | $2138883 |
| Tradeweb Markets, Inc., Class A | 14208 | 1964966 |
|  |  | 14943978 |
| **Chemicals - 2.0%**  | **Chemicals - 2.0%**  | **Chemicals - 2.0%**  |
| CF Industries Holdings, Inc. | 5141 | 402900 |
| Ecolab, Inc. | 8561 | 2152492 |
| Linde PLC | 3196 | 1448523 |
| PPG Industries, Inc. | 5384 | 586103 |
|  |  | 4590018 |
| **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  |
| Cintas Corp. | 4812 | 1018604 |
| **Communications Equipment - 2.8%**  | **Communications Equipment - 2.8%**  | **Communications Equipment - 2.8%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 13068 | 1075104 |
| Cisco Systems, Inc. | 32217 | 1859887 |
| F5, Inc. <sup>(A)</sup> <br>| 6520 | 1726105 |
| Motorola Solutions, Inc. | 3943 | 1736458 |
|  |  | 6397554 |
| **Consumer Finance - 1.0%**  | **Consumer Finance - 1.0%**  | **Consumer Finance - 1.0%**  |
| Capital One Financial Corp. | 7087 | 1277502 |
| Discover Financial Services | 5519 | 1008156 |
|  |  | 2285658 |
| **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  |
| Sysco Corp. | 27313 | 1950148 |
| **Containers & Packaging - 1.1%**  | **Containers & Packaging - 1.1%**  | **Containers & Packaging - 1.1%**  |
| Ball Corp. | 18056 | 937829 |
| Crown Holdings, Inc. | 12207 | 1175900 |
| Smurfit WestRock PLC | 8154 | 342631 |
|  |  | 2456360 |
| **Diversified Telecommunication Services - 0.2%**  | **Diversified Telecommunication Services - 0.2%**  | **Diversified Telecommunication Services - 0.2%**  |
| Liberty Global Ltd., Class C <sup>(A)</sup> <br>| 40054 | 454212 |
| **Electric Utilities - 2.6%**  | **Electric Utilities - 2.6%**  | **Electric Utilities - 2.6%**  |
| Edison International | 43268 | 2315271 |
| NRG Energy, Inc. | 24450 | 2679231 |
| OGE Energy Corp. | 23150 | 1050547 |
|  |  | 6045049 |
| **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  |
| TE Connectivity PLC | 13817 | 2022532 |
| **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  |
| Baker Hughes Co. | 46269 | 1637923 |
| **Financial Services - 5.7%**  | **Financial Services - 5.7%**  | **Financial Services - 5.7%**  |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 17104 | 9120708 |
| Corpay, Inc. <sup>(A)</sup> <br>| 88 | 28633 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 1261 | 232743 |
| Mastercard, Inc., Class A | 4350 | 2384061 |
| MGIC Investment Corp. | 15839 | 394549 |
| PayPal Holdings, Inc. <sup>(A)</sup> <br>| 16044 | 1056337 |
|  |  | 13217031 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 1.4%**  | **Food Products - 1.4%**  | **Food Products - 1.4%**  |
| General Mills, Inc. | 43580 | $2472729 |
| Hershey Co. | 4745 | 793317 |
|  |  | 3266046 |
| **Gas Utilities - 0.7%**  | **Gas Utilities - 0.7%**  | **Gas Utilities - 0.7%**  |
| National Fuel Gas Co. | 19552 | 1501203 |
| **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  |
| Union Pacific Corp. | 11058 | 2384768 |
| **Health Care Equipment & Supplies - 2.9%**  | **Health Care Equipment & Supplies - 2.9%**  | **Health Care Equipment & Supplies - 2.9%**  |
| Becton Dickinson & Co. | 3027 | 626861 |
| GE HealthCare Technologies, Inc. | 7837 | 551176 |
| Hologic, Inc. <sup>(A)</sup> <br>| 13269 | 772256 |
| ResMed, Inc. | 7697 | 1821033 |
| STERIS PLC | 5955 | 1338327 |
| Stryker Corp. | 4268 | 1595891 |
|  |  | 6705544 |
| **Health Care Providers & Services - 4.1%**  | **Health Care Providers & Services - 4.1%**  | **Health Care Providers & Services - 4.1%**  |
| Cigna Group | 7135 | 2426185 |
| DaVita, Inc. <sup>(A)</sup> <br>| 3276 | 463718 |
| HCA Healthcare, Inc. | 5938 | 2049085 |
| Premier, Inc., Class A, Class A | 22917 | 466361 |
| Tenet Healthcare Corp. <sup>(A)</sup> <br>| 6150 | 879143 |
| UnitedHealth Group, Inc. | 5203 | 2140722 |
| Universal Health Services, Inc., Class B | 6525 | 1155382 |
|  |  | 9580596 |
| **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  |
| Omega Healthcare Investors, Inc. | 42669 | 1666224 |
| **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  |
| Booking Holdings, Inc. | 438 | 2233485 |
| Hilton Worldwide Holdings, Inc. | 3700 | 834276 |
|  |  | 3067761 |
| **Household Durables - 0.5%**  | **Household Durables - 0.5%**  | **Household Durables - 0.5%**  |
| Leggett & Platt, Inc. | 66033 | 635237 |
| NVR, Inc. <sup>(A)</sup> <br>| 88 | 627066 |
|  |  | 1262303 |
| **Household Products - 3.5%**  | **Household Products - 3.5%**  | **Household Products - 3.5%**  |
| Clorox Co. | 5301 | 754333 |
| Colgate-Palmolive Co. | 27295 | 2516326 |
| Kimberly-Clark Corp. | 19091 | 2515812 |
| Procter & Gamble Co. | 14474 | 2353038 |
|  |  | 8139509 |
| **Independent Power & Renewable Electricity Producers - 1.1%**  | **Independent Power & Renewable Electricity Producers - 1.1%**  | **Independent Power & Renewable Electricity Producers - 1.1%**  |
| Brookfield Renewable Corp. <sup>(B)</sup> <br>| 39547 | 1125508 |
| Clearway Energy, Inc., Class C | 49534 | 1453327 |
|  |  | 2578835 |
| **Insurance - 4.5%**  | **Insurance - 4.5%**  | **Insurance - 4.5%**  |
| Allstate Corp. | 13260 | 2630651 |
| Arch Capital Group Ltd. | 9765 | 885490 |
| Cincinnati Financial Corp. | 5320 | 740597 |
| Hartford Insurance Group, Inc. | 8229 | 1009451 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Progressive Corp. | 12163 | $3426804 |
| Travelers Cos., Inc. | 3497 | 923663 |
| Unum Group | 11225 | 871734 |
|  |  | 10488390 |
| **Interactive Media & Services - 1.1%**  | **Interactive Media & Services - 1.1%**  | **Interactive Media & Services - 1.1%**  |
| Alphabet, Inc., Class A | 7527 | 1195287 |
| Alphabet, Inc., Class C | 2411 | 387906 |
| Meta Platforms, Inc., Class A | 1910 | 1048590 |
|  |  | 2631783 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Amdocs Ltd. | 5751 | 509423 |
| Gartner, Inc. <sup>(A)</sup> <br>| 2034 | 856477 |
|  |  | 1365900 |
| **Life Sciences Tools & Services - 2.0%**  | **Life Sciences Tools & Services - 2.0%**  | **Life Sciences Tools & Services - 2.0%**  |
| Agilent Technologies, Inc. | 8593 | 924607 |
| Avantor, Inc. <sup>(A)</sup> <br>| 38078 | 494633 |
| Danaher Corp. | 4302 | 857518 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 5973 | 926233 |
| Medpace Holdings, Inc. <sup>(A)</sup> <br>| 1835 | 565895 |
| Thermo Fisher Scientific, Inc. | 1889 | 810381 |
|  |  | 4579267 |
| **Machinery - 3.2%**  | **Machinery - 3.2%**  | **Machinery - 3.2%**  |
| Caterpillar, Inc. | 2933 | 907089 |
| Donaldson Co., Inc. | 12329 | 810385 |
| Illinois Tool Works, Inc. | 12400 | 2974884 |
| PACCAR, Inc. | 29580 | 2668412 |
|  |  | 7360770 |
| **Media - 1.1%**  | **Media - 1.1%**  | **Media - 1.1%**  |
| Comcast Corp., Class A | 51491 | 1760992 |
| Fox Corp., Class B | 18357 | 848828 |
|  |  | 2609820 |
| **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  |
| Reliance, Inc. | 3854 | 1110838 |
| **Multi-Utilities - 0.5%**  | **Multi-Utilities - 0.5%**  | **Multi-Utilities - 0.5%**  |
| Dominion Energy, Inc. | 19945 | 1084609 |
| **Oil, Gas & Consumable Fuels - 6.0%**  | **Oil, Gas & Consumable Fuels - 6.0%**  | **Oil, Gas & Consumable Fuels - 6.0%**  |
| Cheniere Energy, Inc. | 8818 | 2037928 |
| Chevron Corp. | 14234 | 1936678 |
| ConocoPhillips | 31285 | 2788119 |
| Devon Energy Corp. | 17891 | 544065 |
| Exxon Mobil Corp. | 64003 | 6760637 |
|  |  | 14067427 |
| **Pharmaceuticals - 2.5%**  | **Pharmaceuticals - 2.5%**  | **Pharmaceuticals - 2.5%**  |
| Bristol-Myers Squibb Co. | 23094 | 1159319 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 6842 | 800240 |
| Johnson & Johnson | 19530 | 3052734 |
| Organon & Co. | 31233 | 403843 |
| Zoetis, Inc. | 3145 | 491878 |
|  |  | 5908014 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Professional Services - 1.6%**  | **Professional Services - 1.6%**  | **Professional Services - 1.6%**  |
| Booz Allen Hamilton Holding Corp. | 5959 | $715199 |
| Genpact Ltd. | 8194 | 411830 |
| Leidos Holdings, Inc. | 10216 | 1503591 |
| Robert Half, Inc. | 26572 | 1177140 |
|  |  | 3807760 |
| **Retail REITs - 0.7%**  | **Retail REITs - 0.7%**  | **Retail REITs - 0.7%**  |
| Kimco Realty Corp. | 29155 | 582517 |
| Simon Property Group, Inc. | 6745 | 1061528 |
|  |  | 1644045 |
| **Semiconductors & Semiconductor Equipment - 2.5%**  | **Semiconductors & Semiconductor Equipment - 2.5%**  | **Semiconductors & Semiconductor Equipment - 2.5%**  |
| Cirrus Logic, Inc. <sup>(A)</sup> <br>| 8499 | 816244 |
| Lam Research Corp. | 8789 | 629908 |
| NVIDIA Corp. | 6591 | 717892 |
| QUALCOMM, Inc. | 24620 | 3655085 |
|  |  | 5819129 |
| **Software - 1.2%**  | **Software - 1.2%**  | **Software - 1.2%**  |
| Gen Digital, Inc. | 17803 | 460564 |
| Salesforce, Inc. | 8397 | 2256358 |
|  |  | 2716922 |
| **Specialized REITs - 1.3%**  | **Specialized REITs - 1.3%**  | **Specialized REITs - 1.3%**  |
| American Tower Corp. | 2812 | 633853 |
| CubeSmart | 17445 | 709488 |
| National Storage Affiliates Trust | 24621 | 915901 |
| Public Storage | 2781 | 835496 |
|  |  | 3094738 |
| **Specialty Retail - 4.1%**  | **Specialty Retail - 4.1%**  | **Specialty Retail - 4.1%**  |
| Home Depot, Inc. | 12177 | 4389687 |
| Lowe's Cos., Inc. | 7479 | 1672005 |
| TJX Cos., Inc. | 27541 | 3543976 |
|  |  | 9605668 |
| **Technology Hardware, Storage & Peripherals - 1.8%**  | **Technology Hardware, Storage & Peripherals - 1.8%**  | **Technology Hardware, Storage & Peripherals - 1.8%**  |
| Apple, Inc. | 11190 | 2377875 |
| Dell Technologies, Inc., Class C | 10841 | 994770 |
| NetApp, Inc. | 9670 | 867883 |
|  |  | 4240528 |
| **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  |
| Columbia Sportswear Co. | 11257 | 699848 |
| Ralph Lauren Corp. | 2219 | 499164 |
|  |  | 1199012 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Tobacco - 1.4%**  | **Tobacco - 1.4%**  | **Tobacco - 1.4%**  |
| Altria Group, Inc. | 54656 | $3232902 |
| Philip Morris International, Inc. | 632 | 108300 |
|  |  | 3341202 |
| **Wireless Telecommunication Services - 1.1%**  | **Wireless Telecommunication Services - 1.1%**  | **Wireless Telecommunication Services - 1.1%**  |
| T-Mobile U.S., Inc. | 10691 | 2640142 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $216,642,955)**<br>|  | 228450297 |
| **EXCHANGE-TRADED FUND - 1.7%**  | **EXCHANGE-TRADED FUND - 1.7%**  | **EXCHANGE-TRADED FUND - 1.7%**  |
| **U.S. Equity Fund - 1.7%**  | **U.S. Equity Fund - 1.7%**  | **U.S. Equity Fund - 1.7%**  |
| iShares Russell 1000 Value ETF <sup>(B)</sup> <br>| 22177 | 4042202 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $4,024,489)**<br>|  | 4042202 |
| **OTHER INVESTMENT COMPANY - 1.6%**  | **OTHER INVESTMENT COMPANY - 1.6%**  | **OTHER INVESTMENT COMPANY - 1.6%**  |
| **Securities Lending Collateral - 1.6%**  | **Securities Lending Collateral - 1.6%**  | **Securities Lending Collateral - 1.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(C)</sup> <br>| 3875475 | 3875475 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $3,875,475)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $3,875,475)** | 3875475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $625,944 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 08/31/2031, and <br> with a value of $638,470.<br>| $625913 | 625913 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $625,913)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $625,913)** | 625913 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $225,168,832)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $225,168,832)** | 236993887 |
| **Net Other Assets (Liabilities) - (1.6)%** | **Net Other Assets (Liabilities) - (1.6)%** | (3778517) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$233215370** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $228450297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $228450297 |
| Exchange-Traded Fund | 4042202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4042202 |
| Other Investment Company | 3875475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3875475 |
| Repurchase Agreement |  | &nbsp;&nbsp; 625913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 625913 |
| **Total Investments** | **$236367974** | &nbsp;&nbsp; **$625913** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$236993887** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $3,797,452, collateralized by cash collateral of $3,875,475. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Large Value Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $224,542,919) (including securities loaned of $3,797,452) | $236367974 |
| Repurchase agreement, at value (cost $625,913) | 625913 |
| Receivables and other assets: |  |
| Net income from securities lending | 228 |
| Shares of beneficial interest sold  | 72481 |
| Dividends  | 171642 |
| Interest | 31 |
| Prepaid expenses | 14437 |
| Total assets | 237252706 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 3875475 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 14915 |
| Investment management fees | 83563 |
| Distribution and service fees | 19328 |
| Transfer agent fees | 1361 |
| Trustee and CCO fees | 1264 |
| Audit and tax fees  | 11597 |
| Custody fees | 14781 |
| Legal fees | 5762 |
| Printing and shareholder reports fees | 614 |
| Other accrued expenses | 8676 |
| Total liabilities | 4037336 |
| **Net assets**  | $233215370 |
| **Net assets consist of:** |  |
| Paid-in capital | $193613940 |
| Total distributable earnings (accumulated losses) | 39601430 |
| **Net assets** | $233215370 |
| **Net assets by class:** |  |
| Class I3 | $181296362 |
| Class R | 43507028 |
| Class R4 | 8411980 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 19988789 |
| Class R | 4783469 |
| Class R4 | 925038 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I3 | $9.07 |
| Class R | 9.10 |
| Class R4 | 9.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I3, R and R4 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Large Value Opportunities**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $3202222 |
| Interest income | 6549 |
| Net income from securities lending | 254 |
| Total investment income  | 3209025 |
| **Expenses:** |  |
| Investment management fees | 606931 |
| Distribution and service fees: |  |
| Class R | 128745 |
| Class R4 | 11501 |
| Transfer agent fees: |  |
| Class I3 | 7862 |
| Class R | 489 |
| Class R4 | 345 |
| Trustee and CCO fees | 6090 |
| Audit and tax fees | 13036 |
| Custody fees | 11371 |
| Legal fees | 10988 |
| Printing and shareholder reports fees | 4116 |
| Registration fees | 19578 |
| Other | 15981 |
| Total expenses before waiver and/or reimbursement and recapture | 837033 |
| Expenses waived and/or reimbursed: |  |
| Class R | (2466)<br>|
| Class R4 | (915)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 131 |
| Net expenses | 833783 |
| **Net investment income (loss)** | 2375242 |
| **Net realized gain (loss) on:** |  |
| Investments | 28156523 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (34126342)<br>|
| Net realized and change in unrealized gain (loss) | (5969819)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(3594577)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Large Value Opportunities**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2375242 | &nbsp;&nbsp;&nbsp;&nbsp; $5010682 |
| Net realized gain (loss) | 28156523 | &nbsp;&nbsp;&nbsp;&nbsp; 49398373 |
| Net change in unrealized appreciation (depreciation) | (34126342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34165595 |
| Net increase (decrease) in net assets resulting from operations | (3594577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88574650 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (36215105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4524722)<br>|
| Class R | (8736526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (806320)<br>|
| Class R4 | (1701304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150439)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (46652935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5481481)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 3552767 | &nbsp;&nbsp;&nbsp;&nbsp; 1524241 |
| Class R | 320160 | &nbsp;&nbsp;&nbsp;&nbsp; 1057312 |
| Class R4 | 1089859 | &nbsp;&nbsp;&nbsp;&nbsp; 2236607 |
|  | 4962786 | &nbsp;&nbsp;&nbsp;&nbsp; 4818160 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 36215105 | &nbsp;&nbsp;&nbsp;&nbsp; 4524722 |
| Class R | 8736526 | &nbsp;&nbsp;&nbsp;&nbsp; 806320 |
| Class R4 | 1701304 | &nbsp;&nbsp;&nbsp;&nbsp; 150439 |
|  | 46652935 | &nbsp;&nbsp;&nbsp;&nbsp; 5481481 |
| Cost of shares redeemed: |  |  |
| Class I3 | (82990177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32142284)<br>|
| Class R | (20877813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7996853)<br>|
| Class R4 | (2571141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1673351)<br>|
|  | (106439131)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41812488)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (54823410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31512847)<br>|
| **Net increase (decrease) in net assets** | (105070922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51580322 |
| **Net assets:** |  |  |
| Beginning of period/year | 338286292 | &nbsp;&nbsp;&nbsp;&nbsp; 286705970 |
| End of period/year | $233215370 | &nbsp;&nbsp;&nbsp;&nbsp; $338286292 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 355036 | &nbsp;&nbsp;&nbsp;&nbsp; 146987 |
| Class R | 32596 | &nbsp;&nbsp;&nbsp;&nbsp; 102705 |
| Class R4 | 112878 | &nbsp;&nbsp;&nbsp;&nbsp; 230998 |
|  | 500510 | &nbsp;&nbsp;&nbsp;&nbsp; 480690 |
| Shares reinvested: |  |  |
| Class I3 | 3890460 | &nbsp;&nbsp;&nbsp;&nbsp; 434406 |
| Class R | 935467 | &nbsp;&nbsp;&nbsp;&nbsp; 77538 |
| Class R4 | 182175 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
|  | 5008102 | &nbsp;&nbsp;&nbsp;&nbsp; 526379 |
| Shares redeemed: |  |  |
| Class I3 | (7402566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3091092)<br>|
| Class R | (1884371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (773244)<br>|
| Class R4 | (250915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159098)<br>|
|  | (9537852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4023434)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | (3157070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2509699)<br>|
| Class R | (916308)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593001)<br>|
| Class R4 | 44138 | &nbsp;&nbsp;&nbsp;&nbsp; 86335 |
|  | (4029240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3016365)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Large Value Opportunities**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.38 | $8.75 | $9.59 | $11.49 | $8.16 | $9.32 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.17 | 0.19 | 0.19 | 0.21 | 0.21 |
| Net realized and unrealized gain (loss) | (0.25)<br>| 2.65 | (0.24)<br>| (0.28)<br>| 3.33 | (1.09)<br>|
| Total investment operations | (0.16)<br>| 2.82 | (0.05)<br>| (0.09)<br>| 3.54 | (0.88)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.19)<br>| (0.18)<br>| (0.20)<br>| (0.21)<br>| (0.23)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (2.15)<br>| (0.19)<br>| (0.79)<br>| (1.81)<br>| (0.21)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $9.07 | $11.38 | $8.75 | $9.59 | $11.49 | $8.16 |
| **Total return** | (1.86 )%<sup>(B)</sup><br>| 32.39<br> %<br>| (0.72)%<br>| (1.20)%<br>| 43.70<br> %<br>| (9.67)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $181296 | $263302 | $224564 | $259718 | $313063 | $254111 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.52 %<sup>(D)</sup><br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.52 %<sup>(D)</sup><br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49 %<sup>(E)</sup><br>| 0.50 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.86 %<sup>(D)</sup><br>| 1.65<br> %<br>| 2.07<br> %<br>| 1.87<br> %<br>| 2.04<br> %<br>| 2.36<br> %<br>|
| Portfolio turnover rate | 62 %<sup>(B)</sup><br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>| 116<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.39 | $8.77 | $9.61 | $11.50 | $8.17 | $9.33 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.12 | 0.15 | 0.14 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | (0.24)<br>| 2.63 | (0.24)<br>| (0.27)<br>| 3.33 | (1.09)<br>|
| Total investment operations | (0.17)<br>| 2.75 | (0.09)<br>| (0.13)<br>| 3.49 | (0.93)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.13)<br>| (0.14)<br>| (0.15)<br>| (0.16)<br>| (0.18)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (2.12)<br>| (0.13)<br>| (0.75)<br>| (1.76)<br>| (0.16)<br>| (0.23)<br>|
| **Net asset value, end of period/year** | $9.10 | $11.39 | $8.77 | $9.61 | $11.50 | $8.17 |
| **Total return** | (1.98 )%<sup>(B)</sup><br>| 31.56<br> %<br>| (1.22)%<br>| (1.63)%<br>| 42.93<br> %<br>| (10.05)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $43507 | $64945 | $55174 | $61830 | $70159 | $56104 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01 %<sup>(D)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(D)</sup><br>| 1.00 %<sup>(E)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 1.38 %<sup>(D)</sup><br>| 1.15<br> %<br>| 1.57<br> %<br>| 1.37<br> %<br>| 1.53<br> %<br>| 1.89<br> %<br>|
| Portfolio turnover rate | 62 %<sup>(B)</sup><br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>| 116<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Large Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.40 | $8.77 | $9.61 | $11.51 | $8.17 | $9.33 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.14 | 0.17 | 0.16 | 0.19 | 0.19 |
| Net realized and unrealized gain (loss) | (0.26)<br>| 2.65 | (0.24)<br>| (0.28)<br>| 3.34 | (1.10)<br>|
| Total investment operations | (0.18)<br>| 2.79 | (0.07)<br>| (0.12)<br>| 3.53 | (0.91)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.16)<br>| (0.16)<br>| (0.17)<br>| (0.19)<br>| (0.20)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (2.13)<br>| (0.16)<br>| (0.77)<br>| (1.78)<br>| (0.19)<br>| (0.25)<br>|
| **Net asset value, end of period/year** | $9.09 | $11.40 | $8.77 | $9.61 | $11.51 | $8.17 |
| **Total return** | (2.00 )% <sup>(B)</sup><br>| 32.01<br> %<br>| (0.97)%<br>| (1.46)%<br>| 43.42<br> %<br>| (9.81)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $8412 | $10039 | $6968 | $9087 | $10065 | $19376 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77 %<sup>(D)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75 %<sup>(D)</sup><br>| 0.75 %<sup>(E)</sup><br>| 0.75 %<sup>(E)</sup><br>| 0.75 %<sup>(E)</sup><br>| 0.75<br> %<br>| 0.75 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.60 %<sup>(D)</sup><br>| 1.39<br> %<br>| 1.82<br> %<br>| 1.61<br> %<br>| 1.83<br> %<br>| 2.13<br> %<br>|
| Portfolio turnover rate | 62 %<sup>(B)</sup><br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>| 116<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Large Value Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I3, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $4,705.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

*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.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $2061926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2061926 |
| Exchange-Traded Funds | 1813549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1813549 |
| Total Securities Lending Transactions | $3875475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3875475 |
| **Total Borrowings** | **$3875475** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3875475** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and

**Transamerica Funds**

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**Page 15**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $229670496 | 98.48<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.45<br> % <br>|
| Over $250 million up to $750 million | 0.44 |
| Over $750 million | 0.43 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3 | 0.65<br> % <br>| March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.75 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $— | $— | $— | $2466 | $2466 |
| Class R4 | 23 | 759 | 590 | 915 | 2287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $8217 | &nbsp;&nbsp; $1147 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $170357317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $268711626 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $225168832 | &nbsp;&nbsp; $25355530 | &nbsp;&nbsp; $(13530475)<br>| &nbsp;&nbsp; $11825055 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Large Value Opportunities** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Large Value Opportunities** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Large Value Opportunities** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Large Value Opportunities** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

![](g947814imgb1fc267b3.gif)

![](g947814imged3405a34.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453813 TA LRG VAL OPS 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgf44e50f15.gif)

------

![](g947814img5ebe1ffe1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Long Credit**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imga39283932.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_SOI-RunningFooter-546_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_FS-RunningFooter-546_1) | 9 |
| [Statement of Operations](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_FS-RunningFooter-546_2) | 10 |
| [Statement of Changes in Net Assets](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_FS-RunningFooter-546_3) | 11 |
| [Financial Highlights](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_FIHI-RunningFooter-546_1) | 12 |
| [Notes to Financial Statements](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_NTF-RunningFooter-546_1) | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_DWA-RunningFooter-546_1)**<br> **[Companies](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_DWA-RunningFooter-546_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_PD-RunningFooter-546_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_REMU-RunningFooter-546_1)**<br> **[Companies](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_REMU-RunningFooter-546_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d1dec2a0-ed02-44ef-bea4-4440db7eed31_AIAC-RunningFooter-546_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 86.2%**  | **CORPORATE DEBT SECURITIES - 86.2%**  | **CORPORATE DEBT SECURITIES - 86.2%**  |
| **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  |
| BAE Systems PLC |  |  |
| 5.50%, 03/26/2054 <sup>(A)</sup><sup>(B)</sup> <br>| $880000 | $856139 |
| Boeing Co. |  |  |
| 3.83%, 03/01/2059 | 2486000 | 1604289 |
| 5.93%, 05/01/2060 | 913000 | 844251 |
| 6.86%, 05/01/2054 | 2935000 | 3137324 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 1552000 | 1281596 |
| 4.50%, 03/11/2044 | 1240000 | 1081589 |
| RTX Corp. |  |  |
| 4.15%, 05/15/2045 | 2263000 | 1822711 |
| 4.63%, 11/16/2048 | 3493000 | 2951777 |
|  |  | 13579676 |
| **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.15%, 05/01/2052 | 1927000 | 1316989 |
| Lear Corp. |  |  |
| 3.55%, 01/15/2052 | 2327000 | 1458763 |
|  |  | 2775752 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/2043 | 1246000 | 932714 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 3202000 | 3019952 |
|  |  | 3952666 |
| **Banks - 8.8%**  | **Banks - 8.8%**  | **Banks - 8.8%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2041, <br>3.31% <sup>(C)</sup>, 04/22/2042<br>| 1509000 | 1136006 |
| &nbsp;&nbsp; Fixed until 03/20/2050, <br>4.08% <sup>(C)</sup>, 03/20/2051<br>| 3502000 | 2713422 |
| &nbsp;&nbsp; Fixed until 04/25/2033, <br>5.29% <sup>(C)</sup>, 04/25/2034<br>| 3516000 | 3522904 |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.51% <sup>(C)</sup>, 01/24/2036<br>| 2294000 | 2322637 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 431000 | 430923 |
| BPCE SA |  |  |
| &nbsp;&nbsp; Fixed until 10/19/2041, <br>3.58% <sup>(C)</sup>, 10/19/2042 <sup>(A)</sup> <br>| 1021000 | 712472 |
| &nbsp;&nbsp; Fixed until 07/19/2032, <br>5.75% <sup>(C)</sup>, 07/19/2033 <sup>(A)</sup> <br>| 1642000 | 1659515 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2038, <br>3.88% <sup>(C)</sup>, 01/24/2039<br>| 4575000 | 3834243 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 1988000 | 1721850 |
| &nbsp;&nbsp; Fixed until 07/23/2034, <br>5.33% <sup>(C)</sup>, 07/23/2035<br>| 3036000 | 3013480 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(C)</sup>, 01/28/2056<br>| 1489000 | 1453051 |
| Intesa Sanpaolo SpA |  |  |
| 7.80%, 11/28/2053 <sup>(A)</sup> <br>| 1861000 | 2107263 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2040, <br>3.11% <sup>(C)</sup>, 04/22/2041<br>| $8200000 | $6195021 |
| &nbsp;&nbsp; Fixed until 06/01/2033, <br>5.35% <sup>(C)</sup>, 06/01/2034<br>| 2327000 | 2361503 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 01/05/2034, <br>5.68% <sup>(C)</sup>, 01/05/2035<br>| 886000 | 895670 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/22/2037, <br>3.97% <sup>(C)</sup>, 07/22/2038<br>| 2206000 | 1893558 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 1266000 | 1258369 |
| &nbsp;&nbsp; Fixed until 11/19/2054, <br>5.52% <sup>(C)</sup>, 11/19/2055<br>| 777000 | 743287 |
| &nbsp;&nbsp; Fixed until 01/18/2035, <br>5.59% <sup>(C)</sup>, 01/18/2036<br>| 2771000 | 2806565 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(C)</sup>, 01/26/2034<br>| 929000 | 908503 |
| &nbsp;&nbsp; Fixed until 06/08/2033, <br>5.87% <sup>(C)</sup>, 06/08/2034<br>| 1115000 | 1141088 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2044, <br>5.38% <sup>(C)</sup>, 09/06/2045 <sup>(A)</sup> <br>| 1200000 | 1134708 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(C)</sup>, 08/12/2033 <sup>(A)</sup> <br>| 790000 | 844495 |
| Wells Fargo & Co. |  |  |
| 4.75%, 12/07/2046 | 5403000 | 4486702 |
|  |  | 49297235 |
| **Beverages - 2.0%**  | **Beverages - 2.0%**  | **Beverages - 2.0%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 9483000 | 7987665 |
| Constellation Brands, Inc. |  |  |
| 5.25%, 11/15/2048 | 2193000 | 1957538 |
| Pernod Ricard SA |  |  |
| 5.50%, 01/15/2042 <sup>(A)</sup> <br>| 1427000 | 1342089 |
|  |  | 11287292 |
| **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  |
| Amgen, Inc. |  |  |
| 4.20%, 02/22/2052 | 1797000 | 1384821 |
| 5.75%, 03/02/2063 | 2677000 | 2551633 |
| CSL Finance PLC |  |  |
| 4.95%, 04/27/2062 <sup>(A)</sup> <br>| 1747000 | 1475100 |
| Gilead Sciences, Inc. |  |  |
| 5.50%, 11/15/2054 | 2785000 | 2704988 |
|  |  | 8116542 |
| **Building Products - 1.6%**  | **Building Products - 1.6%**  | **Building Products - 1.6%**  |
| Carrier Global Corp. |  |  |
| 6.20%, 03/15/2054 | 1265000 | 1328646 |
| CRH America Finance, Inc. |  |  |
| 5.88%, 01/09/2055 | 1704000 | 1685749 |
| GCC SAB de CV |  |  |
| 3.61%, 04/20/2032 <sup>(A)</sup> <br>| 471000 | 403815 |
| Holcim Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 3770000 | 3116574 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | $1555000 | $1230338 |
| Vulcan Materials Co. |  |  |
| 5.70%, 12/01/2054 | 1545000 | 1478533 |
|  |  | 9243655 |
| **Chemicals - 1.9%**  | **Chemicals - 1.9%**  | **Chemicals - 1.9%**  |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/2044 | 1472000 | 1216364 |
| Nutrien Ltd. |  |  |
| 5.00%, 04/01/2049 | 3851000 | 3375877 |
| OCP SA |  |  |
| 6.88%, 04/25/2044 <sup>(D)</sup> <br>| 471000 | 441773 |
| Orbia Advance Corp. SAB de CV |  |  |
| 5.88%, 09/17/2044 <sup>(B)</sup><sup>(D)</sup> <br>| 3540000 | 2967664 |
| Westlake Corp. |  |  |
| 4.38%, 11/15/2047 | 3152000 | 2412052 |
|  |  | 10413730 |
| **Commercial Services & Supplies - 2.7%**  | **Commercial Services & Supplies - 2.7%**  | **Commercial Services & Supplies - 2.7%**  |
| Ashtead Capital, Inc. |  |  |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 468000 | 468167 |
| Equifax, Inc. |  |  |
| 7.00%, 07/01/2037 | 3657000 | 4059042 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 <sup>(B)</sup> <br>| 2400000 | 2024694 |
| 6.50%, 05/06/2034 | 642000 | 640754 |
| Moody's Corp. |  |  |
| 3.25%, 05/20/2050 | 3320000 | 2193642 |
| Siemens Financieringsmaatschappij NV |  |  |
| 2.88%, 03/11/2041 <sup>(A)</sup> <br>| 1720000 | 1254259 |
| 4.40%, 05/27/2045 <sup>(A)</sup> <br>| 1071000 | 921588 |
| Waste Management, Inc. |  |  |
| 5.35%, 10/15/2054 | 3457000 | 3321134 |
|  |  | 14883280 |
| **Communications Equipment - 5.5%**  | **Communications Equipment - 5.5%**  | **Communications Equipment - 5.5%**  |
| AT&T, Inc. |  |  |
| 3.50%, 09/15/2053 | 6382000 | 4279358 |
| 3.55%, 09/15/2055 | 8254000 | 5514788 |
| Corning, Inc. |  |  |
| 4.38%, 11/15/2057 | 2188000 | 1691613 |
| PLDT, Inc. |  |  |
| 3.45%, 06/23/2050 <sup>(D)</sup> <br>| 412000 | 275175 |
| Telefonica Emisiones SA |  |  |
| 7.05%, 06/20/2036 | 4431000 | 4897948 |
| T-Mobile USA, Inc. |  |  |
| 3.30%, 02/15/2051 | 754000 | 495742 |
| 4.50%, 04/15/2050 | 2606000 | 2117432 |
| 5.65%, 01/15/2053 | 2801000 | 2677829 |
| Verizon Communications, Inc. |  |  |
| 2.99%, 10/30/2056 | 1453000 | 864683 |
| 3.70%, 03/22/2061 | 8730000 | 5944593 |
| Vodafone Group PLC |  |  |
| 5.75%, 06/28/2054 <sup>(E)</sup> <br>| 2216000 | 2094815 |
|  |  | 30853976 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail - 2.7%**  | **Consumer Staples Distribution & Retail - 2.7%**  | **Consumer Staples Distribution & Retail - 2.7%**  |
| 7-Eleven, Inc. |  |  |
| 2.50%, 02/10/2041 <sup>(A)</sup> <br>| $3752000 | $2436471 |
| Alimentation Couche-Tard, Inc. |  |  |
| 5.62%, 02/12/2054 <sup>(A)</sup><sup>(B)</sup> <br>| 2296000 | 2114620 |
| Home Depot, Inc. |  |  |
| 4.25%, 04/01/2046 | 4823000 | 4002690 |
| Lowe's Cos., Inc. |  |  |
| 3.00%, 10/15/2050 | 2444000 | 1494096 |
| 4.25%, 04/01/2052 | 2327000 | 1777521 |
| McDonald's Corp. |  |  |
| 3.63%, 09/01/2049 | 2092000 | 1505708 |
| Starbucks Corp. |  |  |
| 4.50%, 11/15/2048 | 2182000 | 1763698 |
|  |  | 15094804 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Smurfit Kappa Treasury ULC |  |  |
| 5.78%, 04/03/2054 <sup>(A)</sup> <br>| 2387000 | 2295296 |
| **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  |
| VICI Properties LP |  |  |
| 6.13%, 04/01/2054 | 2469000 | 2365203 |
| **Electric Utilities - 10.1%**  | **Electric Utilities - 10.1%**  | **Electric Utilities - 10.1%**  |
| Appalachian Power Co. |  |  |
| 4.45%, 06/01/2045 | 3258000 | 2608786 |
| Berkshire Hathaway Energy Co. |  |  |
| 4.50%, 02/01/2045 | 2153000 | 1824943 |
| Black Hills Corp. |  |  |
| 4.20%, 09/15/2046 | 4832000 | 3845418 |
| Comision Federal de Electricidad |  |  |
| 4.68%, 02/09/2051 <sup>(D)</sup> <br>| 295000 | 199436 |
| 6.26%, 02/15/2052 <sup>(B)</sup><sup>(D)</sup> <br>| 1100000 | 929586 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.00%, 11/15/2057 | 6514000 | 4686675 |
| DTE Electric Co. |  |  |
| 4.05%, 05/15/2048 | 2197000 | 1747848 |
| Duke Energy Progress LLC |  |  |
| 5.55%, 03/15/2055 | 4940000 | 4802831 |
| Electricite de France SA |  |  |
| 5.00%, 09/21/2048 <sup>(A)</sup> <br>| 1974000 | 1699679 |
| Entergy Arkansas LLC |  |  |
| 4.20%, 04/01/2049 | 3851000 | 3038310 |
| Evergy Metro, Inc. |  |  |
| 4.20%, 03/15/2048 | 3258000 | 2564074 |
| FirstEnergy Corp. |  |  |
| 4.85%, 07/15/2047 | 3411000 | 2834777 |
| Northern States Power Co. |  |  |
| 4.00%, 08/15/2045 | 2634000 | 2109288 |
| Pacific Gas & Electric Co. |  |  |
| 3.50%, 08/01/2050 | 1955000 | 1249495 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 5.10%, 06/01/2054 | 57000 | 52704 |
| Potomac Electric Power Co. |  |  |
| 7.90%, 12/15/2038 | 3850000 | 4787950 |
| Public Service Electric & Gas Co. |  |  |
| 4.05%, 05/01/2048 | 3258000 | 2570910 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern California Edison Co. |  |  |
| 4.65%, 10/01/2043 | $2769000 | $2228347 |
| Southern Co. |  |  |
| 4.40%, 07/01/2046 | 2870000 | 2325853 |
| Texas Electric Market Stabilization Funding <br> N LLC |  |  |
| 5.17%, 02/01/2052 <sup>(A)</sup> <br>| 1142000 | 1067146 |
| Union Electric Co. |  |  |
| 3.90%, 09/15/2042 | 4379000 | 3547323 |
| Virginia Electric & Power Co. |  |  |
| 8.88%, 11/15/2038 | 4425000 | 5776305 |
|  |  | 56497684 |
| **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  |
| Emerson Electric Co. |  |  |
| 2.75%, 10/15/2050 | 2329000 | 1437952 |
| **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  |
| Amphenol Corp. |  |  |
| 5.38%, 11/15/2054 | 1899000 | 1845714 |
| **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  |
| Halliburton Co. |  |  |
| 5.00%, 11/15/2045 | 3161000 | 2701067 |
| **Financial Services - 0.6%**  | **Financial Services - 0.6%**  | **Financial Services - 0.6%**  |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 455000 | 448392 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(C)</sup>, 05/19/2034<br>| 1081000 | 1127532 |
| FMR LLC |  |  |
| 6.50%, 12/14/2040 <sup>(A)</sup> <br>| 1718000 | 1916993 |
|  |  | 3492917 |
| **Food Products - 3.4%**  | **Food Products - 3.4%**  | **Food Products - 3.4%**  |
| BAT Capital Corp. |  |  |
| 6.25%, 08/15/2055 | 2788000 | 2727231 |
| 7.08%, 08/02/2053 | 2435000 | 2648952 |
| Cargill, Inc. |  |  |
| 6.63%, 09/15/2037 <sup>(A)</sup> <br>| 2276000 | 2467077 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 596000 | 631223 |
| JBS USA Holding LUX SARL/JBS USA <br> Food Co./JBS LUX Co. SARL |  |  |
| 4.38%, 02/02/2052 | 3900000 | 3006464 |
| 6.50%, 12/01/2052 | 852000 | 878295 |
| Kroger Co. |  |  |
| 5.50%, 09/15/2054 | 2351000 | 2198222 |
| Mars, Inc. |  |  |
| 5.70%, 05/01/2055 <sup>(A)</sup> <br>| 1629000 | 1607668 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 1659000 | 1375878 |
| Sysco Corp. |  |  |
| 3.30%, 02/15/2050 | 2188000 | 1432697 |
|  |  | 18973707 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  |
| Alcon Finance Corp. |  |  |
| 3.80%, 09/23/2049 <sup>(A)</sup> <br>| $2856000 | $2059581 |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 1540000 | 1495584 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/2050 | 1164000 | 692294 |
| Stryker Corp. |  |  |
| 4.63%, 03/15/2046 | 2617000 | 2281019 |
|  |  | 6528478 |
| **Health Care Providers & Services - 3.1%**  | **Health Care Providers & Services - 3.1%**  | **Health Care Providers & Services - 3.1%**  |
| Cigna Group |  |  |
| 3.40%, 03/15/2051 | 2492000 | 1645831 |
| 3.88%, 10/15/2047 | 3793000 | 2793058 |
| Elevance Health, Inc. |  |  |
| 5.13%, 02/15/2053 | 2931000 | 2589409 |
| HCA, Inc. |  |  |
| 4.63%, 03/15/2052 | 3275000 | 2573445 |
| 6.10%, 04/01/2064 | 2461000 | 2347790 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1086000 | 1046668 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 4954000 | 4377346 |
|  |  | 17373547 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Alexandria Real Estate Equities, Inc. |  |  |
| 5.63%, 05/15/2054 | 1969000 | 1803951 |
| **Hotels, Restaurants & Leisure - 0.6%**  | **Hotels, Restaurants & Leisure - 0.6%**  | **Hotels, Restaurants & Leisure - 0.6%**  |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 4491000 | 3379959 |
| **Insurance - 3.5%**  | **Insurance - 3.5%**  | **Insurance - 3.5%**  |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/2055 <sup>(A)</sup> <br>| 3503000 | 3415259 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/2051 | 1691000 | 1118572 |
| 4.90%, 09/15/2044 | 1748000 | 1567793 |
| Allstate Corp. |  |  |
| 3.85%, 08/10/2049 | 2233000 | 1637628 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 3032000 | 2935948 |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/2052 | 1708000 | 1332621 |
| Equitable Holdings, Inc. |  |  |
| 5.00%, 04/20/2048 | 1424000 | 1237615 |
| High Street Funding Trust II |  |  |
| 4.68%, 02/15/2048 <sup>(A)</sup> <br>| 2107000 | 1768503 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 273000 | 236261 |
| 6.00%, 05/16/2054 | 1049000 | 1041273 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 869000 | 891342 |
| Willis North America, Inc. |  |  |
| 5.90%, 03/05/2054 | 2820000 | 2736044 |
|  |  | 19918859 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  |
| Alibaba Group Holding Ltd. |  |  |
| 2.70%, 02/09/2041 | $200000 | $136029 |
| 4.20%, 12/06/2047 | 1221000 | 958337 |
| Alphabet, Inc. |  |  |
| 5.30%, 05/15/2065 <sup>(F)</sup> <br>| 1555000 | 1531510 |
| Amazon.com, Inc. |  |  |
| 4.05%, 08/22/2047 | 3101000 | 2543657 |
| JD.com, Inc. |  |  |
| 4.13%, 01/14/2050 | 935000 | 724357 |
| Meta Platforms, Inc. |  |  |
| 4.45%, 08/15/2052 | 2182000 | 1819880 |
| 5.75%, 05/15/2063 | 1085000 | 1081690 |
| Prosus NV |  |  |
| 4.03%, 08/03/2050 <sup>(D)</sup> <br>| 1177000 | 774986 |
| Uber Technologies, Inc. |  |  |
| 5.35%, 09/15/2054 | 3083000 | 2827007 |
|  |  | 12397453 |
| **IT Services - 0.5%**  | **IT Services - 0.5%**  | **IT Services - 0.5%**  |
| Apple, Inc. |  |  |
| 3.45%, 02/09/2045 | 2473000 | 1903996 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.60%, 10/15/2054 | 1182000 | 1091010 |
|  |  | 2995006 |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| Ingersoll Rand, Inc. |  |  |
| 5.70%, 06/15/2054 | 1533000 | 1479015 |
| **Media - 2.3%**  | **Media - 2.3%**  | **Media - 2.3%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 6028000 | 5610907 |
| Comcast Corp. |  |  |
| 2.89%, 11/01/2051 | 1827000 | 1100681 |
| 2.94%, 11/01/2056 | 1216000 | 708419 |
| 4.00%, 11/01/2049 | 3572000 | 2691008 |
| Fox Corp. |  |  |
| 5.58%, 01/25/2049 | 2920000 | 2664707 |
|  |  | 12775722 |
| **Metals & Mining - 1.9%**  | **Metals & Mining - 1.9%**  | **Metals & Mining - 1.9%**  |
| Freeport-McMoRan, Inc. |  |  |
| 5.45%, 03/15/2043 | 1717000 | 1587317 |
| Glencore Finance Canada Ltd. |  |  |
| 6.90%, 11/15/2037 <sup>(A)</sup> <br>| 1240000 | 1331424 |
| Newmont Corp. |  |  |
| 6.25%, 10/01/2039 | 2010000 | 2154320 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/2055 | 1743000 | 1037280 |
| Rio Tinto Finance USA PLC |  |  |
| 5.88%, 03/14/2065 | 2465000 | 2440135 |
| Steel Dynamics, Inc. |  |  |
| 5.75%, 05/15/2055 | 2465000 | 2338189 |
|  |  | 10888665 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels - 10.1%**  | **Oil, Gas & Consumable Fuels - 10.1%**  | **Oil, Gas & Consumable Fuels - 10.1%**  |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 4.60%, 11/02/2047 <sup>(D)</sup> <br>| $1297000 | $1148343 |
| BP Capital Markets America, Inc. |  |  |
| 2.94%, 06/04/2051 | 4071000 | 2504332 |
| Cameron LNG LLC |  |  |
| 3.70%, 01/15/2039 <sup>(A)</sup> <br>| 1681000 | 1407230 |
| Devon Energy Corp. |  |  |
| 5.00%, 06/15/2045 | 1747000 | 1396404 |
| Diamondback Energy, Inc. |  |  |
| 4.40%, 03/24/2051 | 1565000 | 1167815 |
| 5.75%, 04/18/2054 | 1675000 | 1497530 |
| Energy Transfer LP |  |  |
| 5.00%, 05/15/2050 | 1630000 | 1303971 |
| 7.50%, 07/01/2038 | 4309000 | 4780801 |
| Enterprise Products Operating LLC |  |  |
| 4.90%, 05/15/2046 | 3488000 | 3080454 |
| Equinor ASA |  |  |
| 5.10%, 08/17/2040 | 2680000 | 2581650 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.10%, 08/23/2042 <sup>(A)</sup> <br>| 1542000 | 1527946 |
| Hess Corp. |  |  |
| 5.60%, 02/15/2041 | 1767000 | 1743577 |
| KazMunayGas National Co. JSC |  |  |
| 6.38%, 10/24/2048 <sup>(D)</sup> <br>| 1750000 | 1553930 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.55%, 09/15/2040 | 4309000 | 4415179 |
| MPLX LP |  |  |
| 5.50%, 02/15/2049 | 1397000 | 1227160 |
| Occidental Petroleum Corp. |  |  |
| 6.60%, 03/15/2046 | 2492000 | 2349649 |
| ONEOK Partners LP |  |  |
| 6.20%, 09/15/2043 | 2079000 | 1996193 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/15/2046 | 1983000 | 1459278 |
| 5.20%, 07/15/2048 | 1747000 | 1473170 |
| Ovintiv, Inc. |  |  |
| 7.10%, 07/15/2053 | 1546000 | 1506644 |
| Pertamina Persero PT |  |  |
| 6.45%, 05/30/2044 <sup>(A)</sup> <br>| 1429000 | 1443805 |
| Petroleos del Peru SA |  |  |
| 5.63%, 06/19/2047 <sup>(D)</sup> <br>| 1968000 | 1208010 |
| Petroleos Mexicanos |  |  |
| 6.95%, 01/28/2060 | 1459000 | 971326 |
| 7.69%, 01/23/2050 | 2185000 | 1602235 |
| Petronas Capital Ltd. |  |  |
| 4.55%, 04/21/2050 <sup>(A)</sup> <br>| 917000 | 773424 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 4450000 | 3367310 |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/2045 | 3258000 | 2598677 |
| Western Midstream Operating LP |  |  |
| 5.30%, 03/01/2048 | 2327000 | 1871220 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 2870000 | 2628053 |
|  |  | 56585316 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Personal Care Products - 0.6%**  | **Personal Care Products - 0.6%**  | **Personal Care Products - 0.6%**  |
| Kenvue, Inc. |  |  |
| 5.10%, 03/22/2043 | $3493000 | $3335585 |
| **Pharmaceuticals - 4.5%**  | **Pharmaceuticals - 4.5%**  | **Pharmaceuticals - 4.5%**  |
| AbbVie, Inc. |  |  |
| 4.70%, 05/14/2045 | 2768000 | 2449441 |
| 5.40%, 03/15/2054 | 2938000 | 2820879 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1729000 | 1663560 |
| Cardinal Health, Inc. |  |  |
| 5.75%, 11/15/2054 | 975000 | 935125 |
| CVS Health Corp. |  |  |
| 5.30%, 12/05/2043 | 3967000 | 3544385 |
| 5.88%, 06/01/2053 | 2195000 | 2060222 |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(C)</sup>, 12/10/2054<br>| 712000 | 705836 |
| Johnson & Johnson |  |  |
| 3.75%, 03/03/2047 | 1555000 | 1237624 |
| Merck & Co., Inc. |  |  |
| 3.70%, 02/10/2045 | 2813000 | 2193439 |
| 5.00%, 05/17/2053 | 1230000 | 1120103 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.34%, 05/19/2063 | 2057000 | 1870319 |
| Pfizer, Inc. |  |  |
| 4.20%, 09/15/2048 | 4347000 | 3510460 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.18%, 07/09/2050 | 2080000 | 1339819 |
|  |  | 25451212 |
| **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  |
| American Homes 4 Rent LP |  |  |
| 4.30%, 04/15/2052 | 2886000 | 2179521 |
| **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  |
| Kimco Realty OP LLC |  |  |
| 3.70%, 10/01/2049 | 1139000 | 802156 |
| Simon Property Group LP |  |  |
| 5.85%, 03/08/2053 | 664000 | 651848 |
|  |  | 1454004 |
| **Semiconductors & Semiconductor Equipment - 4.0%**  | **Semiconductors & Semiconductor Equipment - 4.0%**  | **Semiconductors & Semiconductor Equipment - 4.0%**  |
| Advanced Micro Devices, Inc. |  |  |
| 4.39%, 06/01/2052 <sup>(B)</sup> <br>| 2775000 | 2285499 |
| Broadcom, Inc. |  |  |
| 3.50%, 02/15/2041 <sup>(A)</sup> <br>| 1946000 | 1509802 |
| 3.75%, 02/15/2051 <sup>(A)</sup> <br>| 2268000 | 1655847 |
| Foundry JV Holdco LLC |  |  |
| 6.30%, 01/25/2039 <sup>(A)</sup> <br>| 2797000 | 2896760 |
| Intel Corp. |  |  |
| 5.60%, 02/21/2054 | 1969000 | 1736402 |
| 5.90%, 02/10/2063 | 1747000 | 1578598 |
| KLA Corp. |  |  |
| 5.00%, 03/15/2049 | 1465000 | 1331900 |
| Micron Technology, Inc. |  |  |
| 6.05%, 11/01/2035 | 1555000 | 1574572 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 05/11/2041 - 11/30/2051 | 2316000 | 1488775 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| QUALCOMM, Inc. |  |  |
| 4.30%, 05/20/2047 | $4066000 | $3343168 |
| Texas Instruments, Inc. |  |  |
| 4.15%, 05/15/2048 | 1478000 | 1203061 |
| 5.05%, 05/18/2063 <sup>(B)</sup> <br>| 1805000 | 1617477 |
|  |  | 22221861 |
| **Software - 3.0%**  | **Software - 3.0%**  | **Software - 3.0%**  |
| AppLovin Corp. |  |  |
| 5.95%, 12/01/2054 | 1546000 | 1478196 |
| Fiserv, Inc. |  |  |
| 4.40%, 07/01/2049 | 1792000 | 1409359 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1653000 | 1618656 |
| Microsoft Corp. |  |  |
| 2.92%, 03/17/2052 | 3694000 | 2456016 |
| Oracle Corp. |  |  |
| 5.50%, 09/27/2064 | 1480000 | 1312905 |
| 6.90%, 11/09/2052 | 6132000 | 6623726 |
| Synopsys, Inc. |  |  |
| 5.70%, 04/01/2055 | 1787000 | 1730332 |
|  |  | 16629190 |
| **Transportation Infrastructure - 1.2%**  | **Transportation Infrastructure - 1.2%**  | **Transportation Infrastructure - 1.2%**  |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/2052 | 557000 | 347332 |
| 4.70%, 09/01/2045 | 4309000 | 3839777 |
| 5.20%, 04/15/2054 | 590000 | 552860 |
| Norfolk Southern Corp. |  |  |
| 4.65%, 01/15/2046 | 2272000 | 1961878 |
|  |  | 6701847 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $495,547,184)**<br>|  | 483207339 |
| **U.S. GOVERNMENT OBLIGATIONS - 7.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.5%**  |
| **U.S. Treasury - 7.5%**  | **U.S. Treasury - 7.5%**  | **U.S. Treasury - 7.5%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 18741000 | 9140630 |
| 1.88%, 11/15/2051 | 15327000 | 8647781 |
| 3.63%, 02/15/2053 - 05/15/2053 | 538000 | 445957 |
| 4.13%, 08/15/2053 | 854000 | 774938 |
| 4.50%, 02/15/2044 - 11/15/2054 | 5946000 | 5800555 |
| 4.63%, 11/15/2044 - 02/15/2055 | 4920000 | 4866218 |
| 4.75%, 02/15/2045 - 11/15/2053 | 3839000 | 3866897 |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/15/2034 | 773000 | 777590 |
| 4.38%, 05/15/2034 | 2289000 | 2328789 |
| 4.63%, 02/15/2035 | 5275000 | 5463746 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $42,908,665)**<br>|  | 42113101 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 2.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 2.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 2.5%**  |
| **Chile - 0.4%**  | **Chile - 0.4%**  | **Chile - 0.4%**  |
| Chile Government International Bonds |  |  |
| 4.00%, 01/31/2052 | 2609000 | 1958055 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Government International Bonds |  |  |
| 5.00%, 06/15/2045 | $1602000 | $1040945 |
| **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 1041000 | 963237 |
| **Guatemala - 0.2%**  | **Guatemala - 0.2%**  | **Guatemala - 0.2%**  |
| Guatemala Government Bonds |  |  |
| 6.13%, 06/01/2050 <sup>(D)</sup> <br>| 1457000 | 1289445 |
| **Indonesia - 0.1%**  | **Indonesia - 0.1%**  | **Indonesia - 0.1%**  |
| Indonesia Government International Bonds |  |  |
| 5.13%, 01/15/2045 <sup>(A)</sup> <br>| 825000 | 771649 |
| **Ireland - 0.2%**  | **Ireland - 0.2%**  | **Ireland - 0.2%**  |
| Amazon Conservation DAC |  |  |
| 6.03%, 01/16/2042 <sup>(A)</sup> <br>| 1314000 | 1305039 |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 4.60%, 02/10/2048 | 1483000 | 1052747 |
| **Panama - 0.3%**  | **Panama - 0.3%**  | **Panama - 0.3%**  |
| Panama Government International Bonds |  |  |
| 4.50%, 04/01/2056 | 2409000 | 1464602 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Peru Government International Bonds |  |  |
| 5.63%, 11/18/2050 | 612000 | 572851 |
| **Qatar - 0.2%**  | **Qatar - 0.2%**  | **Qatar - 0.2%**  |
| Qatar Government International Bonds |  |  |
| 5.10%, 04/23/2048 <sup>(A)</sup> <br>| 1012000 | 957858 |
| **Republic of South Africa - 0.1%**  | **Republic of South Africa - 0.1%**  | **Republic of South Africa - 0.1%**  |
| &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds<br>|  |  |
| 7.95%, 11/19/2054 <sup>(A)</sup> <br>| 624000 | 570846 |
| **Romania - 0.1%**  | **Romania - 0.1%**  | **Romania - 0.1%**  |
| Romania Government International Bonds |  |  |
| 4.00%, 02/14/2051 <sup>(A)</sup> <br>| 1272000 | 758867 |
| **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  |
| Saudi Government International Bonds |  |  |
| 5.25%, 01/16/2050 <sup>(A)</sup> <br>| 1128000 | 1006360 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $14,284,269)**<br>|  | 13712501 |
| **ASSET-BACKED SECURITIES - 1.4%**  | **ASSET-BACKED SECURITIES - 1.4%**  | **ASSET-BACKED SECURITIES - 1.4%**  |
| JG Wentworth XLIII LLC |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>3.82%, 08/17/2071 <sup>(A)</sup> <br>| 3331265 | 3000195 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| JG Wentworth XXXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.99%, 08/16/2060 <sup>(A)</sup> <br>| $5281456 | $4832158 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $7,815,678)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $7,815,678)** | 7832353 |
| **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  |
| Tennessee Valley Authority |  |  |
| 4.25%, 09/15/2065 | 3700000 | 2981836 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligation** <br>**(Cost $2,988,180)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligation** <br>**(Cost $2,988,180)** | 2981836 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  |
| **New York - 0.1%**  | **New York - 0.1%**  | **New York - 0.1%**  |
| Metropolitan Transportation Authority, <br> Revenue Bonds, |  |  |
| Series E, |  |  |
| 6.81%, 11/15/2040 | 560000 | 608108 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $622,871)**<br>|  | 608108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.7%**  | **OTHER INVESTMENT COMPANY - 1.7%**  | **OTHER INVESTMENT COMPANY - 1.7%**  |
| **Securities Lending Collateral - 1.7%**  | **Securities Lending Collateral - 1.7%**  | **Securities Lending Collateral - 1.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(G)</sup> <br>| 9364048 | 9364048 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $9,364,048)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $9,364,048)** | 9364048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.9%**  | **REPURCHASE AGREEMENT - 0.9%**  | **REPURCHASE AGREEMENT - 0.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(G)</sup>, dated 04/30/2025, to be <br> repurchased at $5,336,310 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.25%, due 06/30/2029, and <br> with a value of $5,442,882.<br>| $5336043 | 5336043 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,336,043)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,336,043)** | 5336043 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $578,866,938)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $578,866,938)** | 565155329 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (4705791) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$560449538** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $483207339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $483207339 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 42113101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42113101 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 13712501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13712501 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 7832353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7832353 |
| U.S. Government Agency Obligation |  | &nbsp;&nbsp; 2981836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2981836 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 608108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 608108 |
| Other Investment Company | 9364048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9364048 |
| Repurchase Agreement |  | &nbsp;&nbsp; 5336043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5336043 |
| **Total Investments** | **$9364048** | &nbsp;&nbsp; **$555791281** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$565155329** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $68,399,176, representing 12.2% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,163,564, collateralized by cash collateral of $9,364,048. 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.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(D)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $10,788,348, representing 1.9%* *of the Fund's net assets.* 

<sup>(E)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Corporate Debt Securities | Vodafone Group PLC <br>5.75%, 06/28/2054<br>| 06/25/2024 - 06/27/2024 | &nbsp;&nbsp; $2190531 | &nbsp;&nbsp; $2094815 | 0.4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(F)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Long Credit**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $573,530,895) (including securities loaned of $9,163,564) | $559819286 |
| Repurchase agreement, at value (cost $5,336,043) | 5336043 |
| Receivables and other assets: |  |
| Investments sold  | 1454671 |
| Net income from securities lending | 3205 |
| Interest | 7381418 |
| Tax reclaims | 16040 |
| Prepaid expenses | 18931 |
| Total assets | 574029594 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 9364048 |
| Payables and other liabilities: |  |
| Investments purchased | 2392924 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 1531069 |
| Shares of beneficial interest redeemed | 49 |
| Investment management fees | 210126 |
| Distribution and service fees | 125 |
| Transfer agent fees | 4327 |
| Trustee and CCO fees | 1924 |
| Audit and tax fees  | 24096 |
| Custody fees | 37635 |
| Legal fees | 3437 |
| Printing and shareholder reports fees | 3848 |
| Other accrued expenses | 6448 |
| Total liabilities | 13580056 |
| **Net assets**  | $560449538 |
| **Net assets consist of:** |  |
| Paid-in capital | $578734424 |
| Total distributable earnings (accumulated losses) | (18284886)<br>|
| **Net assets** | $560449538 |
| **Net assets by class:** |  |
| Class A | $610184 |
| Class I | 10234080 |
| Class I2 | 549605274 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 66162 |
| Class I | 1109979 |
| Class I2 | 59628543 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $9.22 |
| Class I | 9.22 |
| Class I2 | 9.22 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I and I2 shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Long Credit**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $16861137 |
| Net income from securities lending | 8085 |
| Total investment income  | 16869222 |
| **Expenses:** |  |
| Investment management fees | 1330759 |
| Distribution and service fees: |  |
| Class A | 627 |
| Transfer agent fees: |  |
| Class A | 106 |
| Class I | 5286 |
| Class I2 | 21779 |
| Trustee and CCO fees | 12028 |
| Audit and tax fees | 24526 |
| Custody fees | 26482 |
| Legal fees | 17503 |
| Printing and shareholder reports fees | 16159 |
| Registration fees | 17695 |
| Other | 16125 |
| Total expenses before waiver and/or reimbursement and recapture | 1489075 |
| Expenses waived and/or reimbursed: |  |
| Class I | (170)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 3499 |
| Net expenses | 1492404 |
| **Net investment income (loss)** | 15376818 |
| **Net realized gain (loss) on:** |  |
| Investments | (3829549)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (20012062)<br>|
| Net realized and change in unrealized gain (loss) | (23841611)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(8464793)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Long Credit**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $15376818 | &nbsp;&nbsp;&nbsp;&nbsp; $26500487 |
| Net realized gain (loss) | (3829549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 937354 |
| Net change in unrealized appreciation (depreciation) | (20012062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7591925 |
| Net increase (decrease) in net assets resulting from operations | (8464793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35029766 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (13589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18523)<br>|
| Class I | (284035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (500383)<br>|
| Class I2 | (16694852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26006507)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (16992476)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26525413)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 223228 | &nbsp;&nbsp;&nbsp;&nbsp; 103455 |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 313235 |
| Class I2 | 5570000 | &nbsp;&nbsp;&nbsp;&nbsp; 562873530 |
|  | 5793228 | &nbsp;&nbsp;&nbsp;&nbsp; 563290220 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 13589 | &nbsp;&nbsp;&nbsp;&nbsp; 18523 |
| Class I | 284035 | &nbsp;&nbsp;&nbsp;&nbsp; 500333 |
| Class I2 | 16694191 | &nbsp;&nbsp;&nbsp;&nbsp; 26006507 |
|  | 16991815 | &nbsp;&nbsp;&nbsp;&nbsp; 26525363 |
| Cost of shares redeemed: |  |  |
| Class A | (48906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40723)<br>|
| Class I | (2896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (322633)<br>|
| Class I2 | (41566238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2500040)<br>|
|  | (41618040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2863396)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (18832997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 586952187 |
| **Net increase (decrease) in net assets** | (44290266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 595456540 |
| **Net assets:** |  |  |
| Beginning of period/year | 604739804 | &nbsp;&nbsp;&nbsp;&nbsp; 9283264 |
| End of period/year | $560449538 | &nbsp;&nbsp;&nbsp;&nbsp; $604739804 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 23620 | &nbsp;&nbsp;&nbsp;&nbsp; 10809 |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 32460 |
| Class I2 | 601307 | &nbsp;&nbsp;&nbsp;&nbsp; 59396738 |
|  | 624927 | &nbsp;&nbsp;&nbsp;&nbsp; 59440007 |
| Shares reinvested: |  |  |
| Class A | 1449 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |
| Class I | 30264 | &nbsp;&nbsp;&nbsp;&nbsp; 51956 |
| Class I2 | 1778996 | &nbsp;&nbsp;&nbsp;&nbsp; 2700537 |
|  | 1810709 | &nbsp;&nbsp;&nbsp;&nbsp; 2754415 |
| Shares redeemed: |  |  |
| Class A | (5273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4328)<br>|
| Class I | (305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33897)<br>|
| Class I2 | (4598381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251766)<br>|
|  | (4603959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (289991)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 19796 | &nbsp;&nbsp;&nbsp;&nbsp; 8403 |
| Class I | 29959 | &nbsp;&nbsp;&nbsp;&nbsp; 50519 |
| Class I2 | (2218078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61845509 |
|  | (2168323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61904431 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Long Credit**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.23 | 0.45 | 0.25 |
| Net realized and unrealized gain (loss) | (0.36)<br>| 0.92 | (1.30)<br>|
| Total investment operations | (0.13)<br>| 1.37 | (1.05)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.23)<br>| (0.45)<br>| (0.26)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.26)<br>| (0.45)<br>| (0.26)<br>|
| **Net asset value, end of period/year** | $9.22 | $9.61 | $8.69 |
| **Total return** <sup>(C)</sup> <br>| (1.42 )%<sup>(D)</sup><br>| 15.88<br> %<br>| (10.73 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $610 | $446 | $330 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79 %<sup>(E)</sup><br>| 0.78<br> %<br>| 3.85 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.79 %<sup>(E)</sup><br>| 0.86<br> %<br>| 0.98 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.95 %<sup>(E)</sup><br>| 4.69<br> %<br>| 5.32 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 17 %<sup>(D)</sup><br>| 48<br> %<br>| 22 %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.23 | 0.47 | 0.27 |
| Net realized and unrealized gain (loss) | (0.36)<br>| 0.92 | (1.31)<br>|
| Total investment operations | (0.13)<br>| 1.39 | (1.04)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.23)<br>| (0.47)<br>| (0.27)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.26)<br>| (0.47)<br>| (0.27)<br>|
| **Net asset value, end of period/year** | $9.22 | $9.61 | $8.69 |
| **Total return** | (1.37 )%<sup>(C)</sup><br>| 16.11<br> %<br>| (10.55 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $10234 | $10375 | $8943 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.60 %<sup>(D)</sup><br>| 0.60<br> %<br>| 3.55 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.66 %<sup>(D)</sup><br>| 0.67<br> %<br>| 0.67 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.04 %<sup>(D)</sup><br>| 4.89<br> %<br>| 4.91 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 17 %<sup>(C)</sup><br>| 48<br> %<br>| 22 %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Long Credit**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.60 | $8.69 | $9.04 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.24 | 0.49 | 0.04 |
| Net realized and unrealized gain (loss) | (0.35)<br>| 0.91 | (0.35)<br>|
| Total investment operations | (0.11)<br>| 1.40 | (0.31)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.24)<br>| (0.49)<br>| (0.04)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.49)<br>| (0.04)<br>|
| **Net asset value, end of period/year** | $9.22 | $9.60 | $8.69 |
| **Total return** | (1.19 )%<sup>(C)</sup><br>| 16.19<br> %<br>| (3.40 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $549606 | $593919 | $10 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50 %<sup>(D)</sup><br>| 0.51<br> %<br>| 3.46 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.50 %<sup>(D)</sup><br>| 0.51 %<sup>(E)</sup><br>| 0.58 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.20 %<sup>(D)</sup><br>| 5.05<br> %<br>| 5.47 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 17 %<sup>(C)</sup><br>| 48<br> %<br>| 22 %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on September 29, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Long Credit (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class A, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*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**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Long Credit**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Long Credit**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower,

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Long Credit**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $9364048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9364048 |
| **Total Borrowings** | **$9364048** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9364048** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Long Credit**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $559833044 | 99.89<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.45<br> % <br>|
| Over $1 billion | 0.44 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.01<br> % <br>| March 1, 2026 |
| Class I | 0.65 | March 1, 2026 |
| Class I2 | 0.56 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.03 |  |
| Class I | 0.67 |  |
| Class I2 | 0.58 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class I | $— | $148299 | $4011 | $170 | $152480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $27091 | &nbsp;&nbsp; $4301 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $62238147 | &nbsp;&nbsp; $38851106 | &nbsp;&nbsp; $65188638 | &nbsp;&nbsp; $52635289 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $578866938 | &nbsp;&nbsp; $3051082 | &nbsp;&nbsp; $(16762691)<br>| &nbsp;&nbsp; $(13711609)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Long Credit** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Long Credit** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Long Credit** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Long Credit** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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![](g947814imge39d09ff3.gif)

![](g947814img8e7e3b634.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453813 TA LONG CRED 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img10cedb0e5.gif)

------

![](g947814imgabb4ecae1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Mid Cap Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgef2b006f2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_SOI-RunningFooter-171_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_FS-RunningFooter-171_1) | 4 |
| [Statement of Operations](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_FS-RunningFooter-171_3) | 6 |
| [Statement of Changes in Net Assets](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_FS-RunningFooter-171_4) | 7 |
| [Financial Highlights](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_FIHI-RunningFooter-171_1) | 9 |
| [Notes to Financial Statements](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_NTF-RunningFooter-171_1) | 13 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_DWA-RunningFooter-171_1)**<br> **[Companies](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_DWA-RunningFooter-171_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_PD-RunningFooter-171_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_REMU-RunningFooter-171_1)**<br> **[Companies](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_REMU-RunningFooter-171_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2e6f7ae3-e143-411e-8709-7d889aabfa43_AIAC-RunningFooter-171_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Mid Cap Growth**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 100.1%**  | **COMMON STOCKS - 100.1%**  | **COMMON STOCKS - 100.1%**  |
| **Aerospace & Defense - 9.0%**  | **Aerospace & Defense - 9.0%**  | **Aerospace & Defense - 9.0%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 7608 | $4665987 |
| BWX Technologies, Inc. | 33428 | 3647663 |
| Standardaero, Inc. <sup>(A)</sup> <br>| 121858 | 3292603 |
|  |  | 11606253 |
| **Biotechnology - 4.1%**  | **Biotechnology - 4.1%**  | **Biotechnology - 4.1%**  |
| Exact Sciences Corp. <sup>(A)</sup> <br>| 44664 | 2038465 |
| Natera, Inc. <sup>(A)</sup> <br>| 21245 | 3206508 |
|  |  | 5244973 |
| **Building Products - 1.7%**  | **Building Products - 1.7%**  | **Building Products - 1.7%**  |
| AZEK Co., Inc. <sup>(A)</sup> <br>| 44882 | 2224352 |
| **Capital Markets - 9.9%**  | **Capital Markets - 9.9%**  | **Capital Markets - 9.9%**  |
| Ares Management Corp., Class A | 37349 | 5696843 |
| Nasdaq, Inc. | 36023 | 2745313 |
| Tradeweb Markets, Inc., Class A | 30977 | 4284119 |
|  |  | 12726275 |
| **Commercial Services & Supplies - 4.1%**  | **Commercial Services & Supplies - 4.1%**  | **Commercial Services & Supplies - 4.1%**  |
| Clean Harbors, Inc. <sup>(A)</sup> <br>| 24778 | 5301005 |
| **Consumer Staples Distribution & Retail - 3.0%**  | **Consumer Staples Distribution & Retail - 3.0%**  | **Consumer Staples Distribution & Retail - 3.0%**  |
| Casey's General Stores, Inc. | 8449 | 3908423 |
| **Electrical Equipment - 1.9%**  | **Electrical Equipment - 1.9%**  | **Electrical Equipment - 1.9%**  |
| GE Vernova, Inc. | 6452 | 2392531 |
| **Electronic Equipment, Instruments & Components - 8.0%**  | **Electronic Equipment, Instruments & Components - 8.0%**  | **Electronic Equipment, Instruments & Components - 8.0%**  |
| CDW Corp. | 26542 | 4261583 |
| Coherent Corp. <sup>(A)</sup> <br>| 34871 | 2242903 |
| Flex Ltd. <sup>(A)</sup> <br>| 112040 | 3847454 |
|  |  | 10351940 |
| **Entertainment - 8.2%**  | **Entertainment - 8.2%**  | **Entertainment - 8.2%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 40496 | 3590780 |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 55037 | 3690231 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 14372 | 3353275 |
|  |  | 10634286 |
| **Financial Services - 2.5%**  | **Financial Services - 2.5%**  | **Financial Services - 2.5%**  |
| Block, Inc. <sup>(A)</sup> <br>| 56123 | 3281512 |
| **Food Products - 1.5%**  | **Food Products - 1.5%**  | **Food Products - 1.5%**  |
| Freshpet, Inc. <sup>(A)</sup> <br>| 25559 | 1879609 |
| **Health Care Equipment & Supplies - 2.1%**  | **Health Care Equipment & Supplies - 2.1%**  | **Health Care Equipment & Supplies - 2.1%**  |
| Align Technology, Inc. <sup>(A)</sup> <br>| 15572 | 2698628 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Technology - 3.3%**  | **Health Care Technology - 3.3%**  | **Health Care Technology - 3.3%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 18103 | $4230490 |
| **Hotels, Restaurants & Leisure - 2.6%**  | **Hotels, Restaurants & Leisure - 2.6%**  | **Hotels, Restaurants & Leisure - 2.6%**  |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 102289 | 3405201 |
| **Interactive Media & Services - 1.8%**  | **Interactive Media & Services - 1.8%**  | **Interactive Media & Services - 1.8%**  |
| Pinterest, Inc., Class A <sup>(A)</sup> <br>| 93172 | 2359115 |
| **IT Services - 3.6%**  | **IT Services - 3.6%**  | **IT Services - 3.6%**  |
| Gartner, Inc. <sup>(A)</sup> <br>| 10865 | 4575034 |
| **Machinery - 2.7%**  | **Machinery - 2.7%**  | **Machinery - 2.7%**  |
| IDEX Corp. | 19925 | 3466352 |
| **Oil, Gas & Consumable Fuels - 4.1%**  | **Oil, Gas & Consumable Fuels - 4.1%**  | **Oil, Gas & Consumable Fuels - 4.1%**  |
| Targa Resources Corp. | 31299 | 5348999 |
| **Personal Care Products - 1.0%**  | **Personal Care Products - 1.0%**  | **Personal Care Products - 1.0%**  |
| elf Beauty, Inc. <sup>(A)</sup> <br>| 21048 | 1302240 |
| **Semiconductors & Semiconductor Equipment - 4.4%**  | **Semiconductors & Semiconductor Equipment - 4.4%**  | **Semiconductors & Semiconductor Equipment - 4.4%**  |
| Monolithic Power Systems, Inc. | 5290 | 3137499 |
| Silicon Laboratories, Inc. <sup>(A)</sup> <br>| 24524 | 2495562 |
|  |  | 5633061 |
| **Software - 15.1%**  | **Software - 15.1%**  | **Software - 15.1%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 4416 | 1189273 |
| Datadog, Inc., Class A <sup>(A)</sup> <br>| 38992 | 3983423 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 6628 | 4053022 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 68184 | 8075713 |
| Unity Software, Inc. <sup>(A)</sup> <br>| 103063 | 2171537 |
|  |  | 19472968 |
| **Specialized REITs - 2.9%**  | **Specialized REITs - 2.9%**  | **Specialized REITs - 2.9%**  |
| SBA Communications Corp. | 15221 | 3704791 |
| **Specialty Retail - 2.6%**  | **Specialty Retail - 2.6%**  | **Specialty Retail - 2.6%**  |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 2370 | 3354024 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $112,513,326)**<br>|  | 129102062 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $112,513,326)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $112,513,326)** | 129102062 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (105622) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$128996440** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Mid Cap Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $129102062 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129102062 |
| **Total Investments** | **$129102062** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$129102062** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Mid Cap Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $112,513,326) | $129102062 |
| Cash | 75657 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 2963 |
| Dividends  | 33085 |
| Prepaid expenses | 897 |
| Total assets | 129214664 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 84922 |
| Investment management fees | 59360 |
| Distribution and service fees | 9037 |
| Transfer agent fees | 6955 |
| Trustee and CCO fees | 629 |
| Audit and tax fees  | 13925 |
| Custody fees | 25877 |
| Legal fees | 8863 |
| Printing and shareholder reports fees | 3642 |
| Other accrued expenses | 5014 |
| Total liabilities | 218224 |
| **Net assets**  | $128996440 |
| **Net assets consist of:** |  |
| Paid-in capital | $102479961 |
| Total distributable earnings (accumulated losses) | 26516479 |
| **Net assets** | $128996440 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Mid Cap Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $24505284 |
| Class C | 573465 |
| Class I | 3520681 |
| Class I2 | 69003388 |
| Class I3 | 8629876 |
| Class R | 10121062 |
| Class R4 | 28176 |
| Class R6 | 12614508 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2676692 |
| Class C | 71718 |
| Class I | 368724 |
| Class I2 | 7107430 |
| Class I3 | 890808 |
| Class R | 1091712 |
| Class R4 | 2935 |
| Class R6 | 1301151 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $9.16 |
| Class C | 8.00 |
| Class I | 9.55 |
| Class I2 | 9.71 |
| Class I3 | 9.69 |
| Class R | 9.27 |
| Class R4 | 9.60 |
| Class R6 | 9.69 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Mid Cap Growth**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $233938 |
| Interest income | 7440 |
| Net income from securities lending | 5 |
| Total investment income  | 241383 |
| **Expenses:** |  |
| Investment management fees | 511589 |
| Distribution and service fees: |  |
| Class A | 29955 |
| Class C | 3418 |
| Class R | 31916 |
| Class R4 | 60 |
| Transfer agent fees: |  |
| Class A | 30131 |
| Class C | 886 |
| Class I | 6195 |
| Class I2 | 2695 |
| Class I3 | 492 |
| Class R | 135 |
| Class R4 | 2 |
| Class R6 | 406 |
| Trustee and CCO fees | 3135 |
| Audit and tax fees | 16344 |
| Custody fees | 13929 |
| Legal fees | 8678 |
| Printing and shareholder reports fees | 5330 |
| Registration fees | 51653 |
| Other | 16683 |
| Total expenses before waiver and/or reimbursement and recapture | 733632 |
| Expenses waived and/or reimbursed: |  |
| Class A | (10237)<br>|
| Class C | (447)<br>|
| Class I | (2925)<br>|
| Class I2 | (17812)<br>|
| Class I3 | (3847)<br>|
| Class R | (2713)<br>|
| Class R4 | (41)<br>|
| Class R6 | (2841)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 40 |
| Class C | 4 |
| Class I | 267 |
| Class I2 | 642 |
| Class I3 | 711 |
| Class R | 141 |
| Class R4 | 1 |
| Class R6 | 251 |
| Net expenses | 694826 |
| **Net investment income (loss)** | (453443)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 13648487 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (12094024)<br>|
| Net realized and change in unrealized gain (loss) | 1554463 |
| **Net increase (decrease) in net assets resulting from operations** | $1101020 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Mid Cap Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(453443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1282449)<br>|
| Net realized gain (loss) | 13648487 | &nbsp;&nbsp;&nbsp;&nbsp; 69882205 |
| Net change in unrealized appreciation (depreciation) | (12094024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32748796 |
| Net increase (decrease) in net assets resulting from operations | 1101020 | &nbsp;&nbsp;&nbsp;&nbsp; 101348552 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (1094645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | (34204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | (546153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | (2808532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | (375926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | (438242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | (2318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | (326267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5626287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 20499460 | &nbsp;&nbsp;&nbsp;&nbsp; 5246357 |
| Class C | 31031 | &nbsp;&nbsp;&nbsp;&nbsp; 232925 |
| Class I | 2720905 | &nbsp;&nbsp;&nbsp;&nbsp; 10868162 |
| Class I2 | 1217255 | &nbsp;&nbsp;&nbsp;&nbsp; 56902 |
| Class I3 | 907608 | &nbsp;&nbsp;&nbsp;&nbsp; 344313 |
| Class R | 406232 | &nbsp;&nbsp;&nbsp;&nbsp; 1316495 |
| Class R4 | 4968 | &nbsp;&nbsp;&nbsp;&nbsp; 15515 |
| Class R6 | 6522575 | &nbsp;&nbsp;&nbsp;&nbsp; 370666 |
|  | 32310034 | &nbsp;&nbsp;&nbsp;&nbsp; 18451335 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1093151 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | 34204 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | 545830 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 2808532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | 375926 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 438242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 2318 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 326267 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 5624470 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed: |  |  |
| Class A | (13107332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4723925)<br>|
| Class C | (133910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (508653)<br>|
| Class I | (10066529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4592266)<br>|
| Class I2 | (1440040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313025567)<br>|
| Class I3 | (15124441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4056315)<br>|
| Class R | (8091806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2900818)<br>|
| Class R4 | (39219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149776)<br>|
| Class R6 | (2253360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1514666)<br>|
|  | (50256637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (331471986)<br>|
| Automatic conversions: |  |  |
| Class A | 54613 | &nbsp;&nbsp;&nbsp;&nbsp; 69936 |
| Class C | (54613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69936)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (12322133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313020651)<br>|
| **Net increase (decrease) in net assets** | (16847400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211672099)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 145843840 | &nbsp;&nbsp;&nbsp;&nbsp; 357515939 |
| End of period/year | $128996440 | &nbsp;&nbsp;&nbsp;&nbsp; $145843840 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Mid Cap Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 2011495 | &nbsp;&nbsp;&nbsp;&nbsp; 598499 |
| Class C | 3920 | &nbsp;&nbsp;&nbsp;&nbsp; 31400 |
| Class I | 258260 | &nbsp;&nbsp;&nbsp;&nbsp; 1115926 |
| Class I2 | 117068 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
| Class I3 | 87089 | &nbsp;&nbsp;&nbsp;&nbsp; 36965 |
| Class R | 41169 | &nbsp;&nbsp;&nbsp;&nbsp; 148979 |
| Class R4 | 492 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
| Class R6 | 648762 | &nbsp;&nbsp;&nbsp;&nbsp; 40197 |
|  | 3168255 | &nbsp;&nbsp;&nbsp;&nbsp; 1980312 |
| Shares reinvested: |  |  |
| Class A | 111319 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | 3977 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | 53408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 270051 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | 36251 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 44089 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 225 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 31432 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 550752 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed: |  |  |
| Class A | (1312298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (532287)<br>|
| Class C | (15935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64647)<br>|
| Class I | (1086793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (500161)<br>|
| Class I2 | (141793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33446240)<br>|
| Class I3 | (1401211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (435306)<br>|
| Class R | (783411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (319229)<br>|
| Class R4 | (3709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15486)<br>|
| Class R6 | (216806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163081)<br>|
|  | (4961956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35476437)<br>|
| Automatic conversions: |  |  |
| Class A | 5229 | &nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| Class C | (5979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8835)<br>|
|  | (750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1004)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 815745 | &nbsp;&nbsp;&nbsp;&nbsp; 74043 |
| Class C | (14017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42082)<br>|
| Class I | (775125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 615765 |
| Class I2 | 245326 | &nbsp;&nbsp;&nbsp;&nbsp; (33439599)<br>|
| Class I3 | (1277871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (398341)<br>|
| Class R | (698153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (170250)<br>|
| Class R4 | (2992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13781)<br>|
| Class R6 | 463388 | &nbsp;&nbsp;&nbsp;&nbsp; (122884)<br>|
|  | (1243699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33497129)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.50 | $7.08 | $6.70 | $15.14 | $11.91 | $10.33 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.08)<br>| (0.05)<br>| (0.06)<br>| (0.11)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.12 | 2.50 | 0.43 | (4.03)<br>| 3.98 | 1.83 |
| Total investment operations | 0.07 | 2.42 | 0.38 | (4.09)<br>| 3.87 | 1.76 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.16 | $9.50 | $7.08 | $6.70 | $15.14 | $11.91 |
| **Total return** <sup>(D)</sup> <br>| 0.48 %<sup>(E)</sup><br>| 34.18<br> %<br>| 5.67<br> %<br>| (35.42 )%<sup>(C)</sup><br>| 33.21<br> %<br>| 17.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $24505 | $17672 | $12644 | $10385 | $16740 | $12670 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.37 %<sup>(F)</sup><br>| 1.22<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28 %<sup>(F)(G)</sup><br>| 1.22<br> %<br>| 1.24 %<sup>(H)</sup><br>| 1.23 %<sup>(H)</sup><br>| 1.17<br> %<br>| 1.19<br> %<br>|
| Net investment income (loss) to average net assets | (0.98 )%<sup>(F)</sup><br>| (0.88)%<br>| (0.73)%<br>| (0.72)%<br>| (0.79)%<br>| (0.68)%<br>|
| Portfolio turnover rate | 49 %<sup>(E)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.37 | $6.29 | $6.00 | $14.01 | $11.14 | $9.74 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.07)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.20)<br>| (0.14)<br>|
| Net realized and unrealized gain (loss) | 0.11 | 2.21 | 0.39 | (3.63)<br>| 3.71 | 1.72 |
| Total investment operations | 0.04 | 2.08 | 0.29 | (3.75)<br>| 3.51 | 1.58 |
| **Contributions from affiliate** |  |  |  | 0.09 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $8.00 | $8.37 | $6.29 | $6.00 | $14.01 | $11.14 |
| **Total return** <sup>(C)</sup> <br>| 0.17 %<sup>(D)</sup><br>| 33.07<br> %<br>| 4.83<br> %<br>| (35.05 )%<sup>(B)</sup><br>| 32.24<br> %<br>| 16.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $573 | $718 | $804 | $544 | $1659 | $1341 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.12 %<sup>(E)</sup><br>| 2.01<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 1.90<br> %<br>| 1.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.99 %<sup>(E)</sup><br>| 1.99<br> %<br>| 1.99<br> %<br>| 2.02<br> %<br>| 1.90<br> %<br>| 1.94<br> %<br>|
| Net investment income (loss) to average net assets | (1.66 )%<sup>(E)</sup><br>| (1.64)%<br>| (1.49)%<br>| (1.52)%<br>| (1.52)%<br>| (1.43)%<br>|
| Portfolio turnover rate | 49 %<sup>(D)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.92%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.87 | $7.33 | $6.91 | $15.44 | $12.10 | $10.46 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.05)<br>| (0.03)<br>| (0.03)<br>| (0.07)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.12 | 2.59 | 0.45 | (4.15)<br>| 4.05 | 1.86 |
| Total investment operations | 0.09 | 2.54 | 0.42 | (4.18)<br>| 3.98 | 1.82 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  |  |  | (0.02)<br>|  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.37)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.55 | $9.87 | $7.33 | $6.91 | $15.44 | $12.10 |
| **Total return** | 0.67 %<sup>(C)</sup><br>| 34.65<br> %<br>| 6.08<br> %<br>| (35.12 )%<sup>(B)</sup><br>| 33.62<br> %<br>| 17.61<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $3521 | $11288 | $3869 | $1568 | $2417 | $1488 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97 %<sup>(D)</sup><br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.92 %<sup>(D)</sup><br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | (0.53 )%<sup>(D)</sup><br>| (0.54)%<br>| (0.37)%<br>| (0.36)%<br>| (0.50)%<br>| (0.38)%<br>|
| Portfolio turnover rate | 49 %<sup>(C)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.03 | $7.44 | $7.01 | $15.58 | $12.19 | $10.53 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 0.12 | 2.63 | 0.45 | (4.20)<br>| 4.08 | 1.87 |
| Total investment operations | 0.09 | 2.59 | 0.43 | (4.22)<br>| 4.03 | 1.84 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.71 | $10.03 | $7.44 | $7.01 | $15.58 | $12.19 |
| **Total return** | 0.66 %<sup>(B)</sup><br>| 34.81<br> %<br>| 6.13<br> %<br>| (35.18)%<br>| 33.79<br> %<br>| 17.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $69003 | $68799 | $299798 | $230060 | $302016 | $391784 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87 %<sup>(C)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82 %<sup>(C)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.77 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.50 )%<sup>(C)</sup><br>| (0.40)%<br>| (0.26)%<br>| (0.25)%<br>| (0.37)%<br>| (0.29)%<br>|
| Portfolio turnover rate | 49 %<sup>(B)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.01 | $7.43 | $7.00 | $15.56 | $12.17 | $10.51 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 0.11 | 2.62 | 0.45 | (4.19)<br>| 4.08 | 1.87 |
| Total investment operations | 0.09 | 2.58 | 0.43 | (4.21)<br>| 4.03 | 1.84 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.69 | $10.01 | $7.43 | $7.00 | $15.56 | $12.17 |
| **Total return** | 0.66 %<sup>(B)</sup><br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.11)%<br>| 33.64<br> %<br>| 17.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $8630 | $21705 | $19062 | $22531 | $36970 | $35975 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87 %<sup>(C)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82 %<sup>(C)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76 %<sup>(D)</sup><br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | (0.43 )%<sup>(C)</sup><br>| (0.44)%<br>| (0.25)%<br>| (0.26)%<br>| (0.38)%<br>| (0.27)%<br>|
| Portfolio turnover rate | 49 %<sup>(B)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.62 | $7.17 | $6.79 | $15.29 | $12.03 | $10.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.08)<br>| (0.06)<br>| (0.06)<br>| (0.12)<br>| (0.09)<br>|
| Net realized and unrealized gain (loss) | 0.11 | 2.53 | 0.44 | (4.09)<br>| 4.02 | 1.85 |
| Total investment operations | 0.06 | 2.45 | 0.38 | (4.15)<br>| 3.90 | 1.76 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.27 | $9.62 | $7.17 | $6.79 | $15.29 | $12.03 |
| **Total return** | 0.37 %<sup>(B)</sup><br>| 34.17<br> %<br>| 5.60<br> %<br>| (35.47)%<br>| 33.13<br> %<br>| 17.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $10121 | $17214 | $14056 | $14603 | $25582 | $22527 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.37 %<sup>(C)</sup><br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.33 %<sup>(C)</sup><br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.32<br> %<br>|
| Net investment income (loss) to average net assets | (0.96 )%<sup>(C)</sup><br>| (0.94)%<br>| (0.75)%<br>| (0.76)%<br>| (0.88)%<br>| (0.81)%<br>|
| Portfolio turnover rate | 49 %<sup>(B)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.93 | $7.38 | $6.97 | $15.53 | $12.17 | $10.53 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.06)<br>| (0.03)<br>| (0.04)<br>| (0.08)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.11 | 2.61 | 0.44 | (4.17)<br>| 4.08 | 1.87 |
| Total investment operations | 0.08 | 2.55 | 0.41 | (4.21)<br>| 4.00 | 1.82 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>| (0.18)<br>|
| **Net asset value, end of period/year** | $9.60 | $9.93 | $7.38 | $6.97 | $15.53 | $12.17 |
| **Total return** | 0.56 % <sup>(B)</sup><br>| 34.55<br> %<br>| 5.88<br> %<br>| (35.26)%<br>| 33.59<br> %<br>| 17.50<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $28 | $59 | $145 | $127 | $192 | $334 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.12 %<sup>(C)</sup><br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95 %<sup>(C)</sup><br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment income (loss) to average net assets | (0.61 )%<sup>(C)</sup><br>| (0.60)%<br>| (0.44)%<br>| (0.43)%<br>| (0.54)%<br>| (0.43)%<br>|
| Portfolio turnover rate | 49 %<sup>(B)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>| 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.01 | $7.43 | $7.00 | $15.55 | $13.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.03)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 0.12 | 2.62 | 0.45 | (4.18)<br>| 1.71 |
| Total investment operations | 0.09 | 2.58 | 0.43 | (4.20)<br>| 1.68 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>|  |
| **Net asset value, end of period/year** | $9.69 | $10.01 | $7.43 | $7.00 | $15.55 |
| **Total return** | 0.66 %<sup>(C)</sup><br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.13)%<br>| 12.11 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of period/year (000's) | $12615 | $8389 | $7138 | $7112 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87 %<sup>(D)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.82 %<sup>(D)(E)</sup><br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.53 )%<sup>(D)</sup><br>| (0.44)%<br>| (0.26)%<br>| (0.27)%<br>| (0.53 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 49 %<sup>(C)</sup><br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Mid Cap Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $852.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025. For the period December 31, 2024 to April 30, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $81848241 | 63.45<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $200 million | 0.705<br> % <br>|
| Over $200 million up to $1 billion | 0.685 |
| Over $1 billion | 0.670 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.28<br> % <br>| March 1, 2026 |
| Class C | 1.99 | March 1, 2026 |
| Class I | 0.92 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.82 | March 1, 2026 |
| Class R | 1.35 | March 1, 2026 |
| Class R4 | 0.95 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $9796 | $9796 |
| Class C |  | 276 | 471 | 447 | 1194 |
| Class I |  |  |  | 2658 | 2658 |
| Class I2 |  |  |  | 17170 | 17170 |
| Class I3 |  |  |  | 3136 | 3136 |
| Class R |  |  |  | 792 | 792 |
| Class R4 | 43 | 105 | 185 | 41 | 374 |
| Class R6 |  |  |  | 2590 | 2590 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $10847 | &nbsp;&nbsp;&nbsp;&nbsp; $39 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $40453 | &nbsp;&nbsp; $6745 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the period ended April 30, 2025, the Fund engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $3871512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $70343427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87846431 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $112513326 | &nbsp;&nbsp; $25182039 | &nbsp;&nbsp; $(8593303)<br>| &nbsp;&nbsp; $16588736 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Mid Cap Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Mid Cap Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Mid Cap Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Mid Cap Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

![](g947814img4f4605263.gif)

![](g947814img3695fdc04.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA MCG 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imga26461705.gif)

------

![](g947814img6ad56eb31.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Mid Cap Value Opportunities**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imga98725652.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_SOI-RunningFooter-175_1) | 2 |
| [Statement of Assets and Liabilities](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_FS-RunningFooter-175_1) | 5 |
| [Statement of Operations](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_FS-RunningFooter-175_3) | 7 |
| [Statement of Changes in Net Assets](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_FS-RunningFooter-175_4) | 8 |
| [Financial Highlights](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_FIHI-RunningFooter-175_1) | 10 |
| [Notes to Financial Statements](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_NTF-RunningFooter-175_1) | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_DWA-RunningFooter-175_1)**<br> **[Companies](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_DWA-RunningFooter-175_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_PD-RunningFooter-175_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_REMU-RunningFooter-175_1)**<br> **[Companies](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_REMU-RunningFooter-175_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_94f920d8-99c6-4ed2-b6b1-d2ca0de84359_AIAC-RunningFooter-175_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  |
| **Aerospace & Defense - 2.5%**  | **Aerospace & Defense - 2.5%**  | **Aerospace & Defense - 2.5%**  |
| Huntington Ingalls Industries, Inc. | 104800 | $24139632 |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| First Citizens BancShares, Inc., Class A | 11645 | 20718085 |
| **Beverages - 1.6%**  | **Beverages - 1.6%**  | **Beverages - 1.6%**  |
| Molson Coors Beverage Co., Class B | 265300 | 15262709 |
| **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 92200 | 11163576 |
| **Chemicals - 3.8%**  | **Chemicals - 3.8%**  | **Chemicals - 3.8%**  |
| Mosaic Co. | 864000 | 26265600 |
| PPG Industries, Inc. | 96300 | 10483218 |
|  |  | 36748818 |
| **Consumer Finance - 1.3%**  | **Consumer Finance - 1.3%**  | **Consumer Finance - 1.3%**  |
| Ally Financial, Inc. | 376292 | 12289697 |
| **Consumer Staples Distribution & Retail - 3.1%**  | **Consumer Staples Distribution & Retail - 3.1%**  | **Consumer Staples Distribution & Retail - 3.1%**  |
| Dollar General Corp. | 75300 | 7054857 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 148700 | 12159199 |
| U.S. Foods Holding Corp. <sup>(A)</sup> <br>| 169800 | 11149068 |
|  |  | 30363124 |
| **Containers & Packaging - 3.5%**  | **Containers & Packaging - 3.5%**  | **Containers & Packaging - 3.5%**  |
| Crown Holdings, Inc. | 198600 | 19131138 |
| Graphic Packaging Holding Co. | 578200 | 14634242 |
|  |  | 33765380 |
| **Distributors - 2.1%**  | **Distributors - 2.1%**  | **Distributors - 2.1%**  |
| LKQ Corp. | 519897 | 19865264 |
| **Diversified Telecommunication Services - 1.1%**  | **Diversified Telecommunication Services - 1.1%**  | **Diversified Telecommunication Services - 1.1%**  |
| GCI Liberty, Inc. <sup>(A)(B)(C)(D)</sup> <br>| 293004 | 0 |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 958326 | 10493670 |
|  |  | 10493670 |
| **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  |
| Evergy, Inc. | 308800 | 21338080 |
| OGE Energy Corp. | 283142 | 12848984 |
|  |  | 34187064 |
| **Electronic Equipment, Instruments & Components - 2.9%**  | **Electronic Equipment, Instruments & Components - 2.9%**  | **Electronic Equipment, Instruments & Components - 2.9%**  |
| TD SYNNEX Corp. | 127900 | 14171320 |
| Vontier Corp. | 443638 | 14112125 |
|  |  | 28283445 |
| **Energy Equipment & Services - 2.5%**  | **Energy Equipment & Services - 2.5%**  | **Energy Equipment & Services - 2.5%**  |
| Halliburton Co. | 766700 | 15195994 |
| Noble Corp. PLC | 403700 | 8776438 |
|  |  | 23972432 |
| **Entertainment - 1.6%**  | **Entertainment - 1.6%**  | **Entertainment - 1.6%**  |
| Warner Bros Discovery, Inc. <sup>(A)</sup> <br>| 1823800 | 15812346 |
| **Financial Services - 3.5%**  | **Financial Services - 3.5%**  | **Financial Services - 3.5%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 48500 | 15780445 |
| Global Payments, Inc. | 232300 | 17726813 |
|  |  | 33507258 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 9.1%**  | **Food Products - 9.1%**  | **Food Products - 9.1%**  |
| Archer-Daniels-Midland Co. | 427900 | $20432225 |
| Conagra Brands, Inc. | 556500 | 13751115 |
| Kraft Heinz Co. | 665900 | 19377690 |
| Lamb Weston Holdings, Inc. | 102400 | 5407744 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 101900 | 11532023 |
| Tyson Foods, Inc., Class A | 276700 | 16945108 |
|  |  | 87445905 |
| **Ground Transportation - 0.8%**  | **Ground Transportation - 0.8%**  | **Ground Transportation - 0.8%**  |
| U-Haul Holding Co. | 150700 | 8258360 |
| **Health Care Equipment & Supplies - 5.0%**  | **Health Care Equipment & Supplies - 5.0%**  | **Health Care Equipment & Supplies - 5.0%**  |
| Baxter International, Inc. | 702400 | 21893808 |
| Koninklijke Philips NV <sup>(E)</sup> <br>| 343575 | 8709626 |
| Zimmer Biomet Holdings, Inc. | 174200 | 17951310 |
|  |  | 48554744 |
| **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  |
| Centene Corp. <sup>(A)</sup> <br>| 285600 | 17093160 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 150600 | 9784482 |
|  |  | 26877642 |
| **Insurance - 4.6%**  | **Insurance - 4.6%**  | **Insurance - 4.6%**  |
| Fidelity National Financial, Inc. | 268122 | 17173214 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 9870 | 17949582 |
| Willis Towers Watson PLC | 28945 | 8909271 |
|  |  | 44032067 |
| **Interactive Media & Services - 3.3%**  | **Interactive Media & Services - 3.3%**  | **Interactive Media & Services - 3.3%**  |
| Angi, Inc. <sup>(A)</sup> <br>| 184574 | 2115223 |
| IAC, Inc. <sup>(A)</sup> <br>| 371690 | 12986848 |
| Match Group, Inc. | 575300 | 17063398 |
|  |  | 32165469 |
| **IT Services - 1.4%**  | **IT Services - 1.4%**  | **IT Services - 1.4%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 178300 | 13117531 |
| **Life Sciences Tools & Services - 2.8%**  | **Life Sciences Tools & Services - 2.8%**  | **Life Sciences Tools & Services - 2.8%**  |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 68408 | 16697025 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 65500 | 10157085 |
|  |  | 26854110 |
| **Machinery - 1.6%**  | **Machinery - 1.6%**  | **Machinery - 1.6%**  |
| CNH Industrial NV | 909668 | 10524859 |
| Middleby Corp. <sup>(A)</sup> <br>| 34600 | 4613910 |
|  |  | 15138769 |
| **Media - 5.8%**  | **Media - 5.8%**  | **Media - 5.8%**  |
| EchoStar Corp., Class A <sup>(A)</sup> <br>| 241432 | 5427392 |
| Liberty Broadband Corp., Class C <sup>(A)</sup> <br>| 220870 | 19964439 |
| News Corp., Class A | 515600 | 13983072 |
| Sirius XM Holdings, Inc. | 765929 | 16406199 |
|  |  | 55781102 |
| **Metals & Mining - 1.9%**  | **Metals & Mining - 1.9%**  | **Metals & Mining - 1.9%**  |
| Commercial Metals Co. | 412100 | 18354934 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Multi-Utilities - 4.3%**  | **Multi-Utilities - 4.3%**  | **Multi-Utilities - 4.3%**  |
| Dominion Energy, Inc. | 426100 | $23171318 |
| NiSource, Inc. | 479400 | 18749334 |
|  |  | 41920652 |
| **Office REITs - 1.0%**  | **Office REITs - 1.0%**  | **Office REITs - 1.0%**  |
| JBG SMITH Properties | 672829 | 9406149 |
| **Oil, Gas & Consumable Fuels - 3.7%**  | **Oil, Gas & Consumable Fuels - 3.7%**  | **Oil, Gas & Consumable Fuels - 3.7%**  |
| HF Sinclair Corp. | 746588 | 22449901 |
| Kinder Morgan, Inc. | 494402 | 13002773 |
|  |  | 35452674 |
| **Pharmaceuticals - 5.1%**  | **Pharmaceuticals - 5.1%**  | **Pharmaceuticals - 5.1%**  |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 138800 | 16234048 |
| Perrigo Co. PLC | 592200 | 15231384 |
| Viatris, Inc. | 2055400 | 17306468 |
|  |  | 48771900 |
| **Professional Services - 5.1%**  | **Professional Services - 5.1%**  | **Professional Services - 5.1%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 679000 | 14815780 |
| Clarivate PLC <sup>(A)</sup> <br>| 2849100 | 12279621 |
| Jacobs Solutions, Inc. | 113700 | 14076060 |
| SS&C Technologies Holdings, Inc. | 109200 | 8255520 |
|  |  | 49426981 |
| **Specialized REITs - 1.7%**  | **Specialized REITs - 1.7%**  | **Specialized REITs - 1.7%**  |
| Gaming & Leisure Properties, Inc. | 337875 | 16170698 |
| **Specialty Retail - 0.5%**  | **Specialty Retail - 0.5%**  | **Specialty Retail - 0.5%**  |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 12800 | 5064192 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  |
| WESCO International, Inc. | 94200 | $15350832 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $892,793,633)**<br>|  | 948717211 |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(F)</sup> <br>| 327600 | 327600 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $327,600)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $327,600)** | 327600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $14,979,382 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 10/31/2029, and <br> with a value of $15,278,213.<br>| $14978633 | 14978633 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,978,633)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,978,633)** | 14978633 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $908,099,866)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $908,099,866)** | 964023444 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 43214 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$964066658** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $948717211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $948717211 |
| Other Investment Company | 327600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 327600 |
| Repurchase Agreement |  | &nbsp;&nbsp; 14978633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14978633 |
| **Total Investments** | **$949044811** | &nbsp;&nbsp; **$14978633** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$964023444** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $0, representing 0.0% of the Fund's net assets.*

<sup>(C)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $0, representing 0.0%* *of the Fund's net assets.* 

<sup>(D)</sup> *Security deemed worthless.*

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $8,709,626, collateralized by cash collateral of $327,600 and* *non-cash collateral, such as U.S. government securities of $8,605,350. 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.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(H)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $893,121,233) (including securities loaned of $8,709,626) | $949044811 |
| Repurchase agreement, at value (cost $14,978,633) | 14978633 |
| Receivables and other assets: |  |
| Investments sold  | 1670895 |
| Net income from securities lending | 1452 |
| Shares of beneficial interest sold  | 753536 |
| Dividends  | 473620 |
| Interest | 749 |
| Prepaid expenses | 34555 |
| Total assets | 966958251 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 327600 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 1774069 |
| Investment management fees | 552067 |
| Distribution and service fees | 30937 |
| Transfer agent fees | 61201 |
| Trustee and CCO fees | 4712 |
| Audit and tax fees  | 20032 |
| Custody fees | 63446 |
| Legal fees | 26046 |
| Printing and shareholder reports fees | 9824 |
| Other accrued expenses | 21659 |
| Total liabilities | 2891593 |
| **Net assets**  | $964066658 |
| **Net assets consist of:** |  |
| Paid-in capital | $820577785 |
| Total distributable earnings (accumulated losses) | 143488873 |
| **Net assets** | $964066658 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $23137304 |
| Class C | 9807897 |
| Class I | 591625758 |
| Class I2 | 76065503 |
| Class I3 | 54990243 |
| Class R | 33481474 |
| Class R4 | 25344837 |
| Class R6 | 149613642 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2203256 |
| Class C | 962999 |
| Class I | 55993046 |
| Class I2 | 7193557 |
| Class I3 | 5160157 |
| Class R | 3130723 |
| Class R4 | 2365322 |
| Class R6 | 13975845 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.50 |
| Class C | 10.18 |
| Class I | 10.57 |
| Class I2 | 10.57 |
| Class I3 | 10.66 |
| Class R | 10.69 |
| Class R4 | 10.72 |
| Class R6 | 10.71 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $11604981 |
| Interest income | 512800 |
| Net income from securities lending | 23190 |
| Total investment income  | 12140971 |
| **Expenses:** |  |
| Investment management fees | 3816057 |
| Distribution and service fees: |  |
| Class A | 30749 |
| Class C | 54974 |
| Class R | 100141 |
| Class R4 | 50533 |
| Transfer agent fees: |  |
| Class A | 22827 |
| Class C | 7482 |
| Class I | 355921 |
| Class I2 | 2800 |
| Class I3 | 2392 |
| Class R | 410 |
| Class R4 | 1516 |
| Class R6 | 6057 |
| Trustee and CCO fees | 23675 |
| Audit and tax fees | 21728 |
| Custody fees | 44502 |
| Legal fees | 44261 |
| Printing and shareholder reports fees | 40891 |
| Registration fees | 59486 |
| Other | 35142 |
| Total expenses before waiver and/or reimbursement and recapture | 4721544 |
| Expenses waived and/or reimbursed: |  |
| Class R4 | (20052)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 150 |
| Class R4 | 184 |
| Net expenses | 4701826 |
| **Net investment income (loss)** | 7439145 |
| **Net realized gain (loss) on:** |  |
| Investments | 83624741 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (99108750)<br>|
| Net realized and change in unrealized gain (loss) | (15484009)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(8044864)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $7439145 | &nbsp;&nbsp;&nbsp;&nbsp; $16014613 |
| Net realized gain (loss) | 83624741 | &nbsp;&nbsp;&nbsp;&nbsp; 99956585 |
| Net change in unrealized appreciation (depreciation) | (99108750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129250232 |
| Net increase (decrease) in net assets resulting from operations | (8044864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245221430 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2259314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1085385)<br>|
| Class C | (939573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (600028)<br>|
| Class I | (63315374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37014639)<br>|
| Class I2 | (6298508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9348810)<br>|
| Class I3 | (5928157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4153170)<br>|
| Class R | (3543697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2274700)<br>|
| Class R4 | (4095826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2571294)<br>|
| Class R6 | (14852203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8954929)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (101232652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66002955)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 2132410 | &nbsp;&nbsp;&nbsp;&nbsp; 5180422 |
| Class C | 380036 | &nbsp;&nbsp;&nbsp;&nbsp; 1369447 |
| Class I | 99888460 | &nbsp;&nbsp;&nbsp;&nbsp; 156605812 |
| Class I2 | 10263968 | &nbsp;&nbsp;&nbsp;&nbsp; 134975 |
| Class I3 | 1514391 | &nbsp;&nbsp;&nbsp;&nbsp; 2825223 |
| Class R | 1547555 | &nbsp;&nbsp;&nbsp;&nbsp; 2576231 |
| Class R4 | 1700709 | &nbsp;&nbsp;&nbsp;&nbsp; 3643038 |
| Class R6 | 9134437 | &nbsp;&nbsp;&nbsp;&nbsp; 19885059 |
|  | 126561966 | &nbsp;&nbsp;&nbsp;&nbsp; 192220207 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2001325 | &nbsp;&nbsp;&nbsp;&nbsp; 962931 |
| Class C | 871525 | &nbsp;&nbsp;&nbsp;&nbsp; 551116 |
| Class I | 59233876 | &nbsp;&nbsp;&nbsp;&nbsp; 33957221 |
| Class I2 | 6063352 | &nbsp;&nbsp;&nbsp;&nbsp; 9093999 |
| Class I3 | 5928157 | &nbsp;&nbsp;&nbsp;&nbsp; 4153170 |
| Class R | 3543697 | &nbsp;&nbsp;&nbsp;&nbsp; 2274700 |
| Class R4 | 4095826 | &nbsp;&nbsp;&nbsp;&nbsp; 2571294 |
| Class R6 | 14824386 | &nbsp;&nbsp;&nbsp;&nbsp; 8876172 |
|  | 96562144 | &nbsp;&nbsp;&nbsp;&nbsp; 62440603 |
| Cost of shares redeemed: |  |  |
| Class A | (4744599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10783212)<br>|
| Class C | (1637059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2955152)<br>|
| Class I | (243960196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260177934)<br>|
| Class I2 | (1971375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138198260)<br>|
| Class I3 | (24700320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20235392)<br>|
| Class R | (19168679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8193184)<br>|
| Class R4 | (32624960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8365938)<br>|
| Class R6 | (28039546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87076097)<br>|
|  | (356846734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (535985169)<br>|
| Automatic conversions: |  |  |
| Class A | 859243 | &nbsp;&nbsp;&nbsp;&nbsp; 2687083 |
| Class C | (859243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2687083)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (133722624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281324359)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 174 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 252 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 166 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| **Net increase (decrease) in net assets** | (243000140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102105292)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of period/year | $1207066798 | &nbsp;&nbsp;&nbsp;&nbsp; $1309172090 |
| End of period/year | $964066658 | &nbsp;&nbsp;&nbsp;&nbsp; $1207066798 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 190306 | &nbsp;&nbsp;&nbsp;&nbsp; 463616 |
| Class C | 35780 | &nbsp;&nbsp;&nbsp;&nbsp; 127941 |
| Class I | 9173430 | &nbsp;&nbsp;&nbsp;&nbsp; 14073926 |
| Class I2 | 969086 | &nbsp;&nbsp;&nbsp;&nbsp; 12144 |
| Class I3 | 136819 | &nbsp;&nbsp;&nbsp;&nbsp; 251366 |
| Class R | 136319 | &nbsp;&nbsp;&nbsp;&nbsp; 227696 |
| Class R4 | 149689 | &nbsp;&nbsp;&nbsp;&nbsp; 323740 |
| Class R6 | 836624 | &nbsp;&nbsp;&nbsp;&nbsp; 1740389 |
|  | 11628053 | &nbsp;&nbsp;&nbsp;&nbsp; 17220818 |
| Shares reinvested: |  |  |
| Class A | 190059 | &nbsp;&nbsp;&nbsp;&nbsp; 90078 |
| Class C | 85110 | &nbsp;&nbsp;&nbsp;&nbsp; 52992 |
| Class I | 5598665 | &nbsp;&nbsp;&nbsp;&nbsp; 3161752 |
| Class I2 | 572555 | &nbsp;&nbsp;&nbsp;&nbsp; 845953 |
| Class I3 | 555591 | &nbsp;&nbsp;&nbsp;&nbsp; 383842 |
| Class R | 330261 | &nbsp;&nbsp;&nbsp;&nbsp; 209457 |
| Class R4 | 381717 | &nbsp;&nbsp;&nbsp;&nbsp; 236550 |
| Class R6 | 1382872 | &nbsp;&nbsp;&nbsp;&nbsp; 817327 |
|  | 9096830 | &nbsp;&nbsp;&nbsp;&nbsp; 5797951 |
| Shares redeemed: |  |  |
| Class A | (435441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (970333)<br>|
| Class C | (153478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274326)<br>|
| Class I | (22597285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23256512)<br>|
| Class I2 | (180728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12447587)<br>|
| Class I3 | (2169413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1779745)<br>|
| Class R | (1700369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (727170)<br>|
| Class R4 | (2860344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (726683)<br>|
| Class R6 | (2501056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7698801)<br>|
|  | (32598114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47881157)<br>|
| Automatic conversions: |  |  |
| Class A | 76700 | &nbsp;&nbsp;&nbsp;&nbsp; 239600 |
| Class C | (79113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247055)<br>|
|  | (2413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7455)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 21624 | &nbsp;&nbsp;&nbsp;&nbsp; (177039)<br>|
| Class C | (111701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340448)<br>|
| Class I | (7825190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6020834)<br>|
| Class I2 | 1360913 | &nbsp;&nbsp;&nbsp;&nbsp; (11589490)<br>|
| Class I3 | (1477003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1144537)<br>|
| Class R | (1233789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (290017)<br>|
| Class R4 | (2328938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166393)<br>|
| Class R6 | (281560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5141085)<br>|
|  | (11875644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24869843)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.62 | $10.15 | $10.95 | $14.72 | $10.05 | $11.63 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.10 | 0.08 | 0.04 | 0.01 | 0.09 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.86 | (0.20)<br>| (0.52)<br>| 4.73 | (1.29)<br>|
| Total investment operations | (0.09)<br>| 1.96 | (0.12)<br>| (0.48)<br>| 4.74 | (1.20)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.06)<br>| (0.08)<br>| (0.02)<br>| (0.07)<br>| (0.04)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.03)<br>| (0.49)<br>| (0.68)<br>| (3.29)<br>| (0.07)<br>| (0.38)<br>|
| **Net asset value, end of period/year** | $10.50 | $11.62 | $10.15 | $10.95 | $14.72 | $10.05 |
| **Total return** <sup>(E)</sup> <br>| (0.80 )%<sup>(F)</sup><br>| 19.76 %<sup>(C)</sup><br>| (1.14)%<br>| (4.39 )%<sup>(D)</sup><br>| 47.42<br> %<br>| (10.80)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $23137 | $25345 | $23931 | $27425 | $27613 | $14788 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18 %<sup>(G)</sup><br>| 1.18<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.31<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.18 %<sup>(G)(H)</sup><br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>|
| Net investment income (loss) to average net assets | 1.01 %<sup>(G)</sup><br>| 0.86<br> %<br>| 0.77<br> %<br>| 0.38<br> %<br>| 0.06<br> %<br>| 0.86<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(F)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.24 | $9.83 | $10.64 | $14.45 | $9.87 | $11.48 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.02 | 0.01 | (0.03)<br>| (0.07)<br>| 0.02 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.82 | (0.21)<br>| (0.51)<br>| 4.65 | (1.28)<br>|
| Total investment operations | (0.13)<br>| 1.84 | (0.20)<br>| (0.54)<br>| 4.58 | (1.26)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.03)<br>|  | (0.01)<br>|  |  | (0.01)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (0.93)<br>| (0.43)<br>| (0.61)<br>| (3.27)<br>|  | (0.35)<br>|
| **Net asset value, end of period/year** | $10.18 | $11.24 | $9.83 | $10.64 | $14.45 | $9.87 |
| **Total return** <sup>(E)</sup> <br>| (1.19 )%<sup>(F)</sup><br>| 19.07 %<sup>(C)</sup><br>| (1.93)%<br>| (4.93 )%<sup>(D)</sup><br>| 46.40<br> %<br>| (11.43)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $9808 | $12076 | $13916 | $16522 | $17471 | $13167 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.88 %<sup>(G)</sup><br>| 1.86<br> %<br>| 1.88<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.88 %<sup>(G)</sup><br>| 1.86<br> %<br>| 1.88 %<sup>(H)</sup><br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.91<br> %<br>|
| Net investment income (loss) to average net assets | 0.32 %<sup>(G)</sup><br>| 0.20<br> %<br>| 0.09<br> %<br>| (0.28)%<br>| (0.53)%<br>| 0.16<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(F)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.70 | $10.22 | $11.03 | $14.80 | $10.11 | $11.73 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.14 | 0.12 | 0.09 | 0.07 | 0.12 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.88 | (0.21)<br>| (0.52)<br>| 4.73 | (1.28)<br>|
| Total investment operations | (0.06)<br>| 2.02 | (0.09)<br>| (0.43)<br>| 4.80 | (1.16)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.11)<br>| (0.12)<br>| (0.07)<br>| (0.11)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.07)<br>| (0.54)<br>| (0.72)<br>| (3.34)<br>| (0.11)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $10.57 | $11.70 | $10.22 | $11.03 | $14.80 | $10.11 |
| **Total return** | (0.52 )%<sup>(D)</sup><br>| 20.19<br> %<br>| (0.86)%<br>| (3.91 )%<sup>(B)</sup><br>| 47.90<br> %<br>| (10.48)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $591626 | $746921 | $713923 | $734476 | $656368 | $475103 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85 %<sup>(E)</sup><br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85 %<sup>(E)</sup><br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 1.37 %<sup>(E)</sup><br>| 1.22<br> %<br>| 1.11<br> %<br>| 0.74<br> %<br>| 0.48<br> %<br>| 1.16<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(D)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.72 | $10.24 | $11.05 | $14.83 | $10.12 | $11.74 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.15 | 0.13 | 0.10 | 0.09 | 0.13 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.88 | (0.21)<br>| (0.53)<br>| 4.74 | (1.28)<br>|
| Total investment operations | (0.07)<br>| 2.03 | (0.08)<br>| (0.43)<br>| 4.83 | (1.15)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>| (0.13)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $10.57 | $11.72 | $10.24 | $11.05 | $14.83 | $10.12 |
| **Total return** | (0.60 )%<sup>(B)</sup><br>| 20.27<br> %<br>| (0.76)%<br>| (3.84)%<br>| 47.93<br> %<br>| (10.31)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $76066 | $68350 | $178371 | $171713 | $219525 | $293440 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.41 %<sup>(C)</sup><br>| 1.36<br> %<br>| 1.18<br> %<br>| 0.83<br> %<br>| 0.68<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(B)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.80 | $10.30 | $11.12 | $14.89 | $10.17 | $11.80 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.15 | 0.13 | 0.10 | 0.08 | 0.13 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.90 | (0.22)<br>| (0.52)<br>| 4.76 | (1.29)<br>|
| Total investment operations | (0.06)<br>| 2.05 | (0.09)<br>| (0.42)<br>| 4.84 | (1.16)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>| (0.13)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $10.66 | $11.80 | $10.30 | $11.12 | $14.89 | $10.17 |
| **Total return** | (0.50 )%<sup>(B)</sup><br>| 20.35<br> %<br>| (0.85)%<br>| (3.81)%<br>| 48.03<br> %<br>| (10.43)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $54990 | $78336 | $80186 | $99003 | $128122 | $114102 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.48 %<sup>(C)</sup><br>| 1.32<br> %<br>| 1.22<br> %<br>| 0.83<br> %<br>| 0.60<br> %<br>| 1.28<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(B)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.79 | $10.29 | $11.10 | $14.86 | $10.15 | $11.77 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.09 | 0.08 | 0.04 | 0.01 | 0.08 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 1.90 | (0.22)<br>| (0.53)<br>| 4.77 | (1.29)<br>|
| Total investment operations | (0.10)<br>| 1.99 | (0.14)<br>| (0.49)<br>| 4.78 | (1.21)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)(C)</sup><br>|  | 0.00 <br><sup>(B)(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.06)<br>| (0.07)<br>| (0.00 )<sup>(B)</sup><br>| (0.07)<br>| (0.07)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.00)<br>| (0.49)<br>| (0.67)<br>| (3.27)<br>| (0.07)<br>| (0.41)<br>|
| **Net asset value, end of period/year** | $10.69 | $11.79 | $10.29 | $11.10 | $14.86 | $10.15 |
| **Total return** | (0.81 )%<sup>(E)</sup><br>| 19.76 %<sup>(C)</sup><br>| (1.31)%<br>| (4.34 )%<sup>(D)</sup><br>| 47.20<br> %<br>| (10.77)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $33481 | $51470 | $47918 | $52688 | $58856 | $46194 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.24 %<sup>(F)</sup><br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.24 %<sup>(F)</sup><br>| 1.24<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.00 %<sup>(F)</sup><br>| 0.82<br> %<br>| 0.71<br> %<br>| 0.33<br> %<br>| 0.07<br> %<br>| 0.79<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(E)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.85 | $10.34 | $11.15 | $14.92 | $10.19 | $11.79 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.13 | 0.12 | 0.08 | 0.06 | 0.12 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.91 | (0.22)<br>| (0.53)<br>| 4.77 | (1.30)<br>|
| Total investment operations | (0.07)<br>| 2.04 | (0.10)<br>| (0.45)<br>| 4.83 | (1.18)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.10)<br>| (0.11)<br>| (0.05)<br>| (0.10)<br>| (0.08)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.06)<br>| (0.53)<br>| (0.71)<br>| (3.32)<br>| (0.10)<br>| (0.42)<br>|
| **Net asset value, end of period/year** | $10.72 | $11.85 | $10.34 | $11.15 | $14.92 | $10.19 |
| **Total return** | (0.60 )% <sup>(B)</sup><br>| 20.17<br> %<br>| (0.95)%<br>| (3.99)%<br>| 47.83<br> %<br>| (10.55)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $25345 | $55605 | $50254 | $82892 | $116919 | $83065 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00 %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90 %<sup>(C)</sup><br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.26 %<sup>(C)</sup><br>| 1.16<br> %<br>| 1.12<br> %<br>| 0.67<br> %<br>| 0.40<br> %<br>| 1.13<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(B)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.85 | $10.34 | $11.16 | $14.94 | $10.19 | $11.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.15 | 0.13 | 0.10 | 0.08 | 0.13 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.91 | (0.22)<br>| (0.53)<br>| 4.79 | (1.30)<br>|
| Total investment operations | (0.06)<br>| 2.06 | (0.09)<br>| (0.43)<br>| 4.87 | (1.17)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>| (0.13)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  | (0.34)<br>|
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>| (0.47)<br>|
| **Net asset value, end of period/year** | $10.71 | $11.85 | $10.34 | $11.16 | $14.94 | $10.19 |
| **Total return** | (0.50 )%<sup>(B)</sup><br>| 20.37<br> %<br>| (0.84)%<br>| (3.86)%<br>| 48.09<br> %<br>| (10.40)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $149614 | $168964 | $200673 | $214578 | $190702 | $209734 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.44 %<sup>(C)</sup><br>| 1.31<br> %<br>| 1.20<br> %<br>| 0.82<br> %<br>| 0.62<br> %<br>| 1.27<br> %<br>|
| Portfolio turnover rate | 30 %<sup>(B)</sup><br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>| 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Mid Cap Value Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $12,853.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $327600 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327600 |
| **Total Borrowings** | **$327600** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$327600** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $178448738 | 18.51<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $750 million | 0.6950<br> % <br>|
| Over $750 million up to $1.5 billion | 0.6925 |
| Over $1.5 billion up to $2 billion | 0.6500 |
| Over $2 billion | 0.6300 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.20<br> % <br>| March 1, 2026 |
| Class C | 1.90 | March 1, 2026 |
| Class I | 0.88 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.79 | March 1, 2026 |
| Class R | 1.25 | March 1, 2026 |
| Class R4 | 0.90 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R4 | $44791 | $66017 | $56006 | $20052 | $186866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A, Class C and Class R of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $19220 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 175 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $393044 | &nbsp;&nbsp; $58622 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $313760917 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $511248530 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $908099866 | &nbsp;&nbsp; $126561287 | &nbsp;&nbsp; $(70637709)<br>| &nbsp;&nbsp; $55923578 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Mid Cap Value Opportunities** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Mid Cap Value Opportunities** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Mid Cap Value Opportunities** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Mid Cap Value Opportunities** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814img05a2cf023.gif)

![](g947814img544efef54.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA MCV OPS 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img0e20d9885.gif)

------

![](g947814img4e74ec4d1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Multi-Asset Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imga9b046142.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_SOI-RunningFooter-174_1) | 2 |
| [Statement of Assets and Liabilities](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_FS-RunningFooter-174_1) | 9 |
| [Statement of Operations](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_FS-RunningFooter-174_2) | 10 |
| [Statement of Changes in Net Assets](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_FS-RunningFooter-174_3) | 11 |
| [Financial Highlights](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_FIHI-RunningFooter-174_1) | 13 |
| [Notes to Financial Statements](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_NTF-RunningFooter-174_1) | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_DWA-RunningFooter-174_1)**<br> **[Companies](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_DWA-RunningFooter-174_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_PD-RunningFooter-174_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_REMU-RunningFooter-174_1)**<br> **[Companies](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_REMU-RunningFooter-174_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_867ce153-0839-44ae-bda2-c6746fe87ea7_AIAC-RunningFooter-174_1)** | 27 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 52.0%**  | **CORPORATE DEBT SECURITIES - 52.0%**  | **CORPORATE DEBT SECURITIES - 52.0%**  |
| **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  |
| Bombardier, Inc. |  |  |
| 7.25%, 07/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| $825000 | $844538 |
| **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.25%, 05/15/2026 <sup>(A)</sup> <br>| 697000 | 697171 |
| 8.50%, 05/15/2027 <sup>(A)</sup> <br>| 1250000 | 1254520 |
| Cooper Tire & Rubber Co. LLC |  |  |
| 7.63%, 03/15/2027 | 5200000 | 5254600 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.00%, 07/15/2029 <sup>(B)</sup> <br>| 1000000 | 952175 |
| 7.00%, 03/15/2028 | 876000 | 870024 |
| Titan International, Inc. |  |  |
| 7.00%, 04/30/2028 <sup>(B)</sup> <br>| 720000 | 704936 |
|  |  | 9733426 |
| **Automobiles - 1.1%**  | **Automobiles - 1.1%**  | **Automobiles - 1.1%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.13%, 03/08/2034 | 3250000 | 3070580 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.88%, 01/15/2028 <sup>(A)</sup> <br>| 1750000 | 1728881 |
| JB Poindexter & Co., Inc. |  |  |
| 8.75%, 12/15/2031 <sup>(A)</sup> <br>| 3100000 | 3116191 |
|  |  | 7915652 |
| **Banks - 3.2%**  | **Banks - 3.2%**  | **Banks - 3.2%**  |
| Bank of Montreal |  |  |
| &nbsp;&nbsp; Fixed until 11/26/2034, <br>7.30% <sup>(C)</sup>, 11/26/2084<br>| 3000000 | 2951683 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/15/2035 <sup>(D)</sup>, <br>7.63% <sup>(C)</sup> <br>| 200000 | 191337 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/15/2030 <sup>(D)</sup>, <br>6.95% <sup>(C)</sup> <br>| 1500000 | 1474040 |
| &nbsp;&nbsp; Fixed until 08/15/2029 <sup>(D)</sup>, <br>7.13% <sup>(C)</sup> <br>| 3000000 | 2957881 |
| &nbsp;&nbsp; Fixed until 11/15/2028 <sup>(D)</sup>, <br>7.63% <sup>(C)</sup> <br>| 1000000 | 1026764 |
| First Horizon Bank |  |  |
| 5.75%, 05/01/2030 | 1750000 | 1756217 |
| FNB Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/11/2029, <br>5.72% <sup>(C)</sup>, 12/11/2030<br>| 5500000 | 5477233 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/10/2034 <sup>(D)</sup>, <br>6.13% <sup>(B)</sup><sup>(C)</sup> <br>| 2045000 | 1927057 |
| &nbsp;&nbsp; Fixed until 02/10/2030 <sup>(D)</sup>, <br>6.85% <sup>(C)</sup> <br>| 2000000 | 1972869 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/01/2030 <sup>(D)</sup>, <br>6.50% <sup>(C)</sup> <br>| 3000000 | 3008588 |
|  |  | 22743669 |
| **Building Products - 1.3%**  | **Building Products - 1.3%**  | **Building Products - 1.3%**  |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 03/01/2030 <sup>(A)</sup> <br>| 2000000 | 1920838 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| 5.25%, 07/15/2028 <sup>(A)</sup> <br>| 3765000 | 3653806 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| $3450000 | $3472676 |
|  |  | 9047320 |
| **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  |
| Blue Owl Credit Income Corp. |  |  |
| 5.80%, 03/15/2030 <sup>(A)</sup> <br>| 6500000 | 6354974 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.00%, 01/15/2032 <sup>(A)</sup> <br>| 2800000 | 2504572 |
| FS KKR Capital Corp. |  |  |
| 6.88%, 08/15/2029 | 3850000 | 3904391 |
| Golub Capital Private Credit Fund |  |  |
| 5.88%, 05/01/2030 <sup>(A)</sup> <br>| 1000000 | 979846 |
|  |  | 13743783 |
| **Chemicals - 0.3%**  | **Chemicals - 0.3%**  | **Chemicals - 0.3%**  |
| Chemours Co. |  |  |
| 5.75%, 11/15/2028 <sup>(A)</sup> <br>| 2495000 | 2259773 |
| **Commercial Services & Supplies - 4.2%**  | **Commercial Services & Supplies - 4.2%**  | **Commercial Services & Supplies - 4.2%**  |
| Amsted Industries, Inc. |  |  |
| 6.38%, 03/15/2033 <sup>(A)</sup> <br>| 3000000 | 3011697 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 3750000 | 3704443 |
| CoreCivic, Inc. |  |  |
| 8.25%, 04/15/2029 <sup>(B)</sup> <br>| 2750000 | 2898145 |
| Enpro, Inc. |  |  |
| 5.75%, 10/15/2026 | 3594000 | 3576070 |
| GEO Group, Inc. |  |  |
| 8.63%, 04/15/2029 | 3700000 | 3889617 |
| PROG Holdings, Inc. |  |  |
| 6.00%, 11/15/2029 <sup>(A)</sup> <br>| 3300000 | 3037414 |
| Service Corp. International |  |  |
| 7.50%, 04/01/2027 | 2500000 | 2559375 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 3675000 | 3466981 |
| WEX, Inc. |  |  |
| 6.50%, 03/15/2033 <sup>(A)</sup> <br>| 3000000 | 2917182 |
| Williams Scotsman, Inc. |  |  |
| 4.63%, 08/15/2028 <sup>(A)</sup> <br>| 805000 | 774100 |
|  |  | 29835024 |
| **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC |  |  |
| 6.25%, 09/15/2027 <sup>(A)</sup> <br>| 1300000 | 1274679 |
| Brundage-Bone Concrete Pumping <br> Holdings, Inc. |  |  |
| 7.50%, 02/01/2032 <sup>(A)</sup> <br>| 3800000 | 3707583 |
| Forestar Group, Inc. |  |  |
| 5.00%, 03/01/2028 <sup>(A)</sup> <br>| 5000000 | 4853372 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/2028 <sup>(A)</sup> <br>| 4801000 | 4718107 |
| M/I Homes, Inc. |  |  |
| 4.95%, 02/01/2028 | 2235000 | 2185660 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Winnebago Industries, Inc. |  |  |
| 6.25%, 07/15/2028 <sup>(A)</sup> <br>| $899000 | $892892 |
|  |  | 17632293 |
| **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  |
| Academy Ltd. |  |  |
| 6.00%, 11/15/2027 <sup>(A)</sup> <br>| 5150000 | 5141658 |
| Arko Corp. |  |  |
| 5.13%, 11/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 675000 | 544450 |
| BlueLinx Holdings, Inc. |  |  |
| 6.00%, 11/15/2029 <sup>(A)</sup> <br>| 1150000 | 1093695 |
| Dillard's, Inc. |  |  |
| 7.00%, 12/01/2028 | 230000 | 240947 |
| 7.75%, 07/15/2026 | 1150000 | 1181555 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 04/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 900000 | 853771 |
| PetSmart, Inc./PetSmart Finance Corp. |  |  |
| 4.75%, 02/15/2028 <sup>(A)</sup> <br>| 1400000 | 1337854 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 2500000 | 2345288 |
|  |  | 12739218 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 3000000 | 3050214 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| American Assets Trust LP |  |  |
| 6.15%, 10/01/2034 | 635000 | 621777 |
| Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC |  |  |
| 4.75%, 04/15/2028 <sup>(A)</sup> <br>| 1500000 | 1434941 |
| 10.50%, 02/15/2028 <sup>(A)</sup> <br>| 335000 | 355705 |
|  |  | 2412423 |
| **Electric Utilities - 2.5%**  | **Electric Utilities - 2.5%**  | **Electric Utilities - 2.5%**  |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/15/2035, <br>6.63% <sup>(C)</sup>, 05/15/2055<br>| 1000000 | 983229 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/2035 | 2000000 | 1964619 |
| Southern Co. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2034, <br>6.38% <sup>(C)</sup>, 03/15/2055<br>| 3000000 | 3056526 |
| Talen Energy Supply LLC |  |  |
| 8.63%, 06/01/2030 <sup>(A)</sup> <br>| 4250000 | 4537249 |
| TransAlta Corp. |  |  |
| 7.75%, 11/15/2029 | 1864000 | 1950793 |
| Vistra Operations Co. LLC |  |  |
| 5.70%, 12/30/2034 <sup>(A)</sup> <br>| 2500000 | 2485607 |
| 6.95%, 10/15/2033 <sup>(A)</sup> <br>| 2500000 | 2682320 |
|  |  | 17660343 |
| **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  |
| WESCO Distribution, Inc. |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 2000000 | 2033341 |
| 7.25%, 06/15/2028 <sup>(A)</sup> <br>| 2729000 | 2765151 |
|  |  | 4798492 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | $4150000 | $4166377 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 1500000 | 1495648 |
| **Financial Services - 5.6%**  | **Financial Services - 5.6%**  | **Financial Services - 5.6%**  |
| Acadian Asset Management, Inc. |  |  |
| 4.80%, 07/27/2026 | 2910000 | 2829638 |
| AG Issuer LLC |  |  |
| 6.25%, 03/01/2028 <sup>(A)</sup> <br>| 1000000 | 984998 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028 <sup>(D)</sup>, <br>4.70% <sup>(B)</sup><sup>(C)</sup> <br>| 2250000 | 1904735 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/2028 <sup>(A)</sup> <br>| 2500000 | 2478554 |
| 9.25%, 07/01/2031 <sup>(A)</sup> <br>| 4750000 | 5003859 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 3000000 | 2956433 |
| Citadel LP |  |  |
| 6.38%, 01/23/2032 <sup>(A)</sup> <br>| 4750000 | 4878385 |
| Coinbase Global, Inc. |  |  |
| 3.63%, 10/01/2031 <sup>(A)</sup> <br>| 1250000 | 1082768 |
| EZCORP, Inc. |  |  |
| 7.38%, 04/01/2032 <sup>(A)</sup> <br>| 850000 | 889685 |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 1.81%, <br>6.12% <sup>(C)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 3400000 | 2742230 |
| Jefferies Finance LLC/JFIN Co-Issuer <br> Corp. |  |  |
| 5.00%, 08/15/2028 <sup>(A)</sup> <br>| 2500000 | 2324927 |
| OneMain Finance Corp. |  |  |
| 7.13%, 11/15/2031 | 2100000 | 2112390 |
| 7.50%, 05/15/2031 <sup>(B)</sup> <br>| 2000000 | 2028137 |
| PRA Group, Inc. |  |  |
| 5.00%, 10/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1300000 | 1184055 |
| StoneX Group, Inc. |  |  |
| 7.88%, 03/01/2031 <sup>(A)</sup> <br>| 4175000 | 4351470 |
| World Acceptance Corp. |  |  |
| 7.00%, 11/01/2026 <sup>(A)</sup> <br>| 2475000 | 2441418 |
|  |  | 40193682 |
| **Food Products - 1.6%**  | **Food Products - 1.6%**  | **Food Products - 1.6%**  |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 4.63%, 11/15/2028 <sup>(A)</sup> <br>| 1062000 | 1044198 |
| Kraft Heinz Foods Co. |  |  |
| 6.50%, 02/09/2040 | 1500000 | 1605484 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 <sup>(A)</sup> <br>| 4000000 | 3925499 |
| U.S. Foods, Inc. |  |  |
| 6.88%, 09/15/2028 <sup>(A)</sup> <br>| 2300000 | 2357132 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/2028 <sup>(A)</sup> <br>| 2875000 | 2823068 |
|  |  | 11755381 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  |
| National Fuel Gas Co. |  |  |
| 5.95%, 03/15/2035 | $1500000 | $1501896 |
| **Health Care Providers & Services - 1.4%**  | **Health Care Providers & Services - 1.4%**  | **Health Care Providers & Services - 1.4%**  |
| DaVita, Inc. |  |  |
| 6.88%, 09/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 5950000 | 6005496 |
| Humana, Inc. |  |  |
| 5.95%, 03/15/2034 | 1718000 | 1760746 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/2033 <sup>(A)</sup> <br>| 2200000 | 2183078 |
|  |  | 9949320 |
| **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  |
| RHP Hotel Properties LP/RHP Finance <br> Corp. |  |  |
| 4.75%, 10/15/2027 | 1000000 | 980183 |
| **Hotels, Restaurants & Leisure - 4.8%**  | **Hotels, Restaurants & Leisure - 4.8%**  | **Hotels, Restaurants & Leisure - 4.8%**  |
| Carnival Corp. |  |  |
| 5.75%, 03/01/2027 <sup>(A)</sup> <br>| 4000000 | 3987272 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 03/15/2033 <sup>(A)</sup> <br>| 3000000 | 2998229 |
| Light & Wonder International, Inc. |  |  |
| 7.00%, 05/15/2028 <sup>(A)</sup> <br>| 2504000 | 2504566 |
| 7.50%, 09/01/2031 <sup>(A)</sup> <br>| 4500000 | 4624461 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/2027 <sup>(A)</sup> <br>| 1500000 | 1468571 |
| 6.50%, 05/15/2027 <sup>(A)</sup> <br>| 2388000 | 2413214 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.75%, 01/15/2028 <sup>(B)</sup> <br>| 4950000 | 4692879 |
| NCL Corp. Ltd. |  |  |
| 8.13%, 01/15/2029 <sup>(A)</sup> <br>| 4800000 | 5026291 |
| Travel & Leisure Co. |  |  |
| 6.60%, 10/01/2025 | 3450000 | 3446558 |
| VOC Escrow Ltd. |  |  |
| 5.00%, 02/15/2028 <sup>(A)</sup> <br>| 3366000 | 3299576 |
|  |  | 34461617 |
| **Household Products - 0.2%**  | **Household Products - 0.2%**  | **Household Products - 0.2%**  |
| Central Garden & Pet Co. |  |  |
| 5.13%, 02/01/2028 <sup>(B)</sup> <br>| 1141000 | 1128234 |
| **Insurance - 1.7%**  | **Insurance - 1.7%**  | **Insurance - 1.7%**  |
| Equitable Financial Life Global Funding |  |  |
| 5.00%, 03/27/2030 <sup>(A)</sup> <br>| 2000000 | 2020381 |
| F&G Annuities & Life, Inc. |  |  |
| 6.50%, 06/04/2029 | 2750000 | 2799063 |
| Kuvare U.S. Holdings, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/01/2026, <br>7.00% <sup>(C)</sup>, 02/17/2051 <sup>(A)</sup> <br>| 1500000 | 1495711 |
| Markel Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 06/01/2025 <sup>(D)</sup>, <br>6.00% <sup>(B)</sup><sup>(C)</sup> <br>| 4000000 | 3986643 |
| SBL Holdings, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/13/2026 <sup>(D)</sup>, <br>6.50% <sup>(A)</sup><sup>(C)</sup> <br>| 2500000 | 2187752 |
|  |  | 12489550 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  |
| Gen Digital, Inc. |  |  |
| 6.25%, 04/01/2033 <sup>(A)</sup> <br>| $2500000 | $2493190 |
| **IT Services - 1.9%**  | **IT Services - 1.9%**  | **IT Services - 1.9%**  |
| Dell International LLC/EMC Corp. |  |  |
| 8.10%, 07/15/2036 | 405000 | 476354 |
| Kyndryl Holdings, Inc. |  |  |
| 4.10%, 10/15/2041 | 2000000 | 1508201 |
| Leidos, Inc. |  |  |
| 5.50%, 03/15/2035 | 2490000 | 2474483 |
| 7.13%, 07/01/2032 | 1800000 | 1950216 |
| NCR Atleos Corp. |  |  |
| 9.50%, 04/01/2029 <sup>(A)</sup> <br>| 3225000 | 3468617 |
| Seagate HDD Cayman |  |  |
| 8.50%, 07/15/2031 | 2000000 | 2139696 |
| Unisys Corp. |  |  |
| 6.88%, 11/01/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 2000000 | 1924524 |
|  |  | 13942091 |
| **Leisure Products - 0.6%**  | **Leisure Products - 0.6%**  | **Leisure Products - 0.6%**  |
| Mattel, Inc. |  |  |
| 5.45%, 11/01/2041 | 5000000 | 4309574 |
| **Machinery - 1.1%**  | **Machinery - 1.1%**  | **Machinery - 1.1%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.75%, 01/15/2035 <sup>(B)</sup> <br>| 3000000 | 3052805 |
| Regal Rexnord Corp. |  |  |
| 6.30%, 02/15/2030 | 2549000 | 2630199 |
| 6.40%, 04/15/2033 | 1900000 | 1934531 |
|  |  | 7617535 |
| **Media - 0.4%**  | **Media - 0.4%**  | **Media - 0.4%**  |
| Nexstar Media, Inc. |  |  |
| 4.75%, 11/01/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 2986000 | 2823030 |
| **Metals & Mining - 0.8%**  | **Metals & Mining - 0.8%**  | **Metals & Mining - 0.8%**  |
| ATI, Inc. |  |  |
| 5.88%, 12/01/2027 | 4002000 | 3991563 |
| Carpenter Technology Corp. |  |  |
| 7.63%, 03/15/2030 <sup>(B)</sup> <br>| 250000 | 257468 |
| Cleveland-Cliffs, Inc. |  |  |
| 5.88%, 06/01/2027 <sup>(B)</sup> <br>| 650000 | 641008 |
| First Quantum Minerals Ltd. |  |  |
| 6.88%, 10/15/2027 <sup>(A)</sup> <br>| 1247000 | 1231707 |
|  |  | 6121746 |
| **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 3500000 | 3430338 |
| **Oil, Gas & Consumable Fuels - 4.9%**  | **Oil, Gas & Consumable Fuels - 4.9%**  | **Oil, Gas & Consumable Fuels - 4.9%**  |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 3375000 | 3428406 |
| MPLX LP |  |  |
| 5.40%, 04/01/2035 | 6945000 | 6746237 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 | 6625000 | 6027289 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Northern Oil & Gas, Inc. |  |  |
| 8.13%, 03/01/2028 <sup>(A)</sup> <br>| $2000000 | $1974736 |
| Occidental Petroleum Corp. |  |  |
| 5.55%, 10/01/2034 <sup>(B)</sup> <br>| 2000000 | 1870015 |
| ONEOK Partners LP |  |  |
| 6.85%, 10/15/2037 | 3500000 | 3696426 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/2029 <sup>(A)</sup> <br>| 2250000 | 2193704 |
| 9.88%, 07/15/2031 <sup>(A)</sup> <br>| 1132000 | 1225478 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(A)</sup> <br>| 3325000 | 3274939 |
| Sunoco LP |  |  |
| 6.25%, 07/01/2033 <sup>(A)</sup> <br>| 500000 | 498933 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 5.88%, 03/15/2028 | 1190000 | 1186954 |
| 7.00%, 09/15/2028 <sup>(A)</sup> <br>| 2850000 | 2920338 |
| Valero Energy Corp. |  |  |
| 8.75%, 06/15/2030 | 300000 | 348801 |
|  |  | 35392256 |
| **Passenger Airlines - 0.8%**  | **Passenger Airlines - 0.8%**  | **Passenger Airlines - 0.8%**  |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 4048000 | 4115561 |
| Mileage Plus Holdings LLC/Mileage Plus <br> Intellectual Property Assets Ltd. |  |  |
| 6.50%, 06/20/2027 <sup>(A)</sup> <br>| 1350000 | 1354236 |
|  |  | 5469797 |
| **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  |
| Edgewell Personal Care Co. |  |  |
| 5.50%, 06/01/2028 <sup>(A)</sup> <br>| 3000000 | 2947378 |
| **Pharmaceuticals - 0.1%**  | **Pharmaceuticals - 0.1%**  | **Pharmaceuticals - 0.1%**  |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 06/01/2028 <sup>(A)</sup> <br>| 1100000 | 893365 |
| **Software - 0.2%**  | **Software - 0.2%**  | **Software - 0.2%**  |
| ACI Worldwide, Inc. |  |  |
| 5.75%, 08/15/2026 <sup>(A)</sup> <br>| 600000 | 597810 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/2028 <sup>(B)</sup> <br>| 1000000 | 1045417 |
|  |  | 1643227 |
| **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  |
| Iron Mountain, Inc. |  |  |
| 4.88%, 09/15/2027 <sup>(A)</sup> <br>| 3050000 | 3006959 |
| 6.25%, 01/15/2033 <sup>(A)</sup> <br>| 750000 | 748590 |
|  |  | 3755549 |
| **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  |
| Crocs, Inc. |  |  |
| 4.25%, 03/15/2029 <sup>(A)</sup> <br>| 3000000 | 2793761 |
| **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  |
| Fortress Transportation & Infrastructure <br> Investors LLC |  |  |
| 5.50%, 05/01/2028 <sup>(A)</sup> <br>| 250000 | 245544 |
| 7.00%, 06/15/2032 <sup>(A)</sup> <br>| 3800000 | 3851371 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Star Leasing Co. LLC |  |  |
| 7.63%, 02/15/2030 <sup>(A)</sup> <br>| $2000000 | $1791770 |
| XPO CNW, Inc. |  |  |
| 6.70%, 05/01/2034 | 1181000 | 1200416 |
|  |  | 7089101 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $377,754,529)**<br>|  | 373259994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 41.8%**  | **COMMON STOCKS - 41.8%**  | **COMMON STOCKS - 41.8%**  |
| **Banks - 3.0%**  | **Banks - 3.0%**  | **Banks - 3.0%**  |
| Citigroup, Inc. | 85000 | 5812300 |
| JPMorgan Chase & Co. | 40000 | 9784800 |
| Wells Fargo & Co. | 85000 | 6035850 |
|  |  | 21632950 |
| **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  |
| AbbVie, Inc. | 60000 | 11706000 |
| Amgen, Inc. | 30000 | 8727600 |
| Gilead Sciences, Inc. | 50000 | 5327000 |
|  |  | 25760600 |
| **Broadline Retail - 0.4%**  | **Broadline Retail - 0.4%**  | **Broadline Retail - 0.4%**  |
| Amazon.com, Inc. <sup>(E)</sup> <br>| 15000 | 2766300 |
| **Capital Markets - 5.2%**  | **Capital Markets - 5.2%**  | **Capital Markets - 5.2%**  |
| Blackrock, Inc. | 12000 | 10971120 |
| Goldman Sachs Group, Inc. | 24500 | 13414975 |
| Interactive Brokers Group, Inc., Class A | 31514 | 5415681 |
| Morgan Stanley | 54372 | 6275616 |
| Nasdaq, Inc. | 15000 | 1143150 |
|  |  | 37220542 |
| **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  |
| Arista Networks, Inc. <sup>(E)</sup> <br>| 45000 | 3702150 |
| **Consumer Finance - 1.4%**  | **Consumer Finance - 1.4%**  | **Consumer Finance - 1.4%**  |
| Capital One Financial Corp. | 40000 | 7210400 |
| Synchrony Financial | 50000 | 2597500 |
|  |  | 9807900 |
| **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  |
| American Electric Power Co., Inc. | 10000 | 1083400 |
| Duke Energy Corp. | 35000 | 4270700 |
| Evergy, Inc. | 20000 | 1382000 |
| Southern Co. | 80000 | 7351200 |
|  |  | 14087300 |
| **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  |
| Medtronic PLC | 45000 | 3814200 |
| **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  |
| Travel & Leisure Co. | 55000 | 2416150 |
| **Household Products - 1.1%**  | **Household Products - 1.1%**  | **Household Products - 1.1%**  |
| Procter & Gamble Co. | 50000 | 8128500 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 2.6%**  | **Insurance - 2.6%**  | **Insurance - 2.6%**  |
| Allstate Corp. | 20000 | $3967800 |
| Progressive Corp. | 15000 | 4226100 |
| Travelers Cos., Inc. | 16651 | 4398028 |
| Unum Group | 75000 | 5824500 |
|  |  | 18416428 |
| **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  |
| Alphabet, Inc., Class C | 112500 | 18100125 |
| Meta Platforms, Inc., Class A | 18000 | 9882000 |
|  |  | 27982125 |
| **IT Services - 2.2%**  | **IT Services - 2.2%**  | **IT Services - 2.2%**  |
| International Business Machines Corp. | 65000 | 15718300 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Cummins, Inc. | 10000 | 2938400 |
| **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  |
| AGNC Investment Corp. <sup>(B)</sup> <br>| 500000 | 4415000 |
| **Multi-Utilities - 0.8%**  | **Multi-Utilities - 0.8%**  | **Multi-Utilities - 0.8%**  |
| Dominion Energy, Inc. | 100000 | 5438000 |
| **Oil, Gas & Consumable Fuels - 1.2%**  | **Oil, Gas & Consumable Fuels - 1.2%**  | **Oil, Gas & Consumable Fuels - 1.2%**  |
| Chevron Corp. | 30000 | 4081800 |
| Diamondback Energy, Inc. | 10000 | 1320100 |
| ONEOK, Inc. | 40000 | 3286400 |
|  |  | 8688300 |
| **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  |
| Merck & Co., Inc. | 150000 | 12780000 |
| **Semiconductors & Semiconductor Equipment - 2.8%**  | **Semiconductors & Semiconductor Equipment - 2.8%**  | **Semiconductors & Semiconductor Equipment - 2.8%**  |
| Broadcom, Inc. | 60000 | 11548200 |
| NVIDIA Corp. | 75000 | 8169000 |
|  |  | 19717200 |
| **Software - 2.9%**  | **Software - 2.9%**  | **Software - 2.9%**  |
| Microsoft Corp. | 47500 | 18774850 |
| Oracle Corp. | 15000 | 2110800 |
|  |  | 20885650 |
| **Specialized REITs - 1.5%**  | **Specialized REITs - 1.5%**  | **Specialized REITs - 1.5%**  |
| Equinix, Inc. | 8500 | 7316375 |
| Gaming & Leisure Properties, Inc. | 50000 | 2393000 |
| Iron Mountain, Inc. | 15000 | 1345050 |
|  |  | 11054425 |
| **Specialty Retail - 0.9%**  | **Specialty Retail - 0.9%**  | **Specialty Retail - 0.9%**  |
| Bath & Body Works, Inc. | 145000 | 4423950 |
| Dick's Sporting Goods, Inc. | 12500 | 2346750 |
|  |  | 6770700 |
| **Technology Hardware, Storage & Peripherals - 2.2%**  | **Technology Hardware, Storage & Peripherals - 2.2%**  | **Technology Hardware, Storage & Peripherals - 2.2%**  |
| Apple, Inc. | 75000 | 15937500 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $216,762,038)**<br>|  | 300078620 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 4.9%**  | **PREFERRED STOCKS - 4.9%**  | **PREFERRED STOCKS - 4.9%**  |
| **Banks - 0.4%**  | **Banks - 0.4%**  | **Banks - 0.4%**  |
| Dime Community Bancshares, Inc., |  |  |
| 5.50% <sup>(B)</sup> <br>| 73993 | $1384409 |
| Regions Financial Corp., |  |  |
| Fixed until 09/15/2029 <sup>(B)</sup>, 6.95% <sup>(C)</sup> <br>| 51500 | 1287500 |
|  |  | 2671909 |
| **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  |
| Morgan Stanley, |  |  |
| Series P, 6.50% <sup>(B)</sup> <br>| 60000 | 1505400 |
| Series Q, 6.63% <sup>(B)</sup> <br>| 65000 | 1634100 |
|  |  | 3139500 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| Synchrony Financial, |  |  |
| &nbsp;&nbsp; Series B, Fixed until 05/15/2029, <br> 8.25% <sup>(C)</sup> <br>| 142000 | 3582660 |
| **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  |
| SCE Trust VIII, |  |  |
| Series N, 6.95% | 75000 | 1644750 |
| Southern Co., |  |  |
| 6.50% <sup>(B)</sup> <br>| 100000 | 2553000 |
|  |  | 4197750 |
| **Insurance - 1.6%**  | **Insurance - 1.6%**  | **Insurance - 1.6%**  |
| Allstate Corp., |  |  |
| Series J, 7.38% | 73000 | 1935960 |
| Aspen Insurance Holdings Ltd., |  |  |
| 5.63% <sup>(B)</sup> <br>| 17900 | 331508 |
| Athene Holding Ltd., |  |  |
| Fixed until 03/30/2029 <sup>(B)</sup>, 7.25% <sup>(C)</sup> <br>| 160000 | 3960000 |
| Enstar Group Ltd., |  |  |
| Series E, 7.00% | 50000 | 1030500 |
| F&G Annuities & Life, Inc., |  |  |
| 7.30% | 30000 | 702900 |
| 7.95% | 97000 | 2480290 |
| Reinsurance Group of America, Inc., |  |  |
| Fixed until 10/15/2027 <sup>(B)</sup>, 7.13% <sup>(C)</sup> <br>| 40000 | 1027200 |
|  |  | 11468358 |
| **Mortgage Real Estate Investment Trusts - 0.9%**  | **Mortgage Real Estate Investment Trusts - 0.9%**  | **Mortgage Real Estate Investment Trusts - 0.9%**  |
| AGNC Investment Corp., |  |  |
| &nbsp;&nbsp; Series E, 3-Month Term SOFR + 5.25%, <br> 9.51% <sup>(C)</sup> <br>| 49300 | 1234965 |
| Annaly Capital Management, Inc., |  |  |
| &nbsp;&nbsp; Series F, 3-Month Term SOFR + 5.25%, <br> 9.52% <sup>(C)</sup> <br>| 40784 | 1027757 |
| New York Mortgage Trust, Inc., |  |  |
| &nbsp;&nbsp; Series F, Fixed until 10/15/2026, <br> 6.88% <sup>(C)</sup> <br>| 120000 | 2558400 |
| Rithm Capital Corp., |  |  |
| &nbsp;&nbsp; Series D, Fixed until 11/15/2026 <sup>(B)</sup>, <br> 7.00% <sup>(C)</sup> <br>| 65000 | 1586000 |
| Two Harbors Investment Corp., |  |  |
| &nbsp;&nbsp; Series B, Fixed until 07/27/2027, <br> 7.63% <sup>(C)</sup> <br>| 7243 | 167023 |
|  |  | 6574145 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
| **Real Estate Management & Development - 0.0% \*** | **Real Estate Management & Development - 0.0% \*** | **Real Estate Management & Development - 0.0% \*** |
| Brookfield Property Partners LP, |  |  |
| Series A-1, 6.50% | 6681 | $96541 |
| **Trading Companies & Distributors - 0.3%**  | **Trading Companies & Distributors - 0.3%**  | **Trading Companies & Distributors - 0.3%**  |
| Triton International Ltd., |  |  |
| Series E, 5.75% | 100000 | 1852000 |
| **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  |
| U.S. Cellular Corp., |  |  |
| 5.50% <sup>(B)</sup> <br>| 60100 | 1319796 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $36,750,554)**<br>|  | 34902659 |
| **OTHER INVESTMENT COMPANY - 6.1%**  | **OTHER INVESTMENT COMPANY - 6.1%**  | **OTHER INVESTMENT COMPANY - 6.1%**  |
| **Securities Lending Collateral - 6.1%**  | **Securities Lending Collateral - 6.1%**  | **Securities Lending Collateral - 6.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(F)</sup> <br>| 43713322 | 43713322 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $43,713,322)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $43,713,322)** | 43713322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $1,273,211 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $1,298,731.<br>| $1273147 | $1273147 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,273,147)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,273,147)** | 1273147 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $676,253,590)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $676,253,590)** | 753227742 |
| **Net Other Assets (Liabilities) - (5.0)%** | **Net Other Assets (Liabilities) - (5.0)%** | (35863103) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$717364639** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $373259994 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $373259994 |
| Common Stocks | 300078620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300078620 |
| Preferred Stocks | 34902659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34902659 |
| Other Investment Company | 43713322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43713322 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1273147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1273147 |
| **Total Investments** | **$378694601** | &nbsp;&nbsp; **$374533141** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$753227742** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $225,264,257, representing 31.4% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $44,216,582, collateralized by cash collateral of $43,713,322 and* *non-cash collateral, such as U.S. government securities of $1,564,144. 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.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(D)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(E)</sup> *Non-income producing security.*

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $674,980,443) (including securities loaned of $44,216,582) | $751954595 |
| Repurchase agreement, at value (cost $1,273,147) | 1273147 |
| Receivables and other assets: |  |
| Investments sold  | 2815206 |
| Net income from securities lending | 16336 |
| Shares of beneficial interest sold  | 828703 |
| Dividends  | 299259 |
| Interest | 6026133 |
| Tax reclaims | 3141 |
| Prepaid expenses | 22343 |
| Total assets | 763238863 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 43713322 |
| Payables and other liabilities: |  |
| Investments purchased | 1335948 |
| Shares of beneficial interest redeemed | 259298 |
| Investment management fees | 326253 |
| Distribution and service fees | 96376 |
| Transfer agent fees | 55869 |
| Trustee and CCO fees | 2371 |
| Audit and tax fees  | 24818 |
| Custody fees | 34949 |
| Legal fees | 9063 |
| Printing and shareholder reports fees | 5114 |
| Other accrued expenses | 10843 |
| Total liabilities | 45874224 |
| **Net assets**  | $717364639 |
| **Net assets consist of:** |  |
| Paid-in capital | $781839553 |
| Total distributable earnings (accumulated losses) | (64474914)<br>|
| **Net assets** | $717364639 |
| **Net assets by class:** |  |
| Class A | $147338392 |
| Class C | 82251543 |
| Class I | 487755081 |
| Class I2 | 19623 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 10388090 |
| Class C | 5822051 |
| Class I | 34371442 |
| Class I2 | 1463 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.18 |
| Class C | 14.13 |
| Class I | 14.19 |
| Class I2 | 13.41 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $15.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $5586331 |
| Interest income | 11182425 |
| Net income from securities lending | 108205 |
| Withholding taxes on foreign income | (5977)<br>|
| Total investment income  | 16870984 |
| **Expenses:** |  |
| Investment management fees | 2073725 |
| Distribution and service fees: |  |
| Class A | 186768 |
| Class C | 425576 |
| Transfer agent fees: |  |
| Class A | 75107 |
| Class C | 29778 |
| Class I | 257254 |
| Class I2 | 1 |
| Trustee and CCO fees | 14697 |
| Audit and tax fees | 23591 |
| Custody fees | 26417 |
| Legal fees | 22908 |
| Printing and shareholder reports fees | 25759 |
| Registration fees | 43106 |
| Other | 21823 |
| Total expenses before waiver and/or reimbursement and recapture | 3226510 |
| Expenses waived and/or reimbursed: |  |
| Class I | (4626)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 5073 |
| Net expenses | 3226957 |
| **Net investment income (loss)** | 13644027 |
| **Net realized gain (loss) on:** |  |
| Investments | 19751518 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (31265001)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 125 |
| Net change in unrealized appreciation (depreciation) | (31264876)<br>|
| Net realized and change in unrealized gain (loss) | (11513358)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $2130669 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $13644027 | &nbsp;&nbsp;&nbsp;&nbsp; $24338300 |
| Net realized gain (loss) | 19751518 | &nbsp;&nbsp;&nbsp;&nbsp; 5524297 |
| Net change in unrealized appreciation (depreciation) | (31264876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 109619726 |
| Net increase (decrease) in net assets resulting from operations | 2130669 | &nbsp;&nbsp;&nbsp;&nbsp; 139482323 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2719949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5217451)<br>|
| Class C | (1246704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2411070)<br>|
| Class I | (9650338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17090411)<br>|
| Class I2 | (415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (748)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (13617406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24719680)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 16377873 | &nbsp;&nbsp;&nbsp;&nbsp; 17017980 |
| Class C | 4398154 | &nbsp;&nbsp;&nbsp;&nbsp; 9742217 |
| Class I | 84898591 | &nbsp;&nbsp;&nbsp;&nbsp; 136141868 |
|  | 105674618 | &nbsp;&nbsp;&nbsp;&nbsp; 162902065 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2628043 | &nbsp;&nbsp;&nbsp;&nbsp; 5042237 |
| Class C | 1239738 | &nbsp;&nbsp;&nbsp;&nbsp; 2398655 |
| Class I | 9596083 | &nbsp;&nbsp;&nbsp;&nbsp; 17005166 |
| Class I2 | 415 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
|  | 13464279 | &nbsp;&nbsp;&nbsp;&nbsp; 24446806 |
| Cost of shares redeemed: |  |  |
| Class A | (20651241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37432828)<br>|
| Class C | (7493180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14471068)<br>|
| Class I | (72357632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163866685)<br>|
|  | (100502053)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (215770581)<br>|
| Automatic conversions: |  |  |
| Class A | 991701 | &nbsp;&nbsp;&nbsp;&nbsp; 2285339 |
| Class C | (991701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2285339)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 18636844 | &nbsp;&nbsp;&nbsp;&nbsp; (28421710)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 82 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 182 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| **Net increase (decrease) in net assets** | 7150107 | &nbsp;&nbsp;&nbsp;&nbsp; 86341197 |
| **Net assets:** |  |  |
| Beginning of period/year | 710214532 | &nbsp;&nbsp;&nbsp;&nbsp; 623873335 |
| End of period/year | $717364639 | &nbsp;&nbsp;&nbsp;&nbsp; $710214532 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1126027 | &nbsp;&nbsp;&nbsp;&nbsp; 1249534 |
| Class C | 304401 | &nbsp;&nbsp;&nbsp;&nbsp; 723547 |
| Class I | 5839641 | &nbsp;&nbsp;&nbsp;&nbsp; 10065996 |
|  | 7270069 | &nbsp;&nbsp;&nbsp;&nbsp; 12039077 |
| Shares reinvested: |  |  |
| Class A | 180813 | &nbsp;&nbsp;&nbsp;&nbsp; 372113 |
| Class C | 85613 | &nbsp;&nbsp;&nbsp;&nbsp; 177760 |
| Class I | 659906 | &nbsp;&nbsp;&nbsp;&nbsp; 1252323 |
| Class I2 | 30 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | 926362 | &nbsp;&nbsp;&nbsp;&nbsp; 1802254 |
| Shares redeemed: |  |  |
| Class A | (1421528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2774113)<br>|
| Class C | (519481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1069268)<br>|
| Class I | (5029900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12170689)<br>|
|  | (6970909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16014070)<br>|
| Automatic conversions: |  |  |
| Class A | 68028 | &nbsp;&nbsp;&nbsp;&nbsp; 168865 |
| Class C | (68313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169559)<br>|
|  | (285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (694)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (46660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (983601)<br>|
| Class C | (197780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (337520)<br>|
| Class I | 1469647 | &nbsp;&nbsp;&nbsp;&nbsp; (852370)<br>|
| Class I2 | 30 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | 1225237 | &nbsp;&nbsp;&nbsp;&nbsp; (2173433)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Multi-Asset Income**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.39 | $12.11 | $12.43 | $14.24 | $11.53 | $11.64 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.48 | 0.50 | 0.45 | 0.40 | 0.40 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 2.28 | (0.31)<br>| (1.62)<br>| 2.72 | (0.09)<br>|
| Total investment operations | 0.05 | 2.76 | 0.19 | (1.17)<br>| 3.12 | 0.31 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| (0.48)<br>| (0.51)<br>| (0.46)<br>| (0.41)<br>| (0.41)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  | (0.01)<br>|
| Total dividends and/or distributions to shareholders | (0.26)<br>| (0.48)<br>| (0.51)<br>| (0.64)<br>| (0.41)<br>| (0.42)<br>|
| **Net asset value, end of period/year** | $14.18 | $14.39 | $12.11 | $12.43 | $14.24 | $11.53 |
| **Total return** <sup>(E)</sup> <br>| 0.33 %<sup>(F)</sup><br>| 23.14 %<sup>(C)</sup><br>| 1.44<br> %<br>| (8.50 )%<sup>(D)</sup><br>| 27.30<br> %<br>| 2.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $147338 | $150168 | $138260 | $138668 | $134310 | $36696 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97 %<sup>(G)</sup><br>| 0.98<br> %<br>| 0.99<br> %<br>| 1.01 %<sup>(H)</sup><br>| 0.98 %<sup>(H)</sup><br>| 1.03<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.97 %<sup>(G)</sup><br>| 0.98<br> %<br>| 0.99 %<sup>(I)</sup><br>| 0.99 %<sup>(H)</sup><br>| 0.98 %<sup>(H)</sup><br>| 1.03<br> %<br>|
| Net investment income (loss) to average net assets | 3.65 %<sup>(G)</sup><br>| 3.52<br> %<br>| 3.96<br> %<br>| 3.35<br> %<br>| 2.89<br> %<br>| 3.54<br> %<br>|
| Portfolio turnover rate | 33 %<sup>(F)</sup><br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>| 61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.34 | $12.06 | $12.38 | $14.17 | $11.48 | $11.59 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.21 | 0.38 | 0.41 | 0.35 | 0.30 | 0.32 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 2.29 | (0.32)<br>| (1.60)<br>| 2.70 | (0.09)<br>|
| Total investment operations |  | 2.67 | 0.09 | (1.25)<br>| 3.00 | 0.23 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| (0.39)<br>| (0.41)<br>| (0.36)<br>| (0.31)<br>| (0.33)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  | (0.01)<br>|
| Total dividends and/or distributions to shareholders | (0.21)<br>| (0.39)<br>| (0.41)<br>| (0.54)<br>| (0.31)<br>| (0.34)<br>|
| **Net asset value, end of period/year** | $14.13 | $14.34 | $12.06 | $12.38 | $14.17 | $11.48 |
| **Total return** <sup>(E)</sup> <br>| (0.02 )%<sup>(F)</sup><br>| 22.37 %<sup>(C)</sup><br>| 0.65<br> %<br>| (9.11 )%<sup>(D)</sup><br>| 26.32<br> %<br>| 2.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $82252 | $86299 | $76696 | $83457 | $87104 | $52109 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.69 %<sup>(G)</sup><br>| 1.70<br> %<br>| 1.71<br> %<br>| 1.73 %<sup>(H)</sup><br>| 1.71 %<sup>(H)</sup><br>| 1.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.69 %<sup>(G)</sup><br>| 1.70<br> %<br>| 1.71 %<sup>(I)</sup><br>| 1.71 %<sup>(H)</sup><br>| 1.71 %<sup>(H)</sup><br>| 1.76<br> %<br>|
| Net investment income (loss) to average net assets | 2.93 %<sup>(G)</sup><br>| 2.80<br> %<br>| 3.24<br> %<br>| 2.64<br> %<br>| 2.23<br> %<br>| 2.82<br> %<br>|
| Portfolio turnover rate | 33 %<sup>(F)</sup><br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>| 61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Multi-Asset Income**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.40 | $12.11 | $12.44 | $14.25 | $11.53 | $11.64 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.51 | 0.53 | 0.48 | 0.43 | 0.44 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 2.30 | (0.32)<br>| (1.60)<br>| 2.73 | (0.10)<br>|
| Total investment operations | 0.07 | 2.81 | 0.21 | (1.12)<br>| 3.16 | 0.34 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.52)<br>| (0.54)<br>| (0.51)<br>| (0.44)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  | (0.01)<br>|
| Total dividends and/or distributions to shareholders | (0.28)<br>| (0.52)<br>| (0.54)<br>| (0.69)<br>| (0.44)<br>| (0.45)<br>|
| **Net asset value, end of period/year** | $14.19 | $14.40 | $12.11 | $12.44 | $14.25 | $11.53 |
| **Total return** | 0.45 %<sup>(D)</sup><br>| 23.55<br> %<br>| 1.65<br> %<br>| (8.20 )%<sup>(C)</sup><br>| 27.66<br> %<br>| 3.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $487755 | $473728 | $408901 | $436301 | $347653 | $170942 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.75 %<sup>(F)</sup><br>| 0.74 %<sup>(F)</sup><br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.72 %<sup>(E)(G)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72 %<sup>(F)</sup><br>| 0.72 %<sup>(F)</sup><br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 3.90 %<sup>(E)</sup><br>| 3.76<br> %<br>| 4.23<br> %<br>| 3.64<br> %<br>| 3.20<br> %<br>| 3.87<br> %<br>|
| Portfolio turnover rate | 33 %<sup>(D)</sup><br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>| 61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement and recapture rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.62 | $11.49 | $11.83 | $13.58 | $11.01 | $11.14 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.50 | 0.52 | 0.47 | 0.43 | 0.42 |
| Net realized and unrealized gain (loss) | (0.19)<br>| 2.16 | (0.30)<br>| (1.52)<br>| 2.58 | (0.09)<br>|
| Total investment operations | 0.08 | 2.66 | 0.22 | (1.05)<br>| 3.01 | 0.33 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.53)<br>| (0.56)<br>| (0.52)<br>| (0.44)<br>| (0.45)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  | (0.01)<br>|
| Total dividends and/or distributions to shareholders | (0.29)<br>| (0.53)<br>| (0.56)<br>| (0.70)<br>| (0.44)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $13.41 | $13.62 | $11.49 | $11.83 | $13.58 | $11.01 |
| **Total return** | 0.53 %<sup>(B)</sup><br>| 23.55<br> %<br>| 1.77<br> %<br>| (8.15)%<br>| 27.79<br> %<br>| 3.28<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $20 | $20 | $16 | $16 | $17 | $13 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(C)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.65 %<sup>(D)</sup><br>| 0.64 %<sup>(D)</sup><br>| 0.68<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62 %<sup>(C)</sup><br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.64 %<sup>(D)</sup><br>| 0.64 %<sup>(D)</sup><br>| 0.68<br> %<br>|
| Net investment income (loss) to average net assets | 4.00 %<sup>(C)</sup><br>| 3.85<br> %<br>| 4.31<br> %<br>| 3.71<br> %<br>| 3.32<br> %<br>| 3.89<br> %<br>|
| Portfolio turnover rate | 33 %<sup>(B)</sup><br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>| 61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Multi-Asset Income**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Multi-Asset Income (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Multi-Asset Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $2,112.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 NAV per share, or

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Multi-Asset Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 April 30, 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:

*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.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Multi-Asset Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $3389950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3389950 |
| Corporate Debt Securities | 38084438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38084438 |
| Preferred Stocks | 2238934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2238934 |
| Total Securities Lending Transactions | $43713322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43713322 |
| **Total Borrowings** | **$43713322** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$43713322** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Preferred stock risk:** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| |
|:---|
| **Account Balance** |
| $19623<br> 0.00 % <sup>(A)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Rounds to less than 0.01%.*

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.570<br> % <br>|
| Over $500 million up to $1 billion | 0.565 |
| Over $1 billion up to $1.5 billion | 0.540 |
| Over $1.5 billion up to $2 billion | 0.530 |
| Over $2 billion | 0.510 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.04<br> % <br>| March 1, 2026 |
| Class C | 1.76 | March 1, 2026 |
| Class I | 0.72 | March 1, 2026 |
| Class I2 | 0.68 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class I | $12382 | $57563 | $36642 | $4626 | $111213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $171637 | &nbsp;&nbsp;&nbsp;&nbsp; $29 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Multi-Asset Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $356884 | &nbsp;&nbsp; $54391 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $255940451 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $236825474 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $676253590 | &nbsp;&nbsp; $89580477 | &nbsp;&nbsp; $(12606325)<br>| &nbsp;&nbsp; $76974152 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Multi-Asset Income** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Multi-Asset Income** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Multi-Asset Income** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Multi-Asset Income** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

![](g947814img795cfd6b3.gif)

![](g947814img739722dc4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA MAI 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img535661075.gif)

------

![](g947814imgb76b042f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Multi-Managed Balanced**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgee5e02072.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_SOI-RunningFooter-180_1) | 2 |
| [Statement of Assets and Liabilities](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_FS-RunningFooter-180_1) | 15 |
| [Statement of Operations](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_FS-RunningFooter-180_3) | 17 |
| [Statement of Changes in Net Assets](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_FS-RunningFooter-180_4) | 18 |
| [Financial Highlights](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_FIHI-RunningFooter-180_1) | 20 |
| [Notes to Financial Statements](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_NTF-RunningFooter-180_1) | 23 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_DWA-RunningFooter-180_1)**<br> **[Companies](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_DWA-RunningFooter-180_1)**<br>| 38 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_PD-RunningFooter-180_1)** | 39 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_REMU-RunningFooter-180_1)**<br> **[Companies](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_REMU-RunningFooter-180_1)**<br>| 40 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_dda9cdbf-0f78-4c1d-8126-02b06d01492d_AIAC-RunningFooter-180_1)** | 41 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 60.2%**  | **COMMON STOCKS - 60.2%**  | **COMMON STOCKS - 60.2%**  |
| **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  |
| Howmet Aerospace, Inc. | 46899 | $6499263 |
| RTX Corp. | 37259 | 4699478 |
| Textron, Inc. | 23802 | 1674947 |
| TransDigm Group, Inc. | 3578 | 5055964 |
|  |  | 17929652 |
| **Air Freight & Logistics - 0.4%**  | **Air Freight & Logistics - 0.4%**  | **Air Freight & Logistics - 0.4%**  |
| FedEx Corp. | 8076 | 1698625 |
| United Parcel Service, Inc., Class B | 34733 | 3310055 |
|  |  | 5008680 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 11069 | 631597 |
| **Automobiles - 1.0%**  | **Automobiles - 1.0%**  | **Automobiles - 1.0%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 45133 | 12734727 |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| Bank of America Corp. | 222518 | 8874018 |
| Citigroup, Inc. | 48264 | 3300293 |
| Fifth Third Bancorp | 82828 | 2976838 |
| Truist Financial Corp. | 75956 | 2912153 |
| U.S. Bancorp | 56642 | 2284938 |
| Wells Fargo & Co. | 114298 | 8116301 |
|  |  | 28464541 |
| **Beverages - 1.3%**  | **Beverages - 1.3%**  | **Beverages - 1.3%**  |
| Coca-Cola Co. | 73301 | 5317988 |
| Keurig Dr. Pepper, Inc. | 117415 | 4061385 |
| PepsiCo, Inc. | 58037 | 7868656 |
|  |  | 17248029 |
| **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  |
| AbbVie, Inc. | 53695 | 10475894 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 5279 | 568496 |
| Regeneron Pharmaceuticals, Inc. | 5549 | 3322519 |
| Sarepta Therapeutics, Inc. <sup>(A)</sup> <br>| 2566 | 160118 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 7771 | 3959325 |
|  |  | 18486352 |
| **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 179936 | 33183797 |
| **Building Products - 1.0%**  | **Building Products - 1.0%**  | **Building Products - 1.0%**  |
| Carrier Global Corp. | 53754 | 3361775 |
| Masco Corp. | 29490 | 1787389 |
| Trane Technologies PLC | 20865 | 7997763 |
|  |  | 13146927 |
| **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  |
| Ameriprise Financial, Inc. | 6538 | 3079529 |
| Charles Schwab Corp. | 59050 | 4806670 |
| CME Group, Inc. | 15043 | 4168114 |
| Goldman Sachs Group, Inc. | 7519 | 4117029 |
| Raymond James Financial, Inc. | 7122 | 975999 |
|  |  | 17147341 |
| **Chemicals - 0.9%**  | **Chemicals - 0.9%**  | **Chemicals - 0.9%**  |
| Dow, Inc. | 33748 | 1032351 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Linde PLC | 15593 | $7067216 |
| LyondellBasell Industries NV, Class A | 23401 | 1362172 |
| PPG Industries, Inc. | 19151 | 2084778 |
| Sherwin-Williams Co. | 2997 | 1057701 |
|  |  | 12604218 |
| **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 20569 | 1692212 |
| Motorola Solutions, Inc. | 2855 | 1257313 |
|  |  | 2949525 |
| **Construction Materials - 0.1%**  | **Construction Materials - 0.1%**  | **Construction Materials - 0.1%**  |
| Martin Marietta Materials, Inc. | 2667 | 1397455 |
| **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  |
| American Express Co. | 11701 | 3117263 |
| Capital One Financial Corp. | 6510 | 1173493 |
|  |  | 4290756 |
| **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  |
| Costco Wholesale Corp. | 4530 | 4505085 |
| Walmart, Inc. | 33597 | 3267308 |
|  |  | 7772393 |
| **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  |
| AT&T, Inc. | 141923 | 3931267 |
| **Electric Utilities - 1.4%**  | **Electric Utilities - 1.4%**  | **Electric Utilities - 1.4%**  |
| Entergy Corp. | 7329 | 609553 |
| NextEra Energy, Inc. | 97274 | 6505685 |
| NRG Energy, Inc. | 3695 | 404898 |
| PG&E Corp. | 194796 | 3218030 |
| Southern Co. | 81380 | 7478008 |
|  |  | 18216174 |
| **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  |
| Eaton Corp. PLC | 10777 | 3172425 |
| **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  |
| TE Connectivity PLC | 5343 | 782108 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Baker Hughes Co. | 53411 | 1890749 |
| **Entertainment - 0.7%**  | **Entertainment - 0.7%**  | **Entertainment - 0.7%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 3730 | 4221316 |
| Walt Disney Co. | 44033 | 4004801 |
| Warner Music Group Corp., Class A | 26005 | 791852 |
|  |  | 9017969 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| Apollo Global Management, Inc. | 19738 | 2693842 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 27661 | 14750228 |
| Corpay, Inc. <sup>(A)</sup> <br>| 11337 | 3688720 |
| Fidelity National Information Services, Inc. | 44045 | 3474270 |
| Mastercard, Inc., Class A | 26083 | 14295049 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 30338 | 1079426 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 39751 | $13733971 |
| WEX, Inc. <sup>(A)</sup> <br>| 2377 | 309889 |
|  |  | 54025395 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Mondelez International, Inc., Class A | 80733 | 5500339 |
| **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  |
| CSX Corp. | 76758 | 2154597 |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 61520 | 4983735 |
|  |  | 7138332 |
| **Health Care Equipment & Supplies - 1.5%**  | **Health Care Equipment & Supplies - 1.5%**  | **Health Care Equipment & Supplies - 1.5%**  |
| Abbott Laboratories | 8094 | 1058291 |
| Baxter International, Inc. | 15288 | 476527 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 50589 | 5204090 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 30164 | 2277080 |
| Medtronic PLC | 50634 | 4291738 |
| Stryker Corp. | 17630 | 6592210 |
|  |  | 19899936 |
| **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  |
| Cigna Group | 10396 | 3535056 |
| HCA Healthcare, Inc. | 2783 | 960358 |
| Humana, Inc. | 5006 | 1312773 |
| McKesson Corp. | 2264 | 1613757 |
| UnitedHealth Group, Inc. | 23532 | 9682006 |
|  |  | 17103950 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| Alexandria Real Estate Equities, Inc. | 4289 | 311639 |
| Ventas, Inc. | 61553 | 4313634 |
| Welltower, Inc. | 17125 | 2613104 |
|  |  | 7238377 |
| **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  |
| Booking Holdings, Inc. | 662 | 3375723 |
| Carnival Corp. <sup>(A)</sup> <br>| 53500 | 981190 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 84400 | 4263888 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 7873 | 1518623 |
| Expedia Group, Inc. | 15697 | 2463330 |
| Hilton Worldwide Holdings, Inc. | 15800 | 3562584 |
| McDonald's Corp. | 26905 | 8600183 |
| Royal Caribbean Cruises Ltd. | 6914 | 1485888 |
| Yum! Brands, Inc. | 29988 | 4511395 |
|  |  | 30762804 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 8494 | 922533 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 14151 | 1405760 |
| **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  |
| Vistra Corp. | 16174 | 2096636 |
| **Industrial Conglomerates - 0.2%**  | **Industrial Conglomerates - 0.2%**  | **Industrial Conglomerates - 0.2%**  |
| 3M Co. | 23891 | 3318699 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  |
| Prologis, Inc. | 25638 | $2620204 |
| **Insurance - 1.2%**  | **Insurance - 1.2%**  | **Insurance - 1.2%**  |
| Aon PLC, Class A | 10763 | 3818605 |
| Arthur J Gallagher & Co. | 16310 | 5230454 |
| Progressive Corp. | 25662 | 7230012 |
|  |  | 16279071 |
| **Interactive Media & Services - 3.7%**  | **Interactive Media & Services - 3.7%**  | **Interactive Media & Services - 3.7%**  |
| Alphabet, Inc., Class A | 100611 | 15977027 |
| Alphabet, Inc., Class C | 53269 | 8570449 |
| Meta Platforms, Inc., Class A | 44174 | 24251526 |
|  |  | 48799002 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| Accenture PLC, Class A | 1570 | 469666 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 52765 | 3881921 |
|  |  | 4351587 |
| **Life Sciences Tools & Services - 0.5%**  | **Life Sciences Tools & Services - 0.5%**  | **Life Sciences Tools & Services - 0.5%**  |
| Thermo Fisher Scientific, Inc. | 15512 | 6654648 |
| **Machinery - 1.2%**  | **Machinery - 1.2%**  | **Machinery - 1.2%**  |
| Caterpillar, Inc. | 9314 | 2880541 |
| Deere & Co. | 10789 | 5001349 |
| Ingersoll Rand, Inc. | 18912 | 1426532 |
| Otis Worldwide Corp. | 40633 | 3911739 |
| PACCAR, Inc. | 23215 | 2094225 |
|  |  | 15314386 |
| **Media - 0.6%**  | **Media - 0.6%**  | **Media - 0.6%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 7302 | 2861362 |
| Comcast Corp., Class A | 135090 | 4620078 |
|  |  | 7481440 |
| **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  |
| Freeport-McMoRan, Inc. | 24406 | 879348 |
| Nucor Corp. | 6282 | 749882 |
|  |  | 1629230 |
| **Oil, Gas & Consumable Fuels - 1.8%**  | **Oil, Gas & Consumable Fuels - 1.8%**  | **Oil, Gas & Consumable Fuels - 1.8%**  |
| ConocoPhillips | 66517 | 5927995 |
| Diamondback Energy, Inc. | 14499 | 1914013 |
| EOG Resources, Inc. | 30134 | 3324684 |
| Exxon Mobil Corp. | 117484 | 12409835 |
|  |  | 23576527 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| Delta Air Lines, Inc. | 30214 | 1257809 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| Kenvue, Inc. | 74502 | 1758247 |
| **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  |
| Bristol-Myers Squibb Co. | 97039 | 4871358 |
| Eli Lilly & Co. | 11797 | 10604913 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Johnson & Johnson | 47181 | $7374862 |
| Merck & Co., Inc. | 12102 | 1031090 |
|  |  | 23882223 |
| **Professional Services - 0.3%**  | **Professional Services - 0.3%**  | **Professional Services - 0.3%**  |
| Equifax, Inc. | 3505 | 911756 |
| Leidos Holdings, Inc. | 20797 | 3060902 |
|  |  | 3972658 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 17808 | 1153602 |
| **Semiconductors & Semiconductor Equipment - 6.6%**  | **Semiconductors & Semiconductor Equipment - 6.6%**  | **Semiconductors & Semiconductor Equipment - 6.6%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 16214 | 1578433 |
| Analog Devices, Inc. | 29580 | 5765733 |
| Broadcom, Inc. | 79353 | 15273072 |
| Lam Research Corp. | 49624 | 3556552 |
| Micron Technology, Inc. | 35765 | 2752117 |
| NVIDIA Corp. | 449116 | 48917715 |
| NXP Semiconductors NV | 27422 | 5054149 |
| Texas Instruments, Inc. | 34177 | 5470029 |
|  |  | 88367800 |
| **Software - 6.4%**  | **Software - 6.4%**  | **Software - 6.4%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 2641 | 990322 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 3890 | 1158209 |
| Fair Isaac Corp. <sup>(A)</sup> <br>| 438 | 871480 |
| Intuit, Inc. | 3857 | 2420152 |
| Microsoft Corp. | 145789 | 57624560 |
| Oracle Corp. | 42929 | 6040969 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 20145 | 2385974 |
| Salesforce, Inc. | 27374 | 7355667 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 6824 | 6516988 |
|  |  | 85364321 |
| **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  |
| Equinix, Inc. | 3760 | 3236420 |
| SBA Communications Corp. | 12050 | 2932970 |
|  |  | 6169390 |
| **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 781 | 2938591 |
| Best Buy Co., Inc. | 14189 | 946264 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 10366 | 2332765 |
| Lowe's Cos., Inc. | 34036 | 7609088 |
| Ross Stores, Inc. | 32673 | 4541547 |
|  |  | 18368255 |
| **Technology Hardware, Storage & Peripherals - 4.4%**  | **Technology Hardware, Storage & Peripherals - 4.4%**  | **Technology Hardware, Storage & Peripherals - 4.4%**  |
| Apple, Inc. | 250174 | 53161975 |
| Dell Technologies, Inc., Class C | 10709 | 982658 |
| Sandisk Corp. <sup>(A)</sup> <br>| 2054 | 65954 |
| Seagate Technology Holdings PLC | 38382 | 3493914 |
| Western Digital Corp. <sup>(A)</sup> <br>| 6162 | 270265 |
|  |  | 57974766 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Tobacco - 0.4%**  | **Tobacco - 0.4%**  | **Tobacco - 0.4%**  |
| Altria Group, Inc. | 28916 | $1710382 |
| Philip Morris International, Inc. | 21309 | 3651510 |
|  |  | 5361892 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 1648 | 1040630 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $443,210,525)**<br>|  | 800797131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 12.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 12.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 12.3%**  |
| **U.S. Treasury - 11.6%**  | **U.S. Treasury - 11.6%**  | **U.S. Treasury - 11.6%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | $5486000 | 2675711 |
| 1.38%, 11/15/2040 | 2896000 | 1859888 |
| 1.88%, 02/15/2051 - 11/15/2051 | 3274000 | 1857124 |
| 2.00%, 02/15/2050 | 3868000 | 2301762 |
| 2.25%, 08/15/2046 - 02/15/2052 | 4330000 | 2768792 |
| 2.38%, 05/15/2051 | 1090000 | 700580 |
| 2.50%, 02/15/2045 - 05/15/2046 | 5049000 | 3559470 |
| 2.75%, 08/15/2047 - 11/15/2047 | 2367900 | 1705523 |
| 2.88%, 08/15/2045 - 05/15/2049 | 3743600 | 2773491 |
| 3.00%, 08/15/2048 - 08/15/2052 | 4133300 | 3065066 |
| 3.13%, 02/15/2042 - 05/15/2048 | 2226600 | 1813248 |
| 3.50%, 02/15/2039 | 1998000 | 1811078 |
| 3.63%, 02/15/2044 - 05/15/2053 | 4184000 | 3569513 |
| 3.88%, 02/15/2043 | 1923000 | 1740691 |
| 4.00%, 11/15/2052 | 914000 | 812139 |
| 4.13%, 08/15/2044 - 08/15/2053 | 2613000 | 2397802 |
| 4.25%, 05/15/2039 - 08/15/2054 | 4151000 | 3890404 |
| 4.50%, 11/15/2054 | 3450000 | 3345422 |
| 4.63%, 05/15/2044 - 02/15/2055 | 3987000 | 3947612 |
| 4.75%, 11/15/2043 - 11/15/2053 | 4995000 | 5035440 |
| 5.25%, 02/15/2029 | 1554000 | 1645297 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 12327000 | 10519487 |
| 0.88%, 06/30/2026 | 3173200 | 3066352 |
| 1.13%, 10/31/2026 | 625000 | 601416 |
| 1.25%, 11/30/2026 - 08/15/2031 | 4169000 | 3662368 |
| 1.38%, 11/15/2031 | 1880000 | 1603508 |
| 1.50%, 01/31/2027 - 02/15/2030 | 3111000 | 2877635 |
| 1.63%, 05/15/2026 - 05/15/2031 | 6035600 | 5570733 |
| 1.88%, 02/15/2032 | 3024800 | 2651190 |
| 2.25%, 11/15/2027 | 997500 | 964458 |
| 2.63%, 01/31/2026 - 02/15/2029 | 2770500 | 2724003 |
| 2.75%, 02/15/2028 | 3108000 | 3036735 |
| 2.88%, 05/15/2028 - 05/15/2032 | 7027900 | 6690243 |
| 3.13%, 11/15/2028 | 307000 | 301556 |
| 3.50%, 01/31/2028 | 4388000 | 4374287 |
| 3.63%, 05/31/2028 - 09/30/2031 | 6303000 | 6254222 |
| 3.88%, 11/30/2027 - 04/30/2030 | 8828400 | 8880540 |
| 4.00%, 01/15/2027 - 02/28/2030 | 11218000 | 11304630 |
| 4.13%, 09/30/2027 - 11/15/2032 | 3167200 | 3199779 |
| 4.25%, 11/30/2026 - 11/15/2034 | 7841000 | 7896280 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 4.50%, 03/31/2026 - 05/31/2029 | $6922000 | $7065124 |
| 4.63%, 04/30/2029 - 02/15/2035 | 7862900 | 8142876 |
|  |  | 154663475 |
| **U.S. Treasury Inflation-Protected Securities - 0.7%**  | **U.S. Treasury Inflation-Protected Securities - 0.7%**  | **U.S. Treasury Inflation-Protected Securities - 0.7%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.75%, 01/15/2028 | 1142152 | 1164586 |
| 2.50%, 01/15/2029 | 4109571 | 4298047 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 3143178 | 2946569 |
|  |  | 8409202 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $171,328,567)**<br>|  | 163072677 |
| **CORPORATE DEBT SECURITIES - 11.7%**  | **CORPORATE DEBT SECURITIES - 11.7%**  | **CORPORATE DEBT SECURITIES - 11.7%**  |
| **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | 1197000 | 899547 |
| 6.53%, 05/01/2034 | 301000 | 323189 |
| 6.86%, 05/01/2054 | 389000 | 415816 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 394000 | 325354 |
| 4.50%, 03/11/2044 | 663000 | 578301 |
| 5.88%, 01/14/2038 | 168000 | 176610 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 911000 | 919121 |
|  |  | 3637938 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 553000 | 479850 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 478000 | 419251 |
|  |  | 899101 |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(B)</sup> <br>| 849000 | 835432 |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 1497000 | 1479481 |
| 6.95%, 03/06/2026 | 406000 | 409912 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 211000 | 199004 |
| General Motors Financial Co., Inc. |  |  |
| 5.00%, 04/09/2027 | 606000 | 606050 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(B)</sup> <br>| 862000 | 794366 |
|  |  | 4324245 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(C)</sup>, 03/14/2028<br>| $1000000 | $1014952 |
| 6.03%, 01/17/2035 | 400000 | 415209 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.51% <sup>(C)</sup>, 01/24/2036<br>| 1791000 | 1813358 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 2622000 | 2729319 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 302000 | 301946 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2054, <br>6.04% <sup>(C)</sup>, 03/12/2055<br>| 200000 | 198422 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 1291000 | 1305340 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2032, <br>5.79% <sup>(C)</sup>, 01/13/2033 <sup>(B)</sup> <br>| 1086000 | 1111264 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| 647000 | 659082 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 388000 | 396711 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 1243000 | 1076589 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(C)</sup>, 01/28/2056<br>| 681000 | 664558 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(B)</sup> <br>| 1099000 | 1253530 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(C)</sup>, 04/22/2027<br>| 1211000 | 1177024 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| 2415000 | 2451321 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.34% <sup>(C)</sup>, 01/23/2035<br>| 457000 | 460178 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 357000 | 369634 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2032, <br>4.98% <sup>(C)</sup>, 08/11/2033<br>| 586000 | 574509 |
| &nbsp;&nbsp; Fixed until 01/05/2034, <br>5.68% <sup>(C)</sup>, 01/05/2035<br>| 933000 | 943183 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/13/2031, <br>6.08% <sup>(C)</sup>, 03/13/2032<br>| 529000 | 549632 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 376000 | 404048 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 714000 | 709696 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 2123000 | 2193113 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(C)</sup>, 01/22/2035<br>| $126000 | $128222 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 879000 | 908473 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(C)</sup>, 01/26/2034<br>| 1432000 | 1400406 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(C)</sup>, 10/30/2029<br>| 337000 | 363540 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2044, <br>5.38% <sup>(C)</sup>, 09/06/2045 <sup>(B)</sup> <br>| 400000 | 378236 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(C)</sup>, 08/12/2033 <sup>(B)</sup> <br>| 1307000 | 1397159 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(C)</sup>, 01/24/2031<br>| 894000 | 911233 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(C)</sup>, 07/25/2034<br>| 1194000 | 1208620 |
|  |  | 29468507 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 931000 | 784194 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 420000 | 296619 |
| 5.60%, 03/02/2043 | 532000 | 517876 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 618000 | 542018 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 818000 | 819609 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 719000 | 622795 |
|  |  | 2798917 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Holcim Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(B)</sup> <br>| 200000 | 165336 |
| 5.40%, 04/07/2035 <sup>(B)</sup> <br>| 559000 | 558296 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 1086000 | 859258 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 640000 | 643953 |
|  |  | 2226843 |
| **Chemicals - 0.1%**  | **Chemicals - 0.1%**  | **Chemicals - 0.1%**  |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 565000 | 572777 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(B)</sup> <br>| 482000 | 486376 |
|  |  | 1059153 |
| **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 793000 | 748035 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(B)</sup> <br>| $428000 | $422800 |
| 5.80%, 04/15/2034 <sup>(B)</sup> <br>| 200000 | 200071 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/2028 <sup>(B)</sup> <br>| 1043000 | 1095920 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 674000 | 682095 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 1410000 | 1189508 |
| 6.50%, 05/06/2034 | 452000 | 451123 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 842000 | 760906 |
| 5.25%, 08/09/2034 | 49000 | 48270 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 583000 | 593798 |
|  |  | 6192526 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/2042 | 300000 | 252062 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 664000 | 616769 |
| 3.88%, 04/15/2030 | 549000 | 528766 |
| 5.15%, 04/15/2034 | 1074000 | 1072621 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 1005000 | 861219 |
| 2.99%, 10/30/2056 | 1326000 | 789105 |
|  |  | 4120542 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| D.R. Horton, Inc. |  |  |
| 5.00%, 10/15/2034 | 806000 | 783226 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 566000 | 567868 |
|  |  | 1351094 |
| **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| 1030000 | 854887 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 1194000 | 1111173 |
|  |  | 1966060 |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 514000 | 531650 |
| **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  |
| American Tower Trust #1 |  |  |
| 3.65%, 03/15/2048 <sup>(B)</sup> <br>| 508000 | 495964 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 773000 | 777843 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(B)</sup> <br>| 1011000 | 962185 |
| 1.88%, 07/15/2050 <sup>(B)</sup> <br>| 746000 | 730118 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 1283000 | 1273790 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | $883000 | $853862 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 656000 | 642284 |
|  |  | 5736046 |
| **Electric Utilities - 0.5%**  | **Electric Utilities - 0.5%**  | **Electric Utilities - 0.5%**  |
| Appalachian Power Co. |  |  |
| 3.40%, 06/01/2025 | 437000 | 436174 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 920810 | 914594 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 105000 | 108104 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 123000 | 108277 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 1263000 | 1049640 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 1296000 | 936531 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 1094000 | 793802 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 163000 | 161044 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 61000 | 58065 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 913000 | 786761 |
| Public Service Electric & Gas Co. |  |  |
| 3.00%, 05/15/2025 | 403000 | 402673 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 476000 | 492088 |
|  |  | 6247753 |
| **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 436000 | 437721 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 579000 | 579703 |
| 4.95%, 10/15/2034 | 545000 | 529194 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 403000 | 371869 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 <sup>(D)</sup> <br>| 1055000 | 1041121 |
|  |  | 2959608 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(B)</sup> <br>| 966000 | 951729 |
| **Financial Services - 0.6%**  | **Financial Services - 0.6%**  | **Financial Services - 0.6%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1120000 | 1114665 |
| 4.95%, 09/10/2034 | 600000 | 573849 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 776000 | 801702 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(B)</sup> <br>| $986000 | $963492 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(B)</sup> <br>| 415000 | 415484 |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 1301000 | 1315007 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 222000 | 218776 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(C)</sup>, 05/19/2034<br>| 1349000 | 1407068 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(B)</sup> <br>| 219000 | 222562 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 393000 | 400335 |
|  |  | 7432940 |
| **Food Products - 0.5%**  | **Food Products - 0.5%**  | **Food Products - 0.5%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 132000 | 133903 |
| BAT Capital Corp. |  |  |
| 6.00%, 02/20/2034 | 925000 | 965929 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 1104000 | 1068609 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 781000 | 782928 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 475000 | 503072 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 483000 | 472520 |
| Philip Morris International, Inc. |  |  |
| 4.90%, 11/01/2034 | 1217000 | 1197278 |
| 5.63%, 11/17/2029 | 649000 | 679872 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 549000 | 548383 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(B)</sup> <br>| 878000 | 882017 |
|  |  | 7234511 |
| **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(B)</sup> <br>| 1285000 | 1319448 |
| **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(B)</sup> <br>| 459000 | 445762 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 577000 | 580485 |
| 5.86%, 03/15/2030 | 412000 | 431297 |
|  |  | 1457544 |
| **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  | **Health Care Providers & Services - 0.4%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 704000 | 641665 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 601000 | 543542 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/2030 | $577000 | $516818 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 922000 | 925525 |
| 6.00%, 04/01/2054 | 610000 | 580941 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 413000 | 398042 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 426000 | 396188 |
| 4.80%, 10/01/2034 | 1095000 | 1052051 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 618000 | 546064 |
|  |  | 5600836 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(B)</sup> <br>| 617000 | 611696 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 611000 | 612219 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 778000 | 774743 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 539000 | 405655 |
|  |  | 2404313 |
| **Insurance - 0.7%**  | **Insurance - 0.7%**  | **Insurance - 0.7%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 1297000 | 1322695 |
| 5.25%, 03/30/2033 | 471000 | 475808 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 780000 | 755290 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(B)</sup> <br>| 1642000 | 1597751 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 537000 | 547790 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 382000 | 387185 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 139000 | 120294 |
| 6.00%, 05/16/2054 | 542000 | 538008 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(C)</sup>, 05/23/2042 <sup>(B)</sup> <br>| 600000 | 606189 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(C)</sup>, 10/01/2050<br>| 943000 | 841843 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 435000 | 446184 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 1257000 | 1248628 |
|  |  | 8887665 |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 1066000 | 1047217 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | $768000 | $790588 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 501000 | 485389 |
|  |  | 2323194 |
| **IT Services - 0.1%**  | **IT Services - 0.1%**  | **IT Services - 0.1%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 140000 | 129700 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 955000 | 899526 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 957000 | 922283 |
|  |  | 1951509 |
| **Machinery - 0.1%**  | **Machinery - 0.1%**  | **Machinery - 0.1%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 1308000 | 1201808 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 588000 | 591715 |
|  |  | 1793523 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 451000 | 336152 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 767000 | 446840 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 364000 | 309186 |
|  |  | 1092178 |
| **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(B)</sup> <br>| 1293000 | 1291573 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 1015000 | 1055182 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| 879000 | 762131 |
|  |  | 3108886 |
| **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| 353000 | 348766 |
| **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/2029 <sup>(E)</sup> <br>| 129000 | 115307 |
| 2.25%, 03/15/2026 | 251000 | 244859 |
|  |  | 360166 |
| **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 504000 | 457606 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 523000 | 501923 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 1025000 | 1001722 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | $711000 | $677697 |
| Enbridge, Inc. |  |  |
| 5.63%, 04/05/2034 | 851000 | 858429 |
| Energy Transfer LP |  |  |
| 5.15%, 02/01/2043 | 602000 | 514219 |
| 5.55%, 02/15/2028 | 356000 | 364768 |
| 5.95%, 10/01/2043 | 399000 | 370738 |
| Enterprise Products Operating LLC |  |  |
| 4.25%, 02/15/2048 | 1617000 | 1286245 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(B)</sup> <br>| 253000 | 259268 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(B)</sup> <br>| 446000 | 448346 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 430000 | 436804 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 546000 | 537799 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 1033000 | 1071361 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 687000 | 675509 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 385000 | 353659 |
| 6.84%, 01/23/2030 | 892000 | 793700 |
| 6.88%, 08/04/2026 | 340000 | 335700 |
| 7.69%, 01/23/2050 | 95000 | 69662 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 3.55%, 12/15/2029 | 747000 | 705681 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 719000 | 713401 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 281000 | 212632 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 571000 | 559134 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 727000 | 733938 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 77000 | 70509 |
|  |  | 14010450 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 388756 | 370921 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 392361 | 385919 |
|  |  | 756840 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 1126000 | 1159509 |
| **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(B)</sup> <br>| 716000 | 701625 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | $294000 | $282872 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 606000 | 611387 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 380000 | 384765 |
| 6.00%, 06/01/2044 | 699000 | 676773 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 999000 | 1010217 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 332000 | 302337 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 614000 | 575407 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 489000 | 460709 |
|  |  | 5006092 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 747000 | 743686 |
| **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | 992000 | 943588 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 943000 | 779898 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 987000 | 989396 |
| 5.90%, 01/25/2033 <sup>(B)</sup> <br>| 998000 | 1016274 |
| KLA Corp. |  |  |
| 3.30%, 03/01/2050 | 585000 | 397593 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 873000 | 873520 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 911000 | 913484 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 401000 | 248632 |
| 3.40%, 05/01/2030 | 656000 | 607430 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 390000 | 263278 |
|  |  | 7033093 |
| **Software - 0.4%**  | **Software - 0.4%**  | **Software - 0.4%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 771000 | 769145 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 469000 | 458713 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 587000 | 600587 |
| Infor LLC |  |  |
| 1.75%, 07/15/2025 <sup>(B)</sup> <br>| 870000 | 863715 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 273000 | 267328 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 482000 | 368428 |
| 6.90%, 11/09/2052 | 761000 | 822025 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | $679000 | $658829 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 511000 | 511411 |
| 5.70%, 04/01/2055 | 364000 | 352457 |
|  |  | 5672638 |
| **Transportation Infrastructure - 0.0% \*** | **Transportation Infrastructure - 0.0% \*** | **Transportation Infrastructure - 0.0% \*** |
| United Parcel Service, Inc. |  |  |
| 5.15%, 05/22/2034 | 489000 | 494903 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $160,458,072)**<br>|  | 155448596 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.1%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.1%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.1%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 08/01/2035 | 70365 | 71410 |
| 5.50%, 06/01/2041 - 07/01/2053 | 3123278 | 3120104 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 1.38%, 06/25/2030 | 2547000 | 2218972 |
| 3.01%, 07/25/2025 | 1800241 | 1792297 |
| 3.19%, 07/25/2027 | 700000 | 686944 |
| Federal National Mortgage Association |  |  |
| 3.50%, 07/01/2028 - 11/01/2028 | 51144 | 50617 |
| 4.00%, 04/01/2026 - 06/01/2042 | 25106 | 24203 |
| 4.50%, 07/01/2025 - 08/01/2052 | 1821789 | 1742177 |
| 5.00%, 04/01/2039 - 02/01/2054 | 9002308 | 8830296 |
| 5.50%, 10/01/2036 - 03/01/2053 | 2131848 | 2138504 |
| 6.00%, 08/01/2036 - 06/01/2054 | 3012500 | 3067863 |
| 6.50%, 05/01/2040 | 37404 | 39021 |
| 1-Year RFUCC Treasury + 1.52%, |  |  |
| 6.46% <sup>(C)</sup>, 02/01/2043 | 13395 | 13664 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(C)</sup>, 02/16/2053 | 182672 | 2765 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(E)</sup> <br>| 864000 | 860703 |
| 5.88%, 04/01/2036 | 774000 | 856468 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 05/01/2039 - 05/01/2055 <sup>(D)</sup> <br>| 10472000 | 8600124 |
| 2.50%, 05/01/2039 - 05/01/2054 <sup>(D)</sup> <br>| 27275000 | 22768069 |
| 3.00%, 03/01/2037 - 02/01/2052 <sup>(D)</sup> <br>| 19970000 | 17405978 |
| 3.50%, 05/01/2039 - 03/01/2052 <sup>(D)</sup> <br>| 10428000 | 9548562 |
| 4.00%, 06/01/2052 <sup>(D)</sup> <br>| 10780000 | 10021868 |
| 4.50%, 05/01/2055 <sup>(D)</sup> <br>| 10697000 | 10209374 |
| 5.00%, 05/01/2054 <sup>(D)</sup> <br>| 7245000 | 7080660 |
| 5.50%, 05/01/2054 <sup>(D)</sup> <br>| 14960000 | 14908571 |
| 6.00%, 05/01/2054 <sup>(D)</sup> <br>| 8153000 | 8262527 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $135,524,829)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $135,524,829)** | 134321741 |
| **MORTGAGE-BACKED SECURITIES - 2.1%**  | **MORTGAGE-BACKED SECURITIES - 2.1%**  | **MORTGAGE-BACKED SECURITIES - 2.1%**  |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(C)</sup>, 01/25/2070 <sup>(B)</sup> <br>| 1079161 | 1082839 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BB-UBS Trust |  |  |
| &nbsp;&nbsp; Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(B)</sup> <br>| $295596 | $284038 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 587119 | 591415 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(C)</sup>, 10/27/2064 <sup>(B)</sup> <br>| 1989525 | 1992931 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(C)</sup>, 07/25/2061 <sup>(B)</sup> <br>| 1238126 | 1094493 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 77478 | 75905 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 621783 | 625544 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 1155162 | 974349 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 1629517 | 1466854 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 1600000 | 1641959 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(C)</sup>, 04/25/2058 <sup>(B)</sup> <br>| 35823 | 35204 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(C)</sup>, 12/25/2052 <sup>(B)</sup> <br>| 61000 | 58207 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(C)</sup>, 01/25/2054 <sup>(B)</sup> <br>| 30017 | 29087 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 75339 | 71554 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(C)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 57657 | 55578 |
| &nbsp;&nbsp; Series 2015-2A, Class A1, <br>3.75% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 123961 | 120087 |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(C)</sup>, 11/26/2035 <sup>(B)</sup> <br>| 82320 | 79560 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(C)</sup>, 09/25/2056 <sup>(B)</sup> <br>| 91481 | 86344 |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(C)</sup>, 11/25/2056 <sup>(B)</sup> <br>| 108756 | 104008 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 248171 | 240848 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(C)</sup>, 03/25/2057 <sup>(B)</sup> <br>| 563188 | 548136 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 354451 | 342943 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(C)</sup>, 05/25/2057 <sup>(B)</sup> <br>| 270507 | 260313 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 131014 | 127566 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 187849 | 181980 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; New Residential Mortgage Loan <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| $670522 | $626511 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(C)</sup>, 08/25/2059 <sup>(B)</sup> <br>| 574269 | 544424 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 531306 | 533393 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 765782 | 770141 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 820702 | 824773 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(C)</sup>, 02/25/2064 <sup>(B)</sup> <br>| 760085 | 767929 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 1212955 | 1223184 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(C)</sup>, 11/25/2064 <sup>(B)</sup> <br>| 1171141 | 1174447 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(C)</sup>, 06/25/2057 <sup>(B)</sup> <br>| 228645 | 222517 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| 110610 | 108230 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(C)</sup>, 01/25/2058 <sup>(B)</sup> <br>| 110394 | 108772 |
| &nbsp;&nbsp; Series 2018-3, Class A1, <br>3.75% <sup>(C)</sup>, 05/25/2058 <sup>(B)</sup> <br>| 401241 | 392752 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 1013653 | 955338 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(C)</sup>, 03/25/2058 <sup>(B)</sup> <br>| 1296646 | 1259875 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(C)</sup>, 10/25/2059 <sup>(B)</sup> <br>| 977661 | 934993 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(B)</sup> <br>| 1692327 | 1535994 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(C)</sup>, 11/25/2061 <sup>(B)</sup> <br>| 1430843 | 1328604 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75%, 09/25/2062 <sup>(B)</sup> <br>| 664022 | 630091 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(B)</sup> <br>| 1744649 | 1675664 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $28,747,316)**<br>|  | 27789374 |
| **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(B)</sup> <br>| 75042 | 75354 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(B)</sup> <br>| 130724 | 121225 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(B)</sup> <br>| 650000 | 639271 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(B)</sup> <br>| 930000 | 948900 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 613456 | 624625 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| $990000 | $1003074 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.53% <sup>(C)</sup>, 10/18/2030 <sup>(B)</sup> <br>| 1259445 | 1259544 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 1200000 | 1207525 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 1005000 | 1022827 |
| GoodLeap Sustainable Home Solutions <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-4GS, Class A, <br>1.93%, 07/20/2048 <sup>(B)</sup> <br>| 638531 | 506773 |
| &nbsp;&nbsp; Series 2021-5CS, Class A, <br>2.31%, 10/20/2048 <sup>(B)</sup> <br>| 743326 | 581526 |
| &nbsp;&nbsp; Series 2022-1GS, Class A, <br>2.70%, 01/20/2049 <sup>(B)</sup> <br>| 968248 | 769017 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 890000 | 904972 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(B)</sup> <br>| 425229 | 434030 |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(B)</sup> <br>| 307455 | 314546 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 241751 | 246611 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(B)</sup> <br>| 2549784 | 2571235 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 1056135 | 1068345 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.73% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> <br>| 1600000 | 1593901 |
| JG Wentworth XXII LLC |  |  |
| &nbsp;&nbsp; Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(B)</sup> <br>| 110840 | 109628 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(B)</sup> <br>| 526083 | 477763 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(B)</sup> <br>| 207375 | 197562 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| 437474 | 439893 |
| MVW Owner Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(B)</sup> <br>| 39052 | 39002 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 1150000 | 1169037 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>1.33%, 07/20/2037 <sup>(B)</sup> <br>| 73937 | 73546 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Sierra Timeshare Receivables <br> Funding LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(B)</sup> <br>| $225213 | $220055 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 529947 | 533719 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| 551090 | 562989 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(B)</sup> <br>| 659716 | 679857 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(B)</sup> <br>| 617097 | 624109 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(B)</sup> <br>| 1312680 | 1321074 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $22,684,268)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $22,684,268)** | 22341535 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.2%**  |
| **Colombia - 0.0% \*** | **Colombia - 0.0% \*** | **Colombia - 0.0% \*** |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/2031 | 455000 | 365771 |
| **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(B)</sup> <br>| 1125000 | 1103175 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 1126000 | 1097230 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/2028 | 315000 | 300843 |
| **Peru - 0.0% \*** | **Peru - 0.0% \*** | **Peru - 0.0% \*** |
| Corp. Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(B)</sup><sup>(D)</sup> <br>| 533000 | 534302 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $3,446,061)**<br>|  | 3401321 |
| **COMMERCIAL PAPER - 7.3%**  | **COMMERCIAL PAPER - 7.3%**  | **COMMERCIAL PAPER - 7.3%**  |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| Toyota Motor Credit Corp. |  |  |
| 4.54% <sup>(F)</sup>, 07/07/2025 | 4000000 | 3967174 |
| **Banks - 1.4%**  | **Banks - 1.4%**  | **Banks - 1.4%**  |
| DNB Bank ASA |  |  |
| 4.44% <sup>(F)</sup>, 07/29/2025 <sup>(B)</sup> <br>| 4500000 | 4451262 |
| Macquarie Bank Ltd. |  |  |
| 4.43% <sup>(F)</sup>, 09/10/2025 <sup>(B)</sup> <br>| 4250000 | 4181639 |
| Sheffield Receivables Co. LLC |  |  |
| 4.47% <sup>(F)</sup>, 06/11/2025 <sup>(B)</sup> <br>| 4150000 | 4128706 |
| Swedbank AB |  |  |
| 4.40% <sup>(F)</sup>, 09/02/2025 <sup>(B)</sup> <br>| 5500000 | 5417994 |
|  |  | 18179601 |
| **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.50% <sup>(F)</sup>, 05/21/2025 <sup>(B)</sup> <br>| 5725000 | 5710399 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Diversified Telecommunication Services - 0.2%**  | **Diversified Telecommunication Services - 0.2%**  | **Diversified Telecommunication Services - 0.2%**  |
| Cisco Systems, Inc. |  |  |
| 4.44% <sup>(F)</sup>, 08/01/2025 <sup>(B)</sup> <br>| $2500000 | $2472297 |
| **Electrical Equipment - 0.4%**  | **Electrical Equipment - 0.4%**  | **Electrical Equipment - 0.4%**  |
| Emerson Electric Co. |  |  |
| 4.43% <sup>(F)</sup>, 08/19/2025 <sup>(B)</sup> <br>| 5000000 | 4933731 |
| **Financial Services - 4.6%**  | **Financial Services - 4.6%**  | **Financial Services - 4.6%**  |
| Anglesea Funding LLC |  |  |
| 4.56% <sup>(F)</sup>, 07/18/2025 <sup>(B)</sup> <br>| 4500000 | 4456363 |
| Britannia Funding Co. LLC |  |  |
| 4.49% <sup>(F)</sup>, 06/04/2025 <sup>(B)</sup> <br>| 6000000 | 5974430 |
| Columbia Funding Co. LLC |  |  |
| 4.56% <sup>(F)</sup>, 07/14/2025 <sup>(B)</sup> <br>| 5000000 | 4954114 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.58% <sup>(F)</sup>, 07/21/2025 <sup>(B)</sup> <br>| 4800000 | 4751296 |
| GTA Funding LLC |  |  |
| 4.52% <sup>(F)</sup>, 07/30/2025 <sup>(B)</sup> <br>| 5000000 | 4944148 |
| Liberty Street Funding LLC |  |  |
| 4.43% <sup>(F)</sup>, 09/02/2025 <sup>(B)</sup> <br>| 5500000 | 5416704 |
| LMA-Americas LLC |  |  |
| 4.47% <sup>(F)</sup>, 06/16/2025 <sup>(B)</sup> <br>| 4389000 | 4363738 |
| 4.57% <sup>(F)</sup>, 07/11/2025 <sup>(B)</sup> <br>| 2300000 | 2279742 |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(F)</sup>, 08/27/2025 <sup>(B)</sup> <br>| 1750000 | 1724542 |
| 4.55% <sup>(F)</sup>, 08/04/2025 <sup>(B)</sup> <br>| 4000000 | 3952811 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.44% <sup>(F)</sup>, 06/17/2025 <sup>(B)</sup> <br>| 1113000 | 1106473 |
| Mont Blanc Capital Corp. |  |  |
| 4.46% <sup>(F)</sup>, 08/15/2025 <sup>(B)</sup> <br>| 5710000 | 5635444 |
| Starbird Funding Corp. |  |  |
| 4.50% <sup>(F)</sup>, 08/04/2025 <sup>(B)</sup> <br>| 3000000 | 2964768 |
| Versailles Commercial Paper LLC |  |  |
| 4.67% <sup>(F)</sup>, 06/06/2025 | 4550000 | 4529495 |
| Victory Receivables Corp. |  |  |
| 4.46% <sup>(F)</sup>, 05/30/2025 <sup>(B)</sup> <br>| 4250000 | 4234417 |
|  |  | 61288485 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $96,571,586)**<br>|  | 96551687 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.3%**  |
| U.S. Treasury Bills |  |  |
| 4.16% <sup>(F)</sup>, 10/09/2025 | 4250000 | 4172673 |
| 4.18% <sup>(F)</sup>, 10/09/2025 | 4750000 | 4663575 |
| 4.19% <sup>(F)</sup>, 10/16/2025 | 9098000 | 8925639 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $17,763,885)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $17,763,885)** | 17761887 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Multi-Managed Balanced**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(F)</sup> <br>| 1006440 | $1006440 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,006,440)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,006,440)** | 1006440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $17,698,411 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.63% - 3.13%, <br> due 05/15/2030 - 05/15/2048, and with a <br> total value of $18,051,625.<br>| $17697526 | 17697526 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $17,697,526)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $17,697,526)** | 17697526 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,098,439,075)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,098,439,075)** | 1440189915 |
| **Net Other Assets (Liabilities) - (8.3)%** | **Net Other Assets (Liabilities) - (8.3)%** | (110260293) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1329929622** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| S&P 500<sup>®</sup> E-Mini Index | 31 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; $7983879 | &nbsp;&nbsp;&nbsp; $8659850 | &nbsp;&nbsp;&nbsp; $675971 | &nbsp;&nbsp;&nbsp; $— |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $800797131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $800797131 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 163072677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163072677 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 155448596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155448596 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 134321741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134321741 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 27789374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27789374 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 22341535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22341535 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 3401321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3401321 |
| Commercial Paper |  | &nbsp;&nbsp; 96551687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96551687 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 17761887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17761887 |
| Other Investment Company | 1006440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1006440 |
| Repurchase Agreement |  | &nbsp;&nbsp; 17697526 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17697526 |
| **Total Investments** | **$801803571** | &nbsp;&nbsp; **$638386344** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1440189915** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $675971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $675971 |
| **Total Other Financial Instruments** | **$675971** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$675971** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Multi-Managed Balanced**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $172,728,304, representing 13.0% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $986,130, collateralized by cash collateral of $1,006,440. 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.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Multi-Managed Balanced**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,080,741,549) (including securities loaned of $986,130) | $1422492389 |
| Repurchase agreement, at value (cost $17,697,526) | 17697526 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | 651343 |
| Futures contracts | 860000 |
| Receivables and other assets: |  |
| Investments sold  | 3965165 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 13962205 |
| Net income from securities lending | 268 |
| Shares of beneficial interest sold  | 1268208 |
| Dividends  | 354290 |
| Interest | 3845976 |
| Variation margin receivable on futures contracts | 5372 |
| Prepaid expenses | 18915 |
| Total assets | 1465121657 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1006440 |
| Payables and other liabilities: |  |
| Investments purchased | 6024718 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 125309644 |
| Shares of beneficial interest redeemed | 1537882 |
| Due to custodian  | 178002 |
| Investment management fees | 630537 |
| Distribution and service fees | 264610 |
| Transfer agent fees | 70222 |
| Trustee and CCO fees | 4561 |
| Audit and tax fees  | 23095 |
| Custody fees | 83434 |
| Legal fees | 15115 |
| Printing and shareholder reports fees | 21564 |
| Other accrued expenses | 22211 |
| Total liabilities | 135192035 |
| **Net assets**  | $1329929622 |
| **Net assets consist of:** |  |
| Paid-in capital | $967637633 |
| Total distributable earnings (accumulated losses) | 362291989 |
| **Net assets** | $1329929622 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $739262617 |
| Class C | 142924098 |
| Class I | 424457039 |
| Class R | 2298753 |
| Class R6 | 20987115 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 22432783 |
| Class C | 4456950 |
| Class I | 12795798 |
| Class R | 69763 |
| Class R6 | 632460 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $32.95 |
| Class C | 32.07 |
| Class I | 33.17 |
| Class R | 32.95 |
| Class R6 | 33.18 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $34.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $5293167 |
| Interest income | 12039479 |
| Net income from securities lending | 4925 |
| Withholding taxes on foreign income | (7899)<br>|
| Total investment income  | 17329672 |
| **Expenses:** |  |
| Investment management fees | 3987871 |
| Distribution and service fees: |  |
| Class A | 930465 |
| Class C | 758532 |
| Class R | 5445 |
| Transfer agent fees: |  |
| Class A | 243347 |
| Class C | 52925 |
| Class I | 221962 |
| Class R | 1970 |
| Class R6 | 1051 |
| Trustee and CCO fees | 27358 |
| Audit and tax fees | 24590 |
| Custody fees | 64206 |
| Legal fees | 41843 |
| Printing and shareholder reports fees | 53392 |
| Registration fees | 55902 |
| Other | 44780 |
| Total expenses before waiver and/or reimbursement and recapture | 6515639 |
| Expenses waived and/or reimbursed: |  |
| Class R | (1153)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R | 2 |
| Net expenses | 6514488 |
| **Net investment income (loss)** | 10815184 |
| **Net realized gain (loss) on:** |  |
| Investments | 22242665 |
| Futures contracts | (1110268)<br>|
| Net realized gain (loss) | 21132397 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (50424144)<br>|
| Futures contracts | 697436 |
| Net change in unrealized appreciation (depreciation) | (49726708)<br>|
| Net realized and change in unrealized gain (loss) | (28594311)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(17779127)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Multi-Managed Balanced**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $10815184 | &nbsp;&nbsp;&nbsp;&nbsp; $19643058 |
| Net realized gain (loss) | 21132397 | &nbsp;&nbsp;&nbsp;&nbsp; 83571200 |
| Net change in unrealized appreciation (depreciation) | (49726708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174146040 |
| Net increase (decrease) in net assets resulting from operations | (17779127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 277360298 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (50818909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27403348)<br>|
| Class C | (9966090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5402260)<br>|
| Class I | (28991147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15210615)<br>|
| Class R | (140266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54467)<br>|
| Class R6 | (2279721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1443516)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (92196133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49514206)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 300799452 | &nbsp;&nbsp;&nbsp;&nbsp; 51685125 |
| Class C | 12298702 | &nbsp;&nbsp;&nbsp;&nbsp; 21400133 |
| Class I | 61789046 | &nbsp;&nbsp;&nbsp;&nbsp; 122584361 |
| Class R | 789610 | &nbsp;&nbsp;&nbsp;&nbsp; 1069985 |
| Class R6 | 3113362 | &nbsp;&nbsp;&nbsp;&nbsp; 6314052 |
|  | 378790172 | &nbsp;&nbsp;&nbsp;&nbsp; 203053656 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 49692702 | &nbsp;&nbsp;&nbsp;&nbsp; 26800651 |
| Class C | 9646498 | &nbsp;&nbsp;&nbsp;&nbsp; 5206284 |
| Class I | 26340507 | &nbsp;&nbsp;&nbsp;&nbsp; 13757601 |
| Class R | 140266 | &nbsp;&nbsp;&nbsp;&nbsp; 54430 |
| Class R6 | 2098713 | &nbsp;&nbsp;&nbsp;&nbsp; 1353229 |
|  | 87918686 | &nbsp;&nbsp;&nbsp;&nbsp; 47172195 |
| Cost of shares redeemed: |  |  |
| Class A | (279778719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92768299)<br>|
| Class C | (12612026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23127450)<br>|
| Class I | (48904941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73029863)<br>|
| Class R | (368000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (279070)<br>|
| Class R6 | (18153756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5512387)<br>|
|  | (359817442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194717069)<br>|
| Automatic conversions: |  |  |
| Class A | 9539555 | &nbsp;&nbsp;&nbsp;&nbsp; 19529728 |
| Class C | (9539555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19529728)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 106891416 | &nbsp;&nbsp;&nbsp;&nbsp; 55508782 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1868 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 194 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| **Net increase (decrease) in net assets** | (3083844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 283356936 |
| **Net assets:** |  |  |
| Beginning of period/year | 1333013466 | &nbsp;&nbsp;&nbsp;&nbsp; 1049656530 |
| End of period/year | $1329929622 | &nbsp;&nbsp;&nbsp;&nbsp; $1333013466 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 8347712 | &nbsp;&nbsp;&nbsp;&nbsp; 1521934 |
| Class C | 366576 | &nbsp;&nbsp;&nbsp;&nbsp; 646683 |
| Class I | 1770177 | &nbsp;&nbsp;&nbsp;&nbsp; 3638890 |
| Class R | 22514 | &nbsp;&nbsp;&nbsp;&nbsp; 32204 |
| Class R6 | 88166 | &nbsp;&nbsp;&nbsp;&nbsp; 188310 |
|  | 10595145 | &nbsp;&nbsp;&nbsp;&nbsp; 6028021 |
| Shares reinvested: |  |  |
| Class A | 1456684 | &nbsp;&nbsp;&nbsp;&nbsp; 819840 |
| Class C | 290219 | &nbsp;&nbsp;&nbsp;&nbsp; 164789 |
| Class I | 767579 | &nbsp;&nbsp;&nbsp;&nbsp; 416707 |
| Class R | 4111 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| Class R6 | 61099 | &nbsp;&nbsp;&nbsp;&nbsp; 41022 |
|  | 2579692 | &nbsp;&nbsp;&nbsp;&nbsp; 1444020 |
| Shares redeemed: |  |  |
| Class A | (7804694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2759719)<br>|
| Class C | (378133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (709183)<br>|
| Class I | (1417853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2163342)<br>|
| Class R | (10599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8176)<br>|
| Class R6 | (524815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162781)<br>|
|  | (10136094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5803201)<br>|
| Automatic conversions: |  |  |
| Class A | 279517 | &nbsp;&nbsp;&nbsp;&nbsp; 573229 |
| Class C | (287194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (588135)<br>|
|  | (7677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14906)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 2279219 | &nbsp;&nbsp;&nbsp;&nbsp; 155284 |
| Class C | (8532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (485846)<br>|
| Class I | 1119903 | &nbsp;&nbsp;&nbsp;&nbsp; 1892255 |
| Class R | 16026 | &nbsp;&nbsp;&nbsp;&nbsp; 25690 |
| Class R6 | (375550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66551 |
|  | 3031066 | &nbsp;&nbsp;&nbsp;&nbsp; 1653934 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Multi-Managed Balanced**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $35.72 | $29.45 | $28.49 | $36.04 | $30.23 | $28.66 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.54 | 0.45 | 0.29 | 0.22 | 0.28 |
| Net realized and unrealized gain (loss) | (0.65)<br>| 7.10 | 1.52 | (5.41)<br>| 7.06 | 2.44 |
| Total investment operations | (0.38)<br>| 7.64 | 1.97 | (5.12)<br>| 7.28 | 2.72 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.54)<br>| (0.45)<br>| (0.27)<br>| (0.22)<br>| (0.30)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (2.39)<br>| (1.37)<br>| (1.01)<br>| (2.43)<br>| (1.47)<br>| (1.15)<br>|
| **Net asset value, end of period/year** | $32.95 | $35.72 | $29.45 | $28.49 | $36.04 | $30.23 |
| **Total return** <sup>(E)</sup> <br>| (1.27 )%<sup>(F)</sup><br>| 26.46 %<sup>(C)</sup><br>| 7.02<br> %<br>| (15.21 )%<sup>(D)</sup><br>| 24.80<br> %<br>| 9.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $739263 | $719818 | $588884 | $578116 | $725936 | $572827 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.95 %<sup>(G)</sup><br>| 0.96<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95 %<sup>(G)</sup><br>| 0.96<br> %<br>| 0.98 %<sup>(H)</sup><br>| 0.96 %<sup>(H)</sup><br>| 0.94<br> %<br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | 1.61 %<sup>(G)</sup><br>| 1.61<br> %<br>| 1.51<br> %<br>| 0.90<br> %<br>| 0.65<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | 26 %<sup>(F)</sup><br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $34.81 | $28.74 | $27.82 | $35.25 | $29.62 | $28.11 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.28 | 0.22 | 0.04 | (0.03)<br>| 0.06 |
| Net realized and unrealized gain (loss) | (0.62)<br>| 6.92 | 1.48 | (5.27)<br>| 6.92 | 2.39 |
| Total investment operations | (0.48)<br>| 7.20 | 1.70 | (5.23)<br>| 6.89 | 2.45 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.30)<br>| (0.22)<br>| (0.04)<br>| (0.01)<br>| (0.09)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (2.26)<br>| (1.13)<br>| (0.78)<br>| (2.20)<br>| (1.26)<br>| (0.94)<br>|
| **Net asset value, end of period/year** | $32.07 | $34.81 | $28.74 | $27.82 | $35.25 | $29.62 |
| **Total return** <sup>(E)</sup> <br>| (1.60 )%<sup>(F)</sup><br>| 25.49 %<sup>(C)</sup><br>| 6.21<br> %<br>| (15.84 )%<sup>(D)</sup><br>| 23.88<br> %<br>| 8.89<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $142924 | $155455 | $142279 | $168320 | $236477 | $216561 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.70 %<sup>(G)</sup><br>| 1.71<br> %<br>| 1.73<br> %<br>| 1.71<br> %<br>| 1.69<br> %<br>| 1.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.70 %<sup>(G)</sup><br>| 1.71<br> %<br>| 1.73 %<sup>(H)</sup><br>| 1.71 %<sup>(H)</sup><br>| 1.69<br> %<br>| 1.76<br> %<br>|
| Net investment income (loss) to average net assets | 0.86 %<sup>(G)</sup><br>| 0.86<br> %<br>| 0.75<br> %<br>| 0.14<br> %<br>| (0.10)%<br>| 0.22<br> %<br>|
| Portfolio turnover rate | 26 %<sup>(F)</sup><br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Multi-Managed Balanced**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $35.94 | $29.62 | $28.65 | $36.24 | $30.39 | $28.81 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.31 | 0.62 | 0.52 | 0.36 | 0.29 | 0.35 |
| Net realized and unrealized gain (loss) | (0.66)<br>| 7.15 | 1.52 | (5.45)<br>| 7.10 | 2.45 |
| Total investment operations | (0.35)<br>| 7.77 | 2.04 | (5.09)<br>| 7.39 | 2.80 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.62)<br>| (0.51)<br>| (0.38)<br>| (0.29)<br>| (0.37)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (2.42)<br>| (1.45)<br>| (1.07)<br>| (2.54)<br>| (1.54)<br>| (1.22)<br>|
| **Net asset value, end of period/year** | $33.17 | $35.94 | $29.62 | $28.65 | $36.24 | $30.39 |
| **Total return** | (1.16 )%<sup>(C)</sup><br>| 26.74<br> %<br>| 7.25<br> %<br>| (14.93 )%<sup>(B)</sup><br>| 25.06<br> %<br>| 9.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $424457 | $419585 | $289776 | $325378 | $401468 | $296123 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup><br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.79<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup><br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.79<br> %<br>|
| Net investment income (loss) to average net assets | 1.82 %<sup>(D)</sup><br>| 1.82<br> %<br>| 1.73<br> %<br>| 1.12<br> %<br>| 0.85<br> %<br>| 1.18<br> %<br>|
| Portfolio turnover rate | 26 %<sup>(C)</sup><br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $35.71 | $29.46 | $28.53 | $32.40 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.23 | 0.46 | 0.40 | 0.16 |
| Net realized and unrealized gain (loss) | (0.65)<br>| 7.10 | 1.52 | (3.88)<br>|
| Total investment operations | (0.42)<br>| 7.56 | 1.92 | (3.72)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.22)<br>| (0.48)<br>| (0.43)<br>| (0.15)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>|  |
| Total dividends and/or distributions to shareholders | (2.34)<br>| (1.31)<br>| (0.99)<br>| (0.15)<br>|
| **Net asset value, end of period/year** | $32.95 | $35.71 | $29.46 | $28.53 |
| **Total return** | (1.37 )%<sup>(C)</sup><br>| 26.15<br> %<br>| 6.83<br> %<br>| (11.47 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $2299 | $1919 | $826 | $113 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.32 %<sup>(D)</sup><br>| 1.30<br> %<br>| 1.16<br> %<br>| 1.29 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.21 %<sup>(D)</sup><br>| 1.20<br> %<br>| 1.16 %<sup>(E)</sup><br>| 1.03 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.35 %<sup>(D)</sup><br>| 1.36<br> %<br>| 1.34<br> %<br>| 0.81 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 26 %<sup>(C)</sup><br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Multi-Managed Balanced**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $35.95 | $29.63 | $28.66 | $36.25 | $30.39 | $28.81 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.34 | 0.65 | 0.55 | 0.39 | 0.32 | 0.37 |
| Net realized and unrealized gain (loss) | (0.67)<br>| 7.15 | 1.52 | (5.45)<br>| 7.12 | 2.46 |
| Total investment operations | (0.33)<br>| 7.80 | 2.07 | (5.06)<br>| 7.44 | 2.83 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.32)<br>| (0.65)<br>| (0.54)<br>| (0.37)<br>| (0.33)<br>| (0.40)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (2.44)<br>| (1.48)<br>| (1.10)<br>| (2.53)<br>| (1.58)<br>| (1.25)<br>|
| **Net asset value, end of period/year** | $33.18 | $35.95 | $29.63 | $28.66 | $36.25 | $30.39 |
| **Total return** | (1.11 )%<sup>(B)</sup><br>| 26.85<br> %<br>| 7.35<br> %<br>| (14.96)%<br>| 25.22<br> %<br>| 10.11<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $20987 | $36236 | $27892 | $23982 | $30794 | $17595 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64 %<sup>(C)</sup><br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.64 %<sup>(C)</sup><br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | 1.93 %<sup>(C)</sup><br>| 1.92<br> %<br>| 1.83<br> %<br>| 1.22<br> %<br>| 0.95<br> %<br>| 1.28<br> %<br>|
| Portfolio turnover rate | 26 %<sup>(B)</sup><br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Multi-Managed Balanced**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Multi-Managed Balanced (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Multi-Managed Balanced**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $3,737.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Multi-Managed Balanced**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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 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 April 30, 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:

*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.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**Transamerica Funds**

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**Page 25**

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**Transamerica Multi-Managed Balanced**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income,

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Funds**

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**Page 28**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $118902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118902 |
| U.S. Government Agency Obligations | 887538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 887538 |
| Total Securities Lending Transactions | $1006440 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006440 |
| **Total Borrowings** | **$1006440** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1006440** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund

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**Page 29**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $— | $— | $675971 | $— | $— | $675971 |
| **Total** | **$—** | **$—** | **$675971** | **$—** | **$—** | **$675971** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $— | $(1110268)<br>| $— | $— | $(1110268)<br>|
| **Total** | **$—** | **$—** | **$(1110268)**<br>| **$—** | **$—** | **$(1110268)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $— | $— | $697436 | $— | $— | $697436 |
| **Total** | **$—** | **$—** | **$697436** | **$—** | **$—** | **$697436** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $12006865 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

A**sset class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Multi-Managed Balanced**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Multi-Managed Balanced**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $14895212 | 1.12<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million  | 0.61<br> % <br>|
| Over $500 million up to $1 billion  | 0.59 |
| Over $1 billion up to $1.5 billion | 0.56 |
| Over $1.5 billion up to $2 billion | 0.55 |
| Over $2 billion up to $5 billion | 0.52 |
| Over $5 billion  | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.02<br> % <br>| March 1, 2026 |
| Class C | 1.78 | March 1, 2026 |
| Class I | 0.79 | March 1, 2026 |
| Class R | 1.21 | March 1, 2026 |
| Class R6 | 0.70 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows. Classes not listed in the subsequent table are not subject to recapture by TAM.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $— | $— | $1564 | $1153 | $2717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $257683 | &nbsp;&nbsp;&nbsp;&nbsp; $2525 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

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**Transamerica Multi-Managed Balanced**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $511676 | &nbsp;&nbsp; $67548 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $229706955 | &nbsp;&nbsp; $108788842 | &nbsp;&nbsp; $219210317 | &nbsp;&nbsp; $95667681 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1098439075 | &nbsp;&nbsp; $374796125 | &nbsp;&nbsp; $(32369314)<br>| &nbsp;&nbsp; $342426811 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

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**Transamerica Multi-Managed Balanced**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 38**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 39**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 40**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 41**

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![](g947814img955033943.gif)

![](g947814img4b37d4a94.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA MMB 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img65a65ade5.gif)

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![](g947814img31e97b2a1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Short-Term Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img6f349e662.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_SOI-RunningFooter-178_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_FS-RunningFooter-178_1) | 11 |
| [Statement of Operations](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_FS-RunningFooter-178_3) | 13 |
| [Statement of Changes in Net Assets](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_FS-RunningFooter-178_4) | 14 |
| [Financial Highlights](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_FIHI-RunningFooter-178_1) | 16 |
| [Notes to Financial Statements](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_NTF-RunningFooter-178_1) | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_DWA-RunningFooter-178_1)**<br> **[Companies](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_DWA-RunningFooter-178_1)**<br>| 33 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_PD-RunningFooter-178_1)** | 34 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_REMU-RunningFooter-178_1)**<br> **[Companies](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_REMU-RunningFooter-178_1)**<br>| 35 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9493e1d2-9713-48cc-acd6-ebd08ccbd597_AIAC-RunningFooter-178_1)** | 36 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 63.8%**  | **CORPORATE DEBT SECURITIES - 63.8%**  | **CORPORATE DEBT SECURITIES - 63.8%**  |
| **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  |
| Boeing Co. |  |  |
| 2.25%, 06/15/2026 | $13391000 | $13000775 |
| 3.20%, 03/01/2029 | 13721000 | 12940125 |
| 6.26%, 05/01/2027 | 6919000 | 7124281 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/2028 | 14873000 | 15179589 |
| L3Harris Technologies, Inc. |  |  |
| 3.85%, 12/15/2026 | 11440000 | 11324343 |
| RTX Corp. |  |  |
| 5.00%, 02/27/2026 | 14569000 | 14624917 |
| 5.75%, 11/08/2026 | 6927000 | 7057062 |
|  |  | 81251092 |
| **Automobiles - 2.6%**  | **Automobiles - 2.6%**  | **Automobiles - 2.6%**  |
| Ford Motor Credit Co. LLC |  |  |
| 2.70%, 08/10/2026 | 7541000 | 7245880 |
| 6.95%, 03/06/2026 | 11000000 | 11105984 |
| 7.35%, 11/04/2027 | 7452000 | 7670108 |
| General Motors Financial Co., Inc. |  |  |
| 6.05%, 10/10/2025 | 19847000 | 19933612 |
| Hyundai Capital America |  |  |
| 5.95%, 09/21/2026 <sup>(A)</sup> <br>| 14623000 | 14845316 |
| Toyota Motor Credit Corp. |  |  |
| 4.55%, 08/07/2026 | 6975000 | 7000798 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 3.95%, 06/06/2025 <sup>(A)</sup> <br>| 20000000 | 19972310 |
|  |  | 87774008 |
| **Banks - 16.8%**  | **Banks - 16.8%**  | **Banks - 16.8%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/24/2027, <br>4.18% <sup>(B)</sup>, 03/24/2028<br>| 7000000 | 6938823 |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 7800000 | 7916628 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/27/2027, <br>4.38% <sup>(B)</sup>, 04/27/2028<br>| 25894000 | 25833672 |
| &nbsp;&nbsp; Fixed until 01/24/2028, <br>4.98% <sup>(B)</sup>, 01/24/2029<br>| 16259000 | 16463822 |
| Bank of Montreal |  |  |
| 2.65%, 03/08/2027 | 1220000 | 1183691 |
| Bank of New York Mellon |  |  |
| &nbsp;&nbsp; Fixed until 04/20/2028, <br>4.73% <sup>(B)</sup>, 04/20/2029<br>| 9575000 | 9700997 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; Fixed until 09/08/2027, <br>4.40% <sup>(B)</sup>, 09/08/2028<br>| 16352000 | 16323853 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.19%, 02/16/2028 <sup>(A)</sup> <br>| 15000000 | 15272121 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 25592000 | 25876262 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.21% <sup>(B)</sup>, 01/18/2029 <sup>(A)</sup> <br>| 14800000 | 15382886 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2027, <br>4.86% <sup>(B)</sup>, 01/13/2028<br>| $10000000 | $10069390 |
| 5.93%, 10/02/2026 | 8912000 | 9095592 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 06/09/2026, <br>1.46% <sup>(B)</sup>, 06/09/2027<br>| 27000000 | 26076628 |
| &nbsp;&nbsp; Fixed until 07/24/2027, <br>3.67% <sup>(B)</sup>, 07/24/2028<br>| 10400000 | 10204459 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2027, <br>4.63% <sup>(B)</sup>, 09/11/2028 <sup>(A)</sup> <br>| 12832000 | 12812689 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 07/14/2025, <br>6.12% <sup>(B)</sup>, 07/14/2026<br>| 2512000 | 2516229 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2026, <br>1.95% <sup>(B)</sup>, 10/21/2027<br>| 6768000 | 6516942 |
| &nbsp;&nbsp; Fixed until 08/23/2027, <br>4.48% <sup>(B)</sup>, 08/23/2028<br>| 8243000 | 8243683 |
| &nbsp;&nbsp; Fixed until 04/23/2027, <br>4.94% <sup>(B)</sup>, 04/23/2028<br>| 9028000 | 9105025 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/03/2028, <br>4.90% <sup>(B)</sup>, 03/03/2029<br>| 9774000 | 9818233 |
| &nbsp;&nbsp; Fixed until 11/03/2025, <br>7.34% <sup>(B)</sup>, 11/03/2026<br>| 10358000 | 10489489 |
| ING Groep NV |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2026, <br>6.08% <sup>(B)</sup>, 09/11/2027<br>| 19800000 | 20193083 |
| Intesa Sanpaolo SpA |  |  |
| 7.00%, 11/21/2025 <sup>(A)</sup> <br>| 3738000 | 3781013 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/22/2026, <br>1.47% <sup>(B)</sup>, 09/22/2027<br>| 1170000 | 1122869 |
| &nbsp;&nbsp; Fixed until 02/24/2027, <br>2.95% <sup>(B)</sup>, 02/24/2028<br>| 20731000 | 20194854 |
| &nbsp;&nbsp; Fixed until 01/24/2028, <br>4.92% <sup>(B)</sup>, 01/24/2029<br>| 19331000 | 19587877 |
| 7.75%, 07/15/2025 | 5982000 | 6018570 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/07/2026, <br>5.99% <sup>(B)</sup>, 08/07/2027<br>| 10000000 | 10153670 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 01/12/2026, <br>1.34% <sup>(B)</sup>, 01/12/2027 <sup>(A)</sup> <br>| 12137000 | 11858013 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 04/13/2027, <br>5.65% <sup>(B)</sup>, 04/13/2028<br>| 22005000 | 22456220 |
| National Australia Bank Ltd. |  |  |
| 4.50%, 10/26/2027 | 14000000 | 14131057 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/10/2025, <br>7.47% <sup>(B)</sup>, 11/10/2026<br>| 10930000 | 11080116 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/21/2027, <br>5.30% <sup>(B)</sup>, 01/21/2028<br>| 22412000 | 22728530 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp; Fixed until 10/18/2027, <br>4.52% <sup>(B)</sup>, 10/18/2028<br>| $11964000 | $11981803 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2025, <br>6.83% <sup>(B)</sup>, 11/21/2026<br>| 10000000 | 10099514 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/24/2027, <br>4.54% <sup>(B)</sup>, 04/24/2028 <sup>(C)</sup> <br>| 4860000 | 4893201 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month SOFR + 0.88%, <br>5.26% <sup>(B)</sup>, 01/14/2027<br>| 1445000 | 1449316 |
| Swedbank AB |  |  |
| 5.34%, 09/20/2027 <sup>(A)</sup> <br>| 21078000 | 21458050 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 06/08/2026, <br>6.05% <sup>(B)</sup>, 06/08/2027<br>| 9970000 | 10130612 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2025, <br>5.73% <sup>(B)</sup>, 10/21/2026<br>| 19865000 | 19962419 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2027, <br>6.44% <sup>(B)</sup>, 08/11/2028 <sup>(A)</sup> <br>| 15596000 | 16183784 |
| UniCredit SpA |  |  |
| &nbsp;&nbsp; Fixed until 09/22/2025, <br>2.57% <sup>(B)</sup>, 09/22/2026 <sup>(A)</sup> <br>| 7212000 | 7144181 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 03/24/2027, <br>3.53% <sup>(B)</sup>, 03/24/2028<br>| 5989000 | 5884707 |
| &nbsp;&nbsp; Fixed until 05/22/2027, <br>3.58% <sup>(B)</sup>, 05/22/2028<br>| 34017000 | 33387762 |
|  |  | 561722335 |
| **Biotechnology - 1.6%**  | **Biotechnology - 1.6%**  | **Biotechnology - 1.6%**  |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 18644000 | 19042971 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/2026 | 6543000 | 6539916 |
| Royalty Pharma PLC |  |  |
| 1.20%, 09/02/2025 | 10000000 | 9874018 |
| 5.15%, 09/02/2029 | 18482000 | 18661258 |
|  |  | 54118163 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| CRH America, Inc. |  |  |
| 3.88%, 05/18/2025 <sup>(A)</sup> <br>| 8117000 | 8111152 |
| Holcim Finance U.S. LLC |  |  |
| 4.95%, 04/07/2030 <sup>(A)</sup> <br>| 6418000 | 6482773 |
|  |  | 14593925 |
| **Chemicals - 1.0%**  | **Chemicals - 1.0%**  | **Chemicals - 1.0%**  |
| Celanese U.S. Holdings LLC |  |  |
| 6.60%, 11/15/2028 | 12383000 | 12538010 |
| EIDP, Inc. |  |  |
| 4.50%, 05/15/2026 | 18343000 | 18375713 |
| LYB International Finance III LLC |  |  |
| 1.25%, 10/01/2025 | 3968000 | 3909694 |
|  |  | 34823417 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies - 3.6%**  | **Commercial Services & Supplies - 3.6%**  | **Commercial Services & Supplies - 3.6%**  |
| Ashtead Capital, Inc. |  |  |
| 1.50%, 08/12/2026 <sup>(A)</sup> <br>| $7199000 | $6926647 |
| Element Fleet Management Corp. |  |  |
| 3.85%, 06/15/2025 <sup>(A)</sup> <br>| 7068000 | 7053855 |
| 5.64%, 03/13/2027 <sup>(A)</sup> <br>| 11964000 | 12161527 |
| 6.27%, 06/26/2026 <sup>(A)</sup> <br>| 14091000 | 14328426 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/2028 <sup>(A)</sup> <br>| 20029000 | 20178387 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 26132000 | 26537335 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/2027 | 14874000 | 14951758 |
| Veralto Corp. |  |  |
| 5.50%, 09/18/2026 | 19497000 | 19767470 |
|  |  | 121905405 |
| **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  |
| AT&T, Inc. |  |  |
| 2.30%, 06/01/2027 | 11451000 | 10999826 |
| 4.25%, 03/01/2027 | 10482000 | 10465572 |
| NTT Finance Corp. |  |  |
| 1.16%, 04/03/2026 <sup>(A)</sup> <br>| 1075000 | 1044148 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/2026 | 13813000 | 13538621 |
| Verizon Communications, Inc. |  |  |
| 4.13%, 03/16/2027 | 15722000 | 15701985 |
|  |  | 51750152 |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/2026 | 4046000 | 3944556 |
| 4.88%, 07/15/2026 <sup>(A)</sup> <br>| 3765000 | 3756498 |
|  |  | 7701054 |
| **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  |
| Weyerhaeuser Co. |  |  |
| 4.75%, 05/15/2026 | 17854000 | 17872681 |
| **Electric Utilities - 3.8%**  | **Electric Utilities - 3.8%**  | **Electric Utilities - 3.8%**  |
| Constellation Energy Generation LLC |  |  |
| 3.25%, 06/01/2025 | 1000000 | 998043 |
| DTE Energy Co. |  |  |
| 1.05%, 06/01/2025 | 1425000 | 1420023 |
| 4.95%, 07/01/2027 | 9432000 | 9525162 |
| Duke Energy Corp. |  |  |
| 4.30%, 03/15/2028 | 2573000 | 2570937 |
| 5.00%, 12/08/2025 - 12/08/2027 | 9660000 | 9731201 |
| Edison International |  |  |
| 5.75%, 06/15/2027 <sup>(C)</sup> <br>| 17373000 | 17525735 |
| Eversource Energy |  |  |
| 5.00%, 01/01/2027 | 9892000 | 9963896 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/2027 | 10832000 | 10701098 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 02/28/2028 | 10919000 | 11063383 |
| Southern California Edison Co. |  |  |
| 4.40%, 09/06/2026 | 6883000 | 6865302 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern Co. |  |  |
| 4.85%, 06/15/2028 | $14878000 | $15118396 |
| WEC Energy Group, Inc. |  |  |
| 4.75%, 01/09/2026 | 22094000 | 22113146 |
| Xcel Energy, Inc. |  |  |
| 1.75%, 03/15/2027 | 9780000 | 9291611 |
|  |  | 126887933 |
| **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  |
| Amphenol Corp. |  |  |
| 5.05%, 04/05/2027 | 6822000 | 6942362 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/2029 | 9907000 | 9975796 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 11903000 | 11917446 |
|  |  | 28835604 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 6.45%, 04/15/2027 | 8703000 | 8968168 |
| Ally Financial, Inc. |  |  |
| 5.75%, 11/20/2025 | 7384000 | 7393571 |
| American Express Co. |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 0.65%, <br>5.01% <sup>(B)</sup>, 11/04/2026<br>| 1210000 | 1207439 |
| &nbsp;&nbsp; Fixed until 07/28/2026, <br>5.39% <sup>(B)</sup>, 07/28/2027<br>| 18084000 | 18267571 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 - 09/20/2026 <sup>(A)</sup> <br>| 21442000 | 20664007 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13%, 02/21/2026 <sup>(A)</sup> <br>| 4963000 | 4839055 |
| 4.25%, 04/15/2026 <sup>(A)</sup> <br>| 4964000 | 4918024 |
| 6.38%, 05/04/2028 <sup>(A)</sup> <br>| 15415000 | 15881274 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 1.05%, <br>5.42% <sup>(B)</sup>, 03/03/2027<br>| 450000 | 452165 |
| 5.88%, 08/24/2026 | 20867000 | 21266308 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(A)</sup> <br>| 1664000 | 1691068 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 11215000 | 10879364 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/2027 <sup>(A)</sup> <br>| 6469000 | 6439008 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 <sup>(A)</sup> <br>| 14946000 | 14884186 |
|  |  | 137751208 |
| **Food Products - 3.0%**  | **Food Products - 3.0%**  | **Food Products - 3.0%**  |
| Altria Group, Inc. |  |  |
| 4.88%, 02/04/2028 | 9983000 | 10091271 |
| Bunge Ltd. Finance Corp. |  |  |
| 1.63%, 08/17/2025 | 2917000 | 2889589 |
| Campbell's Co. |  |  |
| 5.30%, 03/20/2026 | 3895000 | 3913462 |
| Cargill, Inc. |  |  |
| 4.88%, 10/10/2025 <sup>(A)</sup> <br>| 14928000 | 14944292 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| General Mills, Inc. |  |  |
| 4.70%, 01/30/2027 | $6924000 | $6960652 |
| J.M. Smucker Co. |  |  |
| 5.90%, 11/15/2028 | 10960000 | 11496603 |
| Mars, Inc. |  |  |
| 4.45%, 03/01/2027 <sup>(A)</sup> <br>| 9778000 | 9830430 |
| Philip Morris International, Inc. |  |  |
| 4.38%, 11/01/2027 | 17972000 | 18042805 |
| 4.75%, 02/12/2027 | 9963000 | 10063056 |
| Viterra Finance BV |  |  |
| 2.00%, 04/21/2026 <sup>(A)</sup> <br>| 11600000 | 11281806 |
|  |  | 99513966 |
| **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  |
| National Fuel Gas Co. |  |  |
| 5.50%, 10/01/2026 | 13890000 | 14042608 |
| **Health Care Equipment & Supplies - 0.9%**  | **Health Care Equipment & Supplies - 0.9%**  | **Health Care Equipment & Supplies - 0.9%**  |
| GE HealthCare Technologies, Inc. |  |  |
| 5.60%, 11/15/2025 | 14900000 | 14968006 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/2027 | 14726000 | 14778077 |
|  |  | 29746083 |
| **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  |
| Centene Corp. |  |  |
| 2.45%, 07/15/2028 | 14978000 | 13761559 |
| Elevance Health, Inc. |  |  |
| 4.50%, 10/30/2026 | 14698000 | 14743623 |
| HCA, Inc. |  |  |
| 5.00%, 03/01/2028 | 6974000 | 7048563 |
|  |  | 35553745 |
| **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  |
| Healthcare Realty Holdings LP |  |  |
| 3.10%, 02/15/2030 | 14816000 | 13580203 |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/2026 | 8903000 | 8733136 |
| 3.85%, 04/01/2027 | 750000 | 741611 |
|  |  | 23054950 |
| **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/2027 | 9902000 | 10067275 |
| **Insurance - 3.2%**  | **Insurance - 3.2%**  | **Insurance - 3.2%**  |
| Aon Corp. |  |  |
| 4.50%, 12/15/2028 | 11385000 | 11421303 |
| Arthur J Gallagher & Co. |  |  |
| 4.60%, 12/15/2027 | 9758000 | 9828379 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/2027 <sup>(A)</sup> <br>| 14248000 | 14494026 |
| Corebridge Global Funding |  |  |
| 4.65%, 08/20/2027 <sup>(A)</sup> <br>| 11884000 | 11942911 |
| Equitable Financial Life Global Funding |  |  |
| 4.88%, 11/19/2027 <sup>(A)</sup> <br>| 13954000 | 14114501 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 2620000 | 2655562 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Guardian Life Global Funding |  |  |
| 5.55%, 10/28/2027 <sup>(A)</sup> <br>| $5000000 | $5154630 |
| Jackson National Life Global Funding |  |  |
| 5.60%, 04/10/2026 <sup>(A)</sup> <br>| 14850000 | 14987701 |
| New York Life Global Funding |  |  |
| 3.90%, 10/01/2027 <sup>(A)</sup> <br>| 9983000 | 9913121 |
| 4.40%, 04/25/2028 <sup>(A)</sup> <br>| 11264000 | 11346877 |
|  |  | 105859011 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/2026 | 5398000 | 5178713 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.45%, 09/25/2026 | 4957000 | 4955734 |
| 5.25%, 07/01/2028 | 9917000 | 10121710 |
|  |  | 20256157 |
| **Machinery - 1.5%**  | **Machinery - 1.5%**  | **Machinery - 1.5%**  |
| Caterpillar Financial Services Corp. |  |  |
| 4.45%, 10/16/2026 | 15860000 | 15972760 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/2028 | 9781000 | 9822154 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 8926000 | 8201327 |
| 5.35%, 01/15/2030 | 2990000 | 3043457 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 02/15/2026 | 14898000 | 14981951 |
|  |  | 52021649 |
| **Media - 0.4%**  | **Media - 0.4%**  | **Media - 0.4%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.91%, 07/23/2025 | 3078000 | 3073702 |
| 6.10%, 06/01/2029 | 9885000 | 10222436 |
|  |  | 13296138 |
| **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 12899000 | 13409646 |
| **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  |
| Canadian Natural Resources Ltd. |  |  |
| 3.85%, 06/01/2027 | 15000000 | 14786000 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.13%, 06/30/2027 | 14433000 | 14591101 |
| DCP Midstream Operating LP |  |  |
| 5.38%, 07/15/2025 | 10405000 | 10407205 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/2027 | 13837000 | 14025109 |
| Enbridge, Inc. |  |  |
| 5.90%, 11/15/2026 | 15154000 | 15439519 |
| Energy Transfer LP |  |  |
| 4.75%, 01/15/2026 | 1565000 | 1564106 |
| 6.05%, 12/01/2026 | 9899000 | 10093149 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 03/01/2028 | 13371000 | 13316452 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Occidental Petroleum Corp. |  |  |
| 5.00%, 08/01/2027 | $14837000 | $14828055 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/2026 | 16687000 | 16905386 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 4.65%, 10/15/2025 | 4851000 | 4843048 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/02/2026 | 10898000 | 10957213 |
|  |  | 141756343 |
| **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/2027 | 13155000 | 12947489 |
| **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 9737000 | 9541516 |
| Bristol-Myers Squibb Co. |  |  |
| 4.95%, 02/20/2026 | 14713000 | 14792098 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/2029 | 14597000 | 14895611 |
| CVS Health Corp. |  |  |
| 3.25%, 08/15/2029 | 17530000 | 16496183 |
|  |  | 55725408 |
| **Real Estate Management & Development - 0.3%**  | **Real Estate Management & Development - 0.3%**  | **Real Estate Management & Development - 0.3%**  |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/2029 | 8907000 | 9124820 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/2028 | 5860000 | 5434618 |
| **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  |
| NNN REIT, Inc. |  |  |
| 3.60%, 12/15/2026 | 7606000 | 7497496 |
| Simon Property Group LP |  |  |
| 3.50%, 09/01/2025 | 1425000 | 1419294 |
|  |  | 8916790 |
| **Semiconductors & Semiconductor Equipment - 2.0%**  | **Semiconductors & Semiconductor Equipment - 2.0%**  | **Semiconductors & Semiconductor Equipment - 2.0%**  |
| Advanced Micro Devices, Inc. |  |  |
| 4.32%, 03/24/2028 | 14667000 | 14782902 |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/2027 | 19275000 | 19573117 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/2030 <sup>(A)</sup> <br>| 7000000 | 7257642 |
| Intel Corp. |  |  |
| 4.88%, 02/10/2026 | 15000000 | 15002202 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 8932000 | 8937317 |
|  |  | 65553180 |
| **Software - 2.0%**  | **Software - 2.0%**  | **Software - 2.0%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/2027 | 4957000 | 4953727 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/2026 | $1255000 | $1237831 |
| 5.15%, 03/15/2027 | 14888000 | 15056930 |
| Infor LLC |  |  |
| 1.75%, 07/15/2025 <sup>(A)</sup> <br>| 25784000 | 25597720 |
| Oracle Corp. |  |  |
| 4.80%, 08/03/2028 | 14519000 | 14696629 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/2027 | 6975000 | 7009931 |
|  |  | 68552768 |
| **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 5.35%, 01/12/2027 <sup>(A)</sup> <br>| 6392000 | 6461177 |
| 5.75%, 05/24/2026 <sup>(A)</sup> <br>| 10910000 | 11024675 |
|  |  | 17485852 |
| **Water Utilities - 0.3%**  | **Water Utilities - 0.3%**  | **Water Utilities - 0.3%**  |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/2027 | 9870000 | 9934926 |
|  |  | 9934926 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $2,122,286,303)**<br>|  | 2139240399 |
| **ASSET-BACKED SECURITIES - 13.8%**  | **ASSET-BACKED SECURITIES - 13.8%**  | **ASSET-BACKED SECURITIES - 13.8%**  |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 962351 | 892421 |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(A)</sup> <br>| 3376618 | 3140336 |
| &nbsp;&nbsp; Series 2021-1H, Class C, <br>2.35%, 10/20/2040 <sup>(A)</sup> <br>| 1529761 | 1417088 |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>7.97%, 06/20/2030 <sup>(A)</sup> <br>| 156417 | 156659 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>7.71%, 01/21/2031 <sup>(A)</sup> <br>| 216568 | 216868 |
| American Express Credit Account Master <br> Trust |  |  |
| &nbsp;&nbsp; Series 2022-3, Class A, <br>3.75%, 08/15/2027<br>| 12925000 | 12893201 |
| Apex Credit CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-1A, Class AR, <br>3-Month Term SOFR + 0.98%, <br>5.26% <sup>(B)</sup>, 04/25/2031 <sup>(A)</sup> <br>| 10669008 | 10621040 |
| Apidos CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-31A, Class BR, <br>3-Month Term SOFR + 1.81%, <br>6.07% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> <br>| 12500000 | 12501412 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> <br>| 7762268 | 7160606 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class B, <br>2.68%, 08/20/2026 <sup>(A)</sup> <br>| 346667 | 345150 |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 8715000 | 8950540 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class A, <br>1.55%, 02/28/2036 <sup>(A)</sup> <br>| $2624638 | $2472345 |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 5001578 | 5092633 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 7805000 | 7908071 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR3, <br>3-Month Term SOFR + 1.00%, <br>5.27% <sup>(B)</sup>, 10/21/2031 <sup>(A)</sup> <br>| 9522912 | 9499124 |
| Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A1, <br>5.23%, 12/08/2027<br>| 8540000 | 8574422 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>2.05%, 11/21/2033 <sup>(A)</sup> <br>| 752662 | 743749 |
| &nbsp;&nbsp; Series 2021-1A, Class C, <br>2.70%, 11/21/2033 <sup>(A)</sup> <br>| 702485 | 694074 |
| Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp; Series 2022-A2, Class A, <br>3.32%, 05/15/2027<br>| 22225000 | 22214750 |
| Dryden 40 Senior Loan Fund |  |  |
| &nbsp;&nbsp; Series 2015-40A, Class AR2, <br>3-Month Term SOFR + 1.15%, <br>5.47% <sup>(B)</sup>, 08/15/2031 <sup>(A)</sup> <br>| 10231211 | 10222556 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 21499000 | 21633822 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 10000000 | 10177389 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2020-2, Class B, <br>1.49%, 04/15/2033 <sup>(A)</sup> <br>| 12392000 | 12201401 |
| &nbsp;&nbsp; Series 2022-A, Class C, <br>2.14%, 07/15/2029<br>| 1625000 | 1600299 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>1.99%, 06/25/2026 <sup>(A)</sup> <br>| 5000000 | 4983973 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 17025000 | 17311398 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2018-AA, Class A, <br>3.54%, 02/25/2032 <sup>(A)</sup> <br>| 318457 | 318078 |
| &nbsp;&nbsp; Series 2019-AA, Class A, <br>2.34%, 07/25/2033 <sup>(A)</sup> <br>| 1353500 | 1325277 |
| &nbsp;&nbsp; Series 2020-AA, Class A, <br>2.74%, 02/25/2039 <sup>(A)</sup> <br>| 1335362 | 1300152 |
| &nbsp;&nbsp; Series 2022-2A, Class A, <br>4.30%, 01/25/2037 <sup>(A)</sup> <br>| 3318551 | 3297198 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(A)</sup> <br>| 3332608 | 3401586 |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 1383547 | 1415458 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(A)</sup> <br>| 388671 | 396325 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 1962448 | 2001899 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Hilton Grand Vacations Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(A)</sup> <br>| $7649353 | $7713704 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.71%, 08/27/2040 <sup>(A)</sup> <br>| 4887087 | 4948125 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class B, <br>5.84%, 03/15/2043 <sup>(A)</sup> <br>| 2310695 | 2337270 |
| &nbsp;&nbsp; Series 2024-A, Class C, <br>6.32%, 03/15/2043 <sup>(A)</sup> <br>| 2582730 | 2608660 |
| Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class C, <br>1.33%, 11/15/2027<br>| 1350000 | 1337151 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.55% <sup>(B)</sup>, 04/17/2034 <sup>(A)</sup> <br>| 10500000 | 10460646 |
| KKR CLO 15 Ltd. |  |  |
| &nbsp;&nbsp; Series 15, Class A1R2, <br>3-Month Term SOFR + 1.10%, <br>5.37% <sup>(B)</sup>, 01/18/2032 <sup>(A)</sup> <br>| 8250285 | 8240261 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2019-2A, Class A, <br>2.22%, 10/20/2038 <sup>(A)</sup> <br>| 215372 | 211337 |
| &nbsp;&nbsp; Series 2019-2A, Class B, <br>2.44%, 10/20/2038 <sup>(A)</sup> <br>| 1133535 | 1110461 |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(A)</sup> <br>| 1322466 | 1279138 |
| &nbsp;&nbsp; Series 2021-1WA, Class B, <br>1.44%, 01/22/2041 <sup>(A)</sup> <br>| 1919299 | 1819921 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 5044241 | 5072134 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>6.18%, 11/20/2040 <sup>(A)</sup> <br>| 8491701 | 8790927 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 11275422 | 11477117 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.51%, 02/20/2043 <sup>(A)</sup> <br>| 1785881 | 1803070 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(A)</sup> <br>| 8893861 | 8790379 |
| MVW Owner Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> <br>| 1267913 | 1266317 |
| Octagon Investment Partners 40 Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1RR, <br>3-Month Term SOFR + 1.04%, <br>5.31% <sup>(B)</sup>, 01/20/2035 <sup>(A)</sup> <br>| 3000000 | 2969613 |
| PennantPark CLO III Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-3A, Class A1, <br>3-Month Term SOFR + 1.88%, <br>6.15% <sup>(B)</sup>, 10/22/2032 <sup>(A)</sup> <br>| 13257014 | 13230367 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-2, Class D, <br>1.35%, 07/15/2027<br>| 1409442 | 1402328 |
| &nbsp;&nbsp; Series 2023-5, Class A2, <br>6.31%, 07/15/2027<br>| 243736 | 243897 |
| &nbsp;&nbsp; Series 2025-1, Class D, <br>5.43%, 03/17/2031<br>| 4050000 | 4060709 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>4.82%, 07/22/2030 <sup>(A)</sup> <br>| 6650000 | 6659915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>1.33%, 07/20/2037 <sup>(A)</sup> <br>| $844993 | $840526 |
| &nbsp;&nbsp; Series 2020-2A, Class C, <br>3.51%, 07/20/2037 <sup>(A)</sup> <br>| 739369 | 736853 |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>1.34%, 11/20/2037 <sup>(A)</sup> <br>| 1679763 | 1641847 |
| &nbsp;&nbsp; Series 2022-3A, Class A, <br>5.83%, 07/20/2039 <sup>(A)</sup> <br>| 4009237 | 4091390 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 5426664 | 5465283 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 2264262 | 2313151 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 6422403 | 6618474 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.35%, 01/20/2043 <sup>(A)</sup> <br>| 4005071 | 4044450 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(A)</sup> <br>| 4564038 | 4565008 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(A)</sup> <br>| 5594627 | 5580039 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 3094175 | 3113961 |
| &nbsp;&nbsp; Series 2025-1A, Class B, <br>5.10%, 01/21/2042 <sup>(A)</sup> <br>| 2812886 | 2834478 |
| &nbsp;&nbsp; Series 2025-1A, Class C, <br>5.39%, 01/21/2042 <sup>(A)</sup> <br>| 5625772 | 5627852 |
| Symphony CLO XVIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-18A, Class A1R3, <br>3-Month Term SOFR + 1.10%, <br>5.38% <sup>(B)</sup>, 07/23/2033 <sup>(A)</sup> <br>| 13925548 | 13889829 |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>5.16% <sup>(B)</sup>, 01/15/2034 <sup>(A)</sup> <br>| 14175595 | 14082688 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.35%, 05/25/2033 <sup>(A)</sup> <br>| 19600000 | 19553487 |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(A)</sup> <br>| 12150000 | 11815794 |
| Venture 37 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-37A, Class A1RR, <br>3-Month Term SOFR + 1.25%, <br>5.51% <sup>(B)</sup>, 07/15/2032 <sup>(A)</sup> <br>| 12941487 | 12918710 |
| Venture 38 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-38A, Class ARR, <br>3-Month Term SOFR + 1.00%, <br>5.28% <sup>(B)</sup>, 07/30/2032 <sup>(A)</sup> <br>| 8727833 | 8701649 |
| Venture 44 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-44A, Class A1NR, <br>3-Month Term SOFR + 1.14%, <br>5.41% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 13900000 | 13765309 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2015-3A, Class A1R3, <br>3-Month Term SOFR + 1.15%, <br>5.42% <sup>(B)</sup>, 10/20/2031 <sup>(A)</sup> <br>| 5904691 | 5899850 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| World Omni Select Auto Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class C, <br>1.09%, 11/15/2027<br>| $1515000 | $1497097 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $460,797,862)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $460,797,862)** | 464512472 |
| **MORTGAGE-BACKED SECURITIES - 9.9%**  | **MORTGAGE-BACKED SECURITIES - 9.9%**  | **MORTGAGE-BACKED SECURITIES - 9.9%**  |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class B, <br>3.20% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 3000000 | 2580000 |
| &nbsp;&nbsp; Series 2018-20TS, Class C, <br>3.20% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 10900000 | 9156000 |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-280P, Class C, <br>1-Month Term SOFR + 1.55%, <br>5.85% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> <br>| 16000000 | 15200000 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 10198074 | 10232825 |
| AOA Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-1177, Class C, <br>1-Month Term SOFR + 1.54%, <br>5.86% <sup>(B)</sup>, 10/15/2038 <sup>(A)</sup> <br>| 9300000 | 8334305 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class C, <br>1-Month Term SOFR + 1.32%, <br>5.64% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 6015000 | 5213711 |
| &nbsp;&nbsp; Series 2018-TALL, Class E, <br>1-Month Term SOFR + 2.63%, <br>6.96% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 7000000 | 5374069 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 3966816 | 3995841 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(B)</sup>, 10/27/2064 <sup>(A)</sup> <br>| 1175628 | 1177641 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 8127233 | 8149260 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-VOLT, Class C, <br>1-Month Term SOFR + 1.21%, <br>5.54% <sup>(B)</sup>, 09/15/2036 <sup>(A)</sup> <br>| 4735000 | 4669894 |
| BXP Trust |  |  |
| &nbsp;&nbsp; Series 2017-CQHP, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.37% <sup>(B)</sup>, 11/15/2034 <sup>(A)</sup> <br>| 11825000 | 7986118 |
| CAMB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2019-LIFE, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.37% <sup>(B)</sup>, 12/15/2037 <sup>(A)</sup> <br>| 9760000 | 9705100 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> <br>| 8712738 | 7701986 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> <br>| 891520 | 867720 |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 1242994 | 1217751 |
| CLNY Trust |  |  |
| &nbsp;&nbsp; Series 2019-IKPR, Class C, <br>1-Month Term SOFR + 2.04%, <br>6.36% <sup>(B)</sup>, 11/15/2038 <sup>(A)</sup> <br>| 5000000 | 4700281 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| $7495728 | $7541062 |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(B)</sup>, 06/25/2069 <sup>(A)</sup> <br>| 13610108 | 13744040 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(B)</sup>, 07/25/2069 <sup>(A)</sup> <br>| 9538657 | 9593105 |
| &nbsp;&nbsp; Series 2024-5, Class A1, <br>5.12% <sup>(B)</sup>, 08/25/2069 <sup>(A)</sup> <br>| 11654211 | 11587293 |
| &nbsp;&nbsp; Series 2024-6, Class A1, <br>5.39% <sup>(B)</sup>, 11/25/2069 <sup>(A)</sup> <br>| 9330387 | 9344697 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 8663712 | 7307621 |
| &nbsp;&nbsp; Series 2021-RPL3, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 5094098 | 4482480 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> <br>| 8815418 | 7935441 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> <br>| 2848212 | 2717886 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 2491615 | 2261449 |
| MHP Trust |  |  |
| &nbsp;&nbsp; Series 2021-STOR, Class C, <br>1-Month Term SOFR + 1.16%, <br>5.49% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> <br>| 3000000 | 2977500 |
| &nbsp;&nbsp; Series 2021-STOR, Class D, <br>1-Month Term SOFR + 1.46%, <br>5.79% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> <br>| 5000000 | 4956250 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2017-3, Class A1, <br>2.75% <sup>(B)</sup>, 01/25/2061 <sup>(A)</sup> <br>| 156700 | 156124 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> <br>| 692705 | 671249 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> <br>| 886461 | 854491 |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(B)</sup>, 11/25/2056 <sup>(A)</sup> <br>| 1369522 | 1309729 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 2380009 | 2302732 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> <br>| 1448112 | 1393539 |
| &nbsp;&nbsp; Series 2017-5A, Class A1, <br>1-Month Term SOFR + 1.61%, <br>5.94% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 1277977 | 1291327 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 1594953 | 1552982 |
| &nbsp;&nbsp; Series 2018-2A, Class A1, <br>4.50% <sup>(B)</sup>, 02/25/2058 <sup>(A)</sup> <br>| 2204292 | 2171762 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 1429287 | 1384629 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 2850447 | 2790962 |
| &nbsp;&nbsp; Series 2019-3A, Class A1A, <br>3.75% <sup>(B)</sup>, 11/25/2058 <sup>(A)</sup> <br>| 3436019 | 3303673 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 3771554 | 3524001 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; New Residential Mortgage Loan <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| $3530343 | $3346867 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> <br>| 5925955 | 5755396 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 6192073 | 6216400 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 4811510 | 4838898 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 7564729 | 7602254 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 5852657 | 5913054 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 11272442 | 11367508 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(B)</sup>, 05/25/2064 <sup>(A)</sup> <br>| 5807114 | 5858456 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 9885976 | 9913888 |
| SFO Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-555, Class D, <br>1-Month Term SOFR + 2.51%, <br>6.84% <sup>(B)</sup>, 05/15/2038 <sup>(A)</sup> <br>| 4900000 | 4679610 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 1668562 | 1623846 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 2575026 | 2519600 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 1041379 | 1026085 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 3195073 | 3147358 |
| &nbsp;&nbsp; Series 2018-3, Class A1, <br>3.75% <sup>(B)</sup>, 05/25/2058 <sup>(A)</sup> <br>| 2145672 | 2100280 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 5990805 | 5646161 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 3392969 | 3244889 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(A)</sup> <br>| 7402897 | 6719036 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> <br>| 6441360 | 5981099 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(A)</sup> <br>| 9402740 | 9030948 |
| VEGAS Trust |  |  |
| 5.52%, 11/10/2039 <sup>(A)</sup> <br>| 12000000 | 12154591 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $351,120,744)**<br>|  | 332104750 |
| **U.S. GOVERNMENT OBLIGATIONS - 8.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 8.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 8.5%**  |
| **U.S. Treasury - 8.5%**  | **U.S. Treasury - 8.5%**  | **U.S. Treasury - 8.5%**  |
| U.S. Treasury Notes |  |  |
| 3.88%, 03/15/2028 | 58969000 | 59402054 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 4.00%, 12/15/2027 | $8767000 | $8853985 |
| 4.25%, 01/31/2026 - 02/15/2028 | 100005000 | 101511392 |
| 4.38%, 07/15/2027 | 113637000 | 115412578 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $283,563,218)**<br>|  | 285180009 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.3%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 1-Year RFUCC Treasury + 1.77%, |  |  |
| 7.52% <sup>(B)</sup>, 08/01/2037 | 204032 | 208996 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.12%, 06/25/2027 | 15000000 | 14718769 |
| 3.24%, 04/25/2027 | 10568000 | 10396808 |
| 3.41%, 12/25/2026 | 17000000 | 16787665 |
| Seasoned Loans Structured Transaction |  |  |
| 3.50%, 06/25/2028 | 377566 | 367041 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $41,975,920)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $41,975,920)** | 42479279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  |
| **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 15723505 | 15723505 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,723,505)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,723,505)** | 15723505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $135,493,486 on <br> 05/01/2025. Collateralized by <br> U.S. Government Obligations, 3.38% - <br> 4.00%, due 08/15/2042 - 11/15/2042, and <br> with a total value of $69,098,235.<br>| $67743356 | 67743356 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $67,743,356)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $67,743,356)** | 67743356 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,343,210,908)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,343,210,908)** | 3346983770 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 5702359 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3352686129** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 2-Year U.S. Treasury Notes | 1251 | &nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp; $258739108 | &nbsp;&nbsp;&nbsp; $260393696 | &nbsp;&nbsp;&nbsp; $1654588 | &nbsp;&nbsp;&nbsp; $— |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $2139240399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2139240399 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 464512472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 464512472 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 332104750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 332104750 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 285180009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 285180009 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 42479279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42479279 |
| Other Investment Company | 15723505 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15723505 |
| Repurchase Agreement |  | &nbsp;&nbsp; 67743356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67743356 |
| **Total Investments** | **$15723505** | &nbsp;&nbsp; **$3331260265** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3346983770** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(F)</sup> <br>| $1654588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1654588 |
| **Total Other Financial Instruments** | **$1654588** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1654588** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $1,182,572,435, representing 35.3% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $15,393,337, collateralized by cash collateral of $15,723,505. 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.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(F)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Short-Term Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $3,275,467,552) (including securities loaned of $15,393,337) | $3279240414 |
| Repurchase agreement, at value (cost $67,743,356) | 67743356 |
| Cash | 330705 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 1179150 |
| Receivables and other assets: |  |
| Investments sold  | 9870392 |
| Net income from securities lending | 7524 |
| Shares of beneficial interest sold  | 50482903 |
| Interest | 30623522 |
| Variation margin receivable on futures contracts | 87289 |
| Prepaid expenses | 28348 |
| Total assets | 3439593603 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 15723505 |
| Payables and other liabilities: |  |
| Investments purchased | 60756444 |
| Dividends and/or distributions | 1096282 |
| Shares of beneficial interest redeemed | 7645597 |
| Investment management fees | 997219 |
| Distribution and service fees | 143590 |
| Transfer agent fees | 250455 |
| Trustee and CCO fees | 11115 |
| Audit and tax fees  | 37270 |
| Custody fees | 142624 |
| Legal fees | 47243 |
| Printing and shareholder reports fees | 6055 |
| Other accrued expenses | 50075 |
| Total liabilities | 86907474 |
| **Net assets**  | $3352686129 |
| **Net assets consist of:** |  |
| Paid-in capital | $3495490095 |
| Total distributable earnings (accumulated losses) | (142803966)<br>|
| **Net assets** | $3352686129 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Short-Term Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $381881182 |
| Class C | 70263423 |
| Class I | 2401238065 |
| Class I2 | 161697606 |
| Class I3 | 64771761 |
| Class R | 3178367 |
| Class R4 | 29008896 |
| Class R6 | 240646829 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 38014148 |
| Class C | 7006074 |
| Class I | 243122992 |
| Class I2 | 16383303 |
| Class I3 | 6564335 |
| Class R | 316369 |
| Class R4 | 2886970 |
| Class R6 | 24367581 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.05 |
| Class C | 10.03 |
| Class I | 9.88 |
| Class I2 | 9.87 |
| Class I3 | 9.87 |
| Class R | 10.05 |
| Class R4 | 10.05 |
| Class R6 | 9.88 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Short-Term Bond**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $78138059 |
| Net income from securities lending | 32237 |
| Withholding taxes on foreign income | (875)<br>|
| Total investment income  | 78169421 |
| **Expenses:** |  |
| Investment management fees | 5971315 |
| Distribution and service fees: |  |
| Class A | 515950 |
| Class C | 360386 |
| Class R | 12259 |
| Class R4 | 38130 |
| Transfer agent fees: |  |
| Class A | 151939 |
| Class C | 28598 |
| Class I | 1194191 |
| Class I2 | 4376 |
| Class I3 | 2744 |
| Class R | 72 |
| Class R4 | 1144 |
| Class R6 | 8748 |
| Trustee and CCO fees | 65339 |
| Audit and tax fees | 34716 |
| Custody fees | 105907 |
| Legal fees | 105984 |
| Printing and shareholder reports fees | 96508 |
| Registration fees | 106428 |
| Other | 69856 |
| Total expenses before waiver and/or reimbursement and recapture | 8874590 |
| Expenses waived and/or reimbursed: |  |
| Class R4 | (2009)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 238 |
| Net expenses | 8872819 |
| **Net investment income (loss)** | 69296602 |
| **Net realized gain (loss) on:** |  |
| Investments | (1333981)<br>|
| Futures contracts | (2366969)<br>|
| Net realized gain (loss) | (3700950)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 23188648 |
| Futures contracts | 3238178 |
| Net change in unrealized appreciation (depreciation) | 26426826 |
| Net realized and change in unrealized gain (loss) | 22725876 |
| **Net increase (decrease) in net assets resulting from operations** | $92022478 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Short-Term Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $69296602 | &nbsp;&nbsp;&nbsp;&nbsp; $129529934 |
| Net realized gain (loss) | (3700950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11347310)<br>|
| Net change in unrealized appreciation (depreciation) | 26426826 | &nbsp;&nbsp;&nbsp;&nbsp; 100406598 |
| Net increase (decrease) in net assets resulting from operations | 92022478 | &nbsp;&nbsp;&nbsp;&nbsp; 218589222 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (8510433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20125612)<br>|
| Class C | (1215833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2487943)<br>|
| Class I | (49979434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87299722)<br>|
| Class I2 | (2592341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5147170)<br>|
| Class I3 | (1617344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3910215)<br>|
| Class R | (94642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (357072)<br>|
| Class R4 | (640392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1324515)<br>|
| Class R6 | (5194634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9352436)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (69845053)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130004685)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 40127660 | &nbsp;&nbsp;&nbsp;&nbsp; 77444660 |
| Class C | 8642227 | &nbsp;&nbsp;&nbsp;&nbsp; 22318099 |
| Class I | 664073829 | &nbsp;&nbsp;&nbsp;&nbsp; 1157427113 |
| Class I2 | 68650400 | &nbsp;&nbsp;&nbsp;&nbsp; 114029819 |
| Class I3 | 5640190 | &nbsp;&nbsp;&nbsp;&nbsp; 15283755 |
| Class R | 107887 | &nbsp;&nbsp;&nbsp;&nbsp; 229798 |
| Class R4 | 6336229 | &nbsp;&nbsp;&nbsp;&nbsp; 9036969 |
| Class R6 | 13238086 | &nbsp;&nbsp;&nbsp;&nbsp; 27716434 |
|  | 806816508 | &nbsp;&nbsp;&nbsp;&nbsp; 1423486647 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 7386282 | &nbsp;&nbsp;&nbsp;&nbsp; 18172846 |
| Class C | 1174223 | &nbsp;&nbsp;&nbsp;&nbsp; 2369680 |
| Class I | 44451478 | &nbsp;&nbsp;&nbsp;&nbsp; 75984020 |
| Class I2 | 2592336 | &nbsp;&nbsp;&nbsp;&nbsp; 5110093 |
| Class I3 | 1617344 | &nbsp;&nbsp;&nbsp;&nbsp; 3910215 |
| Class R | 92820 | &nbsp;&nbsp;&nbsp;&nbsp; 357072 |
| Class R4 | 640392 | &nbsp;&nbsp;&nbsp;&nbsp; 1324515 |
| Class R6 | 5162566 | &nbsp;&nbsp;&nbsp;&nbsp; 9266436 |
|  | 63117441 | &nbsp;&nbsp;&nbsp;&nbsp; 116494877 |
| Cost of shares redeemed: |  |  |
| Class A | (165420777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150802971)<br>|
| Class C | (11137106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22678500)<br>|
| Class I | (561002640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1112357792)<br>|
| Class I2 | (43353793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (168776041)<br>|
| Class I3 | (37818479)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14289774)<br>|
| Class R | (5997818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2180714)<br>|
| Class R4 | (12254915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7388484)<br>|
| Class R6 | (9029930)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18640537)<br>|
|  | (846015458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1497114813)<br>|
| Automatic conversions: |  |  |
| Class A | 5009635 | &nbsp;&nbsp;&nbsp;&nbsp; 9645814 |
| Class C | (5009635)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9645814)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 23918491 | &nbsp;&nbsp;&nbsp;&nbsp; 42866711 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 14889 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 322 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15211 |
| **Net increase (decrease) in net assets** | 46095916 | &nbsp;&nbsp;&nbsp;&nbsp; 131466459 |
| **Net assets:** |  |  |
| Beginning of period/year | 3306590213 | &nbsp;&nbsp;&nbsp;&nbsp; 3175123754 |
| End of period/year | $3352686129 | &nbsp;&nbsp;&nbsp;&nbsp; $3306590213 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Short-Term Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 4017106 | &nbsp;&nbsp;&nbsp;&nbsp; 7790213 |
| Class C | 865907 | &nbsp;&nbsp;&nbsp;&nbsp; 2249366 |
| Class I | 67600892 | &nbsp;&nbsp;&nbsp;&nbsp; 118597222 |
| Class I2 | 6959151 | &nbsp;&nbsp;&nbsp;&nbsp; 11666508 |
| Class I3 | 574549 | &nbsp;&nbsp;&nbsp;&nbsp; 1562897 |
| Class R | 10796 | &nbsp;&nbsp;&nbsp;&nbsp; 23114 |
| Class R4 | 633432 | &nbsp;&nbsp;&nbsp;&nbsp; 911838 |
| Class R6 | 1348266 | &nbsp;&nbsp;&nbsp;&nbsp; 2851021 |
|  | 82010099 | &nbsp;&nbsp;&nbsp;&nbsp; 145652179 |
| Shares reinvested: |  |  |
| Class A | 738196 | &nbsp;&nbsp;&nbsp;&nbsp; 1830424 |
| Class C | 117504 | &nbsp;&nbsp;&nbsp;&nbsp; 239091 |
| Class I | 4516344 | &nbsp;&nbsp;&nbsp;&nbsp; 7782260 |
| Class I2 | 263622 | &nbsp;&nbsp;&nbsp;&nbsp; 523837 |
| Class I3 | 164552 | &nbsp;&nbsp;&nbsp;&nbsp; 401004 |
| Class R | 9282 | &nbsp;&nbsp;&nbsp;&nbsp; 35974 |
| Class R4 | 63973 | &nbsp;&nbsp;&nbsp;&nbsp; 133355 |
| Class R6 | 524549 | &nbsp;&nbsp;&nbsp;&nbsp; 949183 |
|  | 6398022 | &nbsp;&nbsp;&nbsp;&nbsp; 11895128 |
| Shares redeemed: |  |  |
| Class A | (16578075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15201587)<br>|
| Class C | (1116203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2291615)<br>|
| Class I | (57086809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114152095)<br>|
| Class I2 | (4414382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17341278)<br>|
| Class I3 | (3862181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1468383)<br>|
| Class R | (601779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (220812)<br>|
| Class R4 | (1226395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (743037)<br>|
| Class R6 | (918999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1932072)<br>|
|  | (85804823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153350879)<br>|
| Automatic conversions: |  |  |
| Class A | 501490 | &nbsp;&nbsp;&nbsp;&nbsp; 972483 |
| Class C | (502378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (974275)<br>|
|  | (888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1792)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (11321283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4608467)<br>|
| Class C | (635170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (777433)<br>|
| Class I | 15030427 | &nbsp;&nbsp;&nbsp;&nbsp; 12227387 |
| Class I2 | 2808391 | &nbsp;&nbsp;&nbsp;&nbsp; (5150933)<br>|
| Class I3 | (3123080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 495518 |
| Class R | (581701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161724)<br>|
| Class R4 | (528990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302156 |
| Class R6 | 953816 | &nbsp;&nbsp;&nbsp;&nbsp; 1868132 |
|  | 2602410 | &nbsp;&nbsp;&nbsp;&nbsp; 4194636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Short-Term Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.98 | $9.70 | $9.63 | $10.33 | $10.32 | $10.29 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.20 | 0.39 | 0.31 | 0.14 | 0.13 | 0.21 |
| Net realized and unrealized gain (loss) | 0.07 | 0.28 | 0.07 | (0.69)<br>| 0.02 | 0.04 <br><sup>(B)</sup><br>|
| Total investment operations | 0.27 | 0.67 | 0.38 | (0.55)<br>| 0.15 | 0.25 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.20)<br>| (0.39)<br>| (0.31)<br>| (0.15)<br>| (0.14)<br>| (0.22)<br>|
| **Net asset value, end of period/year** | $10.05 | $9.98 | $9.70 | $9.63 | $10.33 | $10.32 |
| **Total return** <sup>(F)</sup> <br>| 2.78 %<sup>(G)</sup><br>| 7.05 %<sup>(D)</sup><br>| 4.00<br> %<br>| (5.35 )%<sup>(E)</sup><br>| 1.46<br> %<br>| 2.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $381881 | $492344 | $523289 | $623306 | $817203 | $731602 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73 %<sup>(H)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73 %<sup>(H)</sup><br>| 0.72<br> %<br>| 0.72 %<sup>(I)</sup><br>| 0.71 %<sup>(I)</sup><br>| 0.70<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 4.08 %<sup>(H)</sup><br>| 3.95<br> %<br>| 3.14<br> %<br>| 1.40<br> %<br>| 1.27<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(G)</sup><br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.96 | $9.68 | $9.62 | $10.31 | $10.30 | $10.27 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.32 | 0.23 | 0.06 | 0.05 | 0.13 |
| Net realized and unrealized gain (loss) | 0.07 | 0.28 | 0.07 | (0.68)<br>| 0.02 | 0.03 <br><sup>(B)</sup><br>|
| Total investment operations | 0.24 | 0.60 | 0.30 | (0.62)<br>| 0.07 | 0.16 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.32)<br>| (0.24)<br>| (0.07)<br>| (0.06)<br>| (0.13)<br>|
| **Net asset value, end of period/year** | $10.03 | $9.96 | $9.68 | $9.62 | $10.31 | $10.30 |
| **Total return** <sup>(F)</sup> <br>| 2.40 %<sup>(G)</sup><br>| 6.24 %<sup>(D)</sup><br>| 3.09<br> %<br>| (6.01 )%<sup>(E)</sup><br>| 0.67<br> %<br>| 1.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $70263 | $76113 | $81514 | $104042 | $157464 | $225838 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.48 %<sup>(H)</sup><br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.48<br> %<br>| 1.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.48 %<sup>(H)</sup><br>| 1.49<br> %<br>| 1.50 %<sup>(I)</sup><br>| 1.49 %<sup>(I)</sup><br>| 1.48<br> %<br>| 1.50<br> %<br>|
| Net investment income (loss) to average net assets | 3.34 %<sup>(H)</sup><br>| 3.18<br> %<br>| 2.36<br> %<br>| 0.61<br> %<br>| 0.51<br> %<br>| 1.28<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(G)</sup><br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(F)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(G)</sup> *Not annualized.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Short-Term Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.81 | $9.54 | $9.47 | $10.15 | $10.15 | $10.11 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.21 | 0.41 | 0.32 | 0.16 | 0.15 | 0.22 |
| Net realized and unrealized gain (loss) | 0.07 | 0.27 | 0.08 | (0.68)<br>| 0.01 | 0.05 <br><sup>(B)</sup><br>|
| Total investment operations | 0.28 | 0.68 | 0.40 | (0.52)<br>| 0.16 | 0.27 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| (0.41)<br>| (0.33)<br>| (0.17)<br>| (0.16)<br>| (0.23)<br>|
| **Net asset value, end of period/year** | $9.88 | $9.81 | $9.54 | $9.47 | $10.15 | $10.15 |
| **Total return** | 2.90 %<sup>(D)</sup><br>| 7.22<br> %<br>| 4.23<br> %<br>| (4.96 )%<sup>(C)</sup><br>| 1.57<br> %<br>| 2.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $2401238 | $2237459 | $2058496 | $2205845 | $2398836 | $1979174 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.51 %<sup>(E)</sup><br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.51 %<sup>(E)</sup><br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>|
| Net investment income (loss) to average net assets | 4.32 %<sup>(E)</sup><br>| 4.17<br> %<br>| 3.36<br> %<br>| 1.63<br> %<br>| 1.46<br> %<br>| 2.24<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(D)</sup><br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.80 | $9.52 | $9.46 | $10.14 | $10.13 | $10.11 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.41 | 0.33 | 0.18 | 0.16 | 0.24 |
| Net realized and unrealized gain (loss) | 0.07 | 0.29 | 0.07 | (0.68)<br>| 0.02 | 0.02 <br><sup>(B)</sup><br>|
| Total investment operations | 0.29 | 0.70 | 0.40 | (0.50)<br>| 0.18 | 0.26 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>| (0.24)<br>|
| **Net asset value, end of period/year** | $9.87 | $9.80 | $9.52 | $9.46 | $10.14 | $10.13 |
| **Total return** | 2.95 %<sup>(C)</sup><br>| 7.42<br> %<br>| 4.22<br> %<br>| (5.00)%<br>| 1.77<br> %<br>| 2.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $161698 | $133049 | $178348 | $337449 | $138031 | $155005 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41 %<sup>(D)</sup><br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41 %<sup>(D)</sup><br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net investment income (loss) to average net assets | 4.41 %<sup>(D)</sup><br>| 4.25<br> %<br>| 3.42<br> %<br>| 1.90<br> %<br>| 1.56<br> %<br>| 2.37<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(C)</sup><br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Short-Term Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.80 | $9.52 | $9.56 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.21 | 0.42 | 0.30 |
| Net realized and unrealized gain (loss) | 0.08 | 0.28 | (0.03 )<sup>(C)</sup><br>|
| Total investment operations | 0.29 | 0.70 | 0.27 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.22)<br>| (0.42)<br>| (0.31)<br>|
| **Net asset value, end of period/year** | $9.87 | $9.80 | $9.52 |
| **Total return** | 2.95 %<sup>(D)</sup><br>| 7.44<br> %<br>| 2.91 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $64772 | $94922 | $87545 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41 %<sup>(E)</sup><br>| 0.42<br> %<br>| 0.42 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.41 %<sup>(E)</sup><br>| 0.42<br> %<br>| 0.42 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.39 %<sup>(E)</sup><br>| 4.28<br> %<br>| 3.53 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 29 %<sup>(D)</sup><br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.19 | 0.37 | 0.26 |
| Net realized and unrealized gain (loss) | 0.08 | 0.29 | (0.02 ) <sup>(C)</sup><br>|
| Total investment operations | 0.27 | 0.66 | 0.24 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.20)<br>| (0.38)<br>| (0.27)<br>|
| **Net asset value, end of period/year** | $10.05 | $9.98 | $9.70 |
| **Total return** | 2.68 %<sup>(D)</sup><br>| 6.85<br> %<br>| 2.46 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $3178 | $8962 | $10280 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91 %<sup>(E)</sup><br>| 0.91<br> %<br>| 0.91 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91 %<sup>(E)</sup><br>| 0.91<br> %<br>| 0.91 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.82 %<sup>(E)</sup><br>| 3.77<br> %<br>| 3.03 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 29 %<sup>(D)</sup><br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Short-Term Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.21 | 0.40 | 0.29 |
| Net realized and unrealized gain (loss) | 0.07 | 0.28 | (0.03 ) <sup>(C)</sup><br>|
| Total investment operations | 0.28 | 0.68 | 0.26 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.21)<br>| (0.40)<br>| (0.29)<br>|
| **Net asset value, end of period/year** | $10.05 | $9.98 | $9.70 |
| **Total return** | 2.82 % <sup>(D)</sup><br>| 7.13<br> %<br>| 2.70 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $29009 | $34088 | $30204 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.66 %<sup>(E)</sup><br>| 0.66<br> %<br>| 0.67 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.65 %<sup>(E)</sup><br>| 0.65<br> %<br>| 0.65 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.17 %<sup>(E)</sup><br>| 4.04<br> %<br>| 3.30 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 29 %<sup>(D)</sup><br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.81 | $9.54 | $9.47 | $10.15 | $10.14 | $10.11 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.42 | 0.33 | 0.17 | 0.16 | 0.23 |
| Net realized and unrealized gain (loss) | 0.07 | 0.27 | 0.08 | (0.67)<br>| 0.02 | 0.04 <br><sup>(B)</sup><br>|
| Total investment operations | 0.29 | 0.69 | 0.41 | (0.50)<br>| 0.18 | 0.27 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>| (0.24)<br>|
| **Net asset value, end of period/year** | $9.88 | $9.81 | $9.54 | $9.47 | $10.15 | $10.14 |
| **Total return** | 2.95 %<sup>(C)</sup><br>| 7.32<br> %<br>| 4.33<br> %<br>| (4.99)%<br>| 1.77<br> %<br>| 2.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $240647 | $229653 | $205448 | $201252 | $217665 | $36002 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41 %<sup>(D)</sup><br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>| 0.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41 %<sup>(D)</sup><br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>| 0.42<br> %<br>|
| Net investment income (loss) to average net assets | 4.42 %<sup>(D)</sup><br>| 4.28<br> %<br>| 3.47<br> %<br>| 1.73<br> %<br>| 1.54<br> %<br>| 2.32<br> %<br>|
| Portfolio turnover rate | 29 %<sup>(C)</sup><br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund* *shares in relation to fluctuating market values during the period.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Short-Term Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $15723505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15723505 |
| **Total Borrowings** | **$15723505** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15723505** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $1654588 | $— | $— | $— | $— | $1654588 |
| **Total** | **$1654588** | **$—** | **$—** | **$—** | **$—** | **$1654588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $(2366969)<br>| $— | $— | $— | $— | $(2366969)<br>|
| **Total** | **$(2366969)**<br>| **$—** | **$—** | **$—** | **$—** | **$(2366969)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $3238178 | $— | $— | $— | $— | $3238178 |
| **Total** | **$3238178** | **$—** | **$—** | **$—** | **$—** | **$3238178** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $273134226 |
| Average notional value of contracts — short | (35797004)<br>|

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $252457266 | 7.53<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.42<br> % <br>|
| Over $250 million up to $500 million | 0.39 |
| Over $500 million up to $1 billion | 0.37 |
| Over $1 billion | 0.36 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Short-Term Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.76<br> % <br>| March 1, 2026 |
| Class C | 1.54 | March 1, 2026 |
| Class I | 0.56 | March 1, 2026 |
| Class I2, Class R6 | 0.46 | March 1, 2026 |
| Class I3 | 0.47 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.65 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R4 <sup>(B)</sup> <br>| $— | $3200 | $5121 | $2009 | $10330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.* <br> <sup>(B)</sup> *Commenced operations on December 9, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Short-Term Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $43914 | &nbsp;&nbsp;&nbsp;&nbsp; $9066 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 8611 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1371207 | &nbsp;&nbsp; $244143 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $629986083 | &nbsp;&nbsp; $307653199 | &nbsp;&nbsp; $775938799 | &nbsp;&nbsp; $235326052 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 31**

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**Transamerica Short-Term Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $3343210908 | &nbsp;&nbsp; $30088748 | &nbsp;&nbsp; $(24661298)<br>| &nbsp;&nbsp; $5427450 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Short-Term Bond** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Short-Term Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Short-Term Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 35**

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**Transamerica Short-Term Bond** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 36**

------

![](g947814img437a5c963.gif)

![](g947814img0e69270a4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA STB 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imge77dfd6e5.gif)

------

![](g947814img0d4b4a151.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Small Cap Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img7ffad6992.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_SOI-RunningFooter-164_1) | 2 |
| [Statement of Assets and Liabilities](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_FS-RunningFooter-164_1) | 4 |
| [Statement of Operations](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_FS-RunningFooter-164_3) | 6 |
| [Statement of Changes in Net Assets](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_FS-RunningFooter-164_4) | 7 |
| [Financial Highlights](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_FIHI-RunningFooter-164_1) | 9 |
| [Notes to Financial Statements](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_NTF-RunningFooter-164_1) | 13 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_DWA-RunningFooter-164_1)**<br> **[Companies](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_DWA-RunningFooter-164_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_PD-RunningFooter-164_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_REMU-RunningFooter-164_1)**<br> **[Companies](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_REMU-RunningFooter-164_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_74bd2eb5-df25-4285-a642-9d482fd591f7_AIAC-RunningFooter-164_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Small Cap Growth**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  |
| **Banks - 5.2%**  | **Banks - 5.2%**  | **Banks - 5.2%**  |
| Bank OZK | 18245 | $777237 |
| Cadence Bank | 27310 | 799091 |
| Home BancShares, Inc. | 62265 | 1727854 |
| Triumph Financial, Inc. <sup>(A)</sup> <br>| 19865 | 1061188 |
|  |  | 4365370 |
| **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  |
| ADMA Biologics, Inc. <sup>(A)</sup> <br>| 121244 | 2885607 |
| **Building Products - 7.0%**  | **Building Products - 7.0%**  | **Building Products - 7.0%**  |
| AAON, Inc. | 31855 | 2907406 |
| AZEK Co., Inc. <sup>(A)</sup> <br>| 32943 | 1632655 |
| Simpson Manufacturing Co., Inc. | 8535 | 1311744 |
|  |  | 5851805 |
| **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  |
| Lazard, Inc. | 37320 | 1451748 |
| **Commercial Services & Supplies - 4.7%**  | **Commercial Services & Supplies - 4.7%**  | **Commercial Services & Supplies - 4.7%**  |
| Casella Waste Systems, Inc., Class A <sup>(A)</sup> <br>| 26225 | 3080126 |
| MSA Safety, Inc. | 5670 | 892572 |
|  |  | 3972698 |
| **Construction & Engineering - 1.8%**  | **Construction & Engineering - 1.8%**  | **Construction & Engineering - 1.8%**  |
| WillScot Holdings Corp. | 59300 | 1489616 |
| **Consumer Staples Distribution & Retail - 2.8%**  | **Consumer Staples Distribution & Retail - 2.8%**  | **Consumer Staples Distribution & Retail - 2.8%**  |
| Sprouts Farmers Market, Inc. <sup>(A)</sup> <br>| 13520 | 2311920 |
| **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  |
| OneSpaWorld Holdings Ltd. | 75070 | 1253669 |
| **Energy Equipment & Services - 2.9%**  | **Energy Equipment & Services - 2.9%**  | **Energy Equipment & Services - 2.9%**  |
| Aris Water Solutions, Inc., Class A | 65815 | 1642742 |
| Oceaneering International, Inc. <sup>(A)</sup> <br>| 45030 | 799283 |
|  |  | 2442025 |
| **Financial Services - 0.2%**  | **Financial Services - 0.2%**  | **Financial Services - 0.2%**  |
| Repay Holdings Corp. <sup>(A)</sup> <br>| 40969 | 163876 |
| **Food Products - 2.3%**  | **Food Products - 2.3%**  | **Food Products - 2.3%**  |
| J & J Snack Foods Corp. | 14760 | 1912748 |
| **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  |
| Saia, Inc. <sup>(A)</sup> <br>| 4310 | 1051640 |
| **Health Care Equipment & Supplies - 4.6%**  | **Health Care Equipment & Supplies - 4.6%**  | **Health Care Equipment & Supplies - 4.6%**  |
| LeMaitre Vascular, Inc. | 26357 | 2391634 |
| Merit Medical Systems, Inc. <sup>(A)</sup> <br>| 15430 | 1457364 |
|  |  | 3848998 |
| **Health Care Providers & Services - 6.4%**  | **Health Care Providers & Services - 6.4%**  | **Health Care Providers & Services - 6.4%**  |
| Chemed Corp. | 4360 | 2535383 |
| HealthEquity, Inc. <sup>(A)</sup> <br>| 33415 | 2864334 |
|  |  | 5399717 |
| **Health Care Technology - 0.9%**  | **Health Care Technology - 0.9%**  | **Health Care Technology - 0.9%**  |
| Simulations Plus, Inc. | 22790 | 782837 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure - 5.2%**  | **Hotels, Restaurants & Leisure - 5.2%**  | **Hotels, Restaurants & Leisure - 5.2%**  |
| Texas Roadhouse, Inc. | 20960 | $3478522 |
| Wingstop, Inc. | 3355 | 885351 |
|  |  | 4363873 |
| **Household Durables - 3.0%**  | **Household Durables - 3.0%**  | **Household Durables - 3.0%**  |
| Champion Homes, Inc. <sup>(A)</sup> <br>| 21612 | 1869438 |
| TopBuild Corp. <sup>(A)</sup> <br>| 2270 | 671375 |
|  |  | 2540813 |
| **Life Sciences Tools & Services - 7.2%**  | **Life Sciences Tools & Services - 7.2%**  | **Life Sciences Tools & Services - 7.2%**  |
| Medpace Holdings, Inc. <sup>(A)</sup> <br>| 4975 | 1534240 |
| Mesa Laboratories, Inc. | 11394 | 1313158 |
| Repligen Corp. <sup>(A)</sup> <br>| 12320 | 1700037 |
| Stevanato Group SpA <sup>(B)</sup> <br>| 72287 | 1507907 |
|  |  | 6055342 |
| **Machinery - 2.8%**  | **Machinery - 2.8%**  | **Machinery - 2.8%**  |
| Federal Signal Corp. | 28345 | 2308133 |
| **Oil, Gas & Consumable Fuels - 6.3%**  | **Oil, Gas & Consumable Fuels - 6.3%**  | **Oil, Gas & Consumable Fuels - 6.3%**  |
| Excelerate Energy, Inc., Class A | 96210 | 2461052 |
| Magnolia Oil & Gas Corp., Class A | 55890 | 1147422 |
| Permian Resources Corp. | 143280 | 1690704 |
|  |  | 5299178 |
| **Pharmaceuticals - 4.3%**  | **Pharmaceuticals - 4.3%**  | **Pharmaceuticals - 4.3%**  |
| ANI Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 26376 | 1867948 |
| Ligand Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 15610 | 1714915 |
|  |  | 3582863 |
| **Professional Services - 5.5%**  | **Professional Services - 5.5%**  | **Professional Services - 5.5%**  |
| Paylocity Holding Corp. <sup>(A)</sup> <br>| 13135 | 2523233 |
| UL Solutions, Inc., Class A | 35830 | 2049118 |
|  |  | 4572351 |
| **Semiconductors & Semiconductor Equipment - 0.9%**  | **Semiconductors & Semiconductor Equipment - 0.9%**  | **Semiconductors & Semiconductor Equipment - 0.9%**  |
| PDF Solutions, Inc. <sup>(A)</sup> <br>| 41908 | 769012 |
| **Software - 14.5%**  | **Software - 14.5%**  | **Software - 14.5%**  |
| Appfolio, Inc., Class A <sup>(A)</sup> <br>| 10310 | 2129221 |
| Guidewire Software, Inc. <sup>(A)</sup> <br>| 9080 | 1859312 |
| I3 Verticals, Inc., Class A <sup>(A)</sup> <br>| 46135 | 1158911 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 3180 | 893548 |
| nCino, Inc. <sup>(A)(B)</sup> <br>| 33197 | 770170 |
| Pegasystems, Inc. | 44405 | 4088813 |
| Workiva, Inc. <sup>(A)</sup> <br>| 16405 | 1234804 |
|  |  | 12134779 |
| **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  |
| Boot Barn Holdings, Inc. <sup>(A)</sup> <br>| 10930 | 1140436 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $63,368,000)**<br>|  | 81951054 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Small Cap Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(C)</sup> <br>| 50203 | $50203 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $50,203)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $50,203)** | 50203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $2,200,831 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $2,244,861.<br>| $2200721 | 2200721 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,200,721)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,200,721)** | 2200721 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $65,618,924)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $65,618,924)** | 84201978 |
| **Net Other Assets (Liabilities) - (0.5)%** | **Net Other Assets (Liabilities) - (0.5)%** | (435855) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$83766123** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $81951054 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81951054 |
| Other Investment Company | 50203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50203 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2200721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2200721 |
| **Total Investments** | **$82001257** | &nbsp;&nbsp; **$2200721** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$84201978** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $1,286,742, collateralized by cash collateral of $50,203 and non-cash* *collateral, such as U.S. government securities of $1,270,701. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Small Cap Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $63,418,203) (including securities loaned of $1,286,742) | $82001257 |
| Repurchase agreement, at value (cost $2,200,721) | 2200721 |
| Receivables and other assets: |  |
| Investments sold  | 36000 |
| Net income from securities lending | 289 |
| Shares of beneficial interest sold  | 23626 |
| Dividends  | 39 |
| Interest | 110 |
| Prepaid expenses | 2544 |
| Total assets | 84264586 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 50203 |
| Payables and other liabilities: |  |
| Investments purchased | 334640 |
| Shares of beneficial interest redeemed | 29107 |
| Investment management fees | 33385 |
| Distribution and service fees | 6324 |
| Transfer agent fees | 6203 |
| Trustee and CCO fees | 514 |
| Audit and tax fees  | 10816 |
| Custody fees | 14086 |
| Legal fees | 3404 |
| Printing and shareholder reports fees | 3140 |
| Other accrued expenses | 6641 |
| Total liabilities | 498463 |
| **Net assets**  | $83766123 |
| **Net assets consist of:** |  |
| Paid-in capital | $62561225 |
| Total distributable earnings (accumulated losses) | 21204898 |
| **Net assets** | $83766123 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Small Cap Growth**

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**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $17181994 |
| Class C | 958003 |
| Class I | 9436313 |
| Class I2 | 38294498 |
| Class I3 | 7007986 |
| Class R | 5285359 |
| Class R4 | 165568 |
| Class R6 | 5436402 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 3445326 |
| Class C | 247443 |
| Class I | 1729803 |
| Class I2 | 6768737 |
| Class I3 | 1241104 |
| Class R | 991223 |
| Class R4 | 29759 |
| Class R6 | 960997 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $4.99 |
| Class C | 3.87 |
| Class I | 5.46 |
| Class I2 | 5.66 |
| Class I3 | 5.65 |
| Class R | 5.33 |
| Class R4 | 5.56 |
| Class R6 | 5.66 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $5.28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small Cap Growth**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $356660 |
| Interest income | 26136 |
| Net income from securities lending | 1149 |
| Total investment income  | 383945 |
| **Expenses:** |  |
| Investment management fees | 456739 |
| Distribution and service fees: |  |
| Class A | 22383 |
| Class C | 6079 |
| Class R | 18990 |
| Class R4 | 208 |
| Transfer agent fees: |  |
| Class A | 26315 |
| Class C | 1582 |
| Class I | 8455 |
| Class I2 | 1644 |
| Class I3 | 424 |
| Class R | 92 |
| Class R4 | 6 |
| Class R6 | 254 |
| Trustee and CCO fees | 2348 |
| Audit and tax fees | 13522 |
| Custody fees | 11439 |
| Legal fees | 4916 |
| Printing and shareholder reports fees | 5217 |
| Registration fees | 55256 |
| Other | 16483 |
| Total expenses before waiver and/or reimbursement and recapture | 652352 |
| Expenses waived and/or reimbursed: |  |
| Class A | (21307)<br>|
| Class C | (1282)<br>|
| Class I | (7038)<br>|
| Class I2 | (19804)<br>|
| Class I3 | (5654)<br>|
| Class R | (2959)<br>|
| Class R4 | (164)<br>|
| Class R6 | (3100)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 1474 |
| Class C | 18 |
| Class I | 399 |
| Class I2 | 1155 |
| Class I3 | 848 |
| Class R | 12 |
| Class R4 | 10 |
| Class R6 | 216 |
| Net expenses | 595176 |
| **Net investment income (loss)** | (211231)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 4892296 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (8322519)<br>|
| Net realized and change in unrealized gain (loss) | (3430223)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(3641454)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Small Cap Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(211231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(584214)<br>|
| Net realized gain (loss) | 4892296 | &nbsp;&nbsp;&nbsp;&nbsp; 13936680 |
| Net change in unrealized appreciation (depreciation) | (8322519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13788974 |
| Net increase (decrease) in net assets resulting from operations | (3641454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27141440 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2537032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (712266)<br>|
| Class C | (210663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102287)<br>|
| Class I | (2214202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1156463)<br>|
| Class I2 | (4936809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3749302)<br>|
| Class I3 | (859752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (882279)<br>|
| Class R | (717430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (567870)<br>|
| Class R4 | (18530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8123)<br>|
| Class R6 | (672086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272085)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (12166504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7450675)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 14008640 | &nbsp;&nbsp;&nbsp;&nbsp; 5220913 |
| Class C | 65070 | &nbsp;&nbsp;&nbsp;&nbsp; 219355 |
| Class I | 2867652 | &nbsp;&nbsp;&nbsp;&nbsp; 15420084 |
| Class I2 | 5757383 | &nbsp;&nbsp;&nbsp;&nbsp; 5426000 |
| Class I3 | 1036741 | &nbsp;&nbsp;&nbsp;&nbsp; 510665 |
| Class R | 398165 | &nbsp;&nbsp;&nbsp;&nbsp; 746474 |
| Class R4 | 22901 | &nbsp;&nbsp;&nbsp;&nbsp; 41307 |
| Class R6 | 3006614 | &nbsp;&nbsp;&nbsp;&nbsp; 355085 |
|  | 27163166 | &nbsp;&nbsp;&nbsp;&nbsp; 27939883 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2537032 | &nbsp;&nbsp;&nbsp;&nbsp; 710820 |
| Class C | 210663 | &nbsp;&nbsp;&nbsp;&nbsp; 102287 |
| Class I | 2214061 | &nbsp;&nbsp;&nbsp;&nbsp; 1156165 |
| Class I2 | 4386497 | &nbsp;&nbsp;&nbsp;&nbsp; 2129811 |
| Class I3 | 859752 | &nbsp;&nbsp;&nbsp;&nbsp; 882279 |
| Class R | 717430 | &nbsp;&nbsp;&nbsp;&nbsp; 567870 |
| Class R4 | 18530 | &nbsp;&nbsp;&nbsp;&nbsp; 8123 |
| Class R6 | 672086 | &nbsp;&nbsp;&nbsp;&nbsp; 272085 |
|  | 11616051 | &nbsp;&nbsp;&nbsp;&nbsp; 5829440 |
| Cost of shares redeemed: |  |  |
| Class A | (9840339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6670582)<br>|
| Class C | (174068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (370890)<br>|
| Class I | (12480709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19326701)<br>|
| Class I2 | (9091609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48361665)<br>|
| Class I3 | (13551885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2668716)<br>|
| Class R | (6396438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2406945)<br>|
| Class R4 | (10750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67450)<br>|
| Class R6 | (3199700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (843580)<br>|
|  | (54745498)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80716529)<br>|
| Automatic conversions: |  |  |
| Class A | 318356 | &nbsp;&nbsp;&nbsp;&nbsp; 281828 |
| Class C | (318356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281828)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (15966281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46947206)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 24 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| **Net increase (decrease) in net assets** | (31774239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27256397)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Small Cap Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of period/year | $115540362 | &nbsp;&nbsp;&nbsp;&nbsp; $142796759 |
| End of period/year | $83766123 | &nbsp;&nbsp;&nbsp;&nbsp; $115540362 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 2213418 | &nbsp;&nbsp;&nbsp;&nbsp; 858746 |
| Class C | 15490 | &nbsp;&nbsp;&nbsp;&nbsp; 44586 |
| Class I | 484701 | &nbsp;&nbsp;&nbsp;&nbsp; 2343171 |
| Class I2 | 893979 | &nbsp;&nbsp;&nbsp;&nbsp; 810662 |
| Class I3 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 75627 |
| Class R | 62284 | &nbsp;&nbsp;&nbsp;&nbsp; 117929 |
| Class R4 | 3795 | &nbsp;&nbsp;&nbsp;&nbsp; 6233 |
| Class R6 | 479684 | &nbsp;&nbsp;&nbsp;&nbsp; 53732 |
|  | 4313351 | &nbsp;&nbsp;&nbsp;&nbsp; 4310686 |
| Shares reinvested: |  |  |
| Class A | 457123 | &nbsp;&nbsp;&nbsp;&nbsp; 118866 |
| Class C | 48765 | &nbsp;&nbsp;&nbsp;&nbsp; 21090 |
| Class I | 364755 | &nbsp;&nbsp;&nbsp;&nbsp; 179250 |
| Class I2 | 697376 | &nbsp;&nbsp;&nbsp;&nbsp; 320755 |
| Class I3 | 136903 | &nbsp;&nbsp;&nbsp;&nbsp; 132873 |
| Class R | 120779 | &nbsp;&nbsp;&nbsp;&nbsp; 89428 |
| Class R4 | 2994 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| Class R6 | 106850 | &nbsp;&nbsp;&nbsp;&nbsp; 40977 |
|  | 1935545 | &nbsp;&nbsp;&nbsp;&nbsp; 904477 |
| Shares redeemed: |  |  |
| Class A | (1616509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1107197)<br>|
| Class C | (35314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75419)<br>|
| Class I | (2136344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2945031)<br>|
| Class I2 | (1419488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7176580)<br>|
| Class I3 | (1917939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (400159)<br>|
| Class R | (956257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (374841)<br>|
| Class R4 | (1504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10040)<br>|
| Class R6 | (512669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126597)<br>|
|  | (8596024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12215864)<br>|
| Automatic conversions: |  |  |
| Class A | 56315 | &nbsp;&nbsp;&nbsp;&nbsp; 47212 |
| Class C | (72421)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58180)<br>|
|  | (16106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10968)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1110347 | &nbsp;&nbsp;&nbsp;&nbsp; (82373)<br>|
| Class C | (43480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67923)<br>|
| Class I | (1286888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (422610)<br>|
| Class I2 | 171867 | &nbsp;&nbsp;&nbsp;&nbsp; (6045163)<br>|
| Class I3 | (1621036)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (191659)<br>|
| Class R | (773194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167484)<br>|
| Class R4 | 5285 | &nbsp;&nbsp;&nbsp;&nbsp; (2569)<br>|
| Class R6 | 73865 | &nbsp;&nbsp;&nbsp;&nbsp; (31888)<br>|
|  | (2363234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7011669)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Small Cap Growth**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.00 | $5.32 | $5.66 | $9.13 | $6.55 | $6.43 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | (0.21)<br>| 1.02 | (0.05)<br>| (2.44)<br>| 3.32 | 0.65 |
| Total investment operations | (0.23)<br>| 0.98 | (0.10)<br>| (2.50)<br>| 3.25 | 0.58 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $4.99 | $6.00 | $5.32 | $5.66 | $9.13 | $6.55 |
| **Total return** <sup>(E)</sup> <br>| (5.14 )%<sup>(F)</sup><br>| 18.36 %<sup>(C)</sup><br>| (1.70)%<br>| (30.18 )%<sup>(D)</sup><br>| 51.78<br> %<br>| 9.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $17182 | $14000 | $12854 | $14396 | $24973 | $16017 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.62 %<sup>(G)</sup><br>| 1.47<br> %<br>| 1.47<br> %<br>| 1.42<br> %<br>| 1.34<br> %<br>| 1.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.40 %<sup>(G)</sup><br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.38<br> %<br>| 1.40<br> %<br>|
| Net investment income (loss) to average net assets | (0.70 )%<sup>(G)</sup><br>| (0.69)%<br>| (0.85)%<br>| (0.94)%<br>| (0.91)%<br>| (1.07)%<br>|
| Portfolio turnover rate | 24 %<sup>(F)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $4.83 | $4.37 | $4.73 | $7.83 | $5.73 | $5.72 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.07)<br>| (0.07)<br>| (0.10)<br>| (0.12)<br>| (0.10)<br>|
| Net realized and unrealized gain (loss) | (0.15)<br>| 0.83 | (0.05)<br>| (2.04)<br>| 2.89 | 0.57 |
| Total investment operations | (0.18)<br>| 0.76 | (0.12)<br>| (2.14)<br>| 2.77 | 0.47 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $3.87 | $4.83 | $4.37 | $4.73 | $7.83 | $5.73 |
| **Total return** <sup>(E)</sup> <br>| (5.40 )%<sup>(F)</sup><br>| 17.27 %<sup>(C)</sup><br>| (2.50)%<br>| (30.50 )%<sup>(D)</sup><br>| 50.73<br> %<br>| 8.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $958 | $1406 | $1567 | $2041 | $4305 | $3771 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.34 %<sup>(G)</sup><br>| 2.24<br> %<br>| 2.23<br> %<br>| 2.16<br> %<br>| 2.08<br> %<br>| 2.15<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.13 %<sup>(G)</sup><br>| 2.13<br> %<br>| 2.13<br> %<br>| 2.14<br> %<br>| 2.11<br> %<br>| 2.15 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | (1.39 )%<sup>(G)</sup><br>| (1.42)%<br>| (1.58)%<br>| (1.69)%<br>| (1.64)%<br>| (1.81)%<br>|
| Portfolio turnover rate | 24 %<sup>(F)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.20%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Small Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.48 | $5.71 | $6.05 | $9.65 | $6.87 | $6.71 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.03)<br>| (0.03)<br>| (0.05)<br>| (0.05)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | (0.23)<br>| 1.10 | (0.07)<br>| (2.58)<br>| 3.50 | 0.67 |
| Total investment operations | (0.24)<br>| 1.07 | (0.10)<br>| (2.63)<br>| 3.45 | 0.62 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.46 | $6.48 | $5.71 | $6.05 | $9.65 | $6.87 |
| **Total return** | (4.91 )%<sup>(B)</sup><br>| 18.69<br> %<br>| (1.59)%<br>| (29.87)%<br>| 52.32<br> %<br>| 9.56<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $9436 | $19559 | $19647 | $21199 | $48376 | $35706 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18 %<sup>(C)</sup><br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.06<br> %<br>| 1.09<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10 %<sup>(C)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 1.09<br> %<br>|
| Net investment income (loss) to average net assets | (0.39 )%<sup>(C)</sup><br>| (0.41)%<br>| (0.55)%<br>| (0.64)%<br>| (0.59)%<br>| (0.76)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.69 | $5.88 | $6.21 | $9.88 | $7.02 | $6.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | (0.24)<br>| 1.13 | (0.06)<br>| (2.66)<br>| 3.57 | 0.70 |
| Total investment operations | (0.25)<br>| 1.11 | (0.09)<br>| (2.70)<br>| 3.53 | 0.65 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.66 | $6.69 | $5.88 | $6.21 | $9.88 | $7.02 |
| **Total return** | (4.90 )%<sup>(B)</sup><br>| 18.85<br> %<br>| (1.38)%<br>| (29.89)%<br>| 52.35<br> %<br>| 9.85<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $38295 | $44131 | $74348 | $70676 | $142112 | $79099 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09 %<sup>(C)</sup><br>| 1.02<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>| 1.00 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.28 )%<sup>(C)</sup><br>| (0.28)%<br>| (0.45)%<br>| (0.54)%<br>| (0.49)%<br>| (0.69)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement and recapture rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Small Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.68 | $5.88 | $6.21 | $9.87 | $7.01 | $6.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | (0.24)<br>| 1.12 | (0.06)<br>| (2.65)<br>| 3.58 | 0.68 |
| Total investment operations | (0.25)<br>| 1.10 | (0.09)<br>| (2.69)<br>| 3.53 | 0.64 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.65 | $6.68 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Total return** | (4.91 )%<sup>(B)</sup><br>| 18.67<br> %<br>| (1.38)%<br>| (29.81)%<br>| 52.42<br> %<br>| 9.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $7008 | $19127 | $17942 | $22433 | $34682 | $28089 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09 %<sup>(C)</sup><br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 1.00 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.16 )%<sup>(C)</sup><br>| (0.29)%<br>| (0.45)%<br>| (0.53)%<br>| (0.51)%<br>| (0.67)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement and recapture rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.36 | $5.63 | $5.99 | $9.60 | $6.87 | $6.72 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.08)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | (0.23)<br>| 1.08 | (0.06)<br>| (2.57)<br>| 3.48 | 0.69 |
| Total investment operations | (0.25)<br>| 1.03 | (0.12)<br>| (2.64)<br>| 3.40 | 0.61 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.33 | $6.36 | $5.63 | $5.99 | $9.60 | $6.87 |
| **Total return** | (5.18 )%<sup>(B)</sup><br>| 18.23<br> %<br>| (1.96)%<br>| (30.16)%<br>| 51.54<br> %<br>| 9.38<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5285 | $11224 | $10880 | $13897 | $21336 | $14838 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.58 %<sup>(C)</sup><br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>| 1.49<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.50 %<sup>(C)</sup><br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>| 1.49<br> %<br>|
| Net investment income (loss) to average net assets | (0.70 )%<sup>(C)</sup><br>| (0.79)%<br>| (0.95)%<br>| (1.03)%<br>| (0.98)%<br>| (1.15)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Small Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.59 | $5.81 | $6.15 | $9.80 | $6.98 | $6.80 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | (0.24)<br>| 1.11 | (0.06)<br>| (2.63)<br>| 3.55 | 0.69 |
| Total investment operations | (0.25)<br>| 1.08 | (0.10)<br>| (2.68)<br>| 3.49 | 0.64 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.56 | $6.59 | $5.81 | $6.15 | $9.80 | $6.98 |
| **Total return** | (4.99 )% <sup>(B)</sup><br>| 18.54<br> %<br>| (1.57)%<br>| (29.93)%<br>| 52.06<br> %<br>| 9.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $166 | $161 | $157 | $186 | $249 | $93 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.34 %<sup>(C)</sup><br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.15 %<sup>(C)</sup><br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>|
| Net investment income (loss) to average net assets | (0.43 )%<sup>(C)</sup><br>| (0.44)%<br>| (0.60)%<br>| (0.69)%<br>| (0.65)%<br>| (0.77)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.69 | $5.88 | $6.21 | $9.87 | $7.01 | $6.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | (0.24)<br>| 1.13 | (0.06)<br>| (2.65)<br>| 3.57 | 0.68 |
| Total investment operations | (0.25)<br>| 1.11 | (0.09)<br>| (2.69)<br>| 3.53 | 0.64 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>| (0.46)<br>|
| **Net asset value, end of period/year** | $5.66 | $6.69 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Total return** | (4.90 )%<sup>(B)</sup><br>| 18.85<br> %<br>| (1.38)%<br>| (29.82)%<br>| 52.42<br> %<br>| 9.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5436 | $5932 | $5402 | $5477 | $121 | $80 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09 %<sup>(C)</sup><br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | (0.32 )%<sup>(C)</sup><br>| (0.29)%<br>| (0.45)%<br>| (0.54)%<br>| (0.48)%<br>| (0.66)%<br>|
| Portfolio turnover rate | 24 %<sup>(B)</sup><br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>| 69<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Small Cap Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $938.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $50203 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50203 |
| **Total Borrowings** | **$50203** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$50203** |

---

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $39788908 | 47.50<br> % <br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.87<br> % <br>|
| Over $300 million | 0.83 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.40<br> % <br>| March 1, 2026 |
| Class C | 2.13 | March 1, 2026 |
| Class I | 1.10 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 1.00 | March 1, 2026 |
| Class R | 1.54 | March 1, 2026 |
| Class R4 | 1.15 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $412 | $10189 | $11255 | $21307 | $43163 |
| Class C | 574 | 1979 | 1745 | 1282 | 5580 |
| Class I |  | 4376 | 3987 | 7038 | 15401 |
| Class I2 |  | 9616 | 14130 | 19804 | 43550 |
| Class I3 |  | 2363 | 4115 | 5654 | 12132 |
| Class R |  |  |  | 1520 | 1520 |
| Class R4 | 88 | 183 | 240 | 164 | 675 |
| Class R6 |  | 568 | 1265 | 3100 | 4933 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $5204 | &nbsp;&nbsp;&nbsp;&nbsp; $10 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 19 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $38413 | &nbsp;&nbsp; $6076 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $24231719 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51367241 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $65618924 | &nbsp;&nbsp; $23224634 | &nbsp;&nbsp; $(4641580)<br>| &nbsp;&nbsp; $18583054 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Small Cap Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Small Cap Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Small Cap Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Small Cap Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

![](g947814img6d2ad0573.gif)

![](g947814imga2ada0564.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA SCG 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img4ce3d1585.gif)

------

![](g947814imgb0100c9a1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Small Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img07a6b3352.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_SOI-RunningFooter-163_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_FS-RunningFooter-163_1) | 6 |
| [Statement of Operations](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_FS-RunningFooter-163_3) | 8 |
| [Statement of Changes in Net Assets](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_FS-RunningFooter-163_4) | 9 |
| [Financial Highlights](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_FIHI-RunningFooter-163_1) | 11 |
| [Notes to Financial Statements](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_NTF-RunningFooter-163_1) | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_DWA-RunningFooter-163_1)**<br> **[Companies](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_DWA-RunningFooter-163_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_PD-RunningFooter-163_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_REMU-RunningFooter-163_1)**<br> **[Companies](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_REMU-RunningFooter-163_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7174c697-5dd4-4ed7-baae-7dc231f8777e_AIAC-RunningFooter-163_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.8%**  | **COMMON STOCKS - 98.8%**  | **COMMON STOCKS - 98.8%**  |
| **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  |
| Curtiss-Wright Corp. | 1675 | $577691 |
| Elbit Systems Ltd. | 625 | 248431 |
| V2X, Inc. <sup>(A)</sup> <br>| 12300 | 612048 |
|  |  | 1438170 |
| **Automobile Components - 1.0%**  | **Automobile Components - 1.0%**  | **Automobile Components - 1.0%**  |
| Gentex Corp. | 10300 | 224334 |
| Visteon Corp. <sup>(A)</sup> <br>| 6250 | 494938 |
|  |  | 719272 |
| **Banks - 17.3%**  | **Banks - 17.3%**  | **Banks - 17.3%**  |
| Atlantic Union Bankshares Corp. | 38800 | 1074760 |
| Berkshire Hills Bancorp, Inc. | 26150 | 649305 |
| Columbia Banking System, Inc. | 41750 | 936035 |
| Community West Bancshares | 5450 | 95375 |
| Dime Community Bancshares, Inc. | 27900 | 716751 |
| Eastern Bankshares, Inc. | 44000 | 656480 |
| First Citizens BancShares, Inc., Class A | 500 | 889570 |
| First Community Bankshares, Inc. | 8250 | 310860 |
| First Merchants Corp. | 20500 | 730620 |
| Hancock Whitney Corp. | 2600 | 135434 |
| OceanFirst Financial Corp. | 26150 | 433044 |
| Princeton Bancorp, Inc. | 3350 | 102108 |
| Provident Financial Services, Inc. | 49000 | 802130 |
| TrustCo Bank Corp. | 30500 | 928725 |
| UMB Financial Corp. | 10350 | 978799 |
| United Bankshares, Inc. | 10250 | 351473 |
| United Community Banks, Inc. | 23200 | 640552 |
| WaFd, Inc. | 36350 | 1037065 |
| Webster Financial Corp. | 25250 | 1194325 |
|  |  | 12663411 |
| **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 3900 | 94731 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 25500 | 998325 |
|  |  | 1093056 |
| **Building Products - 3.1%**  | **Building Products - 3.1%**  | **Building Products - 3.1%**  |
| American Woodmark Corp. <sup>(A)</sup> <br>| 7750 | 457250 |
| Gibraltar Industries, Inc. <sup>(A)</sup> <br>| 2100 | 111195 |
| Hayward Holdings, Inc. <sup>(A)</sup> <br>| 32600 | 434558 |
| Owens Corning | 5725 | 832472 |
| Quanex Building Products Corp. | 28300 | 465252 |
|  |  | 2300727 |
| **Capital Markets - 2.5%**  | **Capital Markets - 2.5%**  | **Capital Markets - 2.5%**  |
| Piper Sandler Cos. | 4000 | 964480 |
| Stifel Financial Corp. | 9850 | 844046 |
|  |  | 1808526 |
| **Chemicals - 0.6%**  | **Chemicals - 0.6%**  | **Chemicals - 0.6%**  |
| Huntsman Corp. | 13300 | 177023 |
| LSB Industries, Inc. <sup>(A)</sup> <br>| 46600 | 297308 |
|  |  | 474331 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  |
| HNI Corp. | 10200 | $431460 |
| Tetra Tech, Inc. | 1300 | 40547 |
|  |  | 472007 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| Harmonic, Inc. <sup>(A)</sup> <br>| 24650 | 221357 |
| KVH Industries, Inc. <sup>(A)</sup> <br>| 1000 | 5110 |
| Silicom Ltd. <sup>(A)</sup> <br>| 1850 | 26159 |
|  |  | 252626 |
| **Construction & Engineering - 4.0%**  | **Construction & Engineering - 4.0%**  | **Construction & Engineering - 4.0%**  |
| Comfort Systems USA, Inc. | 1825 | 725529 |
| EMCOR Group, Inc. | 3250 | 1302275 |
| Granite Construction, Inc. | 10800 | 877932 |
|  |  | 2905736 |
| **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  |
| Ingles Markets, Inc., Class A | 4875 | 300739 |
| Village Super Market, Inc., Class A | 6650 | 245052 |
|  |  | 545791 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Greif, Inc., Class A | 7300 | 383104 |
| **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  |
| American Public Education, Inc. <sup>(A)</sup> <br>| 1350 | 31725 |
| Stride, Inc. <sup>(A)</sup> <br>| 7500 | 1066875 |
|  |  | 1098600 |
| **Diversified REITs - 0.6%**  | **Diversified REITs - 0.6%**  | **Diversified REITs - 0.6%**  |
| Broadstone Net Lease, Inc. | 27200 | 440096 |
| **Electric Utilities - 0.8%**  | **Electric Utilities - 0.8%**  | **Electric Utilities - 0.8%**  |
| Portland General Electric Co. | 14650 | 617058 |
| **Electrical Equipment - 2.0%**  | **Electrical Equipment - 2.0%**  | **Electrical Equipment - 2.0%**  |
| Acuity, Inc. | 525 | 127895 |
| LSI Industries, Inc. | 61250 | 924263 |
| Regal Rexnord Corp. | 3850 | 407484 |
|  |  | 1459642 |
| **Electronic Equipment, Instruments & Components - 3.4%**  | **Electronic Equipment, Instruments & Components - 3.4%**  | **Electronic Equipment, Instruments & Components - 3.4%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 5150 | 331248 |
| IPG Photonics Corp. <sup>(A)</sup> <br>| 2250 | 134753 |
| Itron, Inc. <sup>(A)</sup> <br>| 3000 | 333870 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 6300 | 1289862 |
| Vishay Intertechnology, Inc. | 32850 | 426721 |
|  |  | 2516454 |
| **Energy Equipment & Services - 1.9%**  | **Energy Equipment & Services - 1.9%**  | **Energy Equipment & Services - 1.9%**  |
| Helix Energy Solutions Group, Inc. <sup>(A)</sup> <br>| 66150 | 402853 |
| Helmerich & Payne, Inc. | 13850 | 261627 |
| Noble Corp. PLC | 14150 | 307621 |
| Seadrill Ltd. <sup>(A)</sup> <br>| 10850 | 222859 |
| Select Water Solutions, Inc. | 20150 | 171678 |
|  |  | 1366638 |
| **Entertainment - 1.8%**  | **Entertainment - 1.8%**  | **Entertainment - 1.8%**  |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp. <sup>(A)</sup> <br>| 17900 | 580676 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Madison Square Garden Sports Corp. <sup>(A)</sup> <br>| 2850 | $548824 |
| Sphere Entertainment Co. <sup>(A)(B)</sup> <br>| 6300 | 171675 |
|  |  | 1301175 |
| **Food Products - 1.5%**  | **Food Products - 1.5%**  | **Food Products - 1.5%**  |
| Nomad Foods Ltd. | 37850 | 756622 |
| Smithfield Foods, Inc. | 13900 | 308719 |
|  |  | 1065341 |
| **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  |
| U-Haul Holding Co. | 6250 | 342500 |
| **Health Care Equipment & Supplies - 1.8%**  | **Health Care Equipment & Supplies - 1.8%**  | **Health Care Equipment & Supplies - 1.8%**  |
| AngioDynamics, Inc. <sup>(A)</sup> <br>| 46450 | 431520 |
| Inmode Ltd. <sup>(A)</sup> <br>| 26250 | 370125 |
| Integra LifeSciences Holdings Corp. <sup>(A)</sup> <br>| 22300 | 365497 |
| OraSure Technologies, Inc. <sup>(A)</sup> <br>| 21000 | 62790 |
| QuidelOrtho Corp. <sup>(A)</sup> <br>| 1850 | 51412 |
|  |  | 1281344 |
| **Health Care Providers & Services - 2.4%**  | **Health Care Providers & Services - 2.4%**  | **Health Care Providers & Services - 2.4%**  |
| AMN Healthcare Services, Inc. <sup>(A)</sup> <br>| 4900 | 100107 |
| Cross Country Healthcare, Inc. <sup>(A)</sup> <br>| 500 | 6775 |
| Encompass Health Corp. | 9600 | 1123104 |
| Enhabit, Inc. <sup>(A)</sup> <br>| 34450 | 275255 |
| National HealthCare Corp. | 2450 | 231501 |
|  |  | 1736742 |
| **Health Care REITs - 2.8%**  | **Health Care REITs - 2.8%**  | **Health Care REITs - 2.8%**  |
| Community Healthcare Trust, Inc. | 29600 | 505568 |
| Healthpeak Properties, Inc. | 36000 | 642240 |
| Sabra Health Care, Inc. | 49250 | 879112 |
|  |  | 2026920 |
| **Hotel & Resort REITs - 1.3%**  | **Hotel & Resort REITs - 1.3%**  | **Hotel & Resort REITs - 1.3%**  |
| Apple Hospitality, Inc. | 48850 | 574965 |
| DiamondRock Hospitality Co. | 39600 | 290664 |
| Summit Hotel Properties, Inc. | 20400 | 83028 |
|  |  | 948657 |
| **Hotels, Restaurants & Leisure - 1.4%**  | **Hotels, Restaurants & Leisure - 1.4%**  | **Hotels, Restaurants & Leisure - 1.4%**  |
| Bloomin' Brands, Inc. | 12400 | 99448 |
| Churchill Downs, Inc. | 4475 | 404585 |
| Golden Entertainment, Inc. | 14350 | 368795 |
| &nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class C <sup>(B)</sup> <br>| 18900 | 177660 |
|  |  | 1050488 |
| **Household Durables - 2.3%**  | **Household Durables - 2.3%**  | **Household Durables - 2.3%**  |
| Helen of Troy Ltd. <sup>(A)</sup> <br>| 5600 | 156016 |
| KB Home | 11100 | 599733 |
| La-Z-Boy, Inc. | 11100 | 438450 |
| PulteGroup, Inc. | 2500 | 256450 |
| Sonos, Inc. <sup>(A)</sup> <br>| 28000 | 257880 |
|  |  | 1708529 |
| **Household Products - 0.7%**  | **Household Products - 0.7%**  | **Household Products - 0.7%**  |
| Spectrum Brands Holdings, Inc. | 7900 | 498490 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Industrial REITs - 0.7%**  | **Industrial REITs - 0.7%**  | **Industrial REITs - 0.7%**  |
| LXP Industrial Trust | 66500 | $524685 |
| **Insurance - 3.8%**  | **Insurance - 3.8%**  | **Insurance - 3.8%**  |
| Everest Group Ltd. | 2675 | 959870 |
| Old Republic International Corp. | 22250 | 836600 |
| Selective Insurance Group, Inc. | 6900 | 601887 |
| United Fire Group, Inc. | 14450 | 399832 |
|  |  | 2798189 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| ASGN, Inc. <sup>(A)</sup> <br>| 5600 | 282128 |
| **Leisure Products - 0.8%**  | **Leisure Products - 0.8%**  | **Leisure Products - 0.8%**  |
| BRP, Inc. <sup>(B)</sup> <br>| 2900 | 98281 |
| MasterCraft Boat Holdings, Inc. <sup>(A)</sup> <br>| 21400 | 351816 |
| Polaris, Inc. | 4700 | 159612 |
|  |  | 609709 |
| **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  |
| Azenta, Inc. <sup>(A)</sup> <br>| 7400 | 194916 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 22600 | 45652 |
|  |  | 240568 |
| **Machinery - 3.2%**  | **Machinery - 3.2%**  | **Machinery - 3.2%**  |
| Columbus McKinnon Corp. | 3200 | 47520 |
| Douglas Dynamics, Inc. | 6800 | 163064 |
| Gencor Industries, Inc. <sup>(A)</sup> <br>| 14600 | 185274 |
| Miller Industries, Inc. | 8000 | 326480 |
| Mueller Industries, Inc. | 20150 | 1482234 |
| Oshkosh Corp. | 2000 | 167520 |
|  |  | 2372092 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| Perion Network Ltd. <sup>(A)(B)</sup> <br>| 12450 | 116159 |
| **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  |
| Commercial Metals Co. | 12100 | 538934 |
| Kaiser Aluminum Corp. | 6300 | 406098 |
| Metallus, Inc. <sup>(A)</sup> <br>| 30450 | 385192 |
|  |  | 1330224 |
| **Multi-Utilities - 2.0%**  | **Multi-Utilities - 2.0%**  | **Multi-Utilities - 2.0%**  |
| Northwestern Energy Group, Inc. | 25450 | 1481953 |
| **Office REITs - 0.2%**  | **Office REITs - 0.2%**  | **Office REITs - 0.2%**  |
| Piedmont Office Realty Trust, Inc., Class A | 28000 | 165480 |
| **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  |
| Delek U.S. Holdings, Inc. | 20350 | 264957 |
| Magnolia Oil & Gas Corp., Class A | 67100 | 1377563 |
| Ovintiv, Inc. | 18000 | 604440 |
| REX American Resources Corp. <sup>(A)</sup> <br>| 15400 | 611688 |
| Teekay Tankers Ltd., Class A | 5600 | 238392 |
|  |  | 3097040 |
| **Pharmaceuticals - 4.1%**  | **Pharmaceuticals - 4.1%**  | **Pharmaceuticals - 4.1%**  |
| Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 8000 | 195280 |
| Innoviva, Inc. <sup>(A)</sup> <br>| 43400 | 811146 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 8475 | 991236 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Perrigo Co. PLC | 29650 | $762598 |
| Supernus Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 7450 | 241976 |
|  |  | 3002236 |
| **Professional Services - 3.8%**  | **Professional Services - 3.8%**  | **Professional Services - 3.8%**  |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 450 | 74826 |
| Heidrick & Struggles International, Inc. | 12000 | 468240 |
| ICF International, Inc. | 3900 | 331344 |
| KBR, Inc. | 16000 | 844960 |
| Leidos Holdings, Inc. | 3800 | 559284 |
| Science Applications International Corp. | 4000 | 484120 |
|  |  | 2762774 |
| **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  |
| Newmark Group, Inc., Class A | 34500 | 379155 |
| **Retail REITs - 1.4%**  | **Retail REITs - 1.4%**  | **Retail REITs - 1.4%**  |
| Agree Realty Corp. | 7450 | 578195 |
| Kite Realty Group Trust | 20000 | 433000 |
|  |  | 1011195 |
| **Semiconductors & Semiconductor Equipment - 3.9%**  | **Semiconductors & Semiconductor Equipment - 3.9%**  | **Semiconductors & Semiconductor Equipment - 3.9%**  |
| Cohu, Inc. <sup>(A)</sup> <br>| 20300 | 324800 |
| Kulicke & Soffa Industries, Inc. | 3750 | 120863 |
| Magnachip Semiconductor Corp. <sup>(A)</sup> <br>| 28250 | 88705 |
| MKS Instruments, Inc. | 5400 | 378756 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 3150 | 384205 |
| Silicon Motion Technology Corp., ADR | 13600 | 673200 |
| Tower Semiconductor Ltd. <sup>(A)</sup> <br>| 16150 | 577847 |
| Universal Display Corp. | 2650 | 332919 |
|  |  | 2881295 |
| **Software - 2.1%**  | **Software - 2.1%**  | **Software - 2.1%**  |
| Adeia, Inc. | 51700 | 636427 |
| Progress Software Corp. | 14700 | 881412 |
|  |  | 1517839 |
| **Specialty Retail - 3.4%**  | **Specialty Retail - 3.4%**  | **Specialty Retail - 3.4%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 6625 | 459907 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Academy Sports & Outdoors, Inc. | 4600 | $173328 |
| American Eagle Outfitters, Inc. | 25700 | 270621 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 19500 | 1029210 |
| Williams-Sonoma, Inc. | 3525 | 544507 |
|  |  | 2477573 |
| **Textiles, Apparel & Luxury Goods - 1.2%**  | **Textiles, Apparel & Luxury Goods - 1.2%**  | **Textiles, Apparel & Luxury Goods - 1.2%**  |
| Steven Madden Ltd. | 13000 | 273000 |
| Tapestry, Inc. | 8350 | 589928 |
|  |  | 862928 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $79,557,230)**<br>|  | 72428653 |
| **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  |
| **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(C)</sup> <br>| 448299 | 448299 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $448,299)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $448,299)** | 448299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $790,416 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.00%, due 05/16/2047, and <br> with a value of $806,338.<br>| $790376 | 790376 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $790,376)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $790,376)** | 790376 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $80,795,905)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $80,795,905)** | 73667328 |
| **Net Other Assets (Liabilities) - (0.5)%** | **Net Other Assets (Liabilities) - (0.5)%** | (341748) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$73325580** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $72428653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72428653 |
| Other Investment Company | 448299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 448299 |
| Repurchase Agreement |  | &nbsp;&nbsp; 790376 | &nbsp;&nbsp; — | &nbsp;&nbsp; 790376 |
| **Total Investments** | **$72876952** | &nbsp;&nbsp; **$790376** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$73667328** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $554,922, collateralized by cash collateral of $448,299 and non-cash* *collateral, such as U.S. government securities of $125,401. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $80,005,529) (including securities loaned of $554,922) | $72876952 |
| Repurchase agreement, at value (cost $790,376) | 790376 |
| Receivables and other assets: |  |
| Net income from securities lending | 1385 |
| Shares of beneficial interest sold  | 113631 |
| Dividends  | 13363 |
| Interest | 39 |
| Prepaid expenses | 29719 |
| Total assets | 73825465 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 448299 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 4040 |
| Investment management fees | 3512 |
| Distribution and service fees | 3100 |
| Transfer agent fees | 3124 |
| Trustee and CCO fees | 439 |
| Audit and tax fees  | 10617 |
| Custody fees | 13746 |
| Legal fees | 2322 |
| Printing and shareholder reports fees | 6752 |
| Other accrued expenses | 3934 |
| Total liabilities | 499885 |
| **Net assets**  | $73325580 |
| **Net assets consist of:** |  |
| Paid-in capital | $77169428 |
| Total distributable earnings (accumulated losses) | (3843848)<br>|
| **Net assets** | $73325580 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $8665310 |
| Class C | 370831 |
| Class I | 2188527 |
| Class I2 | 47122369 |
| Class I3 | 6514364 |
| Class R | 2644660 |
| Class R4 | 143118 |
| Class R6 | 5676401 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2063147 |
| Class C | 94392 |
| Class I | 488492 |
| Class I2 | 10890210 |
| Class I3 | 1495437 |
| Class R | 604193 |
| Class R4 | 32825 |
| Class R6 | 1290340 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $4.20 |
| Class C | 3.93 |
| Class I | 4.48 |
| Class I2 | 4.33 |
| Class I3 | 4.36 |
| Class R | 4.38 |
| Class R4 | 4.36 |
| Class R6 | 4.40 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $4.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1005600 |
| Interest income | 16067 |
| Net income from securities lending | 16990 |
| Withholding taxes on foreign income | (407)<br>|
| Total investment income  | 1038250 |
| **Expenses:** |  |
| Investment management fees | 384159 |
| Distribution and service fees: |  |
| Class A | 10463 |
| Class C | 2169 |
| Class R | 10082 |
| Class R4 | 197 |
| Transfer agent fees: |  |
| Class A | 13514 |
| Class C | 322 |
| Class I | 1426 |
| Class I2 | 2053 |
| Class I3 | 419 |
| Class R | 55 |
| Class R4 | 6 |
| Class R6 | 540 |
| Trustee and CCO fees | 2100 |
| Audit and tax fees | 13436 |
| Custody fees | 9438 |
| Legal fees | 28946 |
| Printing and shareholder reports fees | 9748 |
| Registration fees | 48654 |
| Other | 14371 |
| Total expenses before waiver and/or reimbursement and recapture | 552098 |
| Expenses waived and/or reimbursed: |  |
| Class A | (16062)<br>|
| Class C | (394)<br>|
| Class I | (2494)<br>|
| Class I2 | (52303)<br>|
| Class I3 | (10565)<br>|
| Class R | (3620)<br>|
| Class R4 | (185)<br>|
| Class R6 | (13270)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 1772 |
| Class C | 27 |
| Class I | 134 |
| Class I2 | 4105 |
| Class I3 | 732 |
| Class R | 221 |
| Class R4 | 15 |
| Class R6 | 593 |
| Net expenses | 460804 |
| **Net investment income (loss)** | 577446 |
| **Net realized gain (loss) on:** |  |
| Investments | 3833246 |
| Foreign currency transactions | 11 |
| Net realized gain (loss) | 3833257 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (13635319)<br>|
| Net realized and change in unrealized gain (loss) | (9802062)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(9224616)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $577446 | &nbsp;&nbsp;&nbsp;&nbsp; $954944 |
| Net realized gain (loss) | 3833257 | &nbsp;&nbsp;&nbsp;&nbsp; 28742685 |
| Net change in unrealized appreciation (depreciation) | (13635319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11822048 |
| Net increase (decrease) in net assets resulting from operations | (9224616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41519677 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2276259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (209787)<br>|
| Class C | (109023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10543)<br>|
| Class I | (629048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | (12235960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2740221)<br>|
| Class I3 | (1639477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (570906)<br>|
| Class R | (643460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158802)<br>|
| Class R4 | (35321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5280)<br>|
| Class R6 | (4764440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629520)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (22332988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4325059)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 7981375 | &nbsp;&nbsp;&nbsp;&nbsp; 1735604 |
| Class C | 942 | &nbsp;&nbsp;&nbsp;&nbsp; 74152 |
| Class I | 681537 | &nbsp;&nbsp;&nbsp;&nbsp; 1956986 |
| Class I2 | 4094072 | &nbsp;&nbsp;&nbsp;&nbsp; 3806818 |
| Class I3 | 1063093 | &nbsp;&nbsp;&nbsp;&nbsp; 432951 |
| Class R | 147629 | &nbsp;&nbsp;&nbsp;&nbsp; 543035 |
| Class R4 | 339 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| Class R6 | 3380237 | &nbsp;&nbsp;&nbsp;&nbsp; 15073846 |
|  | 17349224 | &nbsp;&nbsp;&nbsp;&nbsp; 23626191 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2276259 | &nbsp;&nbsp;&nbsp;&nbsp; 209787 |
| Class C | 109023 | &nbsp;&nbsp;&nbsp;&nbsp; 10543 |
| Class I | 629048 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 12235960 | &nbsp;&nbsp;&nbsp;&nbsp; 2740221 |
| Class I3 | 1639477 | &nbsp;&nbsp;&nbsp;&nbsp; 570906 |
| Class R | 643460 | &nbsp;&nbsp;&nbsp;&nbsp; 158802 |
| Class R4 | 35321 | &nbsp;&nbsp;&nbsp;&nbsp; 5280 |
| Class R6 | 4764440 | &nbsp;&nbsp;&nbsp;&nbsp; 629520 |
|  | 22332988 | &nbsp;&nbsp;&nbsp;&nbsp; 4325059 |
| Cost of shares redeemed: |  |  |
| Class A | (4090945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5203496)<br>|
| Class C | (52637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23526)<br>|
| Class I | (461227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13645696)<br>|
| Class I2 | (6029555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152600534)<br>|
| Class I3 | (14011402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2557881)<br>|
| Class R | (3852916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1092932)<br>|
| Class R4 |  | &nbsp;&nbsp;&nbsp;&nbsp; (57996)<br>|
| Class R6 | (19912974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3772811)<br>|
|  | (48411656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178954872)<br>|
| Automatic conversions: |  |  |
| Class A | 10654 | &nbsp;&nbsp;&nbsp;&nbsp; 126616 |
| Class C | (10654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126616)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (8729444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151003622)<br>|
| **Net increase (decrease) in net assets** | (40287048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113809004)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 113612628 | &nbsp;&nbsp;&nbsp;&nbsp; 227421632 |
| End of period/year | $73325580 | &nbsp;&nbsp;&nbsp;&nbsp; $113612628 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1359637 | &nbsp;&nbsp;&nbsp;&nbsp; 305279 |
| Class C | 200 | &nbsp;&nbsp;&nbsp;&nbsp; 13074 |
| Class I | 106182 | &nbsp;&nbsp;&nbsp;&nbsp; 303850 |
| Class I2 | 810867 | &nbsp;&nbsp;&nbsp;&nbsp; 662838 |
| Class I3 | 198545 | &nbsp;&nbsp;&nbsp;&nbsp; 72990 |
| Class R | 28403 | &nbsp;&nbsp;&nbsp;&nbsp; 92602 |
| Class R4 | 67 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| Class R6 | 667831 | &nbsp;&nbsp;&nbsp;&nbsp; 2972814 |
|  | 3171732 | &nbsp;&nbsp;&nbsp;&nbsp; 4423944 |
| Shares reinvested: |  |  |
| Class A | 474221 | &nbsp;&nbsp;&nbsp;&nbsp; 38423 |
| Class C | 24227 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| Class I | 123101 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 2476915 | &nbsp;&nbsp;&nbsp;&nbsp; 491960 |
| Class I3 | 329874 | &nbsp;&nbsp;&nbsp;&nbsp; 101948 |
| Class R | 128692 | &nbsp;&nbsp;&nbsp;&nbsp; 28307 |
| Class R4 | 7093 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
| Class R6 | 947205 | &nbsp;&nbsp;&nbsp;&nbsp; 111419 |
|  | 4511328 | &nbsp;&nbsp;&nbsp;&nbsp; 775025 |
| Shares redeemed: |  |  |
| Class A | (746065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (887867)<br>|
| Class C | (11708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4491)<br>|
| Class I | (95897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2763693)<br>|
| Class I2 | (1264199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29894499)<br>|
| Class I3 | (2231997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (446418)<br>|
| Class R | (613239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187158)<br>|
| Class R4 |  | &nbsp;&nbsp;&nbsp;&nbsp; (9315)<br>|
| Class R6 | (3818867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (648424)<br>|
|  | (8781972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34841865)<br>|
| Automatic conversions: |  |  |
| Class A | 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 23673 |
| Class C | (1738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24851)<br>|
|  | (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1178)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1089435 | &nbsp;&nbsp;&nbsp;&nbsp; (520492)<br>|
| Class C | 10981 | &nbsp;&nbsp;&nbsp;&nbsp; (14241)<br>|
| Class I | 133386 | &nbsp;&nbsp;&nbsp;&nbsp; (2459843)<br>|
| Class I2 | 2023583 | &nbsp;&nbsp;&nbsp;&nbsp; (28739701)<br>|
| Class I3 | (1703578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (271480)<br>|
| Class R | (456144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66249)<br>|
| Class R4 | 7160 | &nbsp;&nbsp;&nbsp;&nbsp; (7877)<br>|
| Class R6 | (2203831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2435809 |
|  | (1099008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29644074)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.12 | $4.66 | $6.55 | $12.91 | $8.13 | $9.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.02 | 0.02 | 0.03 | (0.00 )<sup>(B)</sup><br>| 0.05 |
| Net realized and unrealized gain (loss) | (0.56)<br>| 1.59 | (0.77)<br>| (0.64)<br>| 4.78 | (1.36)<br>|
| Total investment operations | (0.54)<br>| 1.61 | (0.75)<br>| (0.61)<br>| 4.78 | (1.31)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.15)<br>| (0.05)<br>| (0.05)<br>|  | (0.18)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.15)<br>| (1.14)<br>| (5.75)<br>|  | (0.39)<br>|
| **Net asset value, end of period/year** | $4.20 | $6.12 | $4.66 | $6.55 | $12.91 | $8.13 |
| **Total return** <sup>(D)</sup> <br>| (11.74 )%<sup>(E)</sup><br>| 34.85<br> %<br>| (13.43)%<br>| (7.92 )%<sup>(C)</sup><br>| 58.79<br> %<br>| (14.03)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $8665 | $5962 | $6957 | $8559 | $9240 | $4246 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.64 %<sup>(F)</sup><br>| 1.39<br> %<br>| 1.28<br> %<br>| 1.24<br> %<br>| 1.19<br> %<br>| 1.39<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.30 %<sup>(F)(G)</sup><br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.21<br> %<br>| 1.26<br> %<br>| 1.30<br> %<br>|
| Net investment income (loss) to average net assets | 0.78 %<sup>(F)</sup><br>| 0.39<br> %<br>| 0.36<br> %<br>| 0.48<br> %<br>| 0.00 %<sup>(H)</sup><br>| 0.66<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(E)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(H)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $5.80 | $4.42 | $6.28 | $12.60 | $7.99 | $9.67 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.00 <br><sup>(B)</sup><br>| (0.02)<br>| (0.02)<br>| (0.02)<br>| (0.07)<br>| (0.00 )<sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.53)<br>| 1.51 | (0.73)<br>| (0.63)<br>| 4.68 | (1.36)<br>|
| Total investment operations | (0.53)<br>| 1.49 | (0.75)<br>| (0.65)<br>| 4.61 | (1.36)<br>|
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  | (0.11)<br>| (0.02)<br>|  |  | (0.11)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.11)<br>| (1.11)<br>| (5.70)<br>|  | (0.32)<br>|
| **Net asset value, end of period/year** | $3.93 | $5.80 | $4.42 | $6.28 | $12.60 | $7.99 |
| **Total return** <sup>(D)</sup> <br>| (12.13 )%<sup>(E)</sup><br>| 33.95<br> %<br>| (13.99)%<br>| (8.28 )%<sup>(C)</sup><br>| 57.70<br> %<br>| (14.67)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $371 | $484 | $431 | $572 | $756 | $581 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.21 %<sup>(F)</sup><br>| 2.13<br> %<br>| 2.03<br> %<br>| 1.99<br> %<br>| 1.93<br> %<br>| 2.05<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.04 %<sup>(F)</sup><br>| 2.05<br> %<br>| 2.03<br> %<br>| 1.99 %<sup>(G)</sup><br>| 1.95<br> %<br>| 2.05 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 0.11 %<sup>(F)</sup><br>| (0.35)%<br>| (0.40)%<br>| (0.29)%<br>| (0.61)%<br>| (0.06)%<br>|
| Portfolio turnover rate | 22 %<sup>(E)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.39%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.45 | $4.77 | $6.67 | $13.06 | $8.22 | $9.93 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.07 | 0.04 | 0.06 | 0.05 | 0.08 |
| Net realized and unrealized gain (loss) | (0.61)<br>| 1.61 | (0.79)<br>| (0.66)<br>| 4.81 | (1.38)<br>|
| Total investment operations | (0.58)<br>| 1.68 | (0.75)<br>| (0.60)<br>| 4.86 | (1.30)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.05)<br>|  | (0.06)<br>| (0.09)<br>| (0.02)<br>| (0.20)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.39)<br>|  | (1.15)<br>| (5.79)<br>| (0.02)<br>| (0.41)<br>|
| **Net asset value, end of period/year** | $4.48 | $6.45 | $4.77 | $6.67 | $13.06 | $8.22 |
| **Total return** | (11.65 )%<sup>(B)</sup><br>| 35.22<br> %<br>| (13.10)%<br>| (7.72)%<br>| 59.14<br> %<br>| (13.77)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $2189 | $2291 | $13415 | $17023 | $19027 | $12838 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.17 %<sup>(C)</sup><br>| 1.07<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.90<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(C)(D)</sup><br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.91<br> %<br>| 1.02 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.17 %<sup>(C)</sup><br>| 1.11<br> %<br>| 0.67<br> %<br>| 0.75<br> %<br>| 0.41<br> %<br>| 0.96<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(B)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.27 | $4.77 | $6.68 | $13.08 | $8.23 | $9.94 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.05 | 0.05 | 0.06 | 0.07 | 0.05 |
| Net realized and unrealized gain (loss) | (0.57)<br>| 1.62 | (0.80)<br>| (0.66)<br>| 4.81 | (1.34)<br>|
| Total investment operations | (0.54)<br>| 1.67 | (0.75)<br>| (0.60)<br>| 4.88 | (1.29)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>| (0.21)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>| (0.42)<br>|
| **Net asset value, end of period/year** | $4.33 | $6.27 | $4.77 | $6.68 | $13.08 | $8.23 |
| **Total return** | (11.50 )%<sup>(B)</sup><br>| 35.41<br> %<br>| (13.13)%<br>| (7.63)%<br>| 59.35<br> %<br>| (13.69)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $47122 | $55629 | $179319 | $360477 | $643658 | $419838 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07 %<sup>(C)</sup><br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90 %<sup>(C)(D)</sup><br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.92 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.25 %<sup>(C)</sup><br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.60<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(B)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.31 | $4.79 | $6.70 | $13.10 | $8.24 | $9.96 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.04 | 0.04 | 0.06 | 0.06 | 0.08 |
| Net realized and unrealized gain (loss) | (0.59)<br>| 1.65 | (0.79)<br>| (0.66)<br>| 4.83 | (1.38)<br>|
| Total investment operations | (0.55)<br>| 1.69 | (0.75)<br>| (0.60)<br>| 4.89 | (1.30)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>| (0.21)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>| (0.42)<br>|
| **Net asset value, end of period/year** | $4.36 | $6.31 | $4.79 | $6.70 | $13.10 | $8.24 |
| **Total return** | (11.56 )%<sup>(B)</sup><br>| 35.70<br> %<br>| (13.12)%<br>| (7.70)%<br>| 59.37<br> %<br>| (13.75)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $6514 | $20179 | $16635 | $23917 | $31764 | $28471 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07 %<sup>(C)</sup><br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89 %<sup>(C)</sup><br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.92 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.37 %<sup>(C)</sup><br>| 0.78<br> %<br>| 0.80<br> %<br>| 0.85<br> %<br>| 0.52<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(B)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.29 | $4.78 | $6.68 | $13.05 | $8.23 | $9.93 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.02 | 0.02 | 0.03 | 0.00 <br><sup>(B)</sup><br>| 0.05 |
| Net realized and unrealized gain (loss) | (0.59)<br>| 1.63 | (0.80)<br>| (0.67)<br>| 4.82 | (1.38)<br>|
| Total investment operations | (0.57)<br>| 1.65 | (0.78)<br>| (0.64)<br>| 4.82 | (1.33)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  | (0.14)<br>| (0.03)<br>| (0.03)<br>|  | (0.16)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.14)<br>| (1.12)<br>| (5.73)<br>|  | (0.37)<br>|
| **Net asset value, end of period/year** | $4.38 | $6.29 | $4.78 | $6.68 | $13.05 | $8.23 |
| **Total return** | (11.76 )%<sup>(C)</sup><br>| 34.91<br> %<br>| (13.54)%<br>| (8.16)%<br>| 58.57<br> %<br>| (14.05)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $2645 | $6672 | $5388 | $7613 | $10125 | $6206 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.57 %<sup>(D)</sup><br>| 1.47<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>| 1.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.40 %<sup>(D)</sup><br>| 1.39<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>| 1.40<br> %<br>|
| Net investment income (loss) to average net assets | 0.83 %<sup>(D)</sup><br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.36<br> %<br>| 0.02<br> %<br>| 0.59<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(C)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Small Cap Value**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.30 | $4.79 | $6.70 | $13.07 | $8.23 | $9.95 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.03 | 0.03 | 0.04 | 0.02 | 0.08 |
| Net realized and unrealized gain (loss) | (0.59)<br>| 1.64 | (0.79)<br>| (0.66)<br>| 4.83 | (1.39)<br>|
| Total investment operations | (0.56)<br>| 1.67 | (0.76)<br>| (0.62)<br>| 4.85 | (1.31)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.16)<br>| (0.06)<br>| (0.05)<br>| (0.01)<br>| (0.20)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.16)<br>| (1.15)<br>| (5.75)<br>| (0.01)<br>| (0.41)<br>|
| **Net asset value, end of period/year** | $4.36 | $6.30 | $4.79 | $6.70 | $13.07 | $8.23 |
| **Total return** | (11.67 )% <sup>(B)</sup><br>| 35.20<br> %<br>| (13.32)%<br>| (7.85)%<br>| 58.90<br> %<br>| (13.88)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $143 | $162 | $161 | $162 | $184 | $117 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.32 %<sup>(C)</sup><br>| 1.22<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.05<br> %<br>| 1.17<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.11 %<sup>(C)(D)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 1.02 %<sup>(C)</sup><br>| 0.57<br> %<br>| 0.50<br> %<br>| 0.59<br> %<br>| 0.20<br> %<br>| 0.93<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(B)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Includes interest expenses outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.36 | $4.83 | $6.75 | $13.16 | $8.28 | $10.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.04 | 0.04 | 0.06 | 0.06 | 0.09 |
| Net realized and unrealized gain (loss) | (0.60)<br>| 1.66 | (0.80)<br>| (0.67)<br>| 4.85 | (1.39)<br>|
| Total investment operations | (0.56)<br>| 1.70 | (0.76)<br>| (0.61)<br>| 4.91 | (1.30)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>| (0.21)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  | (0.21)<br>|
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>| (0.42)<br>|
| **Net asset value, end of period/year** | $4.40 | $6.36 | $4.83 | $6.75 | $13.16 | $8.28 |
| **Total return** | (11.69 )%<sup>(B)</sup><br>| 35.62<br> %<br>| (13.15)%<br>| (7.68)%<br>| 59.35<br> %<br>| (13.69)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5677 | $22234 | $5116 | $6373 | $80 | $50 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07 %<sup>(C)</sup><br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89 %<sup>(C)</sup><br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.30 %<sup>(C)</sup><br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.50<br> %<br>| 1.08<br> %<br>|
| Portfolio turnover rate | 22 %<sup>(B)</sup><br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>| 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Small Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $7,580.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs.These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $448299 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448299 |
| **Total Borrowings** | **$448299** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$448299** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $52515780 | 71.62<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.80<br> % <br>|
| Over $300 million up to $800 million | 0.75 |
| Over $800 million | 0.71 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.29<br> % <br>| March 1, 2026 |
| Class C | 2.05 | March 1, 2026 |
| Class I | 0.99 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.89 | March 1, 2026 |
| Class R | 1.40 | March 1, 2026 |
| Class R4 | 1.10 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $6232 | $16062 | $22294 |
| Class C |  |  | 337 | 368 | 705 |
| Class I |  |  | 264 | 2495 | 2759 |
| Class I2 |  |  | 50346 | 52304 | 102650 |
| Class I3 |  |  | 14882 | 10564 | 25446 |
| Class R |  |  | 3981 | 3474 | 7455 |
| Class R4 |  | 38 | 265 | 186 | 489 |
| Class R6 |  |  | 16708 | 13270 | 29978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $1410 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $18196 | &nbsp;&nbsp; $3062 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $20572179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49116936 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $80795905 | &nbsp;&nbsp; $4625241 | &nbsp;&nbsp; $(11753818)<br>| &nbsp;&nbsp; $(7128577)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Small Cap Value** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Small Cap Value** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Small Cap Value** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Small Cap Value** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

------

![](g947814img67736da53.gif)

![](g947814img0c2952e04.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453838 TA SCV 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgebb3fa705.gif)

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![](g947814imgbe075e841.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Small/Mid Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgda88930f2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_SOI-RunningFooter-177_1) | 2 |
| [Statement of Assets and Liabilities](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_FS-RunningFooter-177_1) | 7 |
| [Statement of Operations](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_FS-RunningFooter-177_2) | 8 |
| [Statement of Changes in Net Assets](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_FS-RunningFooter-177_3) | 9 |
| [Financial Highlights](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_FIHI-RunningFooter-177_1) | 11 |
| [Notes to Financial Statements](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_NTF-RunningFooter-177_1) | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_DWA-RunningFooter-177_1)**<br> **[Companies](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_DWA-RunningFooter-177_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_PD-RunningFooter-177_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_REMU-RunningFooter-177_1)**<br> **[Companies](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_REMU-RunningFooter-177_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cf53c284-911a-45a6-92f9-0942f0b927bb_AIAC-RunningFooter-177_1)** | 27 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.5%**  | **COMMON STOCKS - 95.5%**  | **COMMON STOCKS - 95.5%**  |
| **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  |
| Curtiss-Wright Corp. | 8950 | $3086765 |
| Elbit Systems Ltd. | 2885 | 1146759 |
| Huntington Ingalls Industries, Inc. | 39321 | 9057199 |
| V2X, Inc. <sup>(A)</sup> <br>| 26000 | 1293760 |
|  |  | 14584483 |
| **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  |
| Gentex Corp. | 25750 | 560835 |
| Visteon Corp. <sup>(A)</sup> <br>| 19900 | 1575881 |
|  |  | 2136716 |
| **Banks - 7.5%**  | **Banks - 7.5%**  | **Banks - 7.5%**  |
| Atlantic Union Bankshares Corp. | 113015 | 3130515 |
| Berkshire Hills Bancorp, Inc. | 80800 | 2006264 |
| Columbia Banking System, Inc. | 91600 | 2053672 |
| Community West Bancshares | 16300 | 285250 |
| Dime Community Bancshares, Inc. | 87450 | 2246591 |
| Eastern Bankshares, Inc. | 138250 | 2062690 |
| First Citizens BancShares, Inc., Class A | 5855 | 10416865 |
| First Community Bankshares, Inc. | 38900 | 1465752 |
| First Merchants Corp. | 59100 | 2106324 |
| Hancock Whitney Corp. | 8600 | 447974 |
| OceanFirst Financial Corp. | 73450 | 1216332 |
| Princeton Bancorp, Inc. | 10100 | 307848 |
| Provident Financial Services, Inc. | 153750 | 2516887 |
| TrustCo Bank Corp. | 89400 | 2722230 |
| UMB Financial Corp. | 26000 | 2458820 |
| United Bankshares, Inc. | 31900 | 1093851 |
| United Community Banks, Inc. | 76200 | 2103882 |
| WaFd, Inc. | 113000 | 3223890 |
| Webster Financial Corp. | 80700 | 3817110 |
|  |  | 45682747 |
| **Beverages - 0.8%**  | **Beverages - 0.8%**  | **Beverages - 0.8%**  |
| Molson Coors Beverage Co., Class B | 89800 | 5166194 |
| **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 38800 | 4697904 |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 12900 | 313341 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 83250 | 3259238 |
|  |  | 8270483 |
| **Building Products - 1.2%**  | **Building Products - 1.2%**  | **Building Products - 1.2%**  |
| American Woodmark Corp. <sup>(A)</sup> <br>| 25300 | 1492700 |
| Gibraltar Industries, Inc. <sup>(A)</sup> <br>| 6150 | 325643 |
| Hayward Holdings, Inc. <sup>(A)</sup> <br>| 105900 | 1411647 |
| Owens Corning | 18100 | 2631921 |
| Quanex Building Products Corp. | 88300 | 1451652 |
|  |  | 7313563 |
| **Capital Markets - 1.0%**  | **Capital Markets - 1.0%**  | **Capital Markets - 1.0%**  |
| Piper Sandler Cos. | 13725 | 3309372 |
| Stifel Financial Corp. | 31000 | 2656390 |
|  |  | 5965762 |
| **Chemicals - 2.2%**  | **Chemicals - 2.2%**  | **Chemicals - 2.2%**  |
| Huntsman Corp. | 42750 | 569002 |
| LSB Industries, Inc. <sup>(A)</sup> <br>| 138200 | 881716 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Mosaic Co. | 264784 | $8049434 |
| PPG Industries, Inc. | 37100 | 4038706 |
|  |  | 13538858 |
| **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  |
| HNI Corp. | 32800 | 1387440 |
| Tetra Tech, Inc. | 14100 | 439779 |
|  |  | 1827219 |
| **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  |
| Harmonic, Inc. <sup>(A)</sup> <br>| 82300 | 739054 |
| KVH Industries, Inc. <sup>(A)</sup> <br>| 76500 | 390915 |
| Silicom Ltd. <sup>(A)</sup> <br>| 22650 | 320271 |
|  |  | 1450240 |
| **Construction & Engineering - 1.7%**  | **Construction & Engineering - 1.7%**  | **Construction & Engineering - 1.7%**  |
| Comfort Systems USA, Inc. | 6300 | 2504565 |
| EMCOR Group, Inc. | 10900 | 4367630 |
| Granite Construction, Inc. | 39300 | 3194697 |
|  |  | 10066892 |
| **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  |
| Ally Financial, Inc. | 143505 | 4686873 |
| **Consumer Staples Distribution & Retail - 2.2%**  | **Consumer Staples Distribution & Retail - 2.2%**  | **Consumer Staples Distribution & Retail - 2.2%**  |
| Dollar General Corp. | 28900 | 2707641 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 56000 | 4579120 |
| Ingles Markets, Inc., Class A | 15850 | 977786 |
| U.S. Foods Holding Corp. <sup>(A)</sup> <br>| 62100 | 4077486 |
| Village Super Market, Inc., Class A | 23300 | 858605 |
|  |  | 13200638 |
| **Containers & Packaging - 2.3%**  | **Containers & Packaging - 2.3%**  | **Containers & Packaging - 2.3%**  |
| Crown Holdings, Inc. | 75800 | 7301814 |
| Graphic Packaging Holding Co. | 227130 | 5748660 |
| Greif, Inc., Class A | 23300 | 1222784 |
|  |  | 14273258 |
| **Distributors - 1.2%**  | **Distributors - 1.2%**  | **Distributors - 1.2%**  |
| LKQ Corp. | 195300 | 7462413 |
| **Diversified Consumer Services - 0.6%**  | **Diversified Consumer Services - 0.6%**  | **Diversified Consumer Services - 0.6%**  |
| American Public Education, Inc. <sup>(A)</sup> <br>| 4000 | 94000 |
| Stride, Inc. <sup>(A)</sup> <br>| 26000 | 3698500 |
|  |  | 3792500 |
| **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  |
| Broadstone Net Lease, Inc. | 80250 | 1298445 |
| **Diversified Telecommunication Services - 0.5%**  | **Diversified Telecommunication Services - 0.5%**  | **Diversified Telecommunication Services - 0.5%**  |
| GCI Liberty, Inc. <sup>(A)(B)(C)(D)</sup> <br>| 83400 | 0 |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 296514 | 3246828 |
|  |  | 3246828 |
| **Electric Utilities - 2.4%**  | **Electric Utilities - 2.4%**  | **Electric Utilities - 2.4%**  |
| Evergy, Inc. | 116300 | 8036330 |
| OGE Energy Corp. | 105100 | 4769438 |
| Portland General Electric Co. | 42300 | 1781676 |
|  |  | 14587444 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  |
| Acuity, Inc. | 1550 | $377596 |
| LSI Industries, Inc. | 193350 | 2917651 |
| Regal Rexnord Corp. | 11850 | 1254204 |
|  |  | 4549451 |
| **Electronic Equipment, Instruments & Components - 3.2%**  | **Electronic Equipment, Instruments & Components - 3.2%**  | **Electronic Equipment, Instruments & Components - 3.2%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 18150 | 1167408 |
| IPG Photonics Corp. <sup>(A)</sup> <br>| 8750 | 524038 |
| Itron, Inc. <sup>(A)</sup> <br>| 10000 | 1112900 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 20525 | 4202288 |
| TD SYNNEX Corp. | 46000 | 5096800 |
| Vishay Intertechnology, Inc. | 102100 | 1326279 |
| Vontier Corp. | 195827 | 6229257 |
|  |  | 19658970 |
| **Energy Equipment & Services - 2.0%**  | **Energy Equipment & Services - 2.0%**  | **Energy Equipment & Services - 2.0%**  |
| Halliburton Co. | 277700 | 5504014 |
| Helix Energy Solutions Group, Inc. <sup>(A)</sup> <br>| 201800 | 1228962 |
| Helmerich & Payne, Inc. | 42400 | 800936 |
| Noble Corp. PLC <sup>(E)</sup> <br>| 170000 | 3695800 |
| Seadrill Ltd. <sup>(A)</sup> <br>| 30450 | 625443 |
| Select Water Solutions, Inc. | 73600 | 627072 |
|  |  | 12482227 |
| **Entertainment - 1.6%**  | **Entertainment - 1.6%**  | **Entertainment - 1.6%**  |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp. <sup>(A)</sup> <br>| 61750 | 2003170 |
| Madison Square Garden Sports Corp. <sup>(A)</sup> <br>| 9900 | 1906443 |
| Sphere Entertainment Co. <sup>(A)(E)</sup> <br>| 24050 | 655363 |
| Warner Bros Discovery, Inc. <sup>(A)</sup> <br>| 613300 | 5317311 |
|  |  | 9882287 |
| **Financial Services - 2.1%**  | **Financial Services - 2.1%**  | **Financial Services - 2.1%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 17900 | 5824123 |
| Global Payments, Inc. | 88300 | 6738173 |
|  |  | 12562296 |
| **Food Products - 6.2%**  | **Food Products - 6.2%**  | **Food Products - 6.2%**  |
| Archer-Daniels-Midland Co. | 169900 | 8112725 |
| Conagra Brands, Inc. | 220700 | 5453497 |
| Kraft Heinz Co. | 284700 | 8284770 |
| Lamb Weston Holdings, Inc. | 35200 | 1858912 |
| Nomad Foods Ltd. | 101850 | 2035981 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 41187 | 4661133 |
| Smithfield Foods, Inc. | 46850 | 1040539 |
| Tyson Foods, Inc., Class A | 102100 | 6252604 |
|  |  | 37700161 |
| **Ground Transportation - 0.7%**  | **Ground Transportation - 0.7%**  | **Ground Transportation - 0.7%**  |
| U-Haul Holding Co. | 77350 | 4238780 |
| **Health Care Equipment & Supplies - 3.4%**  | **Health Care Equipment & Supplies - 3.4%**  | **Health Care Equipment & Supplies - 3.4%**  |
| AngioDynamics, Inc. <sup>(A)</sup> <br>| 146600 | 1361914 |
| Baxter International, Inc. | 233457 | 7276855 |
| Inmode Ltd. <sup>(A)</sup> <br>| 75950 | 1070895 |
| Integra LifeSciences Holdings Corp. <sup>(A)</sup> <br>| 70850 | 1161231 |
| Koninklijke Philips NV <sup>(E)</sup> <br>| 109594 | 2778208 |
| OraSure Technologies, Inc. <sup>(A)</sup> <br>| 77650 | 232173 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| QuidelOrtho Corp. <sup>(A)</sup> <br>| 6850 | $190362 |
| Zimmer Biomet Holdings, Inc. | 66300 | 6832215 |
|  |  | 20903853 |
| **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  |
| AMN Healthcare Services, Inc. <sup>(A)</sup> <br>| 14900 | 304407 |
| Centene Corp. <sup>(A)</sup> <br>| 112500 | 6733125 |
| Cross Country Healthcare, Inc. <sup>(A)</sup> <br>| 45600 | 617880 |
| Encompass Health Corp. | 32850 | 3843121 |
| Enhabit, Inc. <sup>(A)</sup> <br>| 119500 | 954805 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 55000 | 3573350 |
| National HealthCare Corp. | 7850 | 741747 |
|  |  | 16768435 |
| **Health Care REITs - 1.0%**  | **Health Care REITs - 1.0%**  | **Health Care REITs - 1.0%**  |
| Community Healthcare Trust, Inc. | 69250 | 1182790 |
| Healthpeak Properties, Inc. | 113600 | 2026624 |
| Sabra Health Care, Inc. | 164000 | 2927400 |
|  |  | 6136814 |
| **Hotel & Resort REITs - 0.5%**  | **Hotel & Resort REITs - 0.5%**  | **Hotel & Resort REITs - 0.5%**  |
| Apple Hospitality, Inc. | 152300 | 1792571 |
| DiamondRock Hospitality Co. | 121700 | 893278 |
| Summit Hotel Properties, Inc. | 66100 | 269027 |
|  |  | 2954876 |
| **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  |
| Bloomin' Brands, Inc. | 40700 | 326414 |
| Churchill Downs, Inc. | 14425 | 1304164 |
| Golden Entertainment, Inc. | 24250 | 623225 |
| &nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class C <sup>(E)</sup> <br>| 62100 | 583740 |
|  |  | 2837543 |
| **Household Durables - 0.9%**  | **Household Durables - 0.9%**  | **Household Durables - 0.9%**  |
| Helen of Troy Ltd. <sup>(A)</sup> <br>| 17000 | 473620 |
| KB Home | 36300 | 1961289 |
| La-Z-Boy, Inc. | 35800 | 1414100 |
| PulteGroup, Inc. | 8150 | 836027 |
| Sonos, Inc. <sup>(A)</sup> <br>| 86300 | 794823 |
|  |  | 5479859 |
| **Household Products - 0.3%**  | **Household Products - 0.3%**  | **Household Products - 0.3%**  |
| Spectrum Brands Holdings, Inc. | 25000 | 1577500 |
| **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  |
| LXP Industrial Trust | 206100 | 1626129 |
| **Insurance - 4.1%**  | **Insurance - 4.1%**  | **Insurance - 4.1%**  |
| Everest Group Ltd. | 8475 | 3041084 |
| Fidelity National Financial, Inc. | 106300 | 6808515 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 3613 | 6570602 |
| Old Republic International Corp. | 72200 | 2714720 |
| Selective Insurance Group, Inc. | 22200 | 1936506 |
| United Fire Group, Inc. | 42600 | 1178742 |
| Willis Towers Watson PLC | 8700 | 2677860 |
|  |  | 24928029 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services - 2.2%**  | **Interactive Media & Services - 2.2%**  | **Interactive Media & Services - 2.2%**  |
| Angi, Inc. <sup>(A)</sup> <br>| 69377 | $795067 |
| IAC, Inc. <sup>(A)</sup> <br>| 165641 | 5787497 |
| Match Group, Inc. | 223100 | 6617146 |
|  |  | 13199710 |
| **IT Services - 0.9%**  | **IT Services - 0.9%**  | **IT Services - 0.9%**  |
| ASGN, Inc. <sup>(A)</sup> <br>| 17750 | 894245 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 64200 | 4723194 |
|  |  | 5617439 |
| **Leisure Products - 0.4%**  | **Leisure Products - 0.4%**  | **Leisure Products - 0.4%**  |
| BRP, Inc. <sup>(E)</sup> <br>| 14500 | 491405 |
| MasterCraft Boat Holdings, Inc. <sup>(A)</sup> <br>| 71200 | 1170528 |
| Polaris, Inc. | 14650 | 497514 |
|  |  | 2159447 |
| **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  |
| Azenta, Inc. <sup>(A)</sup> <br>| 26900 | 708546 |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 25224 | 6156674 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 25700 | 3985299 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 89250 | 180285 |
|  |  | 11030804 |
| **Machinery - 2.0%**  | **Machinery - 2.0%**  | **Machinery - 2.0%**  |
| CNH Industrial NV | 221200 | 2559284 |
| Columbus McKinnon Corp. | 12250 | 181913 |
| Douglas Dynamics, Inc. | 16000 | 383680 |
| Gencor Industries, Inc. <sup>(A)</sup> <br>| 53750 | 682087 |
| Middleby Corp. <sup>(A)</sup> <br>| 13100 | 1746885 |
| Miller Industries, Inc. | 25850 | 1054938 |
| Mueller Industries, Inc. | 65700 | 4832892 |
| Oshkosh Corp. | 6200 | 519312 |
|  |  | 11960991 |
| **Media - 3.1%**  | **Media - 3.1%**  | **Media - 3.1%**  |
| EchoStar Corp., Class A <sup>(A)</sup> <br>| 82326 | 1850688 |
| Liberty Broadband Corp., Class C <sup>(A)</sup> <br>| 74535 | 6737219 |
| News Corp., Class A | 185200 | 5022624 |
| Perion Network Ltd. <sup>(A)(E)</sup> <br>| 37250 | 347542 |
| Sirius XM Holdings, Inc. | 243940 | 5225195 |
|  |  | 19183268 |
| **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  |
| Commercial Metals Co. | 184600 | 8222084 |
| Kaiser Aluminum Corp. | 19450 | 1253747 |
| Metallus, Inc. <sup>(A)</sup> <br>| 90450 | 1144193 |
|  |  | 10620024 |
| **Multi-Utilities - 3.4%**  | **Multi-Utilities - 3.4%**  | **Multi-Utilities - 3.4%**  |
| Dominion Energy, Inc. | 166187 | 9037249 |
| NiSource, Inc. | 182238 | 7127328 |
| Northwestern Energy Group, Inc. | 80750 | 4702073 |
|  |  | 20866650 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Office REITs - 0.6%**  | **Office REITs - 0.6%**  | **Office REITs - 0.6%**  |
| JBG SMITH Properties | 246496 | $3446014 |
| Piedmont Office Realty Trust, Inc., Class A | 86450 | 510920 |
|  |  | 3956934 |
| **Oil, Gas & Consumable Fuels - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  |
| Delek U.S. Holdings, Inc. | 65450 | 852159 |
| HF Sinclair Corp. | 257500 | 7743025 |
| Kinder Morgan, Inc. | 178100 | 4684030 |
| Magnolia Oil & Gas Corp., Class A | 217500 | 4465275 |
| Ovintiv, Inc. | 51650 | 1734407 |
| REX American Resources Corp. <sup>(A)</sup> <br>| 52750 | 2095230 |
| Teekay Tankers Ltd., Class A | 15100 | 642807 |
|  |  | 22216933 |
| **Pharmaceuticals - 4.5%**  | **Pharmaceuticals - 4.5%**  | **Pharmaceuticals - 4.5%**  |
| Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 25650 | 626116 |
| Innoviva, Inc. <sup>(A)</sup> <br>| 139600 | 2609124 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 76375 | 8932820 |
| Perrigo Co. PLC | 310300 | 7980916 |
| Supernus Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 16050 | 521304 |
| Viatris, Inc. | 774400 | 6520448 |
|  |  | 27190728 |
| **Professional Services - 4.7%**  | **Professional Services - 4.7%**  | **Professional Services - 4.7%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 287300 | 6268886 |
| Clarivate PLC <sup>(A)(E)</sup> <br>| 980800 | 4227248 |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 1975 | 328403 |
| Heidrick & Struggles International, Inc. | 37300 | 1455446 |
| ICF International, Inc. | 12575 | 1068372 |
| Jacobs Solutions, Inc. | 49000 | 6066200 |
| KBR, Inc. | 54850 | 2896628 |
| Leidos Holdings, Inc. | 12375 | 1821352 |
| Science Applications International Corp. | 13050 | 1579442 |
| SS&C Technologies Holdings, Inc. | 39300 | 2971080 |
|  |  | 28683057 |
| **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  |
| Newmark Group, Inc., Class A | 87150 | 957779 |
| **Retail REITs - 0.6%**  | **Retail REITs - 0.6%**  | **Retail REITs - 0.6%**  |
| Agree Realty Corp. | 26200 | 2033382 |
| Kite Realty Group Trust | 65700 | 1422405 |
|  |  | 3455787 |
| **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  |
| Cohu, Inc. <sup>(A)</sup> <br>| 66250 | 1060000 |
| Kulicke & Soffa Industries, Inc. | 11600 | 373868 |
| Magnachip Semiconductor Corp. <sup>(A)</sup> <br>| 123150 | 386691 |
| MKS Instruments, Inc. | 14500 | 1017030 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 10550 | 1286784 |
| Silicon Motion Technology Corp., ADR | 41800 | 2069100 |
| Tower Semiconductor Ltd. <sup>(A)</sup> <br>| 51250 | 1833725 |
| Universal Display Corp. | 8375 | 1052151 |
|  |  | 9079349 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software - 0.8%**  | **Software - 0.8%**  | **Software - 0.8%**  |
| Adeia, Inc. | 153800 | $1893278 |
| Progress Software Corp. | 46600 | 2794136 |
|  |  | 4687414 |
| **Specialized REITs - 1.1%**  | **Specialized REITs - 1.1%**  | **Specialized REITs - 1.1%**  |
| Gaming & Leisure Properties, Inc. | 138026 | 6605924 |
| **Specialty Retail - 1.6%**  | **Specialty Retail - 1.6%**  | **Specialty Retail - 1.6%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 20700 | 1436994 |
| Academy Sports & Outdoors, Inc. | 14600 | 550128 |
| American Eagle Outfitters, Inc. | 90700 | 955071 |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 6600 | 2611224 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 52500 | 2770950 |
| Williams-Sonoma, Inc. | 10975 | 1695308 |
|  |  | 10019675 |
| **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  |
| Steven Madden Ltd. | 37400 | 785400 |
| Tapestry, Inc. | 27350 | 1932278 |
|  |  | 2717678 |
| **Trading Companies & Distributors - 0.8%**  | **Trading Companies & Distributors - 0.8%**  | **Trading Companies & Distributors - 0.8%**  |
| WESCO International, Inc. | 31200 | 5084352 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $499,869,878)**<br>|  | 582132709 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  |
| **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(F)</sup> <br>| 2458416 | $2458416 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,458,416)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,458,416)** | 2458416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.7%**  | **REPURCHASE AGREEMENT - 4.7%**  | **REPURCHASE AGREEMENT - 4.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 04/30/2025, to be <br> repurchased at $28,771,240 on 05/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.63% - 3.00%, <br> due 05/15/2030 - 05/16/2047, and with a <br> total value of $29,345,341.<br>| $28769802 | 28769802 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $28,769,802)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $28,769,802)** | 28769802 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $531,098,096)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $531,098,096)** | 613360927 |
| **Net Other Assets (Liabilities) - (0.6)%** | **Net Other Assets (Liabilities) - (0.6)%** | (3707974) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$609652953** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $582132709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $582132709 |
| Other Investment Company | 2458416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2458416 |
| Repurchase Agreement |  | &nbsp;&nbsp; 28769802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28769802 |
| **Total Investments** | **$584591125** | &nbsp;&nbsp; **$28769802** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$613360927** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $0, representing 0.0% of the Fund's net assets.*

<sup>(C)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $0, representing 0.0%* *of the Fund's net assets.* 

<sup>(D)</sup> *Security deemed worthless.*

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,543,696, collateralized by cash collateral of $2,458,416 and* *non-cash collateral, such as U.S. government securities of $3,244,196. 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.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Level 3 security was not considered significant to the Fund.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $502,328,294) (including securities loaned of $5,543,696) | $584591125 |
| Repurchase agreement, at value (cost $28,769,802) | 28769802 |
| Receivables and other assets: |  |
| Investments sold  | 523514 |
| Net income from securities lending | 6079 |
| Shares of beneficial interest sold  | 179094 |
| Dividends  | 217403 |
| Interest | 1438 |
| Prepaid expenses | 21358 |
| Total assets | 614309813 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 2458416 |
| Payables and other liabilities: |  |
| Investments purchased | 41601 |
| Shares of beneficial interest redeemed | 1572589 |
| Investment management fees | 364272 |
| Distribution and service fees | 73517 |
| Transfer agent fees | 57383 |
| Trustee and CCO fees | 2606 |
| Audit and tax fees  | 13050 |
| Custody fees | 39596 |
| Legal fees | 11667 |
| Printing and shareholder reports fees | 5472 |
| Other accrued expenses | 16691 |
| Total liabilities | 4656860 |
| **Net assets**  | $609652953 |
| **Net assets consist of:** |  |
| Paid-in capital | $521616763 |
| Total distributable earnings (accumulated losses) | 88036190 |
| **Net assets** | $609652953 |
| **Net assets by class:** |  |
| Class A | $288183343 |
| Class C | 18710188 |
| Class I | 239122039 |
| Class I2 | 5227539 |
| Class R6 | 58409844 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 11722069 |
| Class C | 989503 |
| Class I | 9197154 |
| Class I2 | 200418 |
| Class R6 | 2225560 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $24.58 |
| Class C | 18.91 |
| Class I | 26.00 |
| Class I2 | 26.08 |
| Class R6 | 26.25 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $26.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $7060866 |
| Interest income | 212964 |
| Net income from securities lending | 61035 |
| Withholding taxes on foreign income | (1571)<br>|
| Total investment income  | 7333294 |
| **Expenses:** |  |
| Investment management fees | 2475521 |
| Distribution and service fees: |  |
| Class A | 388277 |
| Class C | 114912 |
| Transfer agent fees: |  |
| Class A | 222106 |
| Class C | 17035 |
| Class I | 133306 |
| Class I2 | 203 |
| Class R6 | 2576 |
| Trustee and CCO fees | 13866 |
| Audit and tax fees | 15569 |
| Custody fees | 27169 |
| Legal fees | 23871 |
| Printing and shareholder reports fees | 24230 |
| Registration fees | 42918 |
| Other | 27791 |
| Total expenses before waiver and/or reimbursement and recapture | 3529350 |
| Expenses waived and/or reimbursed: |  |
| Class A | (4916)<br>|
| Net expenses | 3524434 |
| **Net investment income (loss)** | 3808860 |
| **Net realized gain (loss) on:** |  |
| Investments | 21795352 |
| Foreign currency transactions | 56 |
| Net realized gain (loss) | 21795408 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (62087572)<br>|
| Net realized and change in unrealized gain (loss) | (40292164)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(36483304)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $3808860 | &nbsp;&nbsp;&nbsp;&nbsp; $6147895 |
| Net realized gain (loss) | 21795408 | &nbsp;&nbsp;&nbsp;&nbsp; 82345748 |
| Net change in unrealized appreciation (depreciation) | (62087572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60018728 |
| Net increase (decrease) in net assets resulting from operations | (36483304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 148512371 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (36374150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15336257)<br>|
| Class C | (3292468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1568233)<br>|
| Class I | (29383627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12959654)<br>|
| Class I2 | (600267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224541)<br>|
| Class R6 | (7784355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4032328)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (77434867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34121013)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 33874678 | &nbsp;&nbsp;&nbsp;&nbsp; 18762470 |
| Class C | 1098762 | &nbsp;&nbsp;&nbsp;&nbsp; 2382828 |
| Class I | 37138293 | &nbsp;&nbsp;&nbsp;&nbsp; 36360380 |
| Class I2 | 311942 | &nbsp;&nbsp;&nbsp;&nbsp; 556649 |
| Class R6 | 6336095 | &nbsp;&nbsp;&nbsp;&nbsp; 13899344 |
|  | 78759770 | &nbsp;&nbsp;&nbsp;&nbsp; 71961671 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 33777277 | &nbsp;&nbsp;&nbsp;&nbsp; 14221405 |
| Class C | 3181686 | &nbsp;&nbsp;&nbsp;&nbsp; 1520500 |
| Class I | 25636498 | &nbsp;&nbsp;&nbsp;&nbsp; 11508736 |
| Class I2 | 600267 | &nbsp;&nbsp;&nbsp;&nbsp; 224541 |
| Class R6 | 7607405 | &nbsp;&nbsp;&nbsp;&nbsp; 3963858 |
|  | 70803133 | &nbsp;&nbsp;&nbsp;&nbsp; 31439040 |
| Cost of shares redeemed: |  |  |
| Class A | (45086284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69868123)<br>|
| Class C | (3988953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7556781)<br>|
| Class I | (54290217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67117114)<br>|
| Class I2 | (150731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (324394)<br>|
| Class R6 | (16076155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33961072)<br>|
|  | (119592340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178827484)<br>|
| Automatic conversions: |  |  |
| Class A | 3135660 | &nbsp;&nbsp;&nbsp;&nbsp; 3665066 |
| Class C | (3135660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3665066)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 29970563 | &nbsp;&nbsp;&nbsp;&nbsp; (75426773)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 7280 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2076 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9356 |
| **Net increase (decrease) in net assets** | (83947608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38973941 |
| **Net assets:** |  |  |
| Beginning of period/year | 693600561 | &nbsp;&nbsp;&nbsp;&nbsp; 654626620 |
| End of period/year | $609652953 | &nbsp;&nbsp;&nbsp;&nbsp; $693600561 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1196322 | &nbsp;&nbsp;&nbsp;&nbsp; 673254 |
| Class C | 54530 | &nbsp;&nbsp;&nbsp;&nbsp; 108645 |
| Class I | 1336361 | &nbsp;&nbsp;&nbsp;&nbsp; 1249468 |
| Class I2 | 10887 | &nbsp;&nbsp;&nbsp;&nbsp; 19118 |
| Class R6 | 226194 | &nbsp;&nbsp;&nbsp;&nbsp; 473813 |
|  | 2824294 | &nbsp;&nbsp;&nbsp;&nbsp; 2524298 |
| Shares reinvested: |  |  |
| Class A | 1300126 | &nbsp;&nbsp;&nbsp;&nbsp; 530848 |
| Class C | 158767 | &nbsp;&nbsp;&nbsp;&nbsp; 71251 |
| Class I | 933934 | &nbsp;&nbsp;&nbsp;&nbsp; 409127 |
| Class I2 | 21804 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
| Class R6 | 274636 | &nbsp;&nbsp;&nbsp;&nbsp; 139769 |
|  | 2689267 | &nbsp;&nbsp;&nbsp;&nbsp; 1158957 |
| Shares redeemed: |  |  |
| Class A | (1651908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2499201)<br>|
| Class C | (197908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340394)<br>|
| Class I | (1928387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2299267)<br>|
| Class I2 | (5365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11042)<br>|
| Class R6 | (583624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1163983)<br>|
|  | (4367192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6313887)<br>|
| Automatic conversions: |  |  |
| Class A | 115084 | &nbsp;&nbsp;&nbsp;&nbsp; 132099 |
| Class C | (148064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166017)<br>|
|  | (32980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33918)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 959624 | &nbsp;&nbsp;&nbsp;&nbsp; (1163000)<br>|
| Class C | (132675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (326515)<br>|
| Class I | 341908 | &nbsp;&nbsp;&nbsp;&nbsp; (640672)<br>|
| Class I2 | 27326 | &nbsp;&nbsp;&nbsp;&nbsp; 16038 |
| Class R6 | (82794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (550401)<br>|
|  | 1113389 | &nbsp;&nbsp;&nbsp;&nbsp; (2664550)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Small/Mid Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $29.38 | $24.94 | $27.73 | $32.73 | $21.78 | $25.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.21 | 0.18 | 0.12 | 0.06 | 0.14 |
| Net realized and unrealized gain (loss) | (1.62)<br>| 5.54 | (0.51)<br>| (1.80)<br>| 11.02 | (2.99)<br>|
| Total investment operations | (1.48)<br>| 5.75 | (0.33)<br>| (1.68)<br>| 11.08 | (2.85)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.24)<br>| (0.16)<br>| (0.02)<br>| (0.13)<br>| (0.13)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| Total dividends and/or distributions to shareholders | (3.32)<br>| (1.31)<br>| (2.46)<br>| (3.32)<br>| (0.13)<br>| (0.82)<br>|
| **Net asset value, end of period/year** | $24.58 | $29.38 | $24.94 | $27.73 | $32.73 | $21.78 |
| **Total return** <sup>(E)</sup> <br>| (5.65 )%<sup>(F)</sup><br>| 23.55 %<sup>(C)</sup><br>| (1.30)%<br>| (5.72 )%<sup>(D)</sup><br>| 51.02<br> %<br>| (11.70)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $288183 | $316253 | $297422 | $334241 | $386681 | $268643 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.19 %<sup>(G)</sup><br>| 1.20<br> %<br>| 1.22<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>| 1.31<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.19 %<sup>(G)(H)(I)</sup><br>| 1.20<br> %<br>| 1.22 %<sup>(I)</sup><br>| 1.21 %<sup>(I)</sup><br>| 1.23<br> %<br>| 1.31<br> %<br>|
| Net investment income (loss) to average net assets | 1.02 %<sup>(G)</sup><br>| 0.75<br> %<br>| 0.68<br> %<br>| 0.41<br> %<br>| 0.18<br> %<br>| 0.61<br> %<br>|
| Portfolio turnover rate | 23 %<sup>(F)</sup><br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>| 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $23.26 | $19.97 | $22.69 | $27.55 | $18.37 | $21.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.00 | (0.01)<br>| (0.08)<br>| (0.12)<br>| (0.01)<br>|
| Net realized and unrealized gain (loss) | (1.25)<br>| 4.43 | (0.41)<br>| (1.48)<br>| 9.30 | (2.55)<br>|
| Total investment operations | (1.22)<br>| 4.43 | (0.42)<br>| (1.56)<br>| 9.18 | (2.56)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.07)<br>|  |  |  |  |
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| Total dividends and/or distributions to shareholders | (3.13)<br>| (1.14)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| **Net asset value, end of period/year** | $18.91 | $23.26 | $19.97 | $22.69 | $27.55 | $18.37 |
| **Total return** <sup>(E)</sup> <br>| (6.01 )%<sup>(F)</sup><br>| 22.67 %<sup>(C)</sup><br>| (2.04)%<br>| (6.43 )%<sup>(D)</sup><br>| 49.97<br> %<br>| (12.35)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $18710 | $26099 | $28931 | $39700 | $51556 | $58622 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.95 %<sup>(G)</sup><br>| 1.95<br> %<br>| 1.97<br> %<br>| 1.97<br> %<br>| 1.96<br> %<br>| 2.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.95 %<sup>(G)</sup><br>| 1.95<br> %<br>| 1.97 %<sup>(H)</sup><br>| 1.96<br> %<br>| 1.96<br> %<br>| 2.02<br> %<br>|
| Net investment income (loss) to average net assets | 0.28 %<sup>(G)</sup><br>| 0.01<br> %<br>| (0.04)%<br>| (0.33)%<br>| (0.49)%<br>| (0.04)%<br>|
| Portfolio turnover rate | 23 %<sup>(F)</sup><br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>| 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.01%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Small/Mid Cap Value**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $30.93 | $26.18 | $29.00 | $34.08 | $22.67 | $26.46 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.30 | 0.27 | 0.21 | 0.15 | 0.23 |
| Net realized and unrealized gain (loss) | (1.72)<br>| 5.84 | (0.55)<br>| (1.87)<br>| 11.47 | (3.11)<br>|
| Total investment operations | (1.53)<br>| 6.14 | (0.28)<br>| (1.66)<br>| 11.62 | (2.88)<br>|
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.32)<br>| (0.24)<br>| (0.14)<br>| (0.21)<br>| (0.22)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| Total dividends and/or distributions to shareholders | (3.40)<br>| (1.39)<br>| (2.54)<br>| (3.44)<br>| (0.21)<br>| (0.91)<br>|
| **Net asset value, end of period/year** | $26.00 | $30.93 | $26.18 | $29.00 | $34.08 | $22.67 |
| **Total return** | (5.53 )%<sup>(C)</sup><br>| 23.96<br> %<br>| (1.05)%<br>| (5.36 )%<sup>(B)</sup><br>| 51.51<br> %<br>| (11.41)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $239122 | $273853 | $248649 | $304806 | $364551 | $228537 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.90 %<sup>(D)</sup><br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.95<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90 %<sup>(D)</sup><br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.95<br> %<br>|
| Net investment income (loss) to average net assets | 1.31 %<sup>(D)</sup><br>| 1.03<br> %<br>| 0.99<br> %<br>| 0.70<br> %<br>| 0.47<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | 23 %<sup>(C)</sup><br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>| 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $31.03 | $26.27 | $29.09 | $34.18 | $22.73 | $26.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.20 | 0.33 | 0.30 | 0.24 | 0.24 | 0.25 |
| Net realized and unrealized gain (loss) | (1.72)<br>| 5.85 | (0.55)<br>| (1.88)<br>| 11.45 | (3.11)<br>|
| Total investment operations | (1.52)<br>| 6.18 | (0.25)<br>| (1.64)<br>| 11.69 | (2.86)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>| (0.93)<br>|
| **Net asset value, end of period/year** | $26.08 | $31.03 | $26.27 | $29.09 | $34.18 | $22.73 |
| **Total return** | (5.48 )%<sup>(B)</sup><br>| 24.04<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.70<br> %<br>| (11.30)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5228 | $5371 | $4126 | $4277 | $4725 | $17795 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81 %<sup>(C)</sup><br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81 %<sup>(C)</sup><br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 1.40 %<sup>(C)</sup><br>| 1.13<br> %<br>| 1.07<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>| 1.06<br> %<br>|
| Portfolio turnover rate | 23 %<sup>(B)</sup><br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>| 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Small/Mid Cap Value**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $31.20 | $26.41 | $29.23 | $34.33 | $22.83 | $26.64 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.20 | 0.34 | 0.30 | 0.24 | 0.19 | 0.24 |
| Net realized and unrealized gain (loss) | (1.72)<br>| 5.87 | (0.55)<br>| (1.89)<br>| 11.55 | (3.12)<br>|
| Total investment operations | (1.52)<br>| 6.21 | (0.25)<br>| (1.65)<br>| 11.74 | (2.88)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  | (0.69)<br>|
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>| (0.93)<br>|
| **Net asset value, end of period/year** | $26.25 | $31.20 | $26.41 | $29.23 | $34.33 | $22.83 |
| **Total return** | (5.44 )%<sup>(B)</sup><br>| 24.03<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.69<br> %<br>| (11.32)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $58410 | $72025 | $75499 | $86703 | $93544 | $51481 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81 %<sup>(C)</sup><br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81 %<sup>(C)</sup><br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 1.40 %<sup>(C)</sup><br>| 1.14<br> %<br>| 1.08<br> %<br>| 0.79<br> %<br>| 0.59<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | 23 %<sup>(B)</sup><br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>| 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Small/Mid Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Small/Mid Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Small/Mid Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $9,958.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Small/Mid Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Small/Mid Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small/Mid Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $2458416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2458416 |
| **Total Borrowings** | **$2458416** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2458416** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $50235403 | 8.24<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $100 million | 0.775<br> % <br>|
| Over $100 million up to $350 million | 0.755 |
| Over $350 million up to $500 million | 0.735 |
| Over $500 million up to $750 million | 0.725 |
| Over $750 million up to $1 billion | 0.715 |
| Over $1 billion up to $1.5 billion | 0.690 |
| Over $1.5 billion up to $2 billion | 0.680 |
| Over $2 billion | 0.670 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.23<br> % <br>| March 1, 2026 |
| Class C | 1.99 | March 1, 2026 |
| Class I | 0.96 | March 1, 2026 |
| Class I2, Class R6 | 0.85 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of April 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $38414 | &nbsp;&nbsp;&nbsp;&nbsp; $116 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 189 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $370512 | &nbsp;&nbsp; $55654 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $150108263 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $198652020 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $531098096 | &nbsp;&nbsp; $127019603 | &nbsp;&nbsp; $(44756772)<br>| &nbsp;&nbsp; $82262831 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

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**Page 23**

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**Transamerica Small/Mid Cap Value** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Small/Mid Cap Value** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Small/Mid Cap Value** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Small/Mid Cap Value** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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![](g947814img5a934fff3.gif)

![](g947814img6515009d4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA S/M CV 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgf4af0e305.gif)

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![](g947814imge2c3a8ba1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Strategic Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img0e7369e02.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_SOI-RunningFooter-176_1) | 2 |
| [Statement of Assets and Liabilities](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_FS-RunningFooter-176_1) | 23 |
| [Statement of Operations](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_FS-RunningFooter-176_2) | 24 |
| [Statement of Changes in Net Assets](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_FS-RunningFooter-176_3) | 25 |
| [Financial Highlights](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_FIHI-RunningFooter-176_1) | 26 |
| [Notes to Financial Statements](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_NTF-RunningFooter-176_1) | 28 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_DWA-RunningFooter-176_1)**<br> **[Companies](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_DWA-RunningFooter-176_1)**<br>| 44 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_PD-RunningFooter-176_1)** | 45 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_REMU-RunningFooter-176_1)**<br> **[Companies](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_REMU-RunningFooter-176_1)**<br>| 46 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_f73fd310-3f82-4c89-bc10-f3790ada83dd_AIAC-RunningFooter-176_1)** | 47 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Strategic Income**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 46.6%**  | **CORPORATE DEBT SECURITIES - 46.6%**  | **CORPORATE DEBT SECURITIES - 46.6%**  |
| **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  |
| Boeing Co. |  |  |
| 5.15%, 05/01/2030 | $273000 | $275409 |
| 6.26%, 05/01/2027 | 37000 | 38098 |
| L3Harris Technologies, Inc. |  |  |
| 5.25%, 06/01/2031 | 45000 | 45995 |
| 5.40%, 07/31/2033 | 40000 | 40556 |
| Lockheed Martin Corp. |  |  |
| 4.70%, 12/15/2031 | 59000 | 59486 |
| Northrop Grumman Corp. |  |  |
| 4.90%, 06/01/2034 | 311000 | 308402 |
|  |  | 767946 |
| **Automobiles - 0.1%**  | **Automobiles - 0.1%**  | **Automobiles - 0.1%**  |
| General Motors Financial Co., Inc. |  |  |
| 5.60%, 06/18/2031 | 127000 | 127106 |
| 5.75%, 02/08/2031 | 15000 | 15138 |
| Hyundai Capital America |  |  |
| 4.85%, 03/25/2027 <sup>(A)</sup> <br>| 33000 | 33024 |
| 4.88%, 11/01/2027 <sup>(A)</sup> <br>| 63000 | 63006 |
| Toyota Motor Credit Corp. |  |  |
| 4.60%, 10/10/2031 | 26000 | 25853 |
|  |  | 264127 |
| **Banks - 7.4%**  | **Banks - 7.4%**  | **Banks - 7.4%**  |
| ABQ Finance Ltd. |  |  |
| 2.00%, 07/06/2026 <sup>(B)</sup> <br>| 200000 | 193388 |
| Banco de Credito e Inversiones SA |  |  |
| &nbsp;&nbsp; Fixed until 05/08/2029 <sup>(C)</sup>, <br>8.75% <sup>(A)</sup><sup>(D)</sup> <br>| 755000 | 781017 |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp; Fixed until 05/20/2035 <sup>(C)</sup>, <br>8.75% <sup>(A)</sup><sup>(D)</sup> <br>| 1500000 | 1495683 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 05/21/2033 <sup>(C)</sup>, <br>9.63% <sup>(D)</sup> <br>| 800000 | 903718 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/08/2032, <br>3.85% <sup>(D)</sup>, 03/08/2037<br>| 400000 | 356407 |
| &nbsp;&nbsp; Fixed until 04/27/2032, <br>4.57% <sup>(D)</sup>, 04/27/2033<br>| 244000 | 236103 |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.16% <sup>(D)</sup>, 01/24/2031<br>| 317000 | 322445 |
| &nbsp;&nbsp; Fixed until 08/15/2034, <br>5.43% <sup>(D)</sup>, 08/15/2035<br>| 51000 | 49804 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(D)</sup>, 10/25/2035<br>| 164000 | 160518 |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.74% <sup>(D)</sup>, 02/12/2036<br>| 28000 | 27873 |
| &nbsp;&nbsp; Fixed until 09/15/2026, <br>5.93% <sup>(D)</sup>, 09/15/2027<br>| 296000 | 301566 |
| Bank of East Asia Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2025 <sup>(C)</sup>, <br>5.83% <sup>(B)</sup><sup>(D)</sup> <br>| 250000 | 245942 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>4.94% <sup>(D)</sup>, 02/11/2031<br>| 92000 | 93453 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; Fixed until 02/04/2032, <br>4.59% <sup>(D)</sup>, 05/04/2037<br>| $89000 | $82089 |
| 5.65%, 02/01/2034 | 62000 | 63969 |
| BankUnited, Inc. |  |  |
| 5.13%, 06/11/2030 | 78000 | 74802 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>4.94% <sup>(D)</sup>, 09/10/2030<br>| 200000 | 199530 |
| &nbsp;&nbsp; Fixed until 12/15/2025 <sup>(C)</sup>, <br>6.13% <sup>(D)</sup> <br>| 220000 | 218337 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 11/19/2029, <br>5.28% <sup>(D)</sup>, 11/19/2030 <sup>(A)</sup> <br>| 128000 | 129285 |
| BW Real Estate, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/30/2030 <sup>(C)</sup>, <br>9.50% <sup>(A)</sup><sup>(D)</sup> <br>| 1000000 | 983047 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/2027 | 100000 | 99647 |
| &nbsp;&nbsp; Fixed until 09/19/2029, <br>4.54% <sup>(D)</sup>, 09/19/2030<br>| 84000 | 83033 |
| &nbsp;&nbsp; Fixed until 05/24/2032, <br>4.91% <sup>(D)</sup>, 05/24/2033<br>| 296000 | 290692 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(D)</sup>, 09/19/2039<br>| 126000 | 120087 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/2032 | 58000 | 46909 |
| &nbsp;&nbsp; Fixed until 07/23/2031, <br>5.72% <sup>(D)</sup>, 07/23/2032<br>| 78000 | 79171 |
| Cooperatieve Rabobank UA |  |  |
| 4.88%, 01/21/2028 | 250000 | 254894 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp; Fixed until 01/09/2028, <br>5.23% <sup>(D)</sup>, 01/09/2029 <sup>(A)</sup> <br>| 250000 | 253407 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.72% <sup>(D)</sup>, 01/18/2029<br>| 250000 | 261897 |
| Fifth Third Bank NA |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2027, <br>4.97% <sup>(D)</sup>, 01/28/2028<br>| 250000 | 251416 |
| First Abu Dhabi Bank PJSC |  |  |
| &nbsp;&nbsp; Fixed until 10/04/2028, <br>6.32% <sup>(D)</sup>, 04/04/2034 <sup>(B)</sup> <br>| 200000 | 206250 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 12/12/2034, <br>6.25% <sup>(D)</sup>, 03/12/2040<br>| 33000 | 31483 |
| First Horizon Bank |  |  |
| 5.75%, 05/01/2030 | 250000 | 250888 |
| FNB Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/11/2029, <br>5.72% <sup>(D)</sup>, 12/11/2030<br>| 74000 | 73694 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2026, <br>1.54% <sup>(D)</sup>, 09/10/2027<br>| 192000 | 184317 |
| &nbsp;&nbsp; Fixed until 07/21/2031, <br>2.38% <sup>(D)</sup>, 07/21/2032<br>| 279000 | 239905 |
| &nbsp;&nbsp; Fixed until 05/01/2028, <br>4.22% <sup>(D)</sup>, 05/01/2029<br>| 61000 | 60357 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2029, <br>4.69% <sup>(D)</sup>, 10/23/2030<br>| $35000 | $34881 |
| 6.75%, 10/01/2037 | 48000 | 51478 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/09/2028, <br>6.16% <sup>(D)</sup>, 03/09/2029<br>| 200000 | 207246 |
| ING Groep NV |  |  |
| &nbsp;&nbsp; Fixed until 03/25/2028, <br>4.86% <sup>(D)</sup>, 03/25/2029<br>| 200000 | 201197 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 11/08/2031, <br>2.55% <sup>(D)</sup>, 11/08/2032<br>| 327000 | 284657 |
| &nbsp;&nbsp; Fixed until 05/01/2027, <br>3.54% <sup>(D)</sup>, 05/01/2028<br>| 242000 | 237833 |
| 4.13%, 12/15/2026 | 62000 | 61872 |
| &nbsp;&nbsp; Fixed until 10/22/2027, <br>4.51% <sup>(D)</sup>, 10/22/2028<br>| 53000 | 53127 |
| &nbsp;&nbsp; Fixed until 10/23/2033, <br>6.25% <sup>(D)</sup>, 10/23/2034<br>| 136000 | 146000 |
| KeyCorp |  |  |
| &nbsp;&nbsp; Fixed until 04/04/2030, <br>5.12% <sup>(D)</sup>, 04/04/2031 <sup>(E)</sup> <br>| 42000 | 41870 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/22/2030, <br>5.48% <sup>(D)</sup>, 02/22/2031<br>| 400000 | 411753 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/26/2034, <br>5.58% <sup>(D)</sup>, 05/26/2035<br>| 200000 | 203062 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(D)</sup>, 09/16/2036<br>| 53000 | 44130 |
| &nbsp;&nbsp; Fixed until 04/01/2030, <br>3.62% <sup>(D)</sup>, 04/01/2031<br>| 249000 | 236012 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(D)</sup>, 10/18/2030<br>| 22000 | 21908 |
| &nbsp;&nbsp; Fixed until 04/20/2032, <br>5.30% <sup>(D)</sup>, 04/20/2037<br>| 28000 | 27318 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(D)</sup>, 07/19/2035<br>| 43000 | 42741 |
| &nbsp;&nbsp; Fixed until 02/07/2034, <br>5.94% <sup>(D)</sup>, 02/07/2039<br>| 68000 | 68346 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 01/14/2035, <br>5.90% <sup>(D)</sup>, 01/14/2036 <sup>(A)</sup> <br>| 250000 | 252219 |
| Nbk Tier 2 Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 11/24/2025, <br>2.50% <sup>(D)</sup>, 11/24/2030 <sup>(B)</sup><sup>(E)</sup> <br>| 330000 | 323479 |
| Regions Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2034, <br>5.50% <sup>(D)</sup>, 09/06/2035<br>| 59000 | 57679 |
| &nbsp;&nbsp; Fixed until 06/06/2029, <br>5.72% <sup>(D)</sup>, 06/06/2030<br>| 58000 | 59218 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp; Fixed until 03/27/2027, <br>4.72% <sup>(D)</sup>, 03/27/2028<br>| 91000 | 91525 |
| 4.90%, 01/12/2028 | 146000 | 148381 |
| Shinhan Bank Co. Ltd. |  |  |
| 4.50%, 03/26/2028 <sup>(B)</sup> <br>| 200000 | 198959 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| SNB Sukuk Ltd. |  |  |
| 5.13%, 02/27/2029 <sup>(B)</sup> <br>| $200000 | $202611 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/15/2027 <sup>(C)</sup>, <br>7.75% <sup>(B)</sup><sup>(D)</sup> <br>| 200000 | 203479 |
| Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/06/2026, <br>4.00% <sup>(D)</sup>, 05/06/2031<br>| 147000 | 139810 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2031, <br>2.49% <sup>(D)</sup>, 11/03/2036<br>| 217000 | 179195 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 05/12/2027, <br>4.75% <sup>(D)</sup>, 05/12/2028 <sup>(A)</sup> <br>| 275000 | 275545 |
| &nbsp;&nbsp; Fixed until 04/12/2031 <sup>(C)</sup>, <br>7.75% <sup>(A)</sup><sup>(D)</sup><sup>(E)</sup> <br>| 413000 | 422583 |
| United Overseas Bank Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 10/14/2026, <br>2.00% <sup>(D)</sup>, 10/14/2031 <sup>(B)</sup> <br>| 200000 | 192434 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 150000 | 152574 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>2.57% <sup>(D)</sup>, 02/11/2031<br>| 51000 | 46146 |
| &nbsp;&nbsp; Fixed until 10/30/2029, <br>2.88% <sup>(D)</sup>, 10/30/2030<br>| 22000 | 20354 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.50% <sup>(D)</sup>, 01/23/2035<br>| 20000 | 20125 |
| &nbsp;&nbsp; Fixed until 04/22/2027, <br>5.71% <sup>(D)</sup>, 04/22/2028<br>| 375000 | 383227 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/2029 | 275000 | 245039 |
| &nbsp;&nbsp; Fixed until 08/19/2034, <br>6.82% <sup>(D)</sup>, 11/19/2035<br>| 252000 | 247866 |
|  |  | 15944902 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 3.50%, 06/01/2030 | 258000 | 247369 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/2027 | 24000 | 23950 |
| PepsiCo, Inc. |  |  |
| 1.95%, 10/21/2031 | 311000 | 267505 |
| 4.45%, 02/07/2028 | 61000 | 61749 |
|  |  | 600573 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 263000 | 268628 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 11/15/2029 | 61000 | 62002 |
| 5.10%, 06/15/2035 | 42000 | 42083 |
| Royalty Pharma PLC |  |  |
| 2.15%, 09/02/2031 | 116000 | 97439 |
| 5.15%, 09/02/2029 | 40000 | 40388 |
|  |  | 510540 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products - 0.3%**  | **Building Products - 0.3%**  | **Building Products - 0.3%**  |
| Holcim Finance U.S. LLC |  |  |
| 4.95%, 04/07/2030 <sup>(A)</sup> <br>| $33000 | $33333 |
| Lennox International, Inc. |  |  |
| 5.50%, 09/15/2028 | 64000 | 65622 |
| Martin Marietta Materials, Inc. |  |  |
| 2.40%, 07/15/2031 | 41000 | 35483 |
| Owens Corning |  |  |
| 5.50%, 06/15/2027 | 40000 | 40775 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| 20000 | 20131 |
| 6.75%, 03/01/2033 <sup>(A)</sup><sup>(E)</sup> <br>| 130000 | 130505 |
| Standard Industries, Inc. |  |  |
| 3.38%, 01/15/2031 <sup>(A)</sup> <br>| 320000 | 281215 |
|  |  | 607064 |
| **Chemicals - 0.6%**  | **Chemicals - 0.6%**  | **Chemicals - 0.6%**  |
| Consolidated Energy Finance SA |  |  |
| 5.63%, 10/15/2028 <sup>(A)</sup> <br>| 205000 | 159539 |
| Eastman Chemical Co. |  |  |
| 5.75%, 03/08/2033 | 140000 | 143140 |
| Ecolab, Inc. |  |  |
| 5.25%, 01/15/2028 | 107000 | 110356 |
| Methanex Corp. |  |  |
| 5.25%, 12/15/2029 | 4000 | 3806 |
| Methanex U.S. Operations, Inc. |  |  |
| 6.25%, 03/15/2032 <sup>(A)</sup> <br>| 280000 | 265000 |
| Minerals Technologies, Inc. |  |  |
| 5.00%, 07/01/2028 <sup>(A)</sup> <br>| 200000 | 193527 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 116000 | 117597 |
| 5.20%, 06/21/2027 | 40000 | 40587 |
| Sherwin-Williams Co. |  |  |
| 4.80%, 09/01/2031 | 35000 | 34991 |
| Trinseo Luxco Finance SPV SARL/Trinseo <br> NA Finance SPV LLC |  |  |
| &nbsp;&nbsp; PIK Rate 2.50%, Cash Rate 5.13%, <br>05/03/2029 <sup>(A)</sup><sup>(F)</sup> <br>| 218250 | 129935 |
|  |  | 1198478 |
| **Commercial Services & Supplies - 2.2%**  | **Commercial Services & Supplies - 2.2%**  | **Commercial Services & Supplies - 2.2%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(A)</sup> <br>| 335000 | 342197 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 5.38%, 03/01/2029 <sup>(A)</sup> <br>| 259000 | 238562 |
| Block, Inc. |  |  |
| 6.50%, 05/15/2032 <sup>(A)</sup> <br>| 150000 | 153031 |
| Boost Newco Borrower LLC |  |  |
| 7.50%, 01/15/2031 <sup>(A)</sup> <br>| 200000 | 211025 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 225000 | 198147 |
| Deluxe Corp. |  |  |
| 8.00%, 06/01/2029 <sup>(A)</sup> <br>| 373000 | 342647 |
| DP World Crescent Ltd. |  |  |
| 5.50%, 05/08/2035 <sup>(A)</sup><sup>(G)</sup> <br>| 200000 | 197294 |
| EquipmentShare.com, Inc. |  |  |
| 8.00%, 03/15/2033 <sup>(A)</sup><sup>(E)</sup> <br>| 276000 | 272300 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Garda World Security Corp. |  |  |
| 6.00%, 06/01/2029 <sup>(A)</sup> <br>| $201000 | $188031 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 43000 | 43667 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup><sup>(E)</sup> <br>| 264000 | 219458 |
| 12.63%, 07/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 85000 | 82701 |
| Mobius Merger Sub, Inc. |  |  |
| 9.00%, 06/01/2030 <sup>(A)</sup> <br>| 225000 | 197049 |
| Prime Security Services <br> Borrower LLC/Prime Finance, Inc. |  |  |
| 6.25%, 01/15/2028 <sup>(A)</sup> <br>| 199000 | 198822 |
| Quanta Services, Inc. |  |  |
| 2.35%, 01/15/2032 | 58000 | 48790 |
| 2.90%, 10/01/2030 | 12000 | 10844 |
| 5.25%, 08/09/2034 | 66000 | 65016 |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/2030 | 15000 | 15197 |
| 5.00%, 11/15/2029 | 69000 | 70496 |
| Reworld Holding Corp. |  |  |
| 4.88%, 12/01/2029 <sup>(A)</sup> <br>| 165000 | 154131 |
| S&P Global, Inc. |  |  |
| 2.70%, 03/01/2029 | 379000 | 357341 |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc. |  |  |
| 6.75%, 08/15/2032 <sup>(A)</sup> <br>| 69000 | 69965 |
| Triton Container International Ltd. |  |  |
| 3.15%, 06/15/2031 <sup>(A)</sup> <br>| 401000 | 344347 |
| Veritiv Operating Co. |  |  |
| 10.50%, 11/30/2030 <sup>(A)</sup> <br>| 185000 | 193199 |
| VM Consolidated, Inc. |  |  |
| 5.50%, 04/15/2029 <sup>(A)</sup> <br>| 250000 | 241043 |
| Waste Management, Inc. |  |  |
| 4.95%, 07/03/2027 | 78000 | 79420 |
| WEX, Inc. |  |  |
| 6.50%, 03/15/2033 <sup>(A)</sup> <br>| 156000 | 151693 |
|  |  | 4686413 |
| **Communications Equipment - 2.1%**  | **Communications Equipment - 2.1%**  | **Communications Equipment - 2.1%**  |
| Altice Financing SA |  |  |
| 5.00%, 01/15/2028 <sup>(A)</sup> <br>| 530000 | 407013 |
| Altice France SA |  |  |
| 5.50%, 01/15/2028 <sup>(A)</sup> <br>| 200000 | 165579 |
| AT&T, Inc. |  |  |
| 4.10%, 02/15/2028 | 325000 | 323593 |
| 5.40%, 02/15/2034 | 45000 | 45887 |
| Bell Telephone Co. of Canada or Bell <br> Canada |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2035, <br>7.00% <sup>(D)</sup>, 09/15/2055<br>| 211000 | 209394 |
| Cisco Systems, Inc. |  |  |
| 4.85%, 02/26/2029 | 89000 | 91196 |
| 5.10%, 02/24/2035 | 89000 | 90028 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC |  |  |
| 9.00%, 09/15/2029 <sup>(A)</sup> <br>| 200000 | 187060 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Iliad Holding SASU |  |  |
| 7.00%, 10/15/2028 - 04/15/2032 <sup>(A)</sup> <br>| $594000 | $599916 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/14/2030, <br>7.00% <sup>(D)</sup>, 04/15/2055<br>| 95000 | 95602 |
| &nbsp;&nbsp; Fixed until 02/14/2035, <br>7.13% <sup>(D)</sup>, 04/15/2055<br>| 590000 | 587359 |
| Sable International Finance Ltd. |  |  |
| 7.13%, 10/15/2032 <sup>(A)</sup> <br>| 400000 | 393020 |
| Telesat Canada/Telesat LLC |  |  |
| 4.88%, 06/01/2027 <sup>(A)</sup> <br>| 155000 | 83069 |
| T-Mobile USA, Inc. |  |  |
| 3.38%, 04/15/2029 | 249000 | 237072 |
| Verizon Communications, Inc. |  |  |
| 4.02%, 12/03/2029 | 285000 | 279439 |
| 4.50%, 08/10/2033 | 95000 | 91487 |
| 5.25%, 04/02/2035 | 82000 | 82255 |
| Viasat, Inc. |  |  |
| 6.50%, 07/15/2028 <sup>(A)</sup><sup>(E)</sup> <br>| 125000 | 109798 |
| 7.50%, 05/30/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 237000 | 180398 |
| Zayo Group Holdings, Inc. |  |  |
| 6.13%, 03/01/2028 <sup>(A)</sup><sup>(E)</sup> <br>| 225000 | 182709 |
|  |  | 4441874 |
| **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  |
| IHS Holding Ltd. |  |  |
| 8.25%, 11/29/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 200000 | 192583 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 55000 | 56119 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/2030 <sup>(A)</sup> <br>| 179000 | 163761 |
|  |  | 412463 |
| **Consumer Staples Distribution & Retail - 1.6%**  | **Consumer Staples Distribution & Retail - 1.6%**  | **Consumer Staples Distribution & Retail - 1.6%**  |
| AutoNation, Inc. |  |  |
| 5.89%, 03/15/2035 | 21000 | 20723 |
| AutoZone, Inc. |  |  |
| 5.10%, 07/15/2029 | 21000 | 21382 |
| Beacon Roofing Supply, Inc. |  |  |
| 6.75%, 04/30/2032 <sup>(A)</sup> <br>| 86000 | 86234 |
| Brinker International, Inc. |  |  |
| 8.25%, 07/15/2030 <sup>(A)</sup> <br>| 150000 | 157343 |
| CEC Entertainment LLC |  |  |
| 6.75%, 05/01/2026 <sup>(A)</sup> <br>| 340000 | 333651 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/2027 | 31000 | 30962 |
| El Puerto de Liverpool SAB de CV |  |  |
| 6.26%, 01/22/2032 <sup>(A)</sup> <br>| 200000 | 204111 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc. |  |  |
| 6.75%, 01/15/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 210000 | 183582 |
| FirstCash, Inc. |  |  |
| 4.63%, 09/01/2028 <sup>(A)</sup> <br>| 200000 | 193976 |
| Genuine Parts Co. |  |  |
| 6.50%, 11/01/2028 | 62000 | 65557 |
| Home Depot, Inc. |  |  |
| 4.90%, 04/15/2029 | 41000 | 42041 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Kohl's Corp. |  |  |
| 4.63%, 05/01/2031 <sup>(E)</sup> <br>| $486000 | $301049 |
| LBM Acquisition LLC |  |  |
| 6.25%, 01/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 286000 | 250630 |
| McDonald's Corp. |  |  |
| 4.80%, 08/14/2028 | 300000 | 305129 |
| Murphy Oil USA, Inc. |  |  |
| 4.75%, 09/15/2029 | 200000 | 193107 |
| O'Reilly Automotive, Inc. |  |  |
| 3.60%, 09/01/2027 | 28000 | 27536 |
| 5.75%, 11/20/2026 | 41000 | 41773 |
| Park River Holdings, Inc. |  |  |
| 6.75%, 08/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 299000 | 236382 |
| Raising Cane's Restaurants LLC |  |  |
| 9.38%, 05/01/2029 <sup>(A)</sup> <br>| 120000 | 127164 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/2029 <sup>(A)</sup> <br>| 205000 | 123690 |
| Specialty Building Products <br> Holdings LLC/SBP Finance Corp. |  |  |
| 7.75%, 10/15/2029 <sup>(A)</sup> <br>| 205000 | 192480 |
| Victra Holdings LLC/Victra Finance Corp. |  |  |
| 8.75%, 09/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 46000 | 46683 |
| Walmart, Inc. |  |  |
| 3.95%, 09/09/2027 | 151000 | 151479 |
|  |  | 3336664 |
| **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  |
| Amcor Flexibles North America, Inc. |  |  |
| 2.69%, 05/25/2031 | 180000 | 159251 |
| 5.10%, 03/17/2030 <sup>(A)</sup> <br>| 25000 | 25173 |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br>Finance PLC |  |  |
| 4.00%, 09/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 200000 | 174954 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/2032 <sup>(A)</sup> <br>| 25000 | 25522 |
| 8.75%, 04/15/2030 <sup>(A)</sup> <br>| 219000 | 225754 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/2030 | 140000 | 139721 |
| Iris Holding, Inc. |  |  |
| 10.00%, 12/15/2028 <sup>(A)</sup><sup>(E)</sup> <br>| 210000 | 185357 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 08/15/2026 - 04/15/2027 <sup>(A)</sup> <br>| 113000 | 112397 |
| Packaging Corp. of America |  |  |
| 5.70%, 12/01/2033 | 171000 | 175900 |
| Silgan Holdings, Inc. |  |  |
| 4.13%, 02/01/2028 | 100000 | 96613 |
| Sonoco Products Co. |  |  |
| 4.60%, 09/01/2029 | 98000 | 96459 |
| 5.00%, 09/01/2034 <sup>(E)</sup> <br>| 50000 | 47741 |
|  |  | 1464842 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| American Tower Corp. |  |  |
| 2.30%, 09/15/2031 | 55000 | 47252 |
| 3.13%, 01/15/2027 | 57000 | 55699 |
| 5.20%, 02/15/2029 | 113000 | 115438 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Crown Castle, Inc. |  |  |
| 5.00%, 01/11/2028 | $92000 | $92774 |
| 5.60%, 06/01/2029 | 41000 | 42051 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 208000 | 201136 |
| 4.75%, 05/15/2026 | 68000 | 68071 |
|  |  | 622421 |
| **Electric Utilities - 4.2%**  | **Electric Utilities - 4.2%**  | **Electric Utilities - 4.2%**  |
| AES Andes SA |  |  |
| 6.25%, 03/14/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 200000 | 199961 |
| &nbsp;&nbsp; Fixed until 03/10/2030, <br>8.15% <sup>(D)</sup>, 06/10/2055 <sup>(A)</sup> <br>| 500000 | 509434 |
| AES Corp. |  |  |
| 5.45%, 06/01/2028 | 45000 | 45672 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37% <sup>(H)</sup>, 06/15/2026 | 22000 | 22137 |
| Ameren Corp. |  |  |
| 5.70%, 12/01/2026 | 346000 | 351903 |
| Atlantica Sustainable Infrastructure PLC |  |  |
| 4.13%, 06/15/2028 <sup>(A)</sup> <br>| 200000 | 189983 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/2028 | 162000 | 158136 |
| Calpine Corp. |  |  |
| 5.00%, 02/01/2031 <sup>(A)</sup> <br>| 285000 | 274042 |
| Clean Renewable Power Mauritius Pte. <br> Ltd. |  |  |
| 4.25%, 03/25/2027 <sup>(B)</sup> <br>| 241500 | 232151 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 01/15/2032 <sup>(A)</sup> <br>| 235000 | 203961 |
| Diamond II Ltd. |  |  |
| 7.95%, 07/28/2026 <sup>(B)</sup> <br>| 250000 | 249289 |
| DTE Energy Co. |  |  |
| 4.88%, 06/01/2028 | 166000 | 167487 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/2035 | 28000 | 27987 |
| EUSHI Finance, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2029, <br>7.63% <sup>(D)</sup>, 12/15/2054<br>| 450000 | 452006 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/2028 | 17000 | 17157 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 5.20%, 04/01/2028 <sup>(A)</sup> <br>| 95000 | 96779 |
| Florida Power & Light Co. |  |  |
| 5.15%, 06/15/2029 | 78000 | 80678 |
| Kentucky Power Co. |  |  |
| 7.00%, 11/15/2033 <sup>(A)</sup> <br>| 100000 | 106876 |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/2039 <sup>(B)</sup> <br>| 218160 | 214838 |
| Minejesa Capital BV |  |  |
| 4.63%, 08/10/2030 <sup>(B)</sup> <br>| 181562 | 176030 |
| 5.63%, 08/10/2037 <sup>(B)</sup> <br>| 200000 | 186229 |
| Narragansett Electric Co. |  |  |
| 5.35%, 05/01/2034 <sup>(A)</sup> <br>| 45000 | 45245 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| National Rural Utilities Cooperative <br> Finance Corp. |  |  |
| 4.12%, 09/16/2027 | $78000 | $78008 |
| 4.75%, 02/07/2028 | 57000 | 57847 |
| New York State Electric & Gas Corp. |  |  |
| 5.85%, 08/15/2033 <sup>(A)</sup> <br>| 22000 | 22825 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.30%, 03/15/2032 | 79000 | 80469 |
| &nbsp;&nbsp; Fixed until 05/15/2035, <br>6.50% <sup>(D)</sup>, 08/15/2055<br>| 769000 | 773061 |
| NRG Energy, Inc. |  |  |
| 3.63%, 02/15/2031 <sup>(A)</sup> <br>| 455000 | 408925 |
| PacifiCorp |  |  |
| &nbsp;&nbsp; Fixed until 06/17/2030, <br>7.38% <sup>(D)</sup>, 09/15/2055<br>| 1269000 | 1289103 |
| Pattern Energy Operations LP/Pattern <br> Energy Operations, Inc. |  |  |
| 4.50%, 08/15/2028 <sup>(A)</sup> <br>| 315000 | 299297 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2029, <br>7.38% <sup>(D)</sup>, 03/15/2055<br>| 1000000 | 972319 |
| PPL Capital Funding, Inc. |  |  |
| 5.25%, 09/01/2034 | 25000 | 24970 |
| Public Service Co. of Colorado |  |  |
| 3.70%, 06/15/2028 | 284000 | 279401 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.00%, 01/15/2031 <sup>(A)</sup> <br>| 35000 | 35538 |
| Vistra Operations Co. LLC |  |  |
| 7.75%, 10/15/2031 <sup>(A)</sup> <br>| 215000 | 227341 |
| Wisconsin Power & Light Co. |  |  |
| 3.95%, 09/01/2032 | 37000 | 34433 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.25%, 01/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 375000 | 371233 |
|  |  | 8962751 |
| **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  |
| EnerSys |  |  |
| 4.38%, 12/15/2027 <sup>(A)</sup> <br>| 150000 | 145477 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/2033 <sup>(A)</sup> <br>| 147000 | 148728 |
|  |  | 294205 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Allegion U.S. Holding Co., Inc. |  |  |
| 5.41%, 07/01/2032 | 116000 | 117887 |
| 5.60%, 05/29/2034 | 89000 | 89959 |
| Amphenol Corp. |  |  |
| 5.05%, 04/05/2029 | 128000 | 131346 |
| Honeywell International, Inc. |  |  |
| 1.75%, 09/01/2031 | 19000 | 15969 |
| 4.95%, 09/01/2031 | 36000 | 36640 |
| Imola Merger Corp. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| 185000 | 176638 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/2033 | 228000 | 236558 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/2029 <sup>(A)</sup> <br>| 210000 | 195232 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 <sup>(G)</sup> <br>| $54000 | $53290 |
| Vontier Corp. |  |  |
| 2.95%, 04/01/2031 | 51000 | 43967 |
|  |  | 1097486 |
| **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 170000 | 169507 |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 95000 | 94427 |
| Greenko Dutch BV |  |  |
| 3.85%, 03/29/2026 <sup>(B)</sup> <br>| 220000 | 212960 |
| Halliburton Co. |  |  |
| 4.75%, 08/01/2043 | 51000 | 42665 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/2026 <sup>(B)</sup> <br>| 197500 | 191322 |
| Kodiak Gas Services LLC |  |  |
| 7.25%, 02/15/2029 <sup>(A)</sup> <br>| 185000 | 187911 |
| Weatherford International Ltd. |  |  |
| 8.63%, 04/30/2030 <sup>(A)</sup> <br>| 195000 | 193161 |
|  |  | 1091953 |
| **Financial Services - 1.8%**  | **Financial Services - 1.8%**  | **Financial Services - 1.8%**  |
| Aircastle Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2026 <sup>(C)</sup>, <br>5.25% <sup>(A)</sup><sup>(D)</sup> <br>| 120000 | 116594 |
| Ally Financial, Inc. |  |  |
| 6.70%, 02/14/2033 <sup>(E)</sup> <br>| 380000 | 377315 |
| American Express Co. |  |  |
| 4.20%, 11/06/2025 | 55000 | 54932 |
| &nbsp;&nbsp; Fixed until 01/30/2030, <br>5.09% <sup>(D)</sup>, 01/30/2031<br>| 52000 | 52864 |
| &nbsp;&nbsp; Fixed until 02/16/2027, <br>5.10% <sup>(D)</sup>, 02/16/2028<br>| 165000 | 167033 |
| &nbsp;&nbsp; Fixed until 04/25/2035, <br>5.67% <sup>(D)</sup>, 04/25/2036<br>| 45000 | 46136 |
| Bread Financial Holdings, Inc. |  |  |
| 9.75%, 03/15/2029 <sup>(A)</sup> <br>| 112000 | 117755 |
| Capital One Financial Corp. |  |  |
| 3.75%, 07/28/2026 | 68000 | 67191 |
| Charles Schwab Corp. |  |  |
| 2.45%, 03/03/2027 | 21000 | 20358 |
| Cobra AcquisitionCo LLC |  |  |
| 6.38%, 11/01/2029 <sup>(A)</sup> <br>| 325000 | 260279 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/2030 <sup>(A)</sup> <br>| 205000 | 201527 |
| EZCORP, Inc. |  |  |
| 7.38%, 04/01/2032 <sup>(A)</sup> <br>| 120000 | 125602 |
| Focus Financial Partners LLC |  |  |
| 6.75%, 09/15/2031 <sup>(A)</sup> <br>| 200000 | 200838 |
| goeasy Ltd. |  |  |
| 6.88%, 05/15/2030 <sup>(A)</sup> <br>| 10000 | 9753 |
| 7.63%, 07/01/2029 <sup>(A)</sup> <br>| 218000 | 220018 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 355000 | 344376 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/2032 <sup>(A)</sup> <br>| $129000 | $126751 |
| 7.13%, 04/30/2031 <sup>(A)</sup> <br>| 215000 | 221701 |
| LFS Topco LLC |  |  |
| 5.88%, 10/15/2026 <sup>(A)</sup> <br>| 151000 | 144814 |
| Mastercard, Inc. |  |  |
| 4.35%, 01/15/2032 | 71000 | 70177 |
| OneMain Finance Corp. |  |  |
| 6.63%, 05/15/2029 | 194000 | 194573 |
| Planet Financial Group LLC |  |  |
| 10.50%, 12/15/2029 <sup>(A)</sup> <br>| 200000 | 197040 |
| Shriram Finance Ltd. |  |  |
| 6.63%, 04/22/2027 <sup>(B)</sup> <br>| 200000 | 198959 |
| Synchrony Financial |  |  |
| 4.50%, 07/23/2025 | 4000 | 3993 |
| 5.15%, 03/19/2029 | 95000 | 93845 |
| &nbsp;&nbsp; Fixed until 03/06/2030, <br>5.45% <sup>(D)</sup>, 03/06/2031<br>| 28000 | 27882 |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |
| 7.50%, 06/15/2031 <sup>(A)</sup> <br>| 200000 | 205290 |
| Voya Financial, Inc. |  |  |
| 5.00%, 09/20/2034 | 27000 | 25764 |
|  |  | 3893360 |
| **Food Products - 1.3%**  | **Food Products - 1.3%**  | **Food Products - 1.3%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 315000 | 311403 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/2028 <sup>(A)</sup> <br>| 471000 | 394931 |
| Hershey Co. |  |  |
| 4.55%, 02/24/2028 <sup>(E)</sup> <br>| 35000 | 35582 |
| Hormel Foods Corp. |  |  |
| 4.80%, 03/30/2027 | 62000 | 62644 |
| JBS USA Holding LUX SARL/JBS USA <br> Food Co./JBS LUX Co. SARL |  |  |
| 3.75%, 12/01/2031 | 100000 | 91840 |
| Kellanova |  |  |
| 7.45%, 04/01/2031 | 113000 | 128205 |
| Kraft Heinz Foods Co. |  |  |
| 5.20%, 03/15/2032 | 35000 | 35492 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 33000 | 32284 |
| Land O'Lakes, Inc. |  |  |
| 7.00%, 09/18/2028 <sup>(A)</sup><sup>(C)</sup> <br>| 1770000 | 1446975 |
| Mars, Inc. |  |  |
| 4.65%, 04/20/2031 <sup>(A)</sup> <br>| 68000 | 68406 |
| Performance Food Group, Inc. |  |  |
| 5.50%, 10/15/2027 <sup>(A)</sup> <br>| 200000 | 198333 |
| Sysco Corp. |  |  |
| 5.10%, 09/23/2030 | 69000 | 70153 |
|  |  | 2876248 |
| **Gas Utilities - 0.6%**  | **Gas Utilities - 0.6%**  | **Gas Utilities - 0.6%**  |
| AltaGas Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 07/17/2034, <br>7.20% <sup>(D)</sup>, 10/15/2054 <sup>(A)</sup> <br>| 1000000 | 977114 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| KeySpan Gas East Corp. |  |  |
| 5.99%, 03/06/2033 <sup>(A)</sup> <br>| $62000 | $63556 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 28000 | 28716 |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 162000 | 166343 |
|  |  | 1235729 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Agilent Technologies, Inc. |  |  |
| 2.30%, 03/12/2031 | 116000 | 101155 |
| 2.75%, 09/15/2029 | 89000 | 82491 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.65%, 11/15/2027 | 100000 | 102807 |
| Insulet Corp. |  |  |
| 6.50%, 04/01/2033 <sup>(A)</sup> <br>| 145000 | 147909 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 240000 | 224148 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 102000 | 104665 |
| Thermo Fisher Scientific, Inc. |  |  |
| 5.00%, 01/31/2029 <sup>(E)</sup> <br>| 41000 | 42110 |
|  |  | 805285 |
| **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  |
| Cigna Group |  |  |
| 2.38%, 03/15/2031 | 38000 | 33312 |
| 4.38%, 10/15/2028 | 40000 | 39895 |
| Concentra Health Services, Inc. |  |  |
| 6.88%, 07/15/2032 <sup>(A)</sup> <br>| 203000 | 207971 |
| Elevance Health, Inc. |  |  |
| 2.88%, 09/15/2029 | 145000 | 135505 |
| HCA, Inc. |  |  |
| 3.38%, 03/15/2029 | 12000 | 11418 |
| 3.50%, 09/01/2030 | 113000 | 105393 |
| 5.45%, 04/01/2031 | 45000 | 45787 |
| 5.50%, 03/01/2032 | 52000 | 52568 |
| Humana, Inc. |  |  |
| 4.88%, 04/01/2030 | 82000 | 81925 |
| 5.88%, 03/01/2033 | 418000 | 427483 |
| LifePoint Health, Inc. |  |  |
| 5.38%, 01/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 265000 | 238578 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/2033 <sup>(A)</sup> <br>| 250000 | 248077 |
| Quest Diagnostics, Inc. |  |  |
| 5.00%, 12/15/2034 | 82000 | 80899 |
| Roche Holdings, Inc. |  |  |
| 5.49%, 11/13/2030 <sup>(A)</sup> <br>| 243000 | 256347 |
| Select Medical Corp. |  |  |
| 6.25%, 12/01/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 160000 | 158709 |
| UnitedHealth Group, Inc. |  |  |
| 3.75%, 07/15/2025 | 212000 | 211617 |
| 4.90%, 04/15/2031 | 48000 | 48785 |
| 5.15%, 07/15/2034 | 51000 | 51086 |
|  |  | 2435355 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotel & Resort REITs - 0.2%**  | **Hotel & Resort REITs - 0.2%**  | **Hotel & Resort REITs - 0.2%**  |
| Service Properties Trust |  |  |
| 8.88%, 06/15/2032 <sup>(E)</sup> <br>| $375000 | $361324 |
| **Hotels, Restaurants & Leisure - 2.0%**  | **Hotels, Restaurants & Leisure - 2.0%**  | **Hotels, Restaurants & Leisure - 2.0%**  |
| Banijay Entertainment SAS |  |  |
| 8.13%, 05/01/2029 <sup>(A)</sup> <br>| 200000 | 204961 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 185000 | 170779 |
| Carnival Corp. |  |  |
| 6.00%, 05/01/2029 <sup>(A)</sup> <br>| 439000 | 436475 |
| Champion Path Holdings Ltd. |  |  |
| 4.85%, 01/27/2028 <sup>(B)</sup><sup>(E)</sup> <br>| 200000 | 187164 |
| Fortune Star BVI Ltd. |  |  |
| 5.05%, 01/27/2027 <sup>(B)</sup> <br>| 250000 | 235001 |
| Gohl Capital Ltd. |  |  |
| 4.25%, 01/24/2027 <sup>(B)</sup> <br>| 200000 | 195413 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 5.00%, 06/01/2029 <sup>(A)</sup> <br>| 315000 | 291314 |
| Hyatt Hotels Corp. |  |  |
| 5.50%, 06/30/2034 | 31000 | 30047 |
| Marriott International, Inc. |  |  |
| 2.85%, 04/15/2031 | 155000 | 138375 |
| 5.50%, 04/15/2037 | 28000 | 27237 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/2029 <sup>(A)</sup> <br>| 225000 | 203058 |
| 5.38%, 12/04/2029 <sup>(B)</sup> <br>| 200000 | 180496 |
| MGM China Holdings Ltd. |  |  |
| 5.88%, 05/15/2026 <sup>(B)</sup> <br>| 200000 | 198817 |
| NCL Corp. Ltd. |  |  |
| 6.75%, 02/01/2032 <sup>(A)</sup> <br>| 10000 | 9776 |
| 7.75%, 02/15/2029 <sup>(A)</sup> <br>| 435000 | 448724 |
| Ontario Gaming GTA LP/OTG Co-Issuer, <br> Inc. |  |  |
| 8.00%, 08/01/2030 <sup>(A)</sup> <br>| 195000 | 187437 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 335000 | 335937 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 5.25%, 08/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 250000 | 237332 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 182000 | 180869 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/2029 <sup>(B)</sup> <br>| 250000 | 219520 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 205000 | 192074 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/2032 | 69000 | 59005 |
|  |  | 4369811 |
| **Industrial REITs - 0.0% \*** | **Industrial REITs - 0.0% \*** | **Industrial REITs - 0.0% \*** |
| Goodman U.S. Finance Six LLC |  |  |
| 5.13%, 10/07/2034 <sup>(A)</sup> <br>| 25000 | 24540 |
| **Insurance - 1.9%**  | **Insurance - 1.9%**  | **Insurance - 1.9%**  |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 205000 | 204837 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aon North America, Inc. |  |  |
| 5.30%, 03/01/2031 <sup>(E)</sup> <br>| $287000 | $294779 |
| Arthur J Gallagher & Co. |  |  |
| 4.85%, 12/15/2029 | 37000 | 37398 |
| 5.45%, 07/15/2034 | 180000 | 182589 |
| Athene Global Funding |  |  |
| 1.73%, 10/02/2026 <sup>(A)</sup> <br>| 43000 | 41308 |
| 4.86%, 08/27/2026 <sup>(A)</sup> <br>| 71000 | 71260 |
| 5.32%, 11/13/2031 <sup>(A)</sup> <br>| 109000 | 108565 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br>Holdings Finance |  |  |
| 7.13%, 05/15/2031 <sup>(A)</sup> <br>| 160000 | 162782 |
| Chubb INA Holdings LLC |  |  |
| 4.65%, 08/15/2029 | 113000 | 114771 |
| F&G Annuities & Life, Inc. |  |  |
| 6.25%, 10/04/2034 | 17000 | 16368 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2029, <br>7.95% <sup>(D)</sup>, 10/15/2054 <sup>(A)</sup> <br>| 700000 | 710863 |
| &nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden <br>U.S. Refinance LLC |  |  |
| 7.25%, 02/15/2031 <sup>(A)</sup> <br>| 265000 | 272126 |
| Jones Deslauriers Insurance Management, <br> Inc. |  |  |
| 8.50%, 03/15/2030 <sup>(A)</sup> <br>| 185000 | 195039 |
| Liberty Mutual Group, Inc. |  |  |
| 4.30%, 02/01/2061 <sup>(A)</sup> <br>| 1822000 | 1137556 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.55%, 11/08/2027 | 53000 | 53530 |
| Northwestern Mutual Global Funding |  |  |
| 4.35%, 09/15/2027 <sup>(A)</sup> <br>| 45000 | 45169 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/2031 <sup>(A)</sup> <br>| 185000 | 189549 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2034 <sup>(C)</sup>, <br>5.88% <sup>(A)</sup><sup>(D)</sup> <br>| 205000 | 200014 |
| Willis North America, Inc. |  |  |
| 4.65%, 06/15/2027 | 100000 | 100338 |
|  |  | 4138841 |
| **Internet & Catalog Retail - 1.1%**  | **Internet & Catalog Retail - 1.1%**  | **Internet & Catalog Retail - 1.1%**  |
| Alibaba Group Holding Ltd. |  |  |
| 5.25%, 05/26/2035 <sup>(B)</sup> <br>| 400000 | 397460 |
| Alphabet, Inc. |  |  |
| 0.80%, 08/15/2027 | 192000 | 179737 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/2027 | 51000 | 50461 |
| 4.65%, 12/01/2029 | 341000 | 349620 |
| Cogent Communications Group LLC |  |  |
| 7.00%, 06/15/2027 <sup>(A)</sup> <br>| 250000 | 251179 |
| Gen Digital, Inc. |  |  |
| 6.25%, 04/01/2033 <sup>(A)</sup> <br>| 33000 | 32910 |
| 7.13%, 09/30/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 140000 | 144143 |
| GrubHub Holdings, Inc. |  |  |
| 5.50%, 07/01/2027 <sup>(A)</sup> <br>| 224000 | 202413 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** |
| ION Trading Technologies SARL |  |  |
| 5.75%, 05/15/2028 <sup>(A)</sup> <br>| $200000 | $179963 |
| Meituan |  |  |
| 4.63%, 10/02/2029 <sup>(A)</sup> <br>| 200000 | 198650 |
| Netflix, Inc. |  |  |
| 4.88%, 04/15/2028 | 162000 | 165363 |
| Rakuten Group, Inc. |  |  |
| 9.75%, 04/15/2029 <sup>(A)</sup> <br>| 250000 | 263796 |
|  |  | 2415695 |
| **IT Services - 0.7%**  | **IT Services - 0.7%**  | **IT Services - 0.7%**  |
| Accenture Capital, Inc. |  |  |
| 4.50%, 10/04/2034 | 41000 | 39520 |
| Apple, Inc. |  |  |
| 1.40%, 08/05/2028 | 341000 | 315045 |
| Booz Allen Hamilton, Inc. |  |  |
| 5.95%, 04/15/2035 | 38000 | 37755 |
| CA Magnum Holdings |  |  |
| 5.38%, 10/31/2026 <sup>(B)</sup> <br>| 265000 | 259085 |
| Dell International LLC/EMC Corp. |  |  |
| 4.35%, 02/01/2030 | 95000 | 93177 |
| 4.75%, 04/01/2028 | 79000 | 79571 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/2031 <sup>(A)</sup> <br>| 150000 | 153301 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.45%, 09/25/2026 | 35000 | 34991 |
| International Business Machines Corp. |  |  |
| 4.65%, 02/10/2028 | 127000 | 128378 |
| Kyndryl Holdings, Inc. |  |  |
| 3.15%, 10/15/2031 | 47000 | 41211 |
| Leidos, Inc. |  |  |
| 5.50%, 03/15/2035 | 44000 | 43726 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/2030 <sup>(A)</sup> <br>| 65000 | 56182 |
| Seagate HDD Cayman |  |  |
| 8.50%, 07/15/2031 | 150000 | 160477 |
|  |  | 1442419 |
| **Machinery - 0.7%**  | **Machinery - 0.7%**  | **Machinery - 0.7%**  |
| AGCO Corp. |  |  |
| 5.45%, 03/21/2027 | 90000 | 90743 |
| Caterpillar Financial Services Corp. |  |  |
| 4.38%, 08/16/2029 <sup>(E)</sup> <br>| 30000 | 30108 |
| 4.40%, 03/03/2028 | 81000 | 81648 |
| 4.70%, 11/15/2029 | 78000 | 79316 |
| 5.00%, 05/14/2027 | 27000 | 27524 |
| Caterpillar, Inc. |  |  |
| 1.90%, 03/12/2031 <sup>(E)</sup> <br>| 311000 | 272377 |
| CNH Industrial Capital LLC |  |  |
| 5.10%, 04/20/2029 | 279000 | 282225 |
| Deere & Co. |  |  |
| 5.45%, 01/16/2035 | 250000 | 258127 |
| John Deere Capital Corp. |  |  |
| 1.45%, 01/15/2031 | 180000 | 153897 |
| 4.40%, 09/08/2031 | 71000 | 70732 |
| 4.95%, 07/14/2028 | 27000 | 27691 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/2031 | $127000 | $108727 |
|  |  | 1483115 |
| **Media - 1.6%**  | **Media - 1.6%**  | **Media - 1.6%**  |
| Belo Corp. |  |  |
| 7.75%, 06/01/2027 | 200000 | 206710 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 284000 | 231280 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 4.75%, 03/01/2030 <sup>(A)</sup> <br>| 395000 | 372437 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 2.80%, 04/01/2031 | 157000 | 136087 |
| 3.50%, 06/01/2041 | 73000 | 49768 |
| 6.10%, 06/01/2029 | 58000 | 59980 |
| Comcast Corp. |  |  |
| 3.40%, 04/01/2030 | 35000 | 33352 |
| 4.15%, 10/15/2028 | 136000 | 135573 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/15/2028 - 09/01/2034 <sup>(A)</sup> <br>| 99000 | 99052 |
| CSC Holdings LLC |  |  |
| 5.50%, 04/15/2027 <sup>(A)</sup> <br>| 300000 | 278754 |
| 5.75%, 01/15/2030 <sup>(A)</sup> <br>| 200000 | 100264 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/2030 | 21000 | 18603 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.29%, 04/15/2029 <sup>(A)</sup> <br>| 350000 | 311500 |
| Omnicom Group, Inc. |  |  |
| 5.30%, 11/01/2034 | 43000 | 42782 |
| Paramount Global |  |  |
| &nbsp;&nbsp; Fixed until 02/28/2027, <br>6.25% <sup>(D)</sup>, 02/28/2057<br>| 283000 | 261750 |
| Sirius XM Radio LLC |  |  |
| 3.88%, 09/01/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 460000 | 394624 |
| Sunrise FinCo I BV |  |  |
| 4.88%, 07/15/2031 <sup>(A)</sup> <br>| 200000 | 182790 |
| Univision Communications, Inc. |  |  |
| 8.50%, 07/31/2031 <sup>(A)</sup> <br>| 210000 | 198480 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 400000 | 350633 |
| Walt Disney Co. |  |  |
| 2.00%, 09/01/2029 | 71000 | 64770 |
|  |  | 3529189 |
| **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  |
| ATI, Inc. |  |  |
| 7.25%, 08/15/2030 | 150000 | 155974 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/2033 <sup>(A)</sup> <br>| 39000 | 38189 |
| Cleveland-Cliffs, Inc. |  |  |
| 5.88%, 06/01/2027 <sup>(E)</sup> <br>| 10000 | 9862 |
| 7.00%, 03/15/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 325000 | 304587 |
| 7.38%, 05/01/2033 <sup>(A)</sup> <br>| 10000 | 9407 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Commercial Metals Co. |  |  |
| 3.88%, 02/15/2031 | $200000 | $179325 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| 4.38%, 04/01/2031 <sup>(A)</sup> <br>| 380000 | 343861 |
| Hudbay Minerals, Inc. |  |  |
| 6.13%, 04/01/2029 <sup>(A)</sup> <br>| 100000 | 99561 |
| Minera Mexico SA de CV |  |  |
| 5.63%, 02/12/2032 <sup>(A)</sup> <br>| 200000 | 200200 |
| Mineral Resources Ltd. |  |  |
| 9.25%, 10/01/2028 <sup>(A)</sup> <br>| 476000 | 450026 |
| Nexa Resources SA |  |  |
| 6.60%, 04/08/2037 <sup>(A)</sup> <br>| 200000 | 197406 |
| Novelis Corp. |  |  |
| 4.75%, 01/30/2030 <sup>(A)</sup> <br>| 120000 | 111568 |
| 6.88%, 01/30/2030 <sup>(A)</sup><sup>(E)</sup> <br>| 10000 | 10132 |
| Nucor Corp. |  |  |
| 5.10%, 06/01/2035 | 62000 | 60741 |
| South32 Treasury Ltd. |  |  |
| 4.35%, 04/14/2032 <sup>(A)</sup> <br>| 181000 | 166436 |
| Steel Dynamics, Inc. |  |  |
| 5.38%, 08/15/2034 | 40000 | 40081 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/2054 | 200000 | 193092 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/2029 <sup>(B)</sup> <br>| 200000 | 194089 |
|  |  | 2764537 |
| **Mortgage Real Estate Investment Trusts - 0.4%**  | **Mortgage Real Estate Investment Trusts - 0.4%**  | **Mortgage Real Estate Investment Trusts - 0.4%**  |
| Apollo Commercial Real Estate Finance, <br> Inc. |  |  |
| 4.63%, 06/15/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 320000 | 295532 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/2029 <sup>(A)</sup> <br>| 157000 | 163007 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.75%, 06/15/2029 <sup>(A)</sup> <br>| 210000 | 200997 |
| Starwood Property Trust, Inc. |  |  |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 170000 | 170927 |
|  |  | 830463 |
| **Oil, Gas & Consumable Fuels - 4.9%**  | **Oil, Gas & Consumable Fuels - 4.9%**  | **Oil, Gas & Consumable Fuels - 4.9%**  |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp. |  |  |
| 5.75%, 01/15/2028 <sup>(A)</sup> <br>| 170000 | 168959 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 192000 | 165597 |
| Chevron Corp. |  |  |
| 2.24%, 05/11/2030 | 307000 | 277397 |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| 133000 | 128410 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 165000 | 150612 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/2032 <sup>(A)</sup> <br>| 193000 | 175153 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Delek Logistics Partners LP/Delek <br> Logistics Finance Corp. |  |  |
| 8.63%, 03/15/2029 <sup>(A)</sup> <br>| $195000 | $200668 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 193000 | 188617 |
| Energy Transfer LP |  |  |
| 4.95%, 05/15/2028 | 162000 | 163280 |
| 5.20%, 04/01/2030 | 33000 | 33273 |
| 6.40%, 12/01/2030 | 41000 | 43531 |
| &nbsp;&nbsp; Fixed until 02/15/2029, <br>8.00% <sup>(D)</sup>, 05/15/2054 <sup>(E)</sup> <br>| 1000000 | 1038276 |
| Excelerate Energy LP |  |  |
| 8.00%, 05/15/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 75000 | 76292 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/2032 | 68000 | 63801 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 15000 | 14566 |
| 8.88%, 04/15/2030 | 345000 | 351286 |
| GNL Quintero SA |  |  |
| 4.63%, 07/31/2029 <sup>(B)</sup> <br>| 105920 | 104494 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 445000 | 452907 |
| HF Sinclair Corp. |  |  |
| 5.00%, 02/01/2028 | 30000 | 29663 |
| 6.25%, 01/15/2035 | 43000 | 41281 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 02/01/2031 <sup>(A)</sup> <br>| 323000 | 289883 |
| 6.25%, 04/15/2032 <sup>(A)</sup> <br>| 50000 | 43504 |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 15000 | 13073 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/2032 <sup>(A)</sup> <br>| 260000 | 264730 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/2029 <sup>(A)</sup> <br>| 465000 | 424564 |
| KazMunayGas National Co. JSC |  |  |
| 5.38%, 04/24/2030 <sup>(B)</sup> <br>| 200000 | 195256 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/2030 <sup>(G)</sup> <br>| 64000 | 64527 |
| 5.40%, 02/01/2034 | 418000 | 413070 |
| Marathon Petroleum Corp. |  |  |
| 5.70%, 03/01/2035 | 74000 | 72247 |
| MPLX LP |  |  |
| 5.40%, 04/01/2035 | 35000 | 33998 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/2027 <sup>(A)</sup> <br>| 135000 | 127314 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp. |  |  |
| 8.13%, 02/15/2029 <sup>(A)</sup> <br>| 95000 | 89249 |
| 8.38%, 02/15/2032 <sup>(A)</sup> <br>| 150000 | 136561 |
| NuStar Logistics LP |  |  |
| 6.38%, 10/01/2030 | 120000 | 121830 |
| Occidental Petroleum Corp. |  |  |
| 6.13%, 01/01/2031 | 274000 | 276576 |
| ONEOK, Inc. |  |  |
| 6.50%, 09/01/2030 <sup>(A)</sup> <br>| 62000 | 65504 |
| ORLEN SA |  |  |
| 6.00%, 01/30/2035 <sup>(A)</sup> <br>| 200000 | 202238 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Petroleos Mexicanos |  |  |
| 10.00%, 02/07/2033 <sup>(E)</sup> <br>| $727000 | $729302 |
| Pioneer Natural Resources Co. |  |  |
| 5.10%, 03/29/2026 | 28000 | 28167 |
| Saudi Arabian Oil Co. |  |  |
| 5.88%, 07/17/2064 <sup>(A)</sup> <br>| 200000 | 184128 |
| Strathcona Resources Ltd. |  |  |
| 6.88%, 08/01/2026 <sup>(A)</sup> <br>| 270000 | 264667 |
| Talos Production, Inc. |  |  |
| 9.38%, 02/01/2031 <sup>(A)</sup> <br>| 181000 | 170370 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 5.50%, 03/01/2030 | 41000 | 40956 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2030, <br>7.00% <sup>(D)</sup>, 06/01/2065<br>| 1000000 | 980639 |
| Transportadora de Gas del Peru SA |  |  |
| 4.25%, 04/30/2028 <sup>(B)</sup> <br>| 120000 | 118322 |
| Transportadora de Gas Internacional SA <br> ESP |  |  |
| 5.55%, 11/01/2028 <sup>(B)</sup> <br>| 200000 | 202329 |
| Valaris Ltd. |  |  |
| 8.38%, 04/30/2030 <sup>(A)</sup> <br>| 250000 | 234185 |
| Venture Global LNG, Inc. |  |  |
| 8.38%, 06/01/2031 <sup>(A)</sup> <br>| 360000 | 348047 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/2032 <sup>(A)</sup><sup>(E)</sup> <br>| 142000 | 110299 |
| Warrior Met Coal, Inc. |  |  |
| 7.88%, 12/01/2028 <sup>(A)</sup> <br>| 50000 | 50447 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.50%, 10/15/2029 <sup>(A)</sup> <br>| 215000 | 196725 |
| Williams Cos., Inc. |  |  |
| 3.75%, 06/15/2027 | 81000 | 79749 |
|  |  | 10440519 |
| **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  |
| Celulosa Arauco y Constitucion SA |  |  |
| 6.18%, 05/05/2032 <sup>(A)</sup><sup>(G)</sup> <br>| 200000 | 200000 |
| Georgia-Pacific LLC |  |  |
| 0.95%, 05/15/2026 <sup>(A)</sup> <br>| 48000 | 46381 |
| Inversiones CMPC SA |  |  |
| 6.13%, 02/26/2034 <sup>(A)</sup> <br>| 200000 | 201076 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/2029 <sup>(A)</sup> <br>| 220000 | 191394 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/2030 | 200000 | 195306 |
|  |  | 834157 |
| **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  |
| Air Canada |  |  |
| 3.88%, 08/15/2026 <sup>(A)</sup> <br>| 195000 | 191267 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/2028 <sup>(A)</sup><sup>(E)</sup> <br>| 350000 | 345627 |
| British Airways Pass-Through Trust |  |  |
| 2.90%, 09/15/2036 <sup>(A)</sup> <br>| 14403 | 12834 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| United Airlines, Inc. |  |  |
| 4.63%, 04/15/2029 <sup>(A)</sup> <br>| $220000 | $206899 |
|  |  | 756627 |
| **Personal Care Products - 0.3%**  | **Personal Care Products - 0.3%**  | **Personal Care Products - 0.3%**  |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/2029 <sup>(A)</sup> <br>| 250000 | 233585 |
| Perrigo Finance Unlimited Co. |  |  |
| 6.13%, 09/30/2032 <sup>(E)</sup> <br>| 310000 | 307563 |
| Procter & Gamble Co. |  |  |
| 2.85%, 08/11/2027 | 92000 | 89993 |
| 3.95%, 01/26/2028 | 72000 | 72561 |
|  |  | 703702 |
| **Pharmaceuticals - 1.2%**  | **Pharmaceuticals - 1.2%**  | **Pharmaceuticals - 1.2%**  |
| AbbVie, Inc. |  |  |
| 3.20%, 11/21/2029 | 296000 | 281698 |
| 4.95%, 03/15/2031 | 55000 | 56192 |
| Astrazeneca Finance LLC |  |  |
| 4.85%, 02/26/2029 | 89000 | 90855 |
| 4.88%, 03/03/2028 | 72000 | 73561 |
| 4.90%, 03/03/2030 | 73000 | 74960 |
| Becton Dickinson & Co. |  |  |
| 4.30%, 08/22/2032 | 55000 | 52412 |
| 4.69%, 02/13/2028 | 68000 | 68418 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/2029 | 105000 | 107148 |
| Cencora, Inc. |  |  |
| 4.85%, 12/15/2029 | 25000 | 25250 |
| 5.13%, 02/15/2034 | 41000 | 41021 |
| CVS Health Corp. |  |  |
| 4.78%, 03/25/2038 | 155000 | 139491 |
| 5.55%, 06/01/2031 | 92000 | 94362 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(D)</sup>, 03/10/2055<br>| 262000 | 264942 |
| Eli Lilly & Co. |  |  |
| 3.10%, 05/15/2027 | 22000 | 21635 |
| 4.75%, 02/12/2030 | 51000 | 52214 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 4.50%, 04/15/2030 | 47000 | 47317 |
| HLF Financing SARL LLC/Herbalife <br> International, Inc. |  |  |
| 4.88%, 06/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 393000 | 300112 |
| 12.25%, 04/15/2029 <sup>(A)</sup> <br>| 255000 | 270704 |
| Merck & Co., Inc. |  |  |
| 4.30%, 05/17/2030 | 105000 | 105313 |
| Novartis Capital Corp. |  |  |
| 4.00%, 09/18/2031 | 47000 | 45960 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 5.13%, 04/30/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 200000 | 167847 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.75%, 05/19/2033 | 55000 | 54242 |
| Teva Pharmaceutical Finance Netherlands <br> III BV |  |  |
| 7.88%, 09/15/2029 | 200000 | 214415 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Zoetis, Inc. |  |  |
| 5.60%, 11/16/2032 | $28000 | $29301 |
|  |  | 2679370 |
| **Real Estate Management & Development - 0.9%**  | **Real Estate Management & Development - 0.9%**  | **Real Estate Management & Development - 0.9%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| 275000 | 276280 |
| Elect Global Investments Ltd. |  |  |
| 4.85%, 05/30/2025 <sup>(B)</sup><sup>(C)</sup> <br>| 200000 | 126047 |
| GLP China Holdings Ltd. |  |  |
| 2.95%, 03/29/2026 <sup>(B)</sup> <br>| 300000 | 276914 |
| GLP Pte. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 05/17/2026 <sup>(C)</sup>, <br>4.50% <sup>(B)</sup><sup>(D)</sup> <br>| 200000 | 116855 |
| Greystar Real Estate Partners LLC |  |  |
| 7.75%, 09/01/2030 <sup>(A)</sup> <br>| 110000 | 115510 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 03/01/2029 | 321000 | 289077 |
| Longfor Group Holdings Ltd. |  |  |
| 3.38%, 04/13/2027 <sup>(B)</sup> <br>| 250000 | 223807 |
| NWD MTN Ltd. |  |  |
| 8.63%, 02/08/2028 <sup>(B)</sup> <br>| 250000 | 191388 |
| Yanlord Land HK Co. Ltd. |  |  |
| 5.13%, 05/20/2026 <sup>(B)</sup> <br>| 320000 | 309603 |
|  |  | 1925481 |
| **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  |
| Applied Materials, Inc. |  |  |
| 4.80%, 06/15/2029 | 245000 | 250771 |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/2031 <sup>(A)</sup> <br>| 185000 | 163155 |
| Entegris, Inc. |  |  |
| 5.95%, 06/15/2030 <sup>(A)</sup> <br>| 200000 | 198903 |
| Intel Corp. |  |  |
| 4.15%, 08/05/2032 | 40000 | 36857 |
| SK Hynix, Inc. |  |  |
| 2.38%, 01/19/2031 <sup>(B)</sup> <br>| 200000 | 173512 |
| Texas Instruments, Inc. |  |  |
| 4.60%, 02/15/2028 | 151000 | 153165 |
|  |  | 976363 |
| **Software - 0.7%**  | **Software - 0.7%**  | **Software - 0.7%**  |
| Adobe, Inc. |  |  |
| 4.75%, 01/17/2028 <sup>(E)</sup> <br>| 88000 | 89836 |
| 4.85%, 04/04/2027 | 28000 | 28479 |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 63000 | 62848 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/2030 <sup>(A)</sup> <br>| 260000 | 265359 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/2029 <sup>(A)</sup> <br>| 306000 | 306013 |
| Fiserv, Inc. |  |  |
| 5.15%, 08/12/2034 | 51000 | 50053 |
| Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance SARL |  |  |
| 4.63%, 05/01/2028 <sup>(A)</sup> <br>| 200000 | 180171 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Open Text Corp. |  |  |
| 3.88%, 12/01/2029 <sup>(A)</sup> <br>| $160000 | $147496 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/2028 | 167000 | 157829 |
| 4.30%, 07/08/2034 | 11000 | 10191 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/2030 | 19000 | 19254 |
| Rackspace Finance LLC |  |  |
| 3.50%, 05/15/2028 <sup>(A)</sup> <br>| 331300 | 117934 |
|  |  | 1435463 |
| **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  |
| AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp; Fixed until 06/16/2025, <br>6.50% <sup>(D)</sup>, 06/15/2045 <sup>(A)</sup> <br>| 250000 | 250279 |
| Canadian Pacific Railway Co. |  |  |
| 5.20%, 03/30/2035 | 24000 | 24066 |
| CSX Corp. |  |  |
| 3.25%, 06/01/2027 | 63000 | 61796 |
| Federal Express Corp. Pass-Through <br> Trusts |  |  |
| 1.88%, 08/20/2035 | 35691 | 30316 |
| GATX Corp. |  |  |
| 5.50%, 06/15/2035 | 29000 | 28697 |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 5.25%, 02/01/2030 <sup>(A)</sup> <br>| 82000 | 83229 |
| 5.35%, 03/30/2029 <sup>(A)</sup> <br>| 23000 | 23379 |
| 6.05%, 08/01/2028 <sup>(A)</sup> <br>| 71000 | 73790 |
| 6.20%, 06/15/2030 <sup>(A)</sup> <br>| 98000 | 103487 |
| Ryder System, Inc. |  |  |
| 5.50%, 06/01/2029 | 38000 | 38962 |
| Star Leasing Co. LLC |  |  |
| 7.63%, 02/15/2030 <sup>(A)</sup> <br>| 198000 | 177385 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/2032 <sup>(A)</sup> <br>| 214000 | 217662 |
|  |  | 1113048 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $101,286,250)**<br>|  | 99775343 |
| **LOAN ASSIGNMENTS - 17.9%**  | **LOAN ASSIGNMENTS - 17.9%**  | **LOAN ASSIGNMENTS - 17.9%**  |
| **Aerospace & Defense - 0.2%**  | **Aerospace & Defense - 0.2%**  | **Aerospace & Defense - 0.2%**  |
| &nbsp;&nbsp; Spirit Aerosystems, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.78% <sup>(D)</sup>, 01/15/2027<br>| 315548 | 315351 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 01/28/2032<br>| 156919 | 153927 |
| &nbsp;&nbsp; First Brands Group LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.54% <sup>(D)</sup>,03/30/2027 <sup>(G)</sup> <br>| 304464 | 282245  |
|  |  | 436172 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Beverages - 0.2%**  | **Beverages - 0.2%**  | **Beverages - 0.2%**  |
| &nbsp;&nbsp; Pegasus BidCo BV <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 07/12/2029<br>| $316381 | $314800 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| &nbsp;&nbsp; Foley Products Co. LLC <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>9.20% <sup>(D)</sup>, 12/29/2028<br>| 173600 | 174034 |
| Groundworks LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 3.25%, <br>3.00% <sup>(D)</sup>, 03/14/2031<br>| 5126 | 5062 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 03/14/2031<br>| 174072 | 171896 |
| &nbsp;&nbsp; Icebox Holdco III, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.50%, <br>8.06% <sup>(D)</sup>, 12/22/2028<br>| 143924 | 143159 |
| &nbsp;&nbsp; Potters Industries LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 12/14/2027<br>| 197772 | 197031 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 04/14/2031<br>| 205924 | 201842 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 02/10/2032<br>| 56314 | 55152 |
|  |  | 948176 |
| **Capital Markets - 0.3%**  | **Capital Markets - 0.3%**  | **Capital Markets - 0.3%**  |
| &nbsp;&nbsp; Dragon Buyer, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(D)</sup>, 09/30/2031 <sup>(G)</sup> <br>| 250165 | 248211 |
| &nbsp;&nbsp; NEXUS Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 07/31/2031<br>| 338695 | 337425 |
|  |  | 585636 |
| **Chemicals - 0.1%**  | **Chemicals - 0.1%**  | **Chemicals - 0.1%**  |
| &nbsp;&nbsp; Nouryon Finance BV <br>Term Loan B1, <br>TBD, 04/03/2028 <sup>(G)</sup><sup>(I)</sup> <br>| 199495 | 198248 |
| **Commercial Services & Supplies - 2.4%**  | **Commercial Services & Supplies - 2.4%**  | **Commercial Services & Supplies - 2.4%**  |
| &nbsp;&nbsp; Action Environmental Group, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(D)</sup>, 10/24/2030 <sup>(G)</sup> <br>| 294952 | 294952 |
| &nbsp;&nbsp; Allied Universal Holdco LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.17% <sup>(D)</sup>, 05/12/2028<br>| 328670 | 328167 |
| &nbsp;&nbsp; Belron Finance LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.05% <sup>(D)</sup>, 10/16/2031<br>| 114097 | 113705 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Strategic Income**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Crash Champions LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>9.07% <sup>(D)</sup>, 02/23/2029<br>| $198997 | $176610 |
| &nbsp;&nbsp; Creative Artists Agency LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 10/01/2031<br>| 360750 | 358270 |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.29% <sup>(D)</sup>, 02/01/2029<br>| 236195 | 233242 |
| &nbsp;&nbsp; GFL Environmental, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.82% <sup>(D)</sup>, 02/04/2032<br>| 368829 | 363296 |
| &nbsp;&nbsp; Groupe Solmax, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, 3-Month <br> Term SOFR + 4.75%, <br>9.19% <sup>(D)</sup>, 05/29/2028<br>| 206188 | 169177 |
| &nbsp;&nbsp; Hertz Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.03% <sup>(D)</sup>, 06/30/2028<br>| 362584 | 282136 |
| &nbsp;&nbsp; KUEHG Corp. <br>Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(D)</sup>, 06/12/2030<br>| 148615 | 147779 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan B, <br>TBD, 03/28/2032 <sup>(G)</sup><sup>(I)</sup> <br>| 185636 | 183741 |
| &nbsp;&nbsp; Mavis Tire Express Services Corp. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.31% <sup>(D)</sup>, 05/04/2028<br>| 238208 | 235032 |
| &nbsp;&nbsp; Moneygram International, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>9.04% <sup>(D)</sup>, 06/01/2030<br>| 320437 | 288928 |
| &nbsp;&nbsp; PG Investment Co. 59 SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(D)</sup>, 03/26/2031 <sup>(G)</sup> <br>| 250000 | 248750 |
| &nbsp;&nbsp; Prometric Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>9.19% <sup>(D)</sup>, 01/31/2028<br>| 238194 | 238313 |
| &nbsp;&nbsp; Ryan LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 11/14/2030 <sup>(G)</sup> <br>| 265671 | 264675 |
| &nbsp;&nbsp; Spring Education Group, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(D)</sup>, 10/04/2030<br>| 237718 | 235786 |
| &nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(D)</sup>, 10/24/2031<br>| 260000 | 259350 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Veritiv Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(D)</sup>, 11/30/2030<br>| $207545 | $205625 |
| &nbsp;&nbsp; VM Consolidated, Inc. <br>Term Loan B2, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 03/24/2028<br>| 125619 | 125515 |
| &nbsp;&nbsp; Wand NewCo 3, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(D)</sup>, 01/30/2031<br>| 199640 | 196645 |
| &nbsp;&nbsp; Xplor T1 LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(D)</sup>, 06/24/2031<br>| 134870 | 133859 |
|  |  | 5083553 |
| **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  |
| &nbsp;&nbsp; Altice Financing SA <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.26% <sup>(D)</sup>, 10/31/2027<br>| 358549 | 286839 |
| &nbsp;&nbsp; Altice France SA <br>Term Loan B14, <br>3-Month Term SOFR + 5.50%, <br>9.76% <sup>(D)</sup>, 08/15/2028<br>| 177501 | 158420 |
| &nbsp;&nbsp; CCI Buyer, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.30% <sup>(D)</sup>, 12/17/2027<br>| 318363 | 318263 |
| &nbsp;&nbsp; Connect Finco SARL <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(D)</sup>, 09/27/2029<br>| 201946 | 180616 |
| &nbsp;&nbsp; ViaSat, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.94% <sup>(D)</sup>, 03/02/2029<br>| 330044 | 308756 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.44% <sup>(D)</sup>, 03/09/2027<br>| 325000 | 301519 |
|  |  | 1554413 |
| **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  |
| &nbsp;&nbsp; Construction Partners, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(D)</sup>, 11/03/2031<br>| 34281 | 33938 |
| &nbsp;&nbsp; Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.69% <sup>(D)</sup>, 06/23/2028<br>| 209781 | 206831 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| &nbsp;&nbsp; Service Logic Acquisition, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 3.00%, 3-Month <br> Term SOFR + 3.00%, <br>7.28% <sup>(D)</sup>, 10/29/2027<br>| $316567 | $316567 |
| &nbsp;&nbsp; Tecta America Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 02/18/2032<br>| 54385 | 53774 |
|  |  | 611110 |
| **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  |
| &nbsp;&nbsp; BCPE Grill Parent <br>Term Loan B, <br>1-Month Term SOFR + 4.75%, <br>9.07% <sup>(D)</sup>, 09/30/2030<br>| 207326 | 189081 |
| &nbsp;&nbsp; Dave & Buster's, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.56% <sup>(D)</sup>, 06/29/2029 <sup>(G)</sup> <br>| 294898 | 272689 |
| &nbsp;&nbsp; EG Group Ltd. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.56% <sup>(D)</sup>, 02/07/2028<br>| 280359 | 280149 |
| &nbsp;&nbsp; Gulfside Supply, Inc. <br>Term Loan B, <br>TBD, 06/17/2031 <sup>(G)</sup><sup>(I)</sup> <br>| 297447 | 293952 |
| &nbsp;&nbsp; Highline Aftermarket Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 02/19/2030 <sup>(G)</sup> <br>| 224123 | 223002 |
| &nbsp;&nbsp; LBM Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.18% <sup>(D)</sup>, 06/06/2031<br>| 318434 | 303109 |
| &nbsp;&nbsp; Park River Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.80% <sup>(D)</sup>, 12/28/2027<br>| 320425 | 300799 |
| &nbsp;&nbsp; Peer Holding III BV <br>Term Loan B5B, <br>3-Month Term SOFR + 2.50%, <br>6.80% <sup>(D)</sup>, 07/01/2031<br>| 172658 | 171723 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.81% <sup>(D)</sup>, 03/03/2028<br>| 368078 | 319653 |
| &nbsp;&nbsp; Specialty Building Products Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.17% <sup>(D)</sup>, 10/15/2028<br>| 337226 | 313936 |
| &nbsp;&nbsp; Whatabrands LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(D)</sup>, 08/03/2028<br>| 206257 | 204897 |
| &nbsp;&nbsp; White Cap Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 10/19/2029<br>| 175000 | 170327 |
|  |  | 3043317 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  |
| &nbsp;&nbsp; Berlin Packaging LLC <br>Term Loan B7, <br>1-Month Term SOFR + 3.50%, 3-Month <br> Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 06/07/2031 <sup>(G)</sup> <br>| $164587 | $163327 |
| &nbsp;&nbsp; Charter NEX U.S., Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 11/29/2030<br>| 158148 | 157506 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.48% <sup>(D)</sup>, 04/01/2032 <sup>(G)</sup> <br>| 1571 | 1558 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.49% <sup>(D)</sup>, 04/01/2032 <sup>(G)</sup> <br>| 89836 | 89095 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.50% <sup>(D)</sup>, 04/13/2029<br>| 198538 | 196832 |
| &nbsp;&nbsp; IRIS Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>9.13% <sup>(D)</sup>, 06/28/2028<br>| 159184 | 149610 |
| &nbsp;&nbsp; SupplyOne, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.07% <sup>(D)</sup>, 04/21/2031<br>| 269893 | 268038 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc. <br>Term Loan B7, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(D)</sup>, 09/15/2028 <sup>(G)</sup> <br>| 265000 | 256001 |
|  |  | 1281967 |
| **Distributors - 0.4%**  | **Distributors - 0.4%**  | **Distributors - 0.4%**  |
| &nbsp;&nbsp; Gloves Buyer, Inc. <br>Term Loan, <br>TBD, 01/17/2032 <sup>(G)</sup><sup>(I)</sup> <br>| 202475 | 192688 |
| &nbsp;&nbsp; PAI Holdco, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.29% <sup>(D)</sup>, 10/28/2027<br>| 254617 | 196692 |
| &nbsp;&nbsp; RelaDyne, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.32% <sup>(D)</sup>, 12/23/2030<br>| 304168 | 303180 |
| &nbsp;&nbsp; Windsor Holdings III LLC <br>Term Loan B, <br>TBD, 08/01/2030 <sup>(G)</sup><sup>(I)</sup> <br>| 249375 | 245479 |
|  |  | 938039 |
| **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  |
| &nbsp;&nbsp; Claros Mortgage Trust, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.92% <sup>(D)</sup>, 08/09/2026<br>| 223736 | 207515 |
| **Electric Utilities - 0.1%**  | **Electric Utilities - 0.1%**  | **Electric Utilities - 0.1%**  |
| &nbsp;&nbsp; Alpha Generation LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 09/30/2031<br>| 197510 | 197325 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(D)</sup>, 12/02/2031<br>| $260617 | $249758 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| &nbsp;&nbsp; Goodnight Water Solutions LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.82% <sup>(D)</sup>, 06/04/2029<br>| 199471 | 193487 |
| **Financial Services - 0.6%**  | **Financial Services - 0.6%**  | **Financial Services - 0.6%**  |
| &nbsp;&nbsp; Advisor Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 08/17/2028<br>| 198546 | 197460 |
| &nbsp;&nbsp; Apex Group Treasury LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 02/27/2032<br>| 318318 | 317124 |
| &nbsp;&nbsp; CPI Holdco B LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 05/17/2031<br>| 44044 | 43755 |
| &nbsp;&nbsp; Focus Financial Partners LLC <br>Term Loan B, <br>TBD, 09/15/2031 <sup>(G)</sup><sup>(I)</sup> <br>| 300000 | 295929 |
| &nbsp;&nbsp; Hightower Holding LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.29% <sup>(D)</sup>, 02/03/2032<br>| 237025 | 234062 |
| &nbsp;&nbsp; Jump Financial LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.55% <sup>(D)</sup>, 02/26/2032 <sup>(G)</sup> <br>| 216592 | 216863 |
|  |  | 1305193 |
| **Food Products - 0.1%**  | **Food Products - 0.1%**  | **Food Products - 0.1%**  |
| &nbsp;&nbsp; Upfield BV <br>Term Loan B12, <br>3-Month Term SOFR + 3.75%, <br>8.07% <sup>(D)</sup>, 01/03/2028<br>| 271567 | 269869 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 3.50%, <br>3.50% <sup>(D)</sup>, 10/23/2031 <sup>(G)</sup> <br>| 19648 | 19587 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 10/23/2031 <sup>(G)</sup> <br>| 264310 | 263484 |
| &nbsp;&nbsp; Medline Borrower LP <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 10/23/2028<br>| 238336 | 236667 |
| &nbsp;&nbsp; Sotera Health Holdings LLC <br>Term Loan B, <br>TBD, 05/30/2031 <sup>(G)</sup><sup>(I)</sup> <br>| 400000 | 398500 |
|  |  | 918238 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  |
| &nbsp;&nbsp; Bella Holding Co. LLC <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 05/10/2028<br>| $360694 | $359019 |
| &nbsp;&nbsp; Charlotte Buyer, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(D)</sup>, 02/11/2028<br>| 274312 | 272892 |
| &nbsp;&nbsp; LifePoint Health, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>8.01% <sup>(D)</sup>, 05/19/2031<br>| 249375 | 244200 |
| &nbsp;&nbsp; Outcomes Group Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 05/06/2031<br>| 184573 | 183727 |
|  |  | 1059838 |
| **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  |
| Aimbridge Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 5.50%, Prime <br> Rate + 4.50%, <br>9.94% <sup>(D)</sup>, 03/11/2030<br>| 27359 | 26812 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 7.50%, <br>11.94% <sup>(D)</sup>, 03/11/2030<br>| 14481 | 13902 |
| &nbsp;&nbsp; Carnival Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.00%, <br>6.33% <sup>(D)</sup>, 10/18/2028<br>| 211077 | 210021 |
| &nbsp;&nbsp; EOC Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 03/24/2032 <sup>(G)</sup> <br>| 314588 | 309345 |
| &nbsp;&nbsp; Fertitta Entertainment LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 01/27/2029<br>| 270770 | 263587 |
| &nbsp;&nbsp; GBT U.S. III LLC <br>Term Loan B, <br>TBD, 07/28/2031 <sup>(G)</sup><sup>(I)</sup> <br>| 250000 | 247448 |
| &nbsp;&nbsp; Ontario Gaming GTA LP <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.55% <sup>(D)</sup>, 08/01/2030<br>| 237213 | 228170 |
| &nbsp;&nbsp; Recess Holdings, Inc. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.75%, <br>8.03% <sup>(D)</sup>, 02/20/2030<br>| 210940 | 207775 |
| &nbsp;&nbsp; Scientific Games Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.28% <sup>(D)</sup>, 04/04/2029<br>| 239181 | 236789 |
| &nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc. <br>Term Loan B3, <br>1-Month Term SOFR + 2.00%, <br>6.32% <sup>(D)</sup>, 12/04/2031<br>| 158567 | 154603 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp; Travel & Leisure Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.82% <sup>(D)</sup>, 12/14/2029<br>| $261737 | $256421 |
| &nbsp;&nbsp; UFC Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.58% <sup>(D)</sup>, 11/21/2031<br>| 37377 | 37330 |
|  |  | 2192203 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| &nbsp;&nbsp; AI Aqua Merger Sub, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 07/31/2028<br>| 318145 | 313992 |
| **Insurance - 1.1%**  | **Insurance - 1.1%**  | **Insurance - 1.1%**  |
| &nbsp;&nbsp; Alliant Holdings Intermediate LLC <br>Term Loan B6, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 09/19/2031<br>| 206178 | 204561 |
| &nbsp;&nbsp; AmWINS Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 01/30/2032<br>| 231745 | 230426 |
| Asurion LLC |  |  |
| &nbsp;&nbsp; Term Loan B11, <br>1-Month Term SOFR + 4.25%, <br>8.67% <sup>(D)</sup>, 08/19/2028<br>| 306096 | 295994 |
| &nbsp;&nbsp; 2nd Lien Term Loan B4, <br>1-Month Term SOFR + 5.25%, <br>9.69% <sup>(D)</sup>, 01/20/2029<br>| 355548 | 325326 |
| &nbsp;&nbsp; Broadstreet Partners, Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 06/13/2031 <sup>(G)</sup> <br>| 249372 | 247907 |
| &nbsp;&nbsp; Howden Group Holdings Ltd. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 02/15/2031<br>| 316254 | 314211 |
| &nbsp;&nbsp; HUB International Ltd. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.77% <sup>(D)</sup>, 06/20/2030 <sup>(G)</sup> <br>| 294643 | 292467 |
| &nbsp;&nbsp; Sedgwick Claims Management Services, <br> Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.31% <sup>(D)</sup>, 07/31/2031<br>| 237861 | 236494 |
| &nbsp;&nbsp; Truist Insurance Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.05% <sup>(D)</sup>, 05/06/2031<br>| 95949 | 94990 |
|  |  | 2242376 |
| **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  |
| &nbsp;&nbsp; CNT Holdings I Corp. <br>Term Loan, <br>3-Month Term SOFR + 2.50%, <br>6.78% <sup>(D)</sup>, 11/08/2032<br>| 316658 | 314679 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** |
| &nbsp;&nbsp; Proofpoint, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 08/31/2028<br>| $237140 | $235547 |
| &nbsp;&nbsp; PUG LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.75%, <br>9.07% <sup>(D)</sup>, 03/15/2030<br>| 234968 | 230757 |
|  |  | 780983 |
| **IT Services - 0.7%**  | **IT Services - 0.7%**  | **IT Services - 0.7%**  |
| &nbsp;&nbsp; Ahead DB Holdings LLC <br>Term Loan B3, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(D)</sup>, 02/03/2031<br>| 194201 | 192676 |
| &nbsp;&nbsp; Amentum Government Services <br> Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 09/29/2031<br>| 182858 | 180344 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc. <br>Term Loan B, <br>TBD, 06/27/2031 <sup>(G)</sup><sup>(I)</sup> <br>| 300000 | 293625 |
| &nbsp;&nbsp; Foundever Worldwide Corp. <br>Term Loan, <br>3-Month Term SOFR + 3.75%, <br>8.18% <sup>(D)</sup>, 08/28/2028<br>| 109912 | 61104 |
| &nbsp;&nbsp; Nielsen Consumer, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 03/06/2028<br>| 285882 | 281593 |
| &nbsp;&nbsp; Peraton Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.17% <sup>(D)</sup>, 02/01/2028<br>| 317128 | 285132 |
| &nbsp;&nbsp; Verifone Systems, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.50%, <br>10.21% <sup>(D)</sup>, 08/18/2028 <sup>(G)</sup> <br>| 334508 | 294315 |
|  |  | 1588789 |
| **Machinery - 0.6%**  | **Machinery - 0.6%**  | **Machinery - 0.6%**  |
| &nbsp;&nbsp; Alliance Laundry Systems LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 08/19/2031 <sup>(G)</sup> <br>| 200000 | 198156 |
| &nbsp;&nbsp; CD&R Hydra Buyer, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.42% <sup>(D)</sup>, 03/25/2031<br>| 236190 | 226669 |
| &nbsp;&nbsp; Madison Safety & Flow LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 09/26/2031<br>| 19251 | 19130 |
| &nbsp;&nbsp; TK Elevator Midco GmbH <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.24% <sup>(D)</sup>, 04/30/2030<br>| 316125 | 314545 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| &nbsp;&nbsp; Victory Buyer LLC <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.19% <sup>(D)</sup>, 11/19/2028<br>| $284267 | $274318 |
| &nbsp;&nbsp; WEC U.S. Holdings Ltd. <br>Term Loan, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 01/27/2031 <sup>(G)</sup> <br>| 293536 | 290738 |
|  |  | 1323556 |
| **Media - 0.8%**  | **Media - 0.8%**  | **Media - 0.8%**  |
| &nbsp;&nbsp; Coral-U.S. Co-Borrower LLC <br>Term Loan B7, <br>3-Month Term SOFR + 3.25%, <br>7.51% <sup>(D)</sup>, 02/02/2032 <sup>(G)</sup> <br>| 260000 | 254475 |
| &nbsp;&nbsp; CSC Holdings LLC <br>Term Loan B5, <br>Prime Rate + 1.50%, <br>9.00% <sup>(D)</sup>, 04/15/2027<br>| 354159 | 339905 |
| &nbsp;&nbsp; Neptune Bidco U.S., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.33% <sup>(D)</sup>, 04/11/2029<br>| 293819 | 258193 |
| &nbsp;&nbsp; Sinclair Television Group, Inc. <br>Term Loan B7, <br>1-Month Term SOFR + 4.10%, <br>8.52% <sup>(D)</sup>, 12/31/2030<br>| 348920 | 273902 |
| &nbsp;&nbsp; Sunrise Financing Partnership <br>Term Loan A, <br>3-Month Term SOFR + 2.50%, <br>6.79% <sup>(D)</sup>, 02/15/2032<br>| 146624 | 145616 |
| &nbsp;&nbsp; United Talent Agency LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.08% <sup>(D)</sup>, 07/07/2028<br>| 150439 | 150251 |
| &nbsp;&nbsp; Virgin Media Bristol LLC <br>Term Loan Y, <br>6-Month Term SOFR + 3.18%, <br>7.37% <sup>(D)</sup>, 03/31/2031<br>| 326000 | 316526 |
|  |  | 1738868 |
| **Metals & Mining - 0.1**  | **Metals & Mining - 0.1**  | **Metals & Mining - 0.1**  |
| &nbsp;&nbsp; Atlas Sand Co. LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>5.00% <sup>(D)</sup>, 01/31/2026 <sup>(J)</sup><sup>(K)</sup><sup>(L)</sup><sup>(M)</sup> <br>| 108713 | 104799 |
| **Mortgage Real Estate Investment Trusts - 0.3%**  | **Mortgage Real Estate Investment Trusts - 0.3%**  | **Mortgage Real Estate Investment Trusts - 0.3%**  |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 3.50%, <br>7.94% <sup>(D)</sup>, 03/11/2028<br>| 235614 | 226190 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>8.07% <sup>(D)</sup>, 12/11/2028<br>| 241574 | 239763 |
| &nbsp;&nbsp; KREF Holdings X LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, Prime Rate <br> + 3.25%, <br>7.57% <sup>(D)</sup>, 03/05/2032<br>| 179736 | 177713 |
|  |  | 643666 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Oil, Gas & Consumable Fuels - 0.2%**  | **Oil, Gas & Consumable Fuels - 0.2%**  | **Oil, Gas & Consumable Fuels - 0.2%**  |
| &nbsp;&nbsp; M6 ETX Holdings II Midco LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 04/01/2032<br>| $312785 | $310536 |
| &nbsp;&nbsp; NGP XI Midstream Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(D)</sup>, 07/25/2031<br>| 162791 | 159942 |
|  |  | 470478 |
| **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>6-Month Term SOFR + 2.25%, <br>6.51% <sup>(D)</sup>, 06/04/2029<br>| 55975 | 54277 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 2.25%, <br>6.52% <sup>(D)</sup>, 04/20/2028<br>| 73699 | 72026 |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 02/15/2028<br>| 158384 | 153583 |
| &nbsp;&nbsp; United Airlines, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.00%, <br>6.28% <sup>(D)</sup>, 02/22/2031<br>| 209642 | 208070 |
| &nbsp;&nbsp; WestJet Loyalty LP <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(D)</sup>, 02/14/2031<br>| 317026 | 300620 |
|  |  | 788576 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| &nbsp;&nbsp; Opal Bidco SAS <br>Term Loan B, <br>TBD, 03/31/2032 <sup>(G)</sup><sup>(I)</sup> <br>| 191805 | 191086 |
| **Pharmaceuticals - 0.3%**  | **Pharmaceuticals - 0.3%**  | **Pharmaceuticals - 0.3%**  |
| &nbsp;&nbsp; Covetrus, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.30% <sup>(D)</sup>, 10/13/2029<br>| 269462 | 252676 |
| &nbsp;&nbsp; Endo Luxembourg Finance Co. I SARL <br>1st Lien Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.32% <sup>(D)</sup>, 04/23/2031<br>| 190303 | 184237 |
| &nbsp;&nbsp; Gainwell Acquisition Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.40% <sup>(D)</sup>, 10/01/2027<br>| 224414 | 208214 |
|  |  | 645127 |
| **Real Estate Management & Development - 0.4%**  | **Real Estate Management & Development - 0.4%**  | **Real Estate Management & Development - 0.4%**  |
| &nbsp;&nbsp; CoreLogic, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.94% <sup>(D)</sup>, 06/02/2028 <sup>(G)</sup> <br>| 248843 | 244877 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 01/31/2030<br>| 102116 | 101861 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| &nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 01/31/2030<br>| $157458 | $157458 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC <br>1st Lien Term Loan B, <br>TBD, 08/21/2030 <sup>(G)</sup><sup>(I)</sup> <br>| 300000 | 300000 |
|  |  | 804196 |
| **Software - 1.6%**  | **Software - 1.6%**  | **Software - 1.6%**  |
| &nbsp;&nbsp; Athenahealth Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 02/15/2029<br>| 320791 | 317783 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 07/30/2031 <sup>(G)</sup> <br>| 200773 | 196481 |
| &nbsp;&nbsp; 2nd Lien Term Loan, <br>TBD, 07/30/2032 <sup>(G)</sup><sup>(I)</sup> <br>| 75000 | 70875 |
| &nbsp;&nbsp; Cast & Crew Payroll LLC <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>8.07% <sup>(D)</sup>, 12/29/2028<br>| 174549 | 166694 |
| &nbsp;&nbsp; Clearwater Analytics LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.53% <sup>(D)</sup>, 04/21/2032<br>| 55002 | 54727 |
| &nbsp;&nbsp; Cloud Software Group, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(D)</sup>, 03/21/2031<br>| 264141 | 260894 |
| &nbsp;&nbsp; Corel Corp. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.41% <sup>(D)</sup>, 07/02/2026<br>| 161779 | 150589 |
| &nbsp;&nbsp; Cotiviti Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 05/01/2031<br>| 238252 | 232891 |
| &nbsp;&nbsp; Helios Software Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.80% <sup>(D)</sup>, 07/18/2030<br>| 238405 | 234631 |
| &nbsp;&nbsp; PointClickCare Technologies, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.55% <sup>(D)</sup>, 11/03/2031<br>| 59605 | 59493 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>TBD, 10/28/2030 <sup>(G)</sup><sup>(I)</sup> <br>| 27886 | 27751 |
| &nbsp;&nbsp; 2nd Lien Term Loan, <br>TBD, 11/22/2032 <sup>(G)</sup><sup>(I)</sup> <br>| 45004 | 44793 |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>TBD, 10/28/2030 <sup>(G)</sup><sup>(I)</sup> <br>| 225000 | 222750 |
| &nbsp;&nbsp; Project Boost Purchaser LLC <br>Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.30% <sup>(D)</sup>, 07/16/2031<br>| 318372 | 315321 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp; QXO, Inc. <br>Term Loan B, <br>TBD, 04/23/2032 <sup>(G)</sup><sup>(I)</sup> <br>| $398561 | $398063 |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>7.19% <sup>(D)</sup>, 05/15/2028 <sup>(G)</sup> <br>| 250000 | 100000 |
| RealPage, Inc. |  |  |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 3.75%, <br>8.05% <sup>(D)</sup>, 04/24/2028<br>| 78241 | 78024 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.56% <sup>(D)</sup>, 04/24/2028<br>| 153312 | 151779 |
| &nbsp;&nbsp; Storable, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.57% <sup>(D)</sup>, 04/16/2031<br>| 265070 | 264076 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(D)</sup>, 02/10/2031<br>| 169373 | 168681 |
|  |  | 3516296 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.57% <sup>(D)</sup>, 12/21/2028<br>| 245882 | 241015 |
| &nbsp;&nbsp; Hanesbrands, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>7.07% <sup>(D)</sup>, 03/07/2032<br>| 66480 | 65483 |
| &nbsp;&nbsp; Varsity Brands, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.82% <sup>(D)</sup>, 08/26/2031<br>| 296697 | 291134 |
|  |  | 597632 |
| **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  |
| &nbsp;&nbsp; Forward Air Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.50%, <br>8.78% <sup>(D)</sup>, 12/19/2030<br>| 60116 | 54075 |
| &nbsp;&nbsp; PODS LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.54% <sup>(D)</sup>, 03/31/2028<br>| 150000 | 138112 |
| &nbsp;&nbsp; Stonepeak Nile Parent LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.98% <sup>(D)</sup>, 04/09/2032<br>| 165029 | 162244 |
| &nbsp;&nbsp; Third Coast Infrastructure LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.57% <sup>(D)</sup>, 09/25/2030<br>| 290496 | 284323 |
|  |  | 638754 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $39,021,862)**<br>|  | 38293382 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.7%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.00%, 04/01/2052 | $2034945 | $1613153 |
| 2.50%, 01/01/2037 - 05/01/2052 | 2385097 | 2086912 |
| 3.00%, 09/01/2052 | 2420702 | 2096229 |
| 5.50%, 08/01/2053 - 05/01/2055 | 3816003 | 3806382 |
| 6.00%, 02/01/2054 | 862408 | 874895 |
| Federal National Mortgage Association |  |  |
| 2.50%, 04/01/2037 - 05/01/2052 | 19903305 | 17438564 |
| 5.00%, 03/01/2054 - 11/01/2054 | 2491518 | 2436093 |
| Government National Mortgage <br> Association |  |  |
| 3.00%, 09/20/2051 - 02/20/2052 | 3670283 | 3246310 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $32,888,816)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $32,888,816)** | 33598538 |
| **ASSET-BACKED SECURITIES - 4.7%**  | **ASSET-BACKED SECURITIES - 4.7%**  | **ASSET-BACKED SECURITIES - 4.7%**  |
| Allegro CLO XV Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class D2R, <br>3-Month Term SOFR + 4.00%, <br>8.31% <sup>(D)</sup>, 04/20/2038 <sup>(A)</sup> <br>| 2000000 | 1952198 |
| Canyon Capital CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-2A, Class D2R, <br>3-Month Term SOFR + 4.00%, <br>8.26% <sup>(D)</sup>, 04/15/2038 <sup>(A)</sup> <br>| 2000000 | 1955428 |
| Dryden 95 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-95A, Class DR, <br>3-Month Term SOFR + 3.05%, <br>7.37% <sup>(D)</sup>, 08/20/2034 <sup>(A)</sup> <br>| 2125000 | 2091406 |
| KKR CLO 37 Ltd. |  |  |
| &nbsp;&nbsp; Series 37A, Class D2R, <br>3-Month Term SOFR + 4.25%, <br>8.56% <sup>(D)</sup>, 04/20/2038 <sup>(A)</sup> <br>| 2000000 | 1925000 |
| Sound Point CLO 35 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-35A, Class D2R, <br>3-Month Term SOFR + 3.85%, <br>8.17% <sup>(D)</sup>, 04/26/2038 <sup>(A)</sup> <br>| 2300000 | 2136049 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $10,425,000)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $10,425,000)** | 10060081 |
| **U.S. GOVERNMENT OBLIGATIONS - 2.8%**  | **U.S. GOVERNMENT OBLIGATIONS - 2.8%**  | **U.S. GOVERNMENT OBLIGATIONS - 2.8%**  |
| **U.S. Treasury - 2.8%**  | **U.S. Treasury - 2.8%**  | **U.S. Treasury - 2.8%**  |
| U.S. Treasury Bonds |  |  |
| 4.13%, 08/15/2044 | 4500000 | 4170938 |
| U.S. Treasury Notes |  |  |
| 3.75%, 08/31/2031 | 60000 | 59433 |
| 3.88%, 08/15/2034 | 51000 | 49876 |
| 4.00%, 03/31/2030 | 19000 | 19209 |
| 4.25%, 01/31/2030 | 34000 | 34744 |
| 4.38%, 07/31/2026 - 05/15/2034 | 1360000 | 1380031 |
| 4.50%, 05/31/2029 - 12/31/2031 | 54100 | 55823 |
| 4.63%, 02/15/2035 | 145000 | 150188 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $6,158,324)**<br>|  | 5920242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.7%**  | **PREFERRED STOCKS - 0.7%**  | **PREFERRED STOCKS - 0.7%**  |
| **Automobiles - 0.1%**  | **Automobiles - 0.1%**  | **Automobiles - 0.1%**  |
| Ford Motor Co., |  |  |
| 6.20% | 7500 | $157425 |
| **Banks - 0.5%**  | **Banks - 0.5%**  | **Banks - 0.5%**  |
| Customers Bancorp, Inc., |  |  |
| 5.38% | 48886 | 964521 |
| **Electric Utilities - 0.0% \*** | **Electric Utilities - 0.0% \*** | **Electric Utilities - 0.0% \*** |
| Brookfield Infrastructure Finance ULC, |  |  |
| 7.25% | 811 | 18045 |
| **Financial Services - 0.0% \*** | **Financial Services - 0.0% \*** | **Financial Services - 0.0% \*** |
| Corebridge Financial, Inc., |  |  |
| 6.38% <sup>(E)</sup> <br>| 1000 | 23860 |
| **Multi-Utilities - 0.1%**  | **Multi-Utilities - 0.1%**  | **Multi-Utilities - 0.1%**  |
| Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp; Series 19-A, 3-Month LIBOR + 4.01%, <br> 8.86% <sup>(D)</sup> <br>| 10513 | 264402 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $1,677,406)**<br>|  | 1428253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%**  |
| **Canada - 0.0% \*** | **Canada - 0.0% \*** | **Canada - 0.0% \*** |
| Province of British Columbia |  |  |
| 4.20%, 07/06/2033 | $71000 | 69457 |
| **Pakistan - 0.1%**  | **Pakistan - 0.1%**  | **Pakistan - 0.1%**  |
| Pakistan Government International Bonds |  |  |
| 6.00%, 04/08/2026 <sup>(B)</sup> <br>| 200000 | 188526 |
| **Sri Lanka - 0.1%**  | **Sri Lanka - 0.1%**  | **Sri Lanka - 0.1%**  |
| Sri Lanka Government International Bonds |  |  |
| 3.60% <sup>(H)</sup>, 02/15/2038 <sup>(A)</sup> <br>| 200000 | 140000 |
| **Supranational - 0.2%**  | **Supranational - 0.2%**  | **Supranational - 0.2%**  |
| Africa Finance Corp. |  |  |
| 5.55%, 10/08/2029 <sup>(A)</sup> <br>| 200000 | 197435 |
| African Export-Import Bank |  |  |
| 3.80%, 05/17/2031 <sup>(B)</sup> <br>| 200000 | 176514 |
| Asian Development Bank |  |  |
| 1.88%, 01/24/2030 | 104000 | 95287 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/2028 | 85000 | 85683 |
|  |  | 554919 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $986,295)**<br>|  | 952902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Hi Crush Remainco <sup>(J)(K)(L)(N)</sup> <br>| 78 | 444132 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure - 0.0% \*** | **Hotels, Restaurants & Leisure - 0.0% \*** | **Hotels, Restaurants & Leisure - 0.0% \*** |
| Aimbridge Acquisition Co., Inc. <sup>(K)(N)</sup> <br>| 1345 | $83390 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $91,405)**<br>|  | 527522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CONVERTIBLE BOND - 0.1%**  | **CONVERTIBLE BOND - 0.1%**  | **CONVERTIBLE BOND - 0.1%**  |
| **Hotels, Restaurants & Leisure - 0.1%**  | **Hotels, Restaurants & Leisure - 0.1%**  | **Hotels, Restaurants & Leisure - 0.1%**  |
| &nbsp;&nbsp; Wynn Macau Ltd. <br>4.50%, 03/07/2029 <sup>(A)</sup> <br>| $200000 | 194600 |
| &nbsp;&nbsp; **Total Convertible Bond** <br>**(Cost $201,000)**<br>|  | 194600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANY - 7.7%**  | **SHORT-TERM INVESTMENT COMPANY - 7.7%**  | **SHORT-TERM INVESTMENT COMPANY - 7.7%**  |
| **Money Market Fund - 7.7%**  | **Money Market Fund - 7.7%**  | **Money Market Fund - 7.7%**  |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>4.29% <sup>(O)</sup> <br>| 16527959 | 16527959 |
| &nbsp;&nbsp; **Total Short-Term Investment Company** <br>**(Cost $16,527,959)**<br>|  | 16527959 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.9%**  |
| U.S. Treasury Bills |  |  |
| 4.19% <sup>(O)</sup>, 05/22/2025 | $340000 | $339161 |
| 4.22% <sup>(O)</sup>, 09/11/2025 | 2200000 | 2166540 |
| 4.23% <sup>(O)</sup>, 07/08/2025 | 2030000 | 2013934 |
| 4.24% <sup>(O)</sup>, 06/24/2025 - 07/24/2025 | 5950000 | 5894517 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $10,414,069)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $10,414,069)** | 10414152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 4.4%**  | **OTHER INVESTMENT COMPANY - 4.4%**  | **OTHER INVESTMENT COMPANY - 4.4%**  |
| **Securities Lending Collateral - 4.4%**  | **Securities Lending Collateral - 4.4%**  | **Securities Lending Collateral - 4.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(O)</sup> <br>| 9540088 | 9540088 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $9,540,088)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $9,540,088)** | 9540088 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $229,218,474)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $229,218,474)** | 227233062 |
| **Net Other Assets (Liabilities) - (6.1)%** | **Net Other Assets (Liabilities) - (6.1)%** | (13095361) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$214137701** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Ultra Notes | 120 | &nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp; $13461860 | &nbsp;&nbsp;&nbsp; $13768125 | &nbsp;&nbsp;&nbsp; $306265 | &nbsp;&nbsp;&nbsp; $— |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(P)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(Q)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $99775343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99775343 |
| Loan Assignments |  | &nbsp;&nbsp; 38188583 | &nbsp;&nbsp; 104799 | &nbsp;&nbsp; 38293382 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 33598538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33598538 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 10060081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10060081 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 5920242 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5920242 |
| Preferred Stocks | 1428253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1428253 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 952902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 952902 |
| Common Stocks |  | &nbsp;&nbsp; 83390 | &nbsp;&nbsp; 444132 | &nbsp;&nbsp; 527522 |
| Convertible Bond |  | &nbsp;&nbsp; 194600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194600 |
| Short-Term Investment Company | 16527959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16527959 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 10414152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10414152 |
| Other Investment Company | 9540088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9540088 |
| **Total Investments** | **$27496300** | &nbsp;&nbsp; **$199187831** | &nbsp;&nbsp; **$548931** | &nbsp;&nbsp; **$227233062** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(R)</sup> <br>| $306265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306265 |
| **Total Other Financial Instruments** | **$306265** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$306265** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $61,057,737, representing 28.5% of the* *Fund's net assets.* 

<sup>(B)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security 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 April 30, 2025, the total value of the Regulation S securities is $7,898,932, representing 3.7%* *of the Fund's net assets.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,514,537, collateralized by cash collateral of $9,540,088 and* *non-cash collateral, such as U.S. government securities of $172,055. 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.* 

<sup>(F)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(G)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(H)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2025; the maturity date disclosed is the ultimate maturity* *date.* 

<sup>(I)</sup> *All or a portion of the security represents an unsettled loan commitment at April 30, 2025 where the rate will be determined at time of settlement.*

<sup>(J)</sup> *Security is Level 3 of the fair value hierarchy. At April 30, 2025, the total value of the securities is $548,931, representing 0.3% of the Fund's net assets.*

<sup>(K)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At April 30, 2025, the total value of the securities is $632,321,* *representing 0.3% of the Fund's net assets.* 

<sup>(L)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Common Stocks | Hi Crush Remainco | 10/08/2020 - 11/02/2021 | &nbsp;&nbsp; $473091 | &nbsp;&nbsp; $444132 | 0.2<br> %<br>|
| Loan Assignments | Atlas Sand Co. LLC <br>Term Loan, 3-Month Term <br> SOFR + 5.00%, 5.00%, <br> 01/31/2026<br>| 10/08/2020 | &nbsp;&nbsp; 13227 | &nbsp;&nbsp; 104799 | 0.1 |
|  |  |  | &nbsp;&nbsp; **$486318** | &nbsp;&nbsp; **$548931** | **0.3%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(M)</sup> *Fixed rate loan commitment at April 30, 2025.*

<sup>(N)</sup> *Non-income producing security.*

<sup>(O)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(P)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(Q)</sup> *Level 3 security was not considered significant to the Fund.*

<sup>(R)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CLO* | *Collateralized Loan Obligation* |
| *CPI* | *Consumer Price Index* |
| *JSC* | *Joint Stock Company* |
| *LIBOR* | *London Interbank Offered Rate* |
| *PJSC* | *Private Joint Stock Co.* |
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *TBD* | *To Be Determined* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Strategic Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $229,218,474) (including securities loaned of $9,514,537) | $227233062 |
| Cash | 330947 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 598322 |
| Foreign currency, at value (cost $12,588) | 12822 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA commitments sold | 22863 |
| Net income from securities lending | 4412 |
| Shares of beneficial interest sold  | 1922131 |
| Interest | 1883318 |
| Tax reclaims | 607 |
| Prepaid expenses | 7542 |
| Total assets | 232016026 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 9540088 |
| Payables and other liabilities: |  |
| Investments purchased | 279532 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 7628015 |
| Shares of beneficial interest redeemed | 232745 |
| Investment management fees | 58963 |
| Distribution and service fees | 1054 |
| Transfer agent fees | 8564 |
| Trustee and CCO fees | 572 |
| Audit and tax fees  | 25488 |
| Custody fees | 82210 |
| Legal fees | 1603 |
| Printing and shareholder reports fees | 8052 |
| Other accrued expenses | 7102 |
| Variation margin payable on futures contracts | 4095 |
| Unrealized depreciation on unfunded commitments | 242 |
| Total liabilities | 17878325 |
| **Net assets**  | $214137701 |
| **Net assets consist of:** |  |
| Paid-in capital | $310032956 |
| Total distributable earnings (accumulated losses) | (95895255)<br>|
| **Net assets** | $214137701 |
| **Net assets by class:** |  |
| Class A | $5278223 |
| Class I | 103550791 |
| Class I2 | 105308687 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 608650 |
| Class I | 11955592 |
| Class I2 | 12227078 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.67 |
| Class I | 8.66 |
| Class I2 | 8.61 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I and I2 shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Strategic Income**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $53819 |
| Interest income | 5605466 |
| Net income from securities lending | 16584 |
| Withholding taxes on foreign income | 1149 |
| Total investment income  | 5677018 |
| **Expenses:** |  |
| Investment management fees | 519389 |
| Distribution and service fees: |  |
| Class A | 5588 |
| Transfer agent fees: |  |
| Class A | 1366 |
| Class I | 32639 |
| Class I2 | 3870 |
| Trustee and CCO fees | 3376 |
| Audit and tax fees | 24300 |
| Custody fees | 71444 |
| Legal fees | 11919 |
| Printing and shareholder reports fees | 15856 |
| Registration fees | 25890 |
| Other | 9759 |
| Total expenses before waiver and/or reimbursement and recapture | 725396 |
| Expenses waived and/or reimbursed: |  |
| Class A | (2144)<br>|
| Class I | (45578)<br>|
| Class I2 | (52855)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 15 |
| Class I | 358 |
| Class I2 | 190 |
| Net expenses | 625382 |
| **Net investment income (loss)** | 5051636 |
| **Net realized gain (loss) on:** |  |
| Investments | 134214 |
| Futures contracts | (1017956)<br>|
| Net realized gain (loss) | (883742)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (2491586)<br>|
| Unfunded commitments | (318)<br>|
| Futures contracts | 1155751 |
| Translation of assets and liabilities denominated in foreign currencies | 3797 |
| Net change in unrealized appreciation (depreciation) | (1332356)<br>|
| Net realized and change in unrealized gain (loss) | (2216098)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $2835538 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Strategic Income**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $5051636 | &nbsp;&nbsp;&nbsp;&nbsp; $16733073 |
| Net realized gain (loss) | (883742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2300040)<br>|
| Net change in unrealized appreciation (depreciation) | (1332356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17943174 |
| Net increase (decrease) in net assets resulting from operations | 2835538 | &nbsp;&nbsp;&nbsp;&nbsp; 32376207 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (129712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122663)<br>|
| Class I | (1891584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2190477)<br>|
| Class I2 | (3187091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12176396)<br>|
| Return of capital: |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; (21229)<br>|
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; (379092)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (2107283)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5208387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16997140)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 2575156 | &nbsp;&nbsp;&nbsp;&nbsp; 2799520 |
| Class I | 64934337 | &nbsp;&nbsp;&nbsp;&nbsp; 28351790 |
|  | 67509493 | &nbsp;&nbsp;&nbsp;&nbsp; 31151310 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 129497 | &nbsp;&nbsp;&nbsp;&nbsp; 143743 |
| Class I | 1891584 | &nbsp;&nbsp;&nbsp;&nbsp; 2569549 |
| Class I2 | 3187091 | &nbsp;&nbsp;&nbsp;&nbsp; 14247831 |
|  | 5208172 | &nbsp;&nbsp;&nbsp;&nbsp; 16961123 |
| Cost of shares redeemed: |  |  |
| Class A | (1383519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (420035)<br>|
| Class I | (9608520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22121158)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (510473826)<br>|
|  | (10992039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (533015019)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 61725626 | &nbsp;&nbsp;&nbsp;&nbsp; (484902586)<br>|
| **Net increase (decrease) in net assets** | 59352777 | &nbsp;&nbsp;&nbsp;&nbsp; (469523519)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 154784924 | &nbsp;&nbsp;&nbsp;&nbsp; 624308443 |
| End of period/year | $214137701 | &nbsp;&nbsp;&nbsp;&nbsp; $154784924 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 295504 | &nbsp;&nbsp;&nbsp;&nbsp; 313047 |
| Class I | 7478203 | &nbsp;&nbsp;&nbsp;&nbsp; 3201817 |
|  | 7773707 | &nbsp;&nbsp;&nbsp;&nbsp; 3514864 |
| Shares reinvested: |  |  |
| Class A | 14836 | &nbsp;&nbsp;&nbsp;&nbsp; 16241 |
| Class I | 216972 | &nbsp;&nbsp;&nbsp;&nbsp; 290413 |
| Class I2 | 367408 | &nbsp;&nbsp;&nbsp;&nbsp; 1622786 |
|  | 599216 | &nbsp;&nbsp;&nbsp;&nbsp; 1929440 |
| Shares redeemed: |  |  |
| Class A | (158881)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47299)<br>|
| Class I | (1101583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2516880)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (59247412)<br>|
|  | (1260464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61811591)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 151459 | &nbsp;&nbsp;&nbsp;&nbsp; 281989 |
| Class I | 6593592 | &nbsp;&nbsp;&nbsp;&nbsp; 975350 |
| Class I2 | 367408 | &nbsp;&nbsp;&nbsp;&nbsp; (57624626)<br>|
|  | 7112459 | &nbsp;&nbsp;&nbsp;&nbsp; (56367287)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Strategic Income**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $8.80 | $8.48 | $8.66 | $10.27 | $9.89 | $9.82 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.24 | 0.59 | 0.40 | 0.27 | 0.32 | 0.02 |
| Net realized and unrealized gain (loss) | (0.12)<br>| 0.36 | (0.18)<br>| (1.10)<br>| 0.38 | 0.08 |
| Total investment operations | 0.12 | 0.95 | 0.22 | (0.83)<br>| 0.70 | 0.10 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.54)<br>| (0.36)<br>| (0.18)<br>| (0.32)<br>| (0.02)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |  |
| Return of capital |  | (0.09)<br>| (0.04)<br>| (0.13)<br>|  | (0.01)<br>|
| Total dividends and/or distributions to shareholders | (0.25)<br>| (0.63)<br>| (0.40)<br>| (0.78)<br>| (0.32)<br>| (0.03)<br>|
| **Net asset value, end of period/year** | $8.67 | $8.80 | $8.48 | $8.66 | $10.27 | $9.89 |
| **Total return** <sup>(E)</sup> <br>| 1.41 %<sup>(F)</sup><br>| 11.34<br> %<br>| 2.46<br> %<br>| (8.84 )%<sup>(D)</sup><br>| 7.12<br> %<br>| 0.98 %<sup>(F)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $5278 | $4022 | $1486 | $1329 | $442 | $10 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.11 %<sup>(H)</sup><br>| 1.13<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.08<br> %<br>| 0.94 %<sup>(H)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.02 %<sup>(H)</sup><br>| 1.11 %<sup>(I)</sup><br>| 1.02<br> %<br>| 1.04 %<sup>(J)</sup><br>| 1.05<br> %<br>| 0.93 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | 5.65 %<sup>(H)</sup><br>| 6.68<br> %<br>| 4.53<br> %<br>| 2.94<br> %<br>| 3.07<br> %<br>| 2.25 %<sup>(H)</sup><br>|
| Portfolio turnover rate | 47 %<sup>(F)</sup><br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>| 126<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 1, 2020.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(H)</sup> *Annualized.*

<sup>(I)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(J)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.79 | $8.47 | $8.64 | $10.28 | $9.89 | $9.85 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.60 | 0.42 | 0.29 | 0.34 | 0.28 |
| Net realized and unrealized gain (loss) | (0.12)<br>| 0.37 | (0.18)<br>| (1.11)<br>| 0.39 | 0.08 |
| Total investment operations | 0.13 | 0.97 | 0.24 | (0.82)<br>| 0.73 | 0.36 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| (0.55)<br>| (0.37)<br>| (0.21)<br>| (0.34)<br>| (0.27)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.14)<br>|  | (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.26)<br>| (0.65)<br>| (0.41)<br>| (0.82)<br>| (0.34)<br>| (0.32)<br>|
| **Net asset value, end of period/year** | $8.66 | $8.79 | $8.47 | $8.64 | $10.28 | $9.89 |
| **Total return** | 1.54 %<sup>(D)</sup><br>| 11.62<br> %<br>| 2.91<br> %<br>| (8.65 )%<sup>(C)</sup><br>| 7.46<br> %<br>| 3.83<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $103551 | $47119 | $37166 | $58753 | $46222 | $757 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.90 %<sup>(F)</sup><br>| 0.90<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75 %<sup>(F)(G)</sup><br>| 0.87 %<sup>(H)</sup><br>| 0.81 %<sup>(I)</sup><br>| 0.80 %<sup>(I)</sup><br>| 0.78<br> %<br>| 0.80 %<sup>(I)</sup><br>|
| Net investment income (loss) to average net assets | 5.88 %<sup>(F)</sup><br>| 6.77<br> %<br>| 4.77<br> %<br>| 3.13<br> %<br>| 3.28<br> %<br>| 2.91<br> %<br>|
| Portfolio turnover rate | 47 %<sup>(D)</sup><br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>| 126<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.10% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Strategic Income**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.74 | $8.43 | $8.60 | $10.25 | $9.87 | $9.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.59 | 0.43 | 0.30 | 0.35 | 0.30 |
| Net realized and unrealized gain (loss) | (0.12)<br>| 0.37 | (0.18)<br>| (1.12)<br>| 0.38 | 0.07 |
| Total investment operations | 0.14 | 0.96 | 0.25 | (0.82)<br>| 0.73 | 0.37 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.55)<br>| (0.38)<br>| (0.21)<br>| (0.35)<br>| (0.27)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.15)<br>|  | (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.65)<br>| (0.42)<br>| (0.83)<br>| (0.35)<br>| (0.33)<br>|
| **Net asset value, end of period/year** | $8.61 | $8.74 | $8.43 | $8.60 | $10.25 | $9.87 |
| **Total return** | 1.56 %<sup>(B)</sup><br>| 11.61<br> %<br>| 3.01<br> %<br>| (8.69)%<br>| 7.47<br> %<br>| 3.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $105309 | $103644 | $585656 | $654792 | $1196450 | $1588098 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81 %<sup>(D)</sup><br>| 0.79<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.71 %<sup>(D)</sup><br>| 0.76 %<sup>(E)</sup><br>| 0.71 %<sup>(F)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | 5.98 %<sup>(D)</sup><br>| 6.71<br> %<br>| 4.94<br> %<br>| 3.21<br> %<br>| 3.42<br> %<br>| 3.12<br> %<br>|
| Portfolio turnover rate | 47 %<sup>(B)</sup><br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>| 126<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Strategic Income (formerly, Transamerica Unconstrained Bond) (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class A, Class I and Class I2.

Effective as of March 1, 2025, the Fund was renamed from "Transamerica Unconstrained Bond" to "Transamerica Strategic Income", and the Fund's investment objective, principal investment strategies and benchmarks changed.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 28**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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 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 April 30, 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:

*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.

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds 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.

*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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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.

*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 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.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*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.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*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.

*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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. In connection with these commitments a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is recognized ratably over the commitment period and reflected in Interest income within the Statement of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statement of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Commitment**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Groundworks LLC, Delayed Draw Term Loan | $26776 | &nbsp;&nbsp; $(230)<br>|
| Hanger, Inc., Delayed Draw Term Loan | 14338 | &nbsp;&nbsp; (12)<br>|
| **Total** | **$41114** | &nbsp;&nbsp; **$(242)**<br>|

---

Open funded loan participations and assignments at April 30, 2025, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $9518032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9518032 |
| Preferred Stocks | 22056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22056 |
| Total Securities Lending Transactions | $9540088 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9540088 |
| **Total Borrowings** | **$9540088** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9540088** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $306265 | $— | $— | $— | $— | $306265 |
| **Total** | **$306265** | **$—** | **$—** | **$—** | **$—** | **$306265** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $(1017956)<br>| $— | $— | $— | $— | $(1017956)<br>|
| **Total** | **$(1017956)**<br>| **$—** | **$—** | **$—** | **$—** | **$(1017956)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $1155751 | $— | $— | $— | $— | $1155751 |
| **Total** | **$1155751** | **$—** | **$—** | **$—** | **$—** | **$1155751** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $14442815 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 37**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 38**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 39**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $105805438 | 49.41<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| Effective March 1, 2025 |  |
| First $500 million | 0.544<br> % <br>|
| Over $500 million up to $2 billion | 0.534 |
| Over $2 billion | 0.530 |
| Prior to March 1, 2025 |  |
| First $500 million | 0.650 |
| Over $500 million up to $1 billion | 0.640 |
| Over $1 billion up to $2 billion | 0.620 |
| Over $2 billion | 0.610 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 40**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.97<br> % <br>| March 1, 2026 |
| Class I | 0.73 | March 1, 2026 |
| Class I2 | 0.63 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.09 |  |
| Class I | 0.85 |  |
| Class I2 | 0.75 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $458 | $1496 | $1954 |
| Class I |  |  | 8134 | 31749 | 39883 |
| Class I2 |  |  | 59671 | 52855 | 112526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

**Transamerica Funds**

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**Page 41**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $14786 | &nbsp;&nbsp;&nbsp;&nbsp; $3295 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.10% of the transfer agency fee on the Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $37296 | &nbsp;&nbsp; $8313 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $102878099 | &nbsp;&nbsp; $24176731 | &nbsp;&nbsp; $56921152 | &nbsp;&nbsp; $16559046 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions

**Transamerica Funds**

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**Page 42**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $229218474 | &nbsp;&nbsp; $2500173 | &nbsp;&nbsp; $(4179320)<br>| &nbsp;&nbsp; $(1679147)<br>|

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. SUBSEQUENT EVENT**

Effective as of May 30, 2025, the Fund will offer Class R6 shares.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

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**Transamerica Strategic Income** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

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**Page 46**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

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**Page 47**

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![](g947814img1ffeb1923.gif)

![](g947814imgda2225fe4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA STRAT INC 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img137bc5085.gif)

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![](g947814img369d02b11.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Sustainable Equity Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imge5852b452.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_SOI-RunningFooter-167_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_FS-RunningFooter-167_1) | 4 |
| [Statement of Operations](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_FS-RunningFooter-167_2) | 5 |
| [Statement of Changes in Net Assets](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_FS-RunningFooter-167_3) | 6 |
| [Financial Highlights](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_FIHI-RunningFooter-167_1) | 8 |
| [Notes to Financial Statements](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_NTF-RunningFooter-167_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_DWA-RunningFooter-167_1)**<br> **[Companies](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_DWA-RunningFooter-167_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_PD-RunningFooter-167_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_REMU-RunningFooter-167_1)**<br> **[Companies](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_REMU-RunningFooter-167_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7a746fe6-176c-4c48-9ac2-a9d4ced60df2_AIAC-RunningFooter-167_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Sustainable Equity Income**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.5%**  | **COMMON STOCKS - 99.5%**  | **COMMON STOCKS - 99.5%**  |
| **Banks - 5.7%**  | **Banks - 5.7%**  | **Banks - 5.7%**  |
| Bank of America Corp. | 111547 | $4448494 |
| Citizens Financial Group, Inc. | 82083 | 3028042 |
| U.S. Bancorp | 69625 | 2808673 |
|  |  | 10285209 |
| **Biotechnology - 4.2%**  | **Biotechnology - 4.2%**  | **Biotechnology - 4.2%**  |
| Gilead Sciences, Inc. | 71022 | 7566684 |
| **Capital Markets - 9.7%**  | **Capital Markets - 9.7%**  | **Capital Markets - 9.7%**  |
| CME Group, Inc. | 29386 | 8142273 |
| Moody's Corp. | 6384 | 2892718 |
| Morgan Stanley | 33794 | 3900504 |
| Stifel Financial Corp. | 30789 | 2638309 |
|  |  | 17573804 |
| **Chemicals - 2.1%**  | **Chemicals - 2.1%**  | **Chemicals - 2.1%**  |
| Linde PLC | 8411 | 3812117 |
| **Commercial Services & Supplies - 3.8%**  | **Commercial Services & Supplies - 3.8%**  | **Commercial Services & Supplies - 3.8%**  |
| Republic Services, Inc. | 27585 | 6916939 |
| **Communications Equipment - 3.9%**  | **Communications Equipment - 3.9%**  | **Communications Equipment - 3.9%**  |
| Cisco Systems, Inc. | 122770 | 7087512 |
| **Consumer Staples Distribution & Retail - 1.5%**  | **Consumer Staples Distribution & Retail - 1.5%**  | **Consumer Staples Distribution & Retail - 1.5%**  |
| Costco Wholesale Corp. | 2813 | 2797528 |
| **Containers & Packaging - 2.3%**  | **Containers & Packaging - 2.3%**  | **Containers & Packaging - 2.3%**  |
| Packaging Corp. of America | 22420 | 4161376 |
| **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  |
| TELUS Corp. <sup>(A)</sup> <br>| 141334 | 2173717 |
| **Electrical Equipment - 2.1%**  | **Electrical Equipment - 2.1%**  | **Electrical Equipment - 2.1%**  |
| Schneider Electric SE, ADR | 82663 | 3824817 |
| **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  |
| Union Pacific Corp. | 13028 | 2809618 |
| **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  |
| Medtronic PLC | 48966 | 4150358 |
| **Health Care Providers & Services - 4.6%**  | **Health Care Providers & Services - 4.6%**  | **Health Care Providers & Services - 4.6%**  |
| Elevance Health, Inc. | 6842 | 2877608 |
| Quest Diagnostics, Inc. | 30121 | 5368165 |
|  |  | 8245773 |
| **Household Durables - 1.1%**  | **Household Durables - 1.1%**  | **Household Durables - 1.1%**  |
| D.R. Horton, Inc. | 16501 | 2084736 |
| **Household Products - 5.9%**  | **Household Products - 5.9%**  | **Household Products - 5.9%**  |
| Colgate-Palmolive Co. | 72807 | 6712077 |
| Kimberly-Clark Corp. | 29571 | 3896867 |
|  |  | 10608944 |
| **Insurance - 7.4%**  | **Insurance - 7.4%**  | **Insurance - 7.4%**  |
| Cincinnati Financial Corp. | 27929 | 3887996 |
| MetLife, Inc. | 83763 | 6313217 |
| Progressive Corp. | 11101 | 3127596 |
|  |  | 13328809 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services - 1.2%**  | **IT Services - 1.2%**  | **IT Services - 1.2%**  |
| Accenture PLC, Class A | 7124 | $2131145 |
| **Machinery - 1.5%**  | **Machinery - 1.5%**  | **Machinery - 1.5%**  |
| Xylem, Inc. | 22052 | 2658810 |
| **Media - 1.7%**  | **Media - 1.7%**  | **Media - 1.7%**  |
| Omnicom Group, Inc. | 39332 | 2995525 |
| **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  |
| Steel Dynamics, Inc. | 24579 | 3188142 |
| **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  |
| ONEOK, Inc. | 32684 | 2685317 |
| **Pharmaceuticals - 3.6%**  | **Pharmaceuticals - 3.6%**  | **Pharmaceuticals - 3.6%**  |
| Bristol-Myers Squibb Co. | 65476 | 3286895 |
| Merck & Co., Inc. | 37234 | 3172337 |
|  |  | 6459232 |
| **Professional Services - 5.2%**  | **Professional Services - 5.2%**  | **Professional Services - 5.2%**  |
| Automatic Data Processing, Inc. | 16930 | 5089158 |
| RELX PLC, ADR | 77781 | 4249176 |
|  |  | 9338334 |
| **Semiconductors & Semiconductor Equipment - 7.5%**  | **Semiconductors & Semiconductor Equipment - 7.5%**  | **Semiconductors & Semiconductor Equipment - 7.5%**  |
| Broadcom, Inc. | 24471 | 4709934 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 23648 | 3941885 |
| Texas Instruments, Inc. | 30943 | 4952427 |
|  |  | 13604246 |
| **Software - 2.6%**  | **Software - 2.6%**  | **Software - 2.6%**  |
| Microsoft Corp. | 12129 | 4794109 |
| **Specialized REITs - 4.2%**  | **Specialized REITs - 4.2%**  | **Specialized REITs - 4.2%**  |
| American Tower Corp. | 10370 | 2337502 |
| Digital Realty Trust, Inc. | 16632 | 2670101 |
| Weyerhaeuser Co. | 96697 | 2505419 |
|  |  | 7513022 |
| **Specialty Retail - 2.8%**  | **Specialty Retail - 2.8%**  | **Specialty Retail - 2.8%**  |
| Home Depot, Inc. | 14045 | 5063082 |
| **Trading Companies & Distributors - 5.3%**  | **Trading Companies & Distributors - 5.3%**  | **Trading Companies & Distributors - 5.3%**  |
| United Rentals, Inc. | 5490 | 3466661 |
| Watsco, Inc. | 6037 | 2776054 |
| WESCO International, Inc. | 20840 | 3396086 |
|  |  | 9638801 |
| **Water Utilities - 1.3%**  | **Water Utilities - 1.3%**  | **Water Utilities - 1.3%**  |
| Essential Utilities, Inc. | 58090 | 2389242 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $151,040,832)**<br>|  | 179886948 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Sustainable Equity Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(B)</sup> <br>| 391025 | $391025 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $391,025)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $391,025)** | 391025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $990,465 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 05/15/2043, and <br> with a value of $1,010,279.<br>| $990416 | 990416 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $990,416)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $990,416)** | 990416 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $152,422,273)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $152,422,273)** | 181268389 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (415411) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$180852978** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $179886948 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $179886948 |
| Other Investment Company | 391025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 391025 |
| Repurchase Agreement |  | &nbsp;&nbsp; 990416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 990416 |
| **Total Investments** | **$180277973** | &nbsp;&nbsp; **$990416** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$181268389** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,099,416, collateralized by cash collateral of $391,025 and* *non-cash collateral, such as U.S. government securities of $1,758,897. 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.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Sustainable Equity Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $151,431,857) (including securities loaned of $2,099,416) | $180277973 |
| Repurchase agreement, at value (cost $990,416) | 990416 |
| Receivables and other assets: |  |
| Net income from securities lending | 229 |
| Shares of beneficial interest sold  | 2486 |
| Dividends  | 198819 |
| Interest | 50 |
| Prepaid expenses | 17410 |
| Total assets | 181487383 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 391025 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 104239 |
| Investment management fees | 84417 |
| Distribution and service fees | 14465 |
| Transfer agent fees | 6127 |
| Trustee and CCO fees | 627 |
| Audit and tax fees  | 10708 |
| Custody fees | 10990 |
| Legal fees | 48 |
| Printing and shareholder reports fees | 6827 |
| Other accrued expenses | 4932 |
| Total liabilities | 634405 |
| **Net assets**  | $180852978 |
| **Net assets consist of:** |  |
| Paid-in capital | $151667320 |
| Total distributable earnings (accumulated losses) | 29185658 |
| **Net assets** | $180852978 |
| **Net assets by class:** |  |
| Class A | $68239961 |
| Class C | 882911 |
| Class I | 1606917 |
| Class I2 | 108586293 |
| Class R6 | 1536896 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 8759441 |
| Class C | 113979 |
| Class I | 205688 |
| Class I2 | 13946785 |
| Class R6 | 197538 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $7.79 |
| Class C | 7.75 |
| Class I | 7.81 |
| Class I2 | 7.79 |
| Class R6 | 7.78 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $8.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Sustainable Equity Income**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $2287196 |
| Interest income | 24394 |
| Net income from securities lending | 5032 |
| Withholding taxes on foreign income | (30194)<br>|
| Total investment income  | 2286428 |
| **Expenses:** |  |
| Investment management fees | 614319 |
| Distribution and service fees: |  |
| Class A | 84078 |
| Class C | 5320 |
| Transfer agent fees: |  |
| Class A | 27772 |
| Class C | 971 |
| Class I | 825 |
| Class I2 | 4268 |
| Class R6 | 60 |
| Trustee and CCO fees | 3701 |
| Audit and tax fees | 12746 |
| Custody fees | 5899 |
| Legal fees | 8060 |
| Printing and shareholder reports fees | 10642 |
| Registration fees | 49293 |
| Other | 12682 |
| Total expenses before waiver and/or reimbursement and recapture | 840636 |
| Expenses waived and/or reimbursed: |  |
| Class A | (12238)<br>|
| Class C | (289)<br>|
| Class I | (714)<br>|
| Class I2 | (490)<br>|
| Class R6 | (7)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 3 |
| Net expenses | 826901 |
| **Net investment income (loss)** | 1459527 |
| **Net realized gain (loss) on:** |  |
| Investments | (113422)<br>|
| Foreign currency transactions | (302)<br>|
| Net realized gain (loss) | (113724)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (5086971)<br>|
| Net realized and change in unrealized gain (loss) | (5200695)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(3741168)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Sustainable Equity Income**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1459527 | &nbsp;&nbsp;&nbsp;&nbsp; $3209881 |
| Net realized gain (loss) | (113724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23555020 |
| Net change in unrealized appreciation (depreciation) | (5086971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32775675 |
| Net increase (decrease) in net assets resulting from operations | (3741168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59540576 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (5456819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (909379)<br>|
| Class C | (72238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9399)<br>|
| Class I | (118258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29542)<br>|
| Class I2 | (8406938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2695184)<br>|
| Class R6 | (118877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30356)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (14173130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3673860)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 29329825 | &nbsp;&nbsp;&nbsp;&nbsp; 2379409 |
| Class C | 11530 | &nbsp;&nbsp;&nbsp;&nbsp; 25389 |
| Class I | 251513 | &nbsp;&nbsp;&nbsp;&nbsp; 274505 |
| Class I2 | 3112144 | &nbsp;&nbsp;&nbsp;&nbsp; 300246 |
| Class R6 | 100574 | &nbsp;&nbsp;&nbsp;&nbsp; 273479 |
|  | 32805586 | &nbsp;&nbsp;&nbsp;&nbsp; 3253028 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 5456191 | &nbsp;&nbsp;&nbsp;&nbsp; 909154 |
| Class C | 67738 | &nbsp;&nbsp;&nbsp;&nbsp; 8949 |
| Class I | 118258 | &nbsp;&nbsp;&nbsp;&nbsp; 29542 |
| Class I2 | 8406938 | &nbsp;&nbsp;&nbsp;&nbsp; 2695184 |
| Class R6 | 118877 | &nbsp;&nbsp;&nbsp;&nbsp; 30356 |
|  | 14168002 | &nbsp;&nbsp;&nbsp;&nbsp; 3673185 |
| Cost of shares redeemed: |  |  |
| Class A | (15571162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14267736)<br>|
| Class C | (51337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169784)<br>|
| Class I | (192630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (604318)<br>|
| Class I2 | (5143873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (117734765)<br>|
| Class R6 | (117299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (799762)<br>|
|  | (21076301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133576365)<br>|
| Automatic conversions: |  |  |
| Class A | 271923 | &nbsp;&nbsp;&nbsp;&nbsp; 85258 |
| Class C | (271923)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (85258)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 25897287 | &nbsp;&nbsp;&nbsp;&nbsp; (126650152)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 88 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| **Net increase (decrease) in net assets** | 7982989 | &nbsp;&nbsp;&nbsp;&nbsp; (70783348)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 172869989 | &nbsp;&nbsp;&nbsp;&nbsp; 243653337 |
| End of period/year | $180852978 | &nbsp;&nbsp;&nbsp;&nbsp; $172869989 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Sustainable Equity Income**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 3433116 | &nbsp;&nbsp;&nbsp;&nbsp; 294910 |
| Class C | 1402 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
| Class I | 30657 | &nbsp;&nbsp;&nbsp;&nbsp; 35139 |
| Class I2 | 384986 | &nbsp;&nbsp;&nbsp;&nbsp; 40087 |
| Class R6 | 12353 | &nbsp;&nbsp;&nbsp;&nbsp; 34538 |
|  | 3862514 | &nbsp;&nbsp;&nbsp;&nbsp; 407918 |
| Shares reinvested: |  |  |
| Class A | 682200 | &nbsp;&nbsp;&nbsp;&nbsp; 115725 |
| Class C | 8511 | &nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| Class I | 14767 | &nbsp;&nbsp;&nbsp;&nbsp; 3748 |
| Class I2 | 1052532 | &nbsp;&nbsp;&nbsp;&nbsp; 348345 |
| Class R6 | 14902 | &nbsp;&nbsp;&nbsp;&nbsp; 3874 |
|  | 1772912 | &nbsp;&nbsp;&nbsp;&nbsp; 472856 |
| Shares redeemed: |  |  |
| Class A | (1863041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1798056)<br>|
| Class C | (6127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21611)<br>|
| Class I | (23043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75927)<br>|
| Class I2 | (658721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15525951)<br>|
| Class R6 | (14539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104621)<br>|
|  | (2565471)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17526166)<br>|
| Automatic conversions: |  |  |
| Class A | 32907 | &nbsp;&nbsp;&nbsp;&nbsp; 10994 |
| Class C | (33111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11064)<br>|
|  | (204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 2285182 | &nbsp;&nbsp;&nbsp;&nbsp; (1376427)<br>|
| Class C | (29325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28267)<br>|
| Class I | 22381 | &nbsp;&nbsp;&nbsp;&nbsp; (37040)<br>|
| Class I2 | 778797 | &nbsp;&nbsp;&nbsp;&nbsp; (15137519)<br>|
| Class R6 | 12716 | &nbsp;&nbsp;&nbsp;&nbsp; (66209)<br>|
|  | 3069751 | &nbsp;&nbsp;&nbsp;&nbsp; (16645462)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Sustainable Equity Income**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.58 | $6.63 | $6.86 | $9.53 | $6.86 | $9.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.11 | 0.12 | 0.11 | 0.13 | 0.15 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 1.97 | (0.25)<br>| (1.31)<br>| 2.66 | (1.60)<br>|
| Total investment operations | (0.16)<br>| 2.08 | (0.13)<br>| (1.20)<br>| 2.79 | (1.45)<br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.05)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.12)<br>| (0.16)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  | (1.10)<br>|
| Return of capital |  |  |  | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.13)<br>| (0.10)<br>| (1.47)<br>| (0.12)<br>| (1.26)<br>|
| **Net asset value, end of period/year** | $7.79 | $8.58 | $6.63 | $6.86 | $9.53 | $6.86 |
| **Total return** <sup>(E)</sup> <br>| (2.06 )%<sup>(F)</sup><br>| 31.49 %<sup>(C)</sup><br>| (1.91)%<br>| (14.38 )%<sup>(D)</sup><br>| 40.92<br> %<br>| (17.52)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $68240 | $55561 | $52013 | $59568 | $81027 | $69391 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.11 %<sup>(G)</sup><br>| 1.05<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>| 1.06<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.07 %<sup>(G)</sup><br>| 1.05<br> %<br>| 1.03 %<sup>(H)</sup><br>| 1.01 %<sup>(H)</sup><br>| 1.02<br> %<br>| 1.06<br> %<br>|
| Net investment income (loss) to average net assets | 1.41 %<sup>(G)</sup><br>| 1.42<br> %<br>| 1.74<br> %<br>| 1.50<br> %<br>| 1.46<br> %<br>| 1.94<br> %<br>|
| Portfolio turnover rate | 5 %<sup>(F)</sup><br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.53 | $6.59 | $6.81 | $9.48 | $6.83 | $9.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.04 | 0.06 | 0.05 | 0.06 | 0.09 |
| Net realized and unrealized gain (loss) | (0.21)<br>| 1.96 | (0.24)<br>| (1.32)<br>| 2.64 | (1.59)<br>|
| Total investment operations | (0.19)<br>| 2.00 | (0.18)<br>| (1.27)<br>| 2.70 | (1.50)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.06)<br>| (0.04)<br>| (0.06)<br>| (0.05)<br>| (0.09)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  | (1.10)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |  |
| Total dividends and/or distributions to shareholders | (0.59)<br>| (0.06)<br>| (0.04)<br>| (1.40)<br>| (0.05)<br>| (1.19)<br>|
| **Net asset value, end of period/year** | $7.75 | $8.53 | $6.59 | $6.81 | $9.48 | $6.83 |
| **Total return** <sup>(D)</sup> <br>| (2.44 )%<sup>(E)</sup><br>| 30.43<br> %<br>| (2.69)%<br>| (15.26 )%<sup>(C)</sup><br>| 39.74<br> %<br>| (18.21)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $883 | $1222 | $1130 | $1579 | $2271 | $2641 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.95 %<sup>(F)</sup><br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>| 1.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.90 %<sup>(F)</sup><br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.89<br> %<br>| 1.90<br> %<br>|
| Net investment income (loss) to average net assets | 0.54 %<sup>(F)</sup><br>| 0.56<br> %<br>| 0.88<br> %<br>| 0.62<br> %<br>| 0.68<br> %<br>| 1.23<br> %<br>|
| Portfolio turnover rate | 5 %<sup>(E)</sup><br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Sustainable Equity Income**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.60 | $6.63 | $6.86 | $9.54 | $6.86 | $9.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.13 | 0.14 | 0.14 | 0.15 | 0.17 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 1.98 | (0.25)<br>| (1.33)<br>| 2.66 | (1.61)<br>|
| Total investment operations | (0.15)<br>| 2.11 | (0.11)<br>| (1.19)<br>| 2.81 | (1.44)<br>|
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.14)<br>| (0.12)<br>| (0.17)<br>| (0.13)<br>| (0.17)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  | (1.10)<br>|
| Return of capital |  |  |  | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.14)<br>| (0.12)<br>| (1.52)<br>| (0.13)<br>| (1.27)<br>|
| **Net asset value, end of period/year** | $7.81 | $8.60 | $6.63 | $6.86 | $9.54 | $6.86 |
| **Total return** | (1.97 )%<sup>(C)</sup><br>| 32.04<br> %<br>| (1.73)%<br>| (13.84 )%<sup>(B)</sup><br>| 41.29<br> %<br>| (17.36)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1607 | $1576 | $1461 | $2632 | $4463 | $8240 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.88 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>| 0.88<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.79 %<sup>(D)(E)</sup><br>| 0.77 %<sup>(E)</sup><br>| 0.75 %<sup>(E)</sup><br>| 0.74 %<sup>(E)(F)</sup><br>| 0.77 %<sup>(F)</sup><br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 1.67 %<sup>(D)</sup><br>| 1.70<br> %<br>| 2.02<br> %<br>| 1.84<br> %<br>| 1.75<br> %<br>| 2.16<br> %<br>|
| Portfolio turnover rate | 5 %<sup>(C)</sup><br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.42%.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.58 | $6.62 | $6.85 | $9.53 | $6.86 | $9.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.14 | 0.14 | 0.14 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 1.97 | (0.25)<br>| (1.33)<br>| 2.64 | (1.59)<br>|
| Total investment operations | (0.15)<br>| 2.11 | (0.11)<br>| (1.19)<br>| 2.81 | (1.43)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>| (0.18)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  | (1.10)<br>|
| Return of capital |  |  |  | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>| (1.28)<br>|
| **Net asset value, end of period/year** | $7.79 | $8.58 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Total return** | (1.93 )%<sup>(B)</sup><br>| 32.06<br> %<br>| (1.63)%<br>| (14.23)%<br>| 41.31<br> %<br>| (17.26)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $108586 | $112926 | $187388 | $217081 | $253200 | $420958 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)(D)</sup><br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | 1.68 %<sup>(C)</sup><br>| 1.77<br> %<br>| 2.03<br> %<br>| 1.80<br> %<br>| 1.97<br> %<br>| 2.18<br> %<br>|
| Portfolio turnover rate | 5 %<sup>(B)</sup><br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Sustainable Equity Income**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.57 | $6.62 | $6.85 | $9.53 | $6.86 | $9.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.13 | 0.14 | 0.14 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | (0.22)<br>| 1.97 | (0.25)<br>| (1.33)<br>| 2.65 | (1.59)<br>|
| Total investment operations | (0.15)<br>| 2.10 | (0.11)<br>| (1.19)<br>| 2.81 | (1.43)<br>|
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>| (0.18)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  | (1.10)<br>|
| Return of capital |  |  |  | (0.01)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>| (1.28)<br>|
| **Net asset value, end of period/year** | $7.78 | $8.57 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Total return** | (1.93 )%<sup>(B)</sup><br>| 31.91<br> %<br>| (1.62)%<br>| (14.23)%<br>| 41.31<br> %<br>| (17.25)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1537 | $1584 | $1661 | $1602 | $3364 | $4586 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)(D)</sup><br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | 1.68 %<sup>(C)</sup><br>| 1.71<br> %<br>| 2.02<br> %<br>| 1.80<br> %<br>| 1.93<br> %<br>| 2.18<br> %<br>|
| Portfolio turnover rate | 5 %<sup>(B)</sup><br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>| 45<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Not annualized.*

<sup>(C)</sup> *Annualized.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Sustainable Equity Income**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Sustainable Equity Income (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of

**Transamerica Funds**

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**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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:

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $391025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $391025 |
| **Total Borrowings** | **$391025** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$391025** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will not decrease. The Fund's emphasis on dividend paying stocks could cause the Fund's share price and total return to fluctuate more than, or cause the Fund to underperform, similar Funds that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its sustainability strategy.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based

**Transamerica Funds**

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**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon Ltd. AAM UK provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AAM UK, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AAM UK, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $126054526 | 69.70<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Sustainable Equity Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.663<br> % <br>|
| Over $500 million up to $1 billion | 0.580 |
| Over $1 billion up to $1.5 billion | 0.550 |
| Over $1.5 billion | 0.530 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.07<br> % <br>| March 1, 2026 |
| Class C | 1.90 | March 1, 2026 |
| Class I | 0.88 | March 1, 2026 |
| Class I2, Class R6 | 0.78 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $— | $12238 | $12238 |
| Class C | 319 | 723 | 707 | 289 | 2038 |
| Class I2 |  |  |  | 490 | 490 |
| Class R6 |  |  |  | 7 | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Sustainable Equity Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $3146 | &nbsp;&nbsp;&nbsp;&nbsp; $14 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $33450 | &nbsp;&nbsp; $6045 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Sustainable Equity Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $21796503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8647271 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal period exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the period ended April 30, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $152422273 | &nbsp;&nbsp; $37329074 | &nbsp;&nbsp; $(8482958)<br>| &nbsp;&nbsp; $28846116 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Sustainable Equity Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Sustainable Equity Income** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Sustainable Equity Income** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Sustainable Equity Income** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Sustainable Equity Income** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

![](g947814img880ada503.gif)

![](g947814img8326ce2e4.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA SUS EQTY INC 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img2414a2305.gif)

------

![](g947814imge48815de1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica Sustainable Growth Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img74f6443e2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_SOI-RunningFooter-547_1) | 2 |
| [Statement of Assets and Liabilities](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_FS-RunningFooter-547_1) | 4 |
| [Statement of Operations](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_FS-RunningFooter-547_2) | 5 |
| [Statement of Changes in Net Assets](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_FS-RunningFooter-547_3) | 6 |
| [Financial Highlights](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_FIHI-RunningFooter-547_1) | 7 |
| [Notes to Financial Statements](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_NTF-RunningFooter-547_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_DWA-RunningFooter-547_1)**<br> **[Companies](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_DWA-RunningFooter-547_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_PD-RunningFooter-547_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_REMU-RunningFooter-547_1)**<br> **[Companies](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_REMU-RunningFooter-547_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_762c64f3-801c-41ae-96e6-bc93b9f536c0_AIAC-RunningFooter-547_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Sustainable Growth Equity**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  |
| **Aerospace & Defense - 7.0%**  | **Aerospace & Defense - 7.0%**  | **Aerospace & Defense - 7.0%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 476 | $291931 |
| TransDigm Group, Inc. | 177 | 250113 |
|  |  | 542044 |
| **Banks - 1.5%**  | **Banks - 1.5%**  | **Banks - 1.5%**  |
| Bank of America Corp. | 2850 | 113658 |
| **Biotechnology - 6.0%**  | **Biotechnology - 6.0%**  | **Biotechnology - 6.0%**  |
| Alnylam Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 430 | 113193 |
| Ascendis Pharma AS, ADR <sup>(A)</sup> <br>| 2050 | 349402 |
|  |  | 462595 |
| **Broadline Retail - 7.2%**  | **Broadline Retail - 7.2%**  | **Broadline Retail - 7.2%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 3005 | 554182 |
| **Capital Markets - 2.9%**  | **Capital Markets - 2.9%**  | **Capital Markets - 2.9%**  |
| LPL Financial Holdings, Inc. | 300 | 95937 |
| Tradeweb Markets, Inc., Class A | 950 | 131385 |
|  |  | 227322 |
| **Construction & Engineering - 1.1%**  | **Construction & Engineering - 1.1%**  | **Construction & Engineering - 1.1%**  |
| Comfort Systems USA, Inc. | 220 | 87461 |
| **Consumer Staples Distribution & Retail - 2.2%**  | **Consumer Staples Distribution & Retail - 2.2%**  | **Consumer Staples Distribution & Retail - 2.2%**  |
| Costco Wholesale Corp. | 169 | 168071 |
| **Electrical Equipment - 3.4%**  | **Electrical Equipment - 3.4%**  | **Electrical Equipment - 3.4%**  |
| AMETEK, Inc. | 465 | 78855 |
| GE Vernova, Inc. | 485 | 179847 |
|  |  | 258702 |
| **Entertainment - 3.2%**  | **Entertainment - 3.2%**  | **Entertainment - 3.2%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 218 | 246715 |
| **Financial Services - 4.4%**  | **Financial Services - 4.4%**  | **Financial Services - 4.4%**  |
| Visa, Inc., Class A | 975 | 336863 |
| **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  |
| Union Pacific Corp. | 474 | 102223 |
| **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  |
| Dexcom, Inc. <sup>(A)</sup> <br>| 1320 | 94222 |
| **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  | **Health Care Providers & Services - 1.3%**  |
| UnitedHealth Group, Inc. | 252 | 103683 |
| **Insurance - 2.3%**  | **Insurance - 2.3%**  | **Insurance - 2.3%**  |
| Progressive Corp. | 630 | 177496 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services - 7.0%**  | **Interactive Media & Services - 7.0%**  | **Interactive Media & Services - 7.0%**  |
| Alphabet, Inc., Class A | 1680 | $266784 |
| Alphabet, Inc., Class C | 1685 | 271100 |
|  |  | 537884 |
| **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  |
| Eli Lilly & Co. | 193 | 173497 |
| **Semiconductors & Semiconductor Equipment - 13.8%**  | **Semiconductors & Semiconductor Equipment - 13.8%**  | **Semiconductors & Semiconductor Equipment - 13.8%**  |
| Broadcom, Inc. | 904 | 173993 |
| Lam Research Corp. | 1100 | 78837 |
| NVIDIA Corp. | 6460 | 703623 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 670 | 111682 |
|  |  | 1068135 |
| **Software - 20.4%**  | **Software - 20.4%**  | **Software - 20.4%**  |
| Check Point Software Technologies Ltd. <sup>(A)</sup> <br>| 660 | 144909 |
| Microsoft Corp. | 2099 | 829651 |
| Oracle Corp. | 1040 | 146349 |
| Salesforce, Inc. | 556 | 149403 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 1810 | 71785 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 242 | 231112 |
|  |  | 1573209 |
| **Technology Hardware, Storage & Peripherals - 9.3%**  | **Technology Hardware, Storage & Peripherals - 9.3%**  | **Technology Hardware, Storage & Peripherals - 9.3%**  |
| Apple, Inc. | 3380 | 718250 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $5,364,638)**<br>|  | 7546212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $168,614 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.63%, due 05/15/2030, and <br> with a value of $172,075.<br>| $168605 | 168605 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $168,605)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $168,605)** | 168605 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $5,533,243)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $5,533,243)** | 7714817 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 781 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$7715598** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $7546212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7546212 |
| Repurchase Agreement |  | &nbsp;&nbsp; 168605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168605 |
| **Total Investments** | **$7546212** | &nbsp;&nbsp; **$168605** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7714817** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Sustainable Growth Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Sustainable Growth Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $5,364,638) | $7546212 |
| Repurchase agreement, at value (cost $168,605) | 168605 |
| Receivables and other assets: |  |
| Dividends  | 121 |
| Interest | 9 |
| Due from investment manager | 1922 |
| Prepaid expenses | 15212 |
| Total assets | 7732081 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Distribution and service fees | 78 |
| Transfer agent fees | 143 |
| Trustee and CCO fees | 27 |
| Audit and tax fees  | 10422 |
| Custody fees | 2786 |
| Legal fees | 71 |
| Printing and shareholder reports fees | 639 |
| Other accrued expenses | 2317 |
| Total liabilities | 16483 |
| **Net assets**  | $7715598 |
| **Net assets consist of:** |  |
| Paid-in capital | $5575358 |
| Total distributable earnings (accumulated losses) | 2140240 |
| **Net assets** | $7715598 |
| **Net assets by class:** |  |
| Class A | $374306 |
| Class R6 | 7341292 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 26323 |
| Class R6 | 513152 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.22 |
| Class R6 | 14.31 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $15.05 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class R6 shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Sustainable Growth Equity**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $19518 |
| Interest income | 2889 |
| Withholding taxes on foreign income | (397)<br>|
| Total investment income  | 22010 |
| **Expenses:** |  |
| Investment management fees | 19261 |
| Distribution and service fees: |  |
| Class A | 563 |
| Transfer agent fees: |  |
| Class A | 574 |
| Class R6 | 284 |
| Trustee and CCO fees | 164 |
| Audit and tax fees | 11808 |
| Legal fees | 235 |
| Printing and shareholder reports fees | 2448 |
| Registration fees | 16908 |
| Index fees | 3655 |
| Filing fees | 4761 |
| Other | 107 |
| Total expenses before waiver and/or reimbursement and recapture | 60768 |
| Expenses waived and/or reimbursed: |  |
| Class A | (2331)<br>|
| Class R6 | (35467)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 4 |
| Class R6 | 12 |
| Net expenses | 22986 |
| **Net investment income (loss)** | (976)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | (29558)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (20982)<br>|
| Net realized and change in unrealized gain (loss) | (50540)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(51516)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Sustainable Growth Equity**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16298 |
| Net realized gain (loss) | (29558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 202884 |
| Net change in unrealized appreciation (depreciation) | (20982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1914112 |
| Net increase (decrease) in net assets resulting from operations | (51516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2133294 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (11136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | (200930)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7036)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (212066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7036)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 137328 | &nbsp;&nbsp;&nbsp;&nbsp; 291982 |
| Class R6 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 147328 | &nbsp;&nbsp;&nbsp;&nbsp; 291982 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 11136 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 200930 | &nbsp;&nbsp;&nbsp;&nbsp; 7036 |
|  | 212066 | &nbsp;&nbsp;&nbsp;&nbsp; 7036 |
| Cost of shares redeemed: |  |  |
| Class A | (121363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34894)<br>|
|  | (121363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34894)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 238031 | &nbsp;&nbsp;&nbsp;&nbsp; 264124 |
| **Net increase (decrease) in net assets** | (25551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2390382 |
| **Net assets:** |  |  |
| Beginning of period/year | 7741149 | &nbsp;&nbsp;&nbsp;&nbsp; 5350767 |
| End of period/year | $7715598 | &nbsp;&nbsp;&nbsp;&nbsp; $7741149 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 9019 | &nbsp;&nbsp;&nbsp;&nbsp; 20272 |
| Class R6 | 696 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 9715 | &nbsp;&nbsp;&nbsp;&nbsp; 20272 |
| Shares reinvested: |  |  |
| Class A | 717 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 12880 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
|  | 13597 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| Shares redeemed: |  |  |
| Class A | (9365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2490)<br>|
|  | (9365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2490)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 371 | &nbsp;&nbsp;&nbsp;&nbsp; 17782 |
| Class R6 | 13576 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
|  | 13947 | &nbsp;&nbsp;&nbsp;&nbsp; 18358 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Sustainable Growth Equity**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $14.66 | $10.53 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.03)<br>| (0.02)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | (0.03)<br>| 4.15 | 0.57 |
| Total investment operations | (0.06)<br>| 4.13 | 0.53 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.00 )<sup>(C)</sup><br>|  |  |
| Net realized gains | (0.38)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.38)<br>|  |  |
| **Net asset value, end of period/year** | $14.22 | $14.66 | $10.53 |
| **Total return** <sup>(D)</sup> <br>| (0.63 )%<sup>(E)</sup><br>| 39.22<br> %<br>| 5.30 %<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $374 | $380 | $86 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.98 %<sup>(F)</sup><br>| 2.17<br> %<br>| 5.71 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.95 %<sup>(F)</sup><br>| 0.95<br> %<br>| 0.95 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | (0.40 )%<sup>(F)</sup><br>| (0.14)%<br>| (0.61 )%<sup>(F)</sup><br>|
| Portfolio turnover rate | 17 %<sup>(E)</sup><br>| 52<br> %<br>| 30 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $14.73 | $10.55 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.00 )<sup>(C)</sup><br>| 0.03 | (0.01)<br>|
| Net realized and unrealized gain (loss) | (0.02)<br>| 4.16 | 0.56 |
| Total investment operations | (0.02)<br>| 4.19 | 0.55 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.02)<br>| (0.01)<br>|  |
| Net realized gains | (0.38)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.40)<br>| (0.01)<br>|  |
| **Net asset value, end of period/year** | $14.31 | $14.73 | $10.55 |
| **Total return** | (0.35 )%<sup>(D)</sup><br>| 39.78<br> %<br>| 5.50 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $7342 | $7361 | $5265 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.49 %<sup>(E)</sup><br>| 1.65<br> %<br>| 5.14 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup><br>| 0.55<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.00 )%<sup>(E)(F)</sup><br>| 0.25<br> %<br>| (0.11 )%<sup>(E)</sup><br>|
| Portfolio turnover rate | 17 %<sup>(D)</sup><br>| 52<br> %<br>| 30 %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Rounds to less than 0.01% or (0.01)%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Sustainable Growth Equity**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Sustainable Growth Equity (the "Fund") is a series of the Trust and is classified as non-diversified under the 1940 Act. The Fund currently offers two classes of shares, Class A and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Sustainable Growth Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $63.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Sustainable Growth Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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.

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 April 30, 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.

*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.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Sustainable Growth Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Sustainable Growth Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its sustainability strategy.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Sustainable Growth Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $7331361 | 95.02<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.48<br> % <br>|
| Over $500 million up to $1 billion | 0.47 |
| Over $1 billion up to $2 billion | 0.46 |
| Over $2 billion | 0.45 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.95<br> % <br>| March 1, 2026 |
| Class R6 | 0.55 | March 1, 2026 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Sustainable Growth Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $804 | $3205 | $2331 | $6340 |
| Class R6 |  | 133176 | 83880 | 35467 | 252523 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $423 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Sustainable Growth Equity**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $853 | &nbsp;&nbsp; $141 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1287726 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1399381 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $5533243 | &nbsp;&nbsp; $2289581 | &nbsp;&nbsp; $(108007)<br>| &nbsp;&nbsp; $2181574 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Sustainable Growth Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**10. SUBSEQUENT EVENT**

Effective as of the close of business on July 13, 2025, the Fund will be closed to most new investors. Existing investors of the Fund, retirement plans in which the Fund is a plan option, and any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the Fund as a plan option, will be able to continue to purchase shares in the Fund after the close date. The Fund will remain closed until further notice. The Fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Sustainable Growth Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Sustainable Growth Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Sustainable Growth Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Sustainable Growth Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

![](g947814img6056339d3.gif)

![](g947814img06db0a434.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA SUS GROWTH EQTY 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img7341d5fa5.gif)

------

![](g947814imgf4f778041.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica UltraShort Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgca03f3052.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_SOI-RunningFooter-548_1) | 2 |
| [Statement of Assets and Liabilities](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_FS-RunningFooter-548_1) | 6 |
| [Statement of Operations](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_FS-RunningFooter-548_2) | 7 |
| [Statement of Changes in Net Assets](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_FS-RunningFooter-548_3) | 8 |
| [Financial Highlights](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_FIHI-RunningFooter-548_1) | 9 |
| [Notes to Financial Statements](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_NTF-RunningFooter-548_1) | 10 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_DWA-RunningFooter-548_1)**<br> **[Companies](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_DWA-RunningFooter-548_1)**<br>| 19 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_PD-RunningFooter-548_1)** | 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_REMU-RunningFooter-548_1)**<br> **[Companies](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_REMU-RunningFooter-548_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_45a8b1a6-bda9-4038-a813-5ca67e8d6a14_AIAC-RunningFooter-548_1)** | 22 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  |
| **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  |
| Boeing Co. |  |  |
| 2.25%, 06/15/2026 | $290000 | $281549 |
| **Automobiles - 2.0%**  | **Automobiles - 2.0%**  | **Automobiles - 2.0%**  |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 200000 | 197660 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 3.95%, 06/06/2025 <sup>(A)</sup> <br>| 400000 | 399446 |
|  |  | 597106 |
| **Banks - 14.6%**  | **Banks - 14.6%**  | **Banks - 14.6%**  |
| Banco Santander SA |  |  |
| 1.85%, 03/25/2026 | 400000 | 390288 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2026, <br>5.93% <sup>(B)</sup>, 09/15/2027<br>| 433000 | 441141 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/26/2026, <br>4.95% <sup>(B)</sup>, 04/26/2027<br>| 147000 | 147777 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 200000 | 202222 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.93%, 10/02/2026 | 170000 | 173502 |
| Citibank NA |  |  |
| 5.44%, 04/30/2026 | 265000 | 267653 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2026, <br>1.12% <sup>(B)</sup>, 01/28/2027<br>| 122000 | 118858 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 07/13/2026, <br>7.15% <sup>(B)</sup>, 07/13/2027<br>| 150000 | 153851 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/09/2026, <br>1.43% <sup>(B)</sup>, 03/09/2027<br>| 106000 | 103147 |
| 3.50%, 11/16/2026 | 253000 | 249633 |
| Intesa Sanpaolo SpA |  |  |
| 7.00%, 11/21/2025 <sup>(A)</sup> <br>| 200000 | 202301 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(B)</sup>, 04/22/2027<br>| 217000 | 210912 |
| &nbsp;&nbsp; Fixed until 07/22/2027, <br>4.98% <sup>(B)</sup>, 07/22/2028<br>| 151000 | 152684 |
| Lloyds Banking Group PLC |  |  |
| 4.58%, 12/10/2025 | 200000 | 199470 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2026, <br>5.05% <sup>(B)</sup>, 01/28/2027<br>| 286000 | 287037 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/23/2026, <br>5.10% <sup>(B)</sup>, 07/23/2027<br>| 179000 | 179962 |
| &nbsp;&nbsp; Fixed until 06/12/2025, <br>5.81% <sup>(B)</sup>, 06/12/2026<br>| 177000 | 177159 |
| Truist Financial Corp. |  |  |
| 4.00%, 05/01/2025 | 181000 | 181000 |
| &nbsp;&nbsp; Fixed until 06/08/2026, <br>6.05% <sup>(B)</sup>, 06/08/2027<br>| 234000 | 237770 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| U.S. Bancorp |  |  |
| 1.45%, 05/12/2025 | $196000 | $195800 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 06/17/2026, <br>3.20% <sup>(B)</sup>, 06/17/2027<br>| 183000 | 180381 |
|  |  | 4452548 |
| **Beverages - 0.7%**  | **Beverages - 0.7%**  | **Beverages - 0.7%**  |
| Keurig Dr. Pepper, Inc. |  |  |
| 4.42%, 05/25/2025 | 213000 | 212893 |
| **Chemicals - 0.5%**  | **Chemicals - 0.5%**  | **Chemicals - 0.5%**  |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/2025 | 144000 | 144710 |
| **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/2027 <sup>(A)</sup> <br>| 102000 | 103684 |
| 6.27%, 06/26/2026 <sup>(A)</sup> <br>| 216000 | 219640 |
| ERAC USA Finance LLC |  |  |
| 3.80%, 11/01/2025 <sup>(A)</sup> <br>| 73000 | 72659 |
|  |  | 395983 |
| **Communications Equipment - 2.3%**  | **Communications Equipment - 2.3%**  | **Communications Equipment - 2.3%**  |
| AT&T, Inc. |  |  |
| 1.70%, 03/25/2026 | 217000 | 211620 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/2026 | 299000 | 293060 |
| Verizon Communications, Inc. |  |  |
| 4.13%, 03/16/2027 | 180000 | 179771 |
|  |  | 684451 |
| **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  |
| Berry Global, Inc. |  |  |
| 4.88%, 07/15/2026 <sup>(A)</sup> <br>| 221000 | 220501 |
| **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  |
| Dominion Energy, Inc. |  |  |
| 2.85%, 08/15/2026 | 143000 | 139951 |
| Exelon Corp. |  |  |
| 3.40%, 04/15/2026 | 138000 | 136457 |
|  |  | 276408 |
| **Financial Services - 2.1%**  | **Financial Services - 2.1%**  | **Financial Services - 2.1%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 6.45%, 04/15/2027 | 166000 | 171058 |
| Air Lease Corp. |  |  |
| 5.30%, 06/25/2026 | 89000 | 89479 |
| American Express Co. |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 0.65%, <br>5.01% <sup>(B)</sup>, 11/04/2026<br>| 152000 | 151678 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.25%, 04/15/2026 <sup>(A)</sup> <br>| 236000 | 233814 |
|  |  | 646029 |
| **Food Products - 1.0%**  | **Food Products - 1.0%**  | **Food Products - 1.0%**  |
| Altria Group, Inc. |  |  |
| 2.63%, 09/16/2026 | 124000 | 120876 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Cargill, Inc. |  |  |
| 4.88%, 10/10/2025 <sup>(A)</sup> <br>| $177000 | $177193 |
|  |  | 298069 |
| **Health Care Equipment & Supplies - 0.7%**  | **Health Care Equipment & Supplies - 0.7%**  | **Health Care Equipment & Supplies - 0.7%**  |
| GE HealthCare Technologies, Inc. |  |  |
| 5.60%, 11/15/2025 | 200000 | 200913 |
| **Health Care Providers & Services - 0.3%**  | **Health Care Providers & Services - 0.3%**  | **Health Care Providers & Services - 0.3%**  |
| HCA, Inc. |  |  |
| 5.25%, 06/15/2026 | 87000 | 87227 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/2026 | 108000 | 105939 |
| **Insurance - 2.3%**  | **Insurance - 2.3%**  | **Insurance - 2.3%**  |
| Athene Global Funding |  |  |
| 5.62%, 05/08/2026 <sup>(A)</sup> <br>| 176000 | 177706 |
| GA Global Funding Trust |  |  |
| 2.25%, 01/06/2027 <sup>(A)</sup> <br>| 186000 | 178507 |
| Metropolitan Life Global Funding I |  |  |
| 5.00%, 01/06/2026 <sup>(A)</sup> <br>| 340000 | 341249 |
|  |  | 697462 |
| **IT Services - 0.5%**  | **IT Services - 0.5%**  | **IT Services - 0.5%**  |
| Dell International LLC/EMC Corp. |  |  |
| 6.02%, 06/15/2026 | 144000 | 145642 |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| Caterpillar Financial Services Corp. |  |  |
| 4.45%, 10/16/2026 | 151000 | 152074 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.91%, 07/23/2025 | 35000 | 34951 |
| **Oil, Gas & Consumable Fuels - 2.2%**  | **Oil, Gas & Consumable Fuels - 2.2%**  | **Oil, Gas & Consumable Fuels - 2.2%**  |
| DCP Midstream Operating LP |  |  |
| 5.38%, 07/15/2025 | 73000 | 73015 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/2026 | 146000 | 148864 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/2026 | 198000 | 200591 |
| Ovintiv, Inc. |  |  |
| 5.65%, 05/15/2025 | 255000 | 254905 |
|  |  | 677375 |
| **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  |
| Bristol-Myers Squibb Co. |  |  |
| 4.95%, 02/20/2026 | 179000 | 179962 |
| CVS Health Corp. |  |  |
| 3.00%, 08/15/2026 | 154000 | 150992 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.65%, 05/19/2025 | 238000 | 237985 |
|  |  | 568939 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software - 0.6%**  | **Software - 0.6%**  | **Software - 0.6%**  |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/2026 | $105000 | $103564 |
| Oracle Corp. |  |  |
| 1.65%, 03/25/2026 | 91000 | 88667 |
|  |  | 192231 |
| **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 1.20%, 11/15/2025 <sup>(A)</sup> <br>| 155000 | 151856 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $11,202,997)**<br>|  | 11224856 |
| **ASSET-BACKED SECURITIES - 20.4%**  | **ASSET-BACKED SECURITIES - 20.4%**  | **ASSET-BACKED SECURITIES - 20.4%**  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>7.97%, 06/20/2030 <sup>(A)</sup> <br>| 3911 | 3917 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>7.71%, 01/21/2031 <sup>(A)</sup> <br>| 4331 | 4337 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>2.33%, 08/20/2026 <sup>(A)</sup> <br>| 253333 | 252191 |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(A)</sup> <br>| 350000 | 344223 |
| Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp; Series 2019-A3, Class A3, <br>2.06%, 08/15/2028<br>| 300000 | 291949 |
| &nbsp;&nbsp; Series 2022-A3, Class A, <br>4.95%, 10/15/2027<br>| 250000 | 250439 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2022-A1, Class A, <br>3.97%, 09/15/2027<br>| 300000 | 299261 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR3, <br>3-Month Term SOFR + 1.00%, <br>5.27% <sup>(B)</sup>, 10/21/2031 <sup>(A)</sup> <br>| 294523 | 293787 |
| &nbsp;&nbsp; Series 2017-4A, Class A1R, <br>3-Month Term SOFR + 1.21%, <br>5.49% <sup>(B)</sup>, 10/24/2030 <sup>(A)</sup> <br>| 77004 | 77004 |
| Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>4.31%, 03/15/2028<br>| 600000 | 599763 |
| Dryden 40 Senior Loan Fund |  |  |
| &nbsp;&nbsp; Series 2015-40A, Class AR2, <br>3-Month Term SOFR + 1.15%, <br>5.47% <sup>(B)</sup>, 08/15/2031 <sup>(A)</sup> <br>| 170520 | 170376 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 400000 | 402508 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2020-2, Class A, <br>1.06%, 04/15/2033 <sup>(A)</sup> <br>| 272000 | 267541 |
| &nbsp;&nbsp; Series 2020-2, Class B, <br>1.49%, 04/15/2033 <sup>(A)</sup> <br>| 200000 | 196924 |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>1.37%, 10/17/2033 <sup>(A)</sup> <br>| 600000 | 582545 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>1.17%, 06/12/2034 <sup>(A)</sup> <br>| $300000 | $287179 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>1.99%, 06/25/2026 <sup>(A)</sup> <br>| 100000 | 99680 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2018-AA, Class A, <br>3.54%, 02/25/2032 <sup>(A)</sup> <br>| 288541 | 288198 |
| &nbsp;&nbsp; Series 2019-AA, Class C, <br>2.84%, 07/25/2033 <sup>(A)</sup> <br>| 69768 | 68347 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2023-5, Class A2, <br>6.31%, 07/15/2027<br>| 3584 | 3587 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>4.82%, 07/22/2030 <sup>(A)</sup> <br>| 250000 | 250373 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class B, <br>2.32%, 07/20/2037 <sup>(A)</sup> <br>| 80169 | 79825 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.48% <sup>(B)</sup>, 04/16/2031 <sup>(A)</sup> <br>| 150872 | 150795 |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>5.16% <sup>(B)</sup>, 01/15/2034 <sup>(A)</sup> <br>| 243567 | 241971 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.35%, 05/25/2033 <sup>(A)</sup> <br>| 250000 | 249407 |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(A)</sup> <br>| 400000 | 388997 |
| Venture XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-27A, Class AR, <br>3-Month Term SOFR + 1.31%, <br>5.58% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> <br>| 71466 | 71428 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $6,139,383)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $6,139,383)** | 6216552 |
| **MORTGAGE-BACKED SECURITIES - 1.7%**  | **MORTGAGE-BACKED SECURITIES - 1.7%**  | **MORTGAGE-BACKED SECURITIES - 1.7%**  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-VOLT, Class C, <br>1-Month Term SOFR + 1.21%, <br>5.54% <sup>(B)</sup>, 09/15/2036 <sup>(A)</sup> <br>| 265000 | 261356 |
| CAMB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2019-LIFE, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.37% <sup>(B)</sup>, 12/15/2037 <sup>(A)</sup> <br>| 250000 | 248594 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $509,213)**<br>|  | 509950 |
| **COMMERCIAL PAPER - 36.1%**  | **COMMERCIAL PAPER - 36.1%**  | **COMMERCIAL PAPER - 36.1%**  |
| **Automobiles - 1.2%**  | **Automobiles - 1.2%**  | **Automobiles - 1.2%**  |
| Toyota Motor Credit Corp. |  |  |
| 4.54% <sup>(C)</sup>, 07/07/2025 | 250000 | 247949 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| VW Credit, Inc. |  |  |
| 4.86% <sup>(C)</sup>, 05/19/2025 <sup>(A)</sup> <br>| $100000 | $99754 |
|  |  | 347703 |
| **Banks - 6.2%**  | **Banks - 6.2%**  | **Banks - 6.2%**  |
| Cooperatieve Rabobank UA |  |  |
| 4.35% <sup>(C)</sup>, 10/03/2025 | 400000 | 392625 |
| DNB Bank ASA |  |  |
| 4.45% <sup>(C)</sup>, 07/15/2025 <sup>(A)</sup> <br>| 500000 | 495429 |
| HSBC USA, Inc. |  |  |
| 4.57% <sup>(C)</sup>, 05/27/2025 <sup>(A)</sup> <br>| 250000 | 249171 |
| 4.89% <sup>(C)</sup>, 05/01/2025 <sup>(A)</sup> <br>| 250000 | 249970 |
| National Bank of Canada |  |  |
| 4.64% <sup>(C)</sup>, 05/23/2025 <sup>(A)</sup> <br>| 250000 | 249306 |
| Sheffield Receivables Co. LLC |  |  |
| 4.49% <sup>(C)</sup>, 05/13/2025 <sup>(A)</sup> <br>| 250000 | 249605 |
|  |  | 1886106 |
| **Capital Markets - 3.1%**  | **Capital Markets - 3.1%**  | **Capital Markets - 3.1%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.50% <sup>(C)</sup>, 05/08/2025 <sup>(A)</sup> <br>| 450000 | 449564 |
| Ridgefield Funding Co. LLC |  |  |
| 4.55% <sup>(C)</sup>, 06/26/2025 <sup>(A)</sup> <br>| 500000 | 496518 |
|  |  | 946082 |
| **Chemicals - 1.6%**  | **Chemicals - 1.6%**  | **Chemicals - 1.6%**  |
| EIDP, Inc. |  |  |
| 4.62% <sup>(C)</sup>, 05/27/2025 <sup>(A)</sup> <br>| 500000 | 498256 |
| **Diversified Telecommunication Services - 1.6%**  | **Diversified Telecommunication Services - 1.6%**  | **Diversified Telecommunication Services - 1.6%**  |
| TELUS Corp. |  |  |
| 4.65% <sup>(C)</sup>, 06/16/2025 <sup>(A)</sup> <br>| 500000 | 496952 |
| **Financial Services - 18.3%**  | **Financial Services - 18.3%**  | **Financial Services - 18.3%**  |
| ABN AMRO Funding USA LLC |  |  |
| 4.43% <sup>(C)</sup>, 09/15/2025 <sup>(A)</sup> <br>| 250000 | 245808 |
| 4.43% <sup>(C)</sup>, 09/19/2025 <sup>(A)</sup> <br>| 250000 | 245691 |
| Britannia Funding Co. LLC |  |  |
| 4.49% <sup>(C)</sup>, 06/04/2025 <sup>(A)</sup> <br>| 500000 | 497869 |
| Columbia Funding Co. LLC |  |  |
| 4.47% <sup>(C)</sup>, 06/09/2025 <sup>(A)</sup> <br>| 450000 | 447807 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.53% <sup>(C)</sup>, 05/15/2025 <sup>(A)</sup> <br>| 350000 | 349354 |
| 4.53% <sup>(C)</sup>, 06/13/2025 <sup>(A)</sup> <br>| 300000 | 298372 |
| Liberty Street Funding LLC |  |  |
| 4.68% <sup>(C)</sup>, 05/19/2025 <sup>(A)</sup> <br>| 500000 | 498847 |
| Lion Bay Funding LLC |  |  |
| 4.49% <sup>(C)</sup>, 05/22/2025 <sup>(A)</sup> <br>| 250000 | 249333 |
| LMA-Americas LLC |  |  |
| 4.47% <sup>(C)</sup>, 06/12/2025 <sup>(A)</sup> <br>| 250000 | 248684 |
| 4.48% <sup>(C)</sup>, 07/01/2025 <sup>(A)</sup> <br>| 250000 | 248105 |
| Mackinac Funding Co. LLC |  |  |
| 4.49% <sup>(C)</sup>, 06/25/2025 <sup>(A)</sup> <br>| 250000 | 248285 |
| Mainbeach Funding LLC |  |  |
| 4.52% <sup>(C)</sup>, 06/18/2025 <sup>(A)</sup> <br>| 500000 | 496997 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.48% <sup>(C)</sup>, 06/04/2025 <sup>(A)</sup> <br>| 500000 | 497869 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Mont Blanc Capital Corp. |  |  |
| 4.49% <sup>(C)</sup>, 06/05/2025 <sup>(A)</sup> <br>| $500000 | $497808 |
| Thunder Bay Funding LLC |  |  |
| 4.46% <sup>(C)</sup>, 06/27/2025 <sup>(A)</sup> <br>| 500000 | 496473 |
|  |  | 5567302 |
| **Machinery - 1.6%**  | **Machinery - 1.6%**  | **Machinery - 1.6%**  |
| Siemens Capital Co. LLC |  |  |
| 4.41% <sup>(C)</sup>, 05/30/2025 <sup>(A)</sup> <br>| 500000 | 498212 |
| **Multi-Utilities - 1.7%**  | **Multi-Utilities - 1.7%**  | **Multi-Utilities - 1.7%**  |
| WEC Energy Group, Inc. |  |  |
| 4.69% <sup>(C)</sup>, 05/15/2025 <sup>(A)</sup> <br>| 500000 | 499038 |
| **Transportation Infrastructure - 0.8%**  | **Transportation Infrastructure - 0.8%**  | **Transportation Infrastructure - 0.8%**  |
| Penske Truck Leasing Co. LP |  |  |
| 4.60% <sup>(C)</sup>, 09/03/2025 | 250000 | 245920 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $10,987,578)**<br>|  | 10985571 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 4.0%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 4.0%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 4.0%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>4.07% <sup>(C)</sup>, 02/19/2026<br>| $1250000 | $1211341 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $1,210,550)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $1,210,550)** | 1211341 |
| **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  |
| &nbsp;&nbsp; Barclays Bank PLC, <br>4.25% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $600,071 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 08/15/2033, and <br> with a value of $607,173.<br>| 600000 | 600000 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $600,000)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $600,000)** | 600000 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $30,649,721)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $30,649,721)** | 30748270 |
| **Net Other Assets (Liabilities) - (1.1)%** | **Net Other Assets (Liabilities) - (1.1)%** | (339516) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$30408754** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $11224856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11224856 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 6216552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6216552 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 509950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 509950 |
| Commercial Paper |  | &nbsp;&nbsp; 10985571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10985571 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 1211341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1211341 |
| Repurchase Agreement |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600000 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$30748270** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$30748270** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At April 30, 2025, the total value of 144A securities is $17,456,628, representing 57.4% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of April 30, 2025. 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.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica UltraShort Bond**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $30,049,721) | $30148270 |
| Repurchase agreement, at value (cost $600,000) | 600000 |
| Cash | 42948 |
| Receivables and other assets: |  |
| Interest | 152378 |
| Tax reclaims | 1618 |
| Due from investment manager | 1874 |
| Prepaid expenses | 15174 |
| Total assets | 30962262 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 512469 |
| Shares of beneficial interest redeemed | 2713 |
| Distribution and service fees | 121 |
| Transfer agent fees | 2630 |
| Trustee and CCO fees | 118 |
| Audit and tax fees  | 21637 |
| Custody fees | 12616 |
| Legal fees | 606 |
| Printing and shareholder reports fees | 149 |
| Other accrued expenses | 449 |
| Total liabilities | 553508 |
| **Net assets**  | $30408754 |
| **Net assets consist of:** |  |
| Paid-in capital | $30267647 |
| Total distributable earnings (accumulated losses) | 141107 |
| **Net assets** | $30408754 |
| **Net assets by class:** |  |
| Class A | $666983 |
| Class I | 29741771 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 66427 |
| Class I | 2962481 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.04 |
| Class I | 10.04 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica UltraShort Bond**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $686606 |
| Total investment income  | 686606 |
| **Expenses:** |  |
| Investment management fees | 25062 |
| Distribution and service fees: |  |
| Class A | 420 |
| Transfer agent fees: |  |
| Class A | 231 |
| Class I | 15178 |
| Trustee and CCO fees | 604 |
| Audit and tax fees | 22104 |
| Custody fees | 8667 |
| Legal fees | 1125 |
| Printing and shareholder reports fees | 1240 |
| Registration fees | 17364 |
| Filing fees | 5207 |
| Other | 722 |
| Total expenses before waiver and/or reimbursement and recapture | 97924 |
| Expenses waived and/or reimbursed: |  |
| Class A | (428)<br>|
| Class I | (45086)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 4 |
| Class I | 20 |
| Net expenses | 52434 |
| **Net investment income (loss)** | 634172 |
| **Net realized gain (loss) on:** |  |
| Investments | 43141 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (4214)<br>|
| Net realized and change in unrealized gain (loss) | 38927 |
| **Net increase (decrease) in net assets resulting from operations** | $673099 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica UltraShort Bond**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $634172 | &nbsp;&nbsp;&nbsp;&nbsp; $1672473 |
| Net realized gain (loss) | 43141 | &nbsp;&nbsp;&nbsp;&nbsp; 104727 |
| Net change in unrealized appreciation (depreciation) | (4214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102121 |
| Net increase (decrease) in net assets resulting from operations | 673099 | &nbsp;&nbsp;&nbsp;&nbsp; 1879321 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (7715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13988)<br>|
| Class I | (734878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1686845)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (742593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1700833)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 473135 | &nbsp;&nbsp;&nbsp;&nbsp; 561752 |
| Class I | 412502 | &nbsp;&nbsp;&nbsp;&nbsp; 12376818 |
|  | 885637 | &nbsp;&nbsp;&nbsp;&nbsp; 12938570 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 7502 | &nbsp;&nbsp;&nbsp;&nbsp; 13768 |
| Class I | 734878 | &nbsp;&nbsp;&nbsp;&nbsp; 1686845 |
|  | 742380 | &nbsp;&nbsp;&nbsp;&nbsp; 1700613 |
| Cost of shares redeemed: |  |  |
| Class A | (88564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (510442)<br>|
| Class I | (1667762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9831588)<br>|
|  | (1756326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10342030)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (128309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4297153 |
| **Net increase (decrease) in net assets** | (197803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4475641 |
| **Net assets:** |  |  |
| Beginning of period/year | 30606557 | &nbsp;&nbsp;&nbsp;&nbsp; 26130916 |
| End of period/year | $30408754 | &nbsp;&nbsp;&nbsp;&nbsp; $30606557 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 47130 | &nbsp;&nbsp;&nbsp;&nbsp; 55899 |
| Class I | 41096 | &nbsp;&nbsp;&nbsp;&nbsp; 1234069 |
|  | 88226 | &nbsp;&nbsp;&nbsp;&nbsp; 1289968 |
| Shares reinvested: |  |  |
| Class A | 747 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 |
| Class I | 73196 | &nbsp;&nbsp;&nbsp;&nbsp; 168026 |
|  | 73943 | &nbsp;&nbsp;&nbsp;&nbsp; 169397 |
| Shares redeemed: |  |  |
| Class A | (8821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50749)<br>|
| Class I | (165658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (977907)<br>|
|  | (174479)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1028656)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 39056 | &nbsp;&nbsp;&nbsp;&nbsp; 6521 |
| Class I | (51366)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 424188 |
|  | (12310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 430709 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica UltraShort Bond**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.07 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.20 | 0.46 | 0.29 |
| Net realized and unrealized gain (loss) | 0.01 | 0.08 | 0.00 <br><sup>(C)</sup><br>|
| Total investment operations | 0.21 | 0.54 | 0.29 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.20)<br>| (0.47)<br>| (0.28)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.24)<br>| (0.48)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $10.04 | $10.07 | $10.01 |
| **Total return** <sup>(D)</sup> <br>| 2.06 %<sup>(E)</sup><br>| 5.44<br> %<br>| 2.90 %<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $667 | $276 | $209 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.94 %<sup>(F)</sup><br>| 0.88<br> %<br>| 1.66 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.69 %<sup>(F)</sup><br>| 0.69<br> %<br>| 0.69 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.99 %<sup>(F)</sup><br>| 4.60<br> %<br>| 4.93 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 25 %<sup>(E)</sup><br>| 89<br> %<br>| 32 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.06 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.21 | 0.50 | 0.30 |
| Net realized and unrealized gain (loss) | 0.02 | 0.06 | 0.01 |
| Total investment operations | 0.23 | 0.56 | 0.31 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.21)<br>| (0.50)<br>| (0.30)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.25)<br>| (0.51)<br>| (0.30)<br>|
| **Net asset value, end of period/year** | $10.04 | $10.06 | $10.01 |
| **Total return** | 2.33 %<sup>(C)</sup><br>| 5.73<br> %<br>| 3.11 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of period/year (000's) | $29742 | $30331 | $25922 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.66 %<sup>(D)</sup><br>| 0.63<br> %<br>| 1.35 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(D)</sup><br>| 0.35<br> %<br>| 0.35 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.31 %<sup>(D)</sup><br>| 4.99<br> %<br>| 5.06 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 25 %<sup>(C)</sup><br>| 89<br> %<br>| 32 %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica UltraShort Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class A and Class I.

Each class has a public offering price that reflects different sales charges, if any, and expense level.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the period ended April 30, 2025 by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica UltraShort Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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 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 April 30, 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:

*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.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $27872664 | 91.66<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.17<br> % <br>|
| Over $1 billion | 0.16 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.69<br> % <br>| March 1, 2026 |
| Class I | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $422 | $630 | $428 | $1480 |
| Class I |  | 140446 | 101871 | 45086 | 287403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $15168 | &nbsp;&nbsp; $2526 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $5953543 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3863018 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $30649721 | &nbsp;&nbsp; $111315 | &nbsp;&nbsp; $(12766)<br>| &nbsp;&nbsp; $98549 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**Page 18**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

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**Page 19**

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

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**Page 20**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

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**Page 21**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA US B 04/25© 2025 Transamerica Corporation. All Rights Reserved.

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica US Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img4558da8f2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_SOI-RunningFooter-152_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_FS-RunningFooter-152_1) | 4 |
| [Statement of Operations](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_FS-RunningFooter-152_2) | 5 |
| [Statement of Changes in Net Assets](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_FS-RunningFooter-152_3) | 6 |
| [Financial Highlights](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_FIHI-RunningFooter-152_1) | 8 |
| [Notes to Financial Statements](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_NTF-RunningFooter-152_1) | 11 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_DWA-RunningFooter-152_1)**<br> **[Companies](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_DWA-RunningFooter-152_1)**<br>| 21 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_PD-RunningFooter-152_1)** | 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_REMU-RunningFooter-152_1)**<br> **[Companies](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_REMU-RunningFooter-152_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2144c20e-4e4c-4d0a-904c-952a5994b551_AIAC-RunningFooter-152_1)** | 24 |

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***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica US Growth**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  |
| **Automobiles - 1.9%**  | **Automobiles - 1.9%**  | **Automobiles - 1.9%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 163559 | $46149807 |
| **Banks - 0.6%**  | **Banks - 0.6%**  | **Banks - 0.6%**  |
| Wells Fargo & Co. | 216925 | 15403844 |
| **Beverages - 1.0%**  | **Beverages - 1.0%**  | **Beverages - 1.0%**  |
| Monster Beverage Corp. <sup>(A)</sup> <br>| 386978 | 23265117 |
| **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 47216 | 24056552 |
| **Broadline Retail - 5.1%**  | **Broadline Retail - 5.1%**  | **Broadline Retail - 5.1%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 655150 | 120822763 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 79381 | 9496349 |
| **Capital Markets - 2.5%**  | **Capital Markets - 2.5%**  | **Capital Markets - 2.5%**  |
| Ares Management Corp., Class A | 112074 | 17094647 |
| Interactive Brokers Group, Inc., Class A | 86518 | 14868118 |
| KKR & Co., Inc. | 127021 | 14514690 |
| S&P Global, Inc. | 23371 | 11686669 |
|  |  | 58164124 |
| **Chemicals - 1.6%**  | **Chemicals - 1.6%**  | **Chemicals - 1.6%**  |
| Linde PLC | 23604 | 10698041 |
| Sherwin-Williams Co. | 78738 | 27788215 |
|  |  | 38486256 |
| **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  |
| Republic Services, Inc. | 62092 | 15569569 |
| **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 249477 | 20524473 |
| **Consumer Finance - 1.0%**  | **Consumer Finance - 1.0%**  | **Consumer Finance - 1.0%**  |
| American Express Co. | 86959 | 23166747 |
| **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  |
| BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> <br>| 128988 | 15163829 |
| Walmart, Inc. | 293572 | 28549877 |
|  |  | 43713706 |
| **Electrical Equipment - 1.1%**  | **Electrical Equipment - 1.1%**  | **Electrical Equipment - 1.1%**  |
| Emerson Electric Co. | 99641 | 10473265 |
| GE Vernova, Inc. | 40747 | 15109803 |
|  |  | 25583068 |
| **Electronic Equipment, Instruments & Components - 1.6%**  | **Electronic Equipment, Instruments & Components - 1.6%**  | **Electronic Equipment, Instruments & Components - 1.6%**  |
| Amphenol Corp., Class A | 290415 | 22347434 |
| Coherent Corp. <sup>(A)</sup> <br>| 229301 | 14748641 |
|  |  | 37096075 |
| **Entertainment - 6.4%**  | **Entertainment - 6.4%**  | **Entertainment - 6.4%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 294861 | 26145325 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 188264 | 24935567 |
| Netflix, Inc. <sup>(A)</sup> <br>| 61480 | 69578146 |
| Spotify Technology SA <sup>(A)</sup> <br>| 50432 | 30964239 |
|  |  | 151623277 |

---

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services - 4.3%**  | **Financial Services - 4.3%**  | **Financial Services - 4.3%**  |
| Mastercard, Inc., Class A | 147723 | $80961067 |
| Visa, Inc., Class A | 63667 | 21996949 |
|  |  | 102958016 |
| **Health Care Equipment & Supplies - 1.8%**  | **Health Care Equipment & Supplies - 1.8%**  | **Health Care Equipment & Supplies - 1.8%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 248952 | 25609692 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 227141 | 17146874 |
|  |  | 42756566 |
| **Health Care Providers & Services - 0.7%**  | **Health Care Providers & Services - 0.7%**  | **Health Care Providers & Services - 0.7%**  |
| UnitedHealth Group, Inc. | 42785 | 17603460 |
| **Health Care Technology - 1.1%**  | **Health Care Technology - 1.1%**  | **Health Care Technology - 1.1%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 116166 | 27146833 |
| **Hotels, Restaurants & Leisure - 3.7%**  | **Hotels, Restaurants & Leisure - 3.7%**  | **Hotels, Restaurants & Leisure - 3.7%**  |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 595387 | 30078951 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 91220 | 17595426 |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 499850 | 16640007 |
| Hilton Worldwide Holdings, Inc. | 100626 | 22689150 |
|  |  | 87003534 |
| **Interactive Media & Services - 9.8%**  | **Interactive Media & Services - 9.8%**  | **Interactive Media & Services - 9.8%**  |
| Alphabet, Inc., Class A | 713631 | 113324603 |
| Meta Platforms, Inc., Class A | 215513 | 118316637 |
|  |  | 231641240 |
| **IT Services - 1.5%**  | **IT Services - 1.5%**  | **IT Services - 1.5%**  |
| Gartner, Inc. <sup>(A)</sup> <br>| 33437 | 14079652 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 222531 | 21140445 |
|  |  | 35220097 |
| **Machinery - 0.9%**  | **Machinery - 0.9%**  | **Machinery - 0.9%**  |
| Ingersoll Rand, Inc. | 279645 | 21093622 |
| **Oil, Gas & Consumable Fuels - 0.3%**  | **Oil, Gas & Consumable Fuels - 0.3%**  | **Oil, Gas & Consumable Fuels - 0.3%**  |
| Diamondback Energy, Inc. | 51492 | 6797459 |
| **Pharmaceuticals - 3.9%**  | **Pharmaceuticals - 3.9%**  | **Pharmaceuticals - 3.9%**  |
| Eli Lilly & Co. | 102418 | 92068661 |
| **Semiconductors & Semiconductor Equipment - 15.0%**  | **Semiconductors & Semiconductor Equipment - 15.0%**  | **Semiconductors & Semiconductor Equipment - 15.0%**  |
| Broadcom, Inc. | 542182 | 104353770 |
| KLA Corp. | 46415 | 32615356 |
| NVIDIA Corp. | 1729408 | 188367119 |
| QUALCOMM, Inc. | 197485 | 29318623 |
|  |  | 354654868 |
| **Software - 17.0%**  | **Software - 17.0%**  | **Software - 17.0%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 23140 | 6231833 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 105252 | 31337731 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 23870 | 14596505 |
| Intuit, Inc. | 61203 | 38403046 |
| Microsoft Corp. | 420918 | 166372049 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 128566 | 15227357 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 163101 | 30488470 |
| PTC, Inc. <sup>(A)</sup> <br>| 114619 | 17762506 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica US Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Salesforce, Inc. | 151581 | $40731331 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 43410 | 41456984 |
|  |  | 402607812 |
| **Specialized REITs - 1.7%**  | **Specialized REITs - 1.7%**  | **Specialized REITs - 1.7%**  |
| American Tower Corp. | 83359 | 18789952 |
| Equinix, Inc. | 24879 | 21414599 |
|  |  | 40204551 |
| **Specialty Retail - 1.5%**  | **Specialty Retail - 1.5%**  | **Specialty Retail - 1.5%**  |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 25860 | 36597072 |
| **Technology Hardware, Storage & Peripherals - 8.2%**  | **Technology Hardware, Storage & Peripherals - 8.2%**  | **Technology Hardware, Storage & Peripherals - 8.2%**  |
| Apple, Inc. | 915155 | 194470438 |
| **Trading Companies & Distributors - 0.4%**  | **Trading Companies & Distributors - 0.4%**  | **Trading Companies & Distributors - 0.4%**  |
| FTAI Aviation Ltd. | 95271 | 10204477 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $1,303,832,241)**<br>|  | 2356150433 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 04/30/2025, to be <br> repurchased at $18,210,828 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.13%, due 05/15/2048, and <br> with a value of $18,574,135.<br>| $18209918 | $18209918 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,209,918)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,209,918)** | 18209918 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,322,042,159)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,322,042,159)** | 2374360351 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (4547197) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$2369813154** |

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**INVESTMENT VALUATION:**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $2356150433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2356150433 |
| Repurchase Agreement |  | &nbsp;&nbsp; 18209918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18209918 |
| **Total Investments** | **$2356150433** | &nbsp;&nbsp; **$18209918** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2374360351** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica US Growth**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,303,832,241) | $2356150433 |
| Repurchase agreement, at value (cost $18,209,918) | 18209918 |
| Foreign currency, at value (cost $18,065) | 18720 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 131444 |
| Dividends  | 192923 |
| Interest | 910 |
| Tax reclaims | 279205 |
| Prepaid expenses | 15193 |
| Total assets | 2374998746 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 3520198 |
| Investment management fees | 1176849 |
| Distribution and service fees | 190605 |
| Transfer agent fees | 94802 |
| Trustee and CCO fees | 9053 |
| Audit and tax fees  | 22404 |
| Custody fees | 85101 |
| Legal fees | 27326 |
| Printing and shareholder reports fees | 24440 |
| Other accrued expenses | 34814 |
| Total liabilities | 5185592 |
| **Net assets**  | $2369813154 |
| **Net assets consist of:** |  |
| Paid-in capital | $1343505632 |
| Total distributable earnings (accumulated losses) | 1026307522 |
| **Net assets** | $2369813154 |
| **Net assets by class:** |  |
| Class A | $912251439 |
| Class C | 17260234 |
| Class I | 384177034 |
| Class I2 | 861944684 |
| Class R6 | 23714706 |
| Class T | 170465057 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 35025891 |
| Class C | 808845 |
| Class I | 13923043 |
| Class I2 | 31040014 |
| Class R6 | 854131 |
| Class T | 1508607 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $26.05 |
| Class C | 21.34 |
| Class I | 27.59 |
| Class I2 | 27.77 |
| Class R6 | 27.76 |
| Class T | 113.00 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $27.57 |
| Class T | 123.50 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A and T includes an initial sales charge (represented as a percentage of offering price) which is reduced* *on certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica US Growth**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $6346949 |
| Interest income | 253971 |
| Total investment income  | 6600920 |
| **Expenses:** |  |
| Investment management fees | 7884323 |
| Distribution and service fees: |  |
| Class A | 1206366 |
| Class C | 98225 |
| Transfer agent fees: |  |
| Class A | 421409 |
| Class C | 13023 |
| Class I | 216724 |
| Class I2 | 32631 |
| Class R6 | 1047 |
| Class T | 31353 |
| Trustee and CCO fees | 51157 |
| Audit and tax fees | 23543 |
| Custody fees | 64021 |
| Legal fees | 76289 |
| Printing and shareholder reports fees | 70350 |
| Registration fees | 49590 |
| Other | 55978 |
| Total expenses | 10296029 |
| **Net investment income (loss)** | (3695109)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | (15446028)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (55395721)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 10751 |
| Net change in unrealized appreciation (depreciation) | (55384970)<br>|
| Net realized and change in unrealized gain (loss) | (70830998)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $(74526107)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica US Growth**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(3695109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6466807)<br>|
| Net realized gain (loss) | (15446028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 374067899 |
| Net change in unrealized appreciation (depreciation) | (55384970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 370386324 |
| Net increase (decrease) in net assets resulting from operations | (74526107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 737987416 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (147273469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28642948)<br>|
| Class C | (3617135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (628226)<br>|
| Class I | (60455220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11530530)<br>|
| Class I2 | (115283742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27832595)<br>|
| Class R6 | (4953768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (819136)<br>|
| Class T | (7123210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1502719)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (338706544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70956154)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 120108210 | &nbsp;&nbsp;&nbsp;&nbsp; 50570308 |
| Class C | 1309080 | &nbsp;&nbsp;&nbsp;&nbsp; 6401372 |
| Class I | 19908774 | &nbsp;&nbsp;&nbsp;&nbsp; 78365083 |
| Class I2 | 128571677 | &nbsp;&nbsp;&nbsp;&nbsp; 25807846 |
| Class R6 | 10231884 | &nbsp;&nbsp;&nbsp;&nbsp; 19166354 |
| Class T | 507996 | &nbsp;&nbsp;&nbsp;&nbsp; 591767 |
|  | 280637621 | &nbsp;&nbsp;&nbsp;&nbsp; 180902730 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 144870040 | &nbsp;&nbsp;&nbsp;&nbsp; 28164195 |
| Class C | 3612399 | &nbsp;&nbsp;&nbsp;&nbsp; 624936 |
| Class I | 59077450 | &nbsp;&nbsp;&nbsp;&nbsp; 11254715 |
| Class I2 | 115283742 | &nbsp;&nbsp;&nbsp;&nbsp; 27832595 |
| Class R6 | 4953768 | &nbsp;&nbsp;&nbsp;&nbsp; 819136 |
| Class T | 6975307 | &nbsp;&nbsp;&nbsp;&nbsp; 1475191 |
|  | 334772706 | &nbsp;&nbsp;&nbsp;&nbsp; 70170768 |
| Cost of shares redeemed: |  |  |
| Class A | (111370258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102836386)<br>|
| Class C | (2018082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2118651)<br>|
| Class I | (43306529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69697975)<br>|
| Class I2 | (47167397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (230839149)<br>|
| Class R6 | (22239165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7256343)<br>|
| Class T | (6915088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13728393)<br>|
|  | (233016519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (426476897)<br>|
| Automatic conversions: |  |  |
| Class A | 2429924 | &nbsp;&nbsp;&nbsp;&nbsp; 1568983 |
| Class C | (2429924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1568983)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 382393808 | &nbsp;&nbsp;&nbsp;&nbsp; (175403399)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1240 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 342 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| **Net increase (decrease) in net assets** | (30838843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 491629445 |
| **Net assets:** |  |  |
| Beginning of period/year | 2400651997 | &nbsp;&nbsp;&nbsp;&nbsp; 1909022552 |
| End of period/year | $2369813154 | &nbsp;&nbsp;&nbsp;&nbsp; $2400651997 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica US Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 3741006 | &nbsp;&nbsp;&nbsp;&nbsp; 1751030 |
| Class C | 54755 | &nbsp;&nbsp;&nbsp;&nbsp; 262370 |
| Class I | 639591 | &nbsp;&nbsp;&nbsp;&nbsp; 2628153 |
| Class I2 | 4209243 | &nbsp;&nbsp;&nbsp;&nbsp; 860002 |
| Class R6 | 344420 | &nbsp;&nbsp;&nbsp;&nbsp; 662899 |
| Class T | 4136 | &nbsp;&nbsp;&nbsp;&nbsp; 5309 |
|  | 8993151 | &nbsp;&nbsp;&nbsp;&nbsp; 6169763 |
| Shares reinvested: |  |  |
| Class A | 4969813 | &nbsp;&nbsp;&nbsp;&nbsp; 1094180 |
| Class C | 150831 | &nbsp;&nbsp;&nbsp;&nbsp; 28445 |
| Class I | 1914370 | &nbsp;&nbsp;&nbsp;&nbsp; 417305 |
| Class I2 | 3714038 | &nbsp;&nbsp;&nbsp;&nbsp; 1027412 |
| Class R6 | 159593 | &nbsp;&nbsp;&nbsp;&nbsp; 30249 |
| Class T | 55215 | &nbsp;&nbsp;&nbsp;&nbsp; 14872 |
|  | 10963860 | &nbsp;&nbsp;&nbsp;&nbsp; 2612463 |
| Shares redeemed: |  |  |
| Class A | (3668454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3583867)<br>|
| Class C | (86868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86936)<br>|
| Class I | (1426231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2334742)<br>|
| Class I2 | (1499874)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7955804)<br>|
| Class R6 | (723467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (242684)<br>|
| Class T | (57686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126884)<br>|
|  | (7462580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14330917)<br>|
| Automatic conversions: |  |  |
| Class A | 81068 | &nbsp;&nbsp;&nbsp;&nbsp; 55211 |
| Class C | (97744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64772)<br>|
|  | (16676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9561)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 5123433 | &nbsp;&nbsp;&nbsp;&nbsp; (683446)<br>|
| Class C | 20974 | &nbsp;&nbsp;&nbsp;&nbsp; 139107 |
| Class I | 1127730 | &nbsp;&nbsp;&nbsp;&nbsp; 710716 |
| Class I2 | 6423407 | &nbsp;&nbsp;&nbsp;&nbsp; (6068390)<br>|
| Class R6 | (219454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450464 |
| Class T | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; (106703)<br>|
|  | 12477755 | &nbsp;&nbsp;&nbsp;&nbsp; (5558252)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica US Growth**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $31.20 | $23.08 | $20.43 | $32.73 | $25.92 | $22.16 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.07)<br>| (0.13)<br>| (0.06)<br>| (0.10)<br>| (0.12)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | (0.31)<br>| 9.20 | 3.58 | (8.28)<br>| 9.59 | 5.68 |
| Total investment operations | (0.38)<br>| 9.07 | 3.52 | (8.38)<br>| 9.47 | 5.60 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>| (1.84)<br>|
| **Net asset value, end of period/year** | $26.05 | $31.20 | $23.08 | $20.43 | $32.73 | $25.92 |
| **Total return** <sup>(E)</sup> <br>| (2.85 )%<sup>(F)</sup><br>| 40.15 %<sup>(C)</sup><br>| 18.09<br> %<br>| (28.96 )%<sup>(D)</sup><br>| 38.69<br> %<br>| 26.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $912251 | $933028 | $705997 | $641399 | $973954 | $764325 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00 %<sup>(G)</sup><br>| 1.02<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 1.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00 %<sup>(G)</sup><br>| 1.02<br> %<br>| 1.05 %<sup>(H)</sup><br>| 1.04 %<sup>(H)</sup><br>| 1.02<br> %<br>| 1.08<br> %<br>|
| Net investment income (loss) to average net assets | (0.47 )%<sup>(G)</sup><br>| (0.47)%<br>| (0.28)%<br>| (0.41)%<br>| (0.42)%<br>| (0.35)%<br>|
| Portfolio turnover rate | 20 %<sup>(F)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $26.45 | $19.84 | $17.82 | $29.26 | $23.58 | $20.47 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.15)<br>| (0.31)<br>| (0.21)<br>| (0.26)<br>| (0.31)<br>| (0.24)<br>|
| Net realized and unrealized gain (loss) | (0.19)<br>| 7.87 | 3.10 | (7.27)<br>| 8.65 | 5.19 |
| Total investment operations | (0.34)<br>| 7.56 | 2.89 | (7.53)<br>| 8.34 | 4.95 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>| (1.84)<br>|
| **Net asset value, end of period/year** | $21.34 | $26.45 | $19.84 | $17.82 | $29.26 | $23.58 |
| **Total return** <sup>(E)</sup> <br>| (3.25 )%<sup>(F)</sup><br>| 39.05 %<sup>(C)</sup><br>| 17.17<br> %<br>| (29.52 )%<sup>(D)</sup><br>| 37.64<br> %<br>| 25.72<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $17260 | $20839 | $12873 | $13016 | $18427 | $18000 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.80 %<sup>(G)</sup><br>| 1.81<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.80<br> %<br>| 1.87 %<sup>(H)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.80 %<sup>(G)</sup><br>| 1.81<br> %<br>| 1.86 %<sup>(I)</sup><br>| 1.84<br> %<br>| 1.80 %<sup>(I)</sup><br>| 1.87 %<sup>(H)(I)</sup><br>|
| Net investment income (loss) to average net assets | (1.26 )%<sup>(G)</sup><br>| (1.26)%<br>| (1.08)%<br>| (1.21)%<br>| (1.19)%<br>| (1.12)%<br>|
| Portfolio turnover rate | 20 %<sup>(F)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.04%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Not annualized.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Includes interest expenses outside the operating expense limit.*

<sup>(I)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica US Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $32.76 | $24.14 | $21.27 | $33.86 | $26.67 | $22.70 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.04)<br>| (0.07)<br>| (0.00 )<sup>(B)</sup><br>| (0.04)<br>| (0.06)<br>| (0.02)<br>|
| Net realized and unrealized gain (loss) | (0.36)<br>| 9.64 | 3.74 | (8.63)<br>| 9.91 | 5.83 |
| Total investment operations | (0.40)<br>| 9.57 | 3.74 | (8.67)<br>| 9.85 | 5.81 |
| **Contributions from affiliate** |  |  |  | 0.05 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  |  |  | (0.05)<br>|  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>| (1.84)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.97)<br>| (2.66)<br>| (1.84)<br>|
| **Net asset value, end of period/year** | $27.59 | $32.76 | $24.14 | $21.27 | $33.86 | $26.67 |
| **Total return** | (2.77 )%<sup>(D)</sup><br>| 40.46<br> %<br>| 18.42<br> %<br>| (28.67 )%<sup>(C)</sup><br>| 39.05<br> %<br>| 27.07<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $384177 | $419190 | $291705 | $254969 | $388235 | $309755 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77 %<sup>(E)</sup><br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77 %<sup>(E)</sup><br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | (0.23 )%<sup>(E)</sup><br>| (0.22)%<br>| (0.01)%<br>| (0.16)%<br>| (0.18)%<br>| (0.08)%<br>|
| Portfolio turnover rate | 20 %<sup>(D)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $32.93 | $24.24 | $21.33 | $33.89 | $26.68 | $22.68 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.04)<br>| 0.02 | (0.01)<br>| (0.02)<br>| 0.01 |
| Net realized and unrealized gain (loss) | (0.37)<br>| 9.68 | 3.76 | (8.63)<br>| 9.90 | 5.83 |
| Total investment operations | (0.39)<br>| 9.64 | 3.78 | (8.64)<br>| 9.88 | 5.84 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  |  |  |  | (0.01)<br>|  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>| (1.84)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.67)<br>| (1.84)<br>|
| **Net asset value, end of period/year** | $27.77 | $32.93 | $24.24 | $21.33 | $33.89 | $26.68 |
| **Total return** | (2.71 )%<sup>(B)</sup><br>| 40.59<br> %<br>| 18.57<br> %<br>| (28.72)%<br>| 39.17<br> %<br>| 27.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $861945 | $810592 | $743651 | $561033 | $647828 | $529573 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67 %<sup>(C)</sup><br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67 %<sup>(C)</sup><br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | (0.15 )%<sup>(C)</sup><br>| (0.12)%<br>| 0.08<br> %<br>| (0.05)%<br>| (0.07)%<br>| 0.03<br> %<br>|
| Portfolio turnover rate | 20 %<sup>(B)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Not annualized.* <br> <sup>(C)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica US Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $32.92 | $24.23 | $21.33 | $33.89 | $29.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.02)<br>| (0.04)<br>| 0.00 <br><sup>(C)</sup><br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | (0.37)<br>| 9.68 | 3.77 | (8.62)<br>| 4.03 |
| Total investment operations | (0.39)<br>| 9.64 | 3.77 | (8.64)<br>| 4.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>|  |
| **Net asset value, end of period/year** | $27.76 | $32.92 | $24.23 | $21.33 | $33.89 |
| **Total return** | (2.72 )%<sup>(D)</sup><br>| 40.61<br> %<br>| 18.52<br> %<br>| (28.71)%<br>| 13.38 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of period/year (000's) | $23715 | $35347 | $15100 | $1248 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67 %<sup>(E)</sup><br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.67 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.67 %<sup>(E)</sup><br>| 0.68<br> %<br>| 0.68 %<sup>(F)</sup><br>| 0.69<br> %<br>| 0.67 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.11 )%<sup>(E)</sup><br>| (0.15)%<br>| 0.02<br> %<br>| (0.07)%<br>| (0.23 )%<sup>(E)</sup><br>|
| Portfolio turnover rate | 20 %<sup>(D)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class T** | **Class T** | **Class T** | **Class T** | **Class T** | **Class T** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $120.55 | $86.57 | $73.95 | $107.77 | $79.77 | $64.44 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.10)<br>| (0.17)<br>| 0.04 | (0.08)<br>| (0.11)<br>| (0.01)<br>|
| Net realized and unrealized gain (loss) | (2.68)<br>| 35.10 | 13.45 | (29.82)<br>| 30.77 | 17.18 |
| Total investment operations | (2.78)<br>| 34.93 | 13.49 | (29.90)<br>| 30.66 | 17.17 |
| **Contributions from affiliate** |  |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>| (1.84)<br>|
| **Net asset value, end of period/year** | $113.00 | $120.55 | $86.57 | $73.95 | $107.77 | $79.77 |
| **Total return** <sup>(B)</sup> <br>| (2.73 )%<sup>(C)</sup><br>| 40.58<br> %<br>| 18.48<br> %<br>| (28.76)%<br>| 39.15<br> %<br>| 27.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $170465 | $181656 | $139697 | $125757 | $189010 | $144510 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70 %<sup>(D)</sup><br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(D)</sup><br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | (0.17 )%<sup>(D)</sup><br>| (0.16)%<br>| 0.04<br> %<br>| (0.10)%<br>| (0.11)%<br>| (0.02)%<br>|
| Portfolio turnover rate | 20 %<sup>(C)</sup><br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>| 28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the initial sales charge.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica US Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6. Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended April 30, 2025, commissions recaptured are $5,829.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act 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. GAAP 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.

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 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 April 30, 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.

*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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs.These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of April 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica US Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $854554623 | 36.06<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.6800<br> % <br>|
| Over $500 million up to $800 million | 0.6700 |
| Over $800 million up to $1 billion | 0.6575 |
| Over $1 billion up to $2 billion | 0.6130 |
| Over $2 billion up to $3 billion | 0.6050 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion up to $7 billion | 0.5700 |
| Over $7 billion | 0.5500 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.08<br> % <br>| March 1, 2026 |
| Class C | 1.86 | March 1, 2026 |
| Class I | 0.83 | March 1, 2026 |
| Class I2 | 0.74 | March 1, 2026 |
| Class R6 | 0.73 | March 1, 2026 |
| Class T | 0.77 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.09 |  |
| Class C | 1.86 |  |
| Class I | 0.83 |  |
| Class I2 | 0.74 |  |
| Class R6 | 0.73 |  |
| Class T | 0.77 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of April 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I2, Class R6 and Class T.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $178873 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $704710 | &nbsp;&nbsp; $91858 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $546530431 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $505878460 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 2025, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1322042159 | &nbsp;&nbsp; $1085705735 | &nbsp;&nbsp; $(33387543)<br>| &nbsp;&nbsp; $1052318192 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica US Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica US Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica US Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica US Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

![](g947814img320020d03.gif)

![](g947814img438aabf04.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4453849 TA US G 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgb19b861a5.gif)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The registrant's Financial Highlights are filed under Item 7(a) of this Form.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

There are no proxy disclosures for the registrant during the period covered by this report.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The registrant's Statements Regarding Basis for Approval of Investment Sub-Advisory Contracts are included within the Financial Statements filed under Item 7(a) of this Form

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to the registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented since the registrant last provided disclosure in response to the requirements of this Item.

**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this

------

report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable to the registrant.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable for semi-annual reports. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to the registrant. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is attached hereto.](d11914dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any written solicitation to purchase securities under Rule 23c-1 under the Act, as amended (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in the registrant's independent public accountant. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.](d11914dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Transamerica Funds | Transamerica Funds |
| (Registrant) | (Registrant) |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | July 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | July 3, 2025 |
| By: | /s/ Joshua Durham |
|  | Joshua Durham |
|  | Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |
| Date: | July 3, 2025 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | Description of Exhibit<br>|
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d11914dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | Section 302 N-CSR Certification of Principal Financial Officer |
| &nbsp;&nbsp;&nbsp;19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d11914dex99906cert.htm) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 3, 2025 | By: | /s/ Marijn P. Smit |
|  |  | Marijn P. Smit |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Joshua Durham, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 3, 2025 | By: | /s/ Joshua Durham |
|  |  | &nbsp;&nbsp; Joshua Durham |
|  | Title: | &nbsp;&nbsp; Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 2025

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Funds (the "Trust") on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Form N-CSR fully complies with the requirements of
Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

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| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date: | July 3, 2025 |
| Marijn P. Smit |  |  |
| President and Chief Executive Officer |  |  |
| (Principal Executive Officer) |  |  |
| /s/ Joshua Durham | Date: | July 3, 2025 |
| &nbsp;&nbsp; Joshua Durham |  |  |
| &nbsp;&nbsp; Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |  |  |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.