# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001398344-26-010450
**Filing Date:** 2026-6
**Character Count:** 152520
**Document Hash:** e36dde2f5f3b6f849650eff071e1d468
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010450.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001398344-26-010450

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 2023 ETF Series Trust
- **CENTRAL INDEX KEY:** 0001969674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 261069703

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

## Series and Classes Contracts Data

### Transamerica Bond Active ETF (Series ID: S000097851)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000267356 | Transamerica Bond Active ETF |  |

### Transamerica Large Value Active ETF (Series ID: S000097852)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000267357 | Transamerica Large Value Active ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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>811-23883</u>

The 2023 ETF Series Trust

(Exact name of registrant as specified in charter)

The 2023 ETF Series Trust

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Address of principal executive offices) (Zip code)

The 2023 ETF Series Trust

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-262-267-4589</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2026</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

**![Image](i8114bf1844417206a899e68f.jpg)

Semi-Annual Shareholder Report

# Transamerica Bond Active ETF
TABD

NYSE Arca, Inc.

March 31, 2026

## Fund Overview
Transamerica Bond Active ETF (the "Fund") seeks to provide total return through a combination of current income and capital appreciation. This semiannual shareholder report contains important information for the period of December 15, 2025 to March 31, 2026. 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 year?
Fund Overview Operating Expenses

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| TABD | $11 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$148,053,603

* Number of Portfolio Holdings403

* Portfolio Turnover Rate26%

* Total Advisory Fees Paid (net of waivers and reimbursements)$0

* Average Maturity<sup>Footnote Reference§</sup>12.69 years

* Duration<sup>Footnote Reference†</sup>5.90 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 cashflows accrue to the bondholder. |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 33.8% |
| U.S. Treasury Obligations | 21.5 |
| Mortgage-Backed Securities | 16.4 |
| Foreign Corporate Bonds | 10.6 |
| Asset-Backed Securities | 9.7 |
| Money Market Funds | 4.3 |
| Commercial Paper | 3.1 |
| Commercial Mortgage-Backed Securities | 2.9 |
| Collateralized Loan Obligations | 2.6 |
| U.S. Treasury Bills | 2.4 |
| Sovereign | 2.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference\*</sup> | -9.3 |

---

---

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

---

Transamerica Bond Active ETF

TABD

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Dreyfus Government Cash Management, Institutional Shares, 3.530% | 4.3% |
| Fannie Mae or Freddie Mac, 5.500%, due 4/1/56 | 3.4 |
| United States Treasury Notes, 3.875%, due 3/31/28 | 1.6 |
| Anglesea Funding PLC, 3.998%, due 7/6/26 | 1.3 |
| Fannie Mae or Freddie Mac, 2.500%, due 4/1/56 | 1.2 |
| Fannie Mae or Freddie Mac, 2.000%, due 4/1/56 | 1.2 |
| United States Treasury Notes, 1.125%, due 2/29/28 | 1.2 |
| United States Treasury Notes, 2.750%, due 2/15/28 | 1 |
| United States Treasury Notes, 4.125%, due 7/31/28 | 1 |
| OBX Trust, 4.846%, due 11/25/65 | 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, will be available at https://www.transamerica.com/financial-pro/investments/prospectus.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/financial-pro/investments/prospectus](i11015d389c745dd02b49eba1.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 Active ETF

TABD

![Image](ic4e58ee022fef3cfa8cf45a4.jpg)

Semi-Annual Shareholder Report

# Transamerica Large Value Active ETF
TALV

NYSE Arca, Inc.

March 31, 2026

## Fund Overview
Transamerica Large Value Active ETF (the "Fund") seeks long-term capital appreciation. This semiannual shareholder report contains important information for the period of December 15, 2025 to March 31, 2026. 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 year?
Fund Overview Operating Expenses

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| TALV | $14 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$144,136,963

* Number of Portfolio Holdings74

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid (net of waivers and reimbursements)$0

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.1% |
| Industrials | 16.1 |
| Health Care | 12.7 |
| Communication Services | 9.3 |
| Information Technology | 8.7 |
| Consumer Discretionary | 7.8 |
| Energy | 7.7 |
| Materials | 5.3 |
| Consumer Staples | 3.5 |
| Real Estate | 3.2 |
| Utilities | 2.7 |
| Money Market Funds | 2.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference\*</sup> | 0.0<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.01% or (0.01)%. |

---

Transamerica Large Value Active ETF

TALV

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.9% |
| Alphabet, Inc. | 3.5 |
| Exxon Mobil Corp. | 2.8 |
| Amazon.com, Inc. | 2.5 |
| RTX Corp. | 2.4 |
| Linde PLC | 2.2 |
| Parker-Hannifin Corp. | 2.1 |
| Cisco Systems, Inc. | 2.1 |
| Bank of America Corp. | 1.9 |
| Merck & Co., Inc. | 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, will be available at https://www.transamerica.com/financial-pro/investments/prospectus.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/financial-pro/investments/prospectus](i11015d389c745dd02b49eba1.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 Active ETF

TALV**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the
 close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must
 file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The Registrant's Semi-Annual Financial Statements and Other Information are attached herewith.

![](fp0097659-1_01.jpg)

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL**

**STATEMENTS**

*(Includes N-CSR Items 7-11)*

 

**March 31, 2026**

**Transamerica Bond Active ETF**

**Transamerica Large Value Active ETF**

Customer Service: 888-233-4339

1801 California St, Suite 5200

Denver, CO 80202

**transamerica.com**

**Transamerica**

**Table of Contents**

---

| | |
|:---|:---|
| Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies | 1 |
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;Transamerica Bond Active ETF | 2 |
| &nbsp;&nbsp;&nbsp;Transamerica Large Value Active ETF | 22 |
| Statement of Assets and Liabilities | 26 |
| Statement of Operations | 27 |
| Statement of Changes in Net Assets | 28 |
| Financial Highlights | 29 |
| Notes to Financial Statements | 31 |
| Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 41 |
| Item 9 - Proxy Disclosures for Open-End Management Investment Companies | 42 |
| Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies | 43 |
| Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract | 44 |

---

***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 2026*** |

---

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

**Transamerica Bond Active ETF**

**Schedule of Investments**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Fixed Income Investments — 105.0%** |  |  |
| **Asset-Backed Securities — 9.7%** |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-5A, 5.780%, due 4/20/28<sup>(a)</sup> | $250000 | $253172 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, 5.360%, due 6/20/30<sup>(a)</sup> | 1000000 | 1023424 |
| CARS-DB5 LP |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, 1.440%, due 8/15/51<sup>(a)</sup> | 368217 | 363550 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, 2.280%, due 8/15/51<sup>(a)</sup> | 497093 | 428334 |
| CARS-DB7 LP |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, 5.750%, due 9/15/53<sup>(a)</sup> | 130900 | 131473 |
| DataBank Issuer |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, 5.811%, due 2/25/56<sup>(a)</sup> | 750000 | 746922 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, 5.130%, due 4/15/29 | 150000 | 150051 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, 5.770%, due 9/15/29 | 600000 | 604586 |
| GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, 1.170%, due 6/12/34<sup>(a)</sup> | 1210000 | 1193896 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-6A, 4.890%, due 5/25/32<sup>(a)</sup> | 1000000 | 1001754 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.720%, due 1/25/38<sup>(a)</sup> | 261285 | 265129 |
| &nbsp;&nbsp;&nbsp;Series 2020-AA, 2.740%, due 2/25/39<sup>(a)</sup> | 825969 | 814608 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, 5.270%, due 8/27/40<sup>(a)</sup> | 130401 | 131246 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, 4.880%, due 5/27/42<sup>(a)</sup> | 68543 | 68812 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, 4.730%, due 5/25/44<sup>(a)</sup> | 216611 | 215139 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, 5.120%, due 5/25/44<sup>(a)</sup> | 288814 | 287809 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, 5.490%, due 3/15/43<sup>(a)</sup> | 42069 | 42611 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, 6.672%, due 6/20/54<sup>(a)</sup> | 270000 | 274838 |
| Lightpath Fiber Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, 5.597%, due 3/25/56<sup>(a)</sup> | 765000 | 764745 |
| MetroNet Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, 5.400%, due 8/20/55<sup>(a)</sup> | 899578 | 908442 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1WA, 1.940%, due 1/22/41<sup>(a)</sup> | 419519 | 405876 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, 5.439%, due 5/25/55<sup>(a)</sup> | 100000 | 99058 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, 5.000%, due 9/15/48<sup>(a)</sup> | 250000 | 249483 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, 4.992%, due 9/15/49<sup>(a)</sup> | 260000 | 253201 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1, 4.260%, due 4/15/32 | 360000 | 355683 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, 4.820%, due 7/22/30<sup>(a)</sup> | 147730 | 148084 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, 5.800%, due 4/20/40<sup>(a)</sup> | 66490 | 67843 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, 5.150%, due 1/20/43<sup>(a)</sup> | 150125 | 151283 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Asset-Backed Securities (continued)** |  |  |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, 5.132%, due 8/15/55<sup>(a)</sup> | $800000 | $784061 |
| VB-S1 Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, 4.693%, due 3/15/56<sup>(a)</sup> | 1100000 | 1082202 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, 4.370%, due 6/16/31<sup>(a)</sup> | 1090000 | 1082505 |
|  |  | 14349820 |
| **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,364,411)** |  | **14349820** |
| **Collateralized Loan Obligations — 2.6%** |  |  |
| AIMCO CLO Series, (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-BA, 4.880%, 3-Month SOFR + 1.200%, due 4/16/37<sup>(a)(b)</sup> | 300000 | 300075 |
| Anchorage Capital CLO 25, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-25A, 5.425%, 3-Month SOFR + 1.750%, due 3/20/38<sup>(a)(b)</sup> | 350000 | 348930 |
| Benefit Street Partners CLO X, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-10A, 4.968%, 3-Month SOFR + 1.300%, due 7/20/38<sup>(a)(b)</sup> | 250000 | 249994 |
| Diameter Capital CLO 1, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, 5.062%, 3-Month SOFR + 1.390%, due 10/15/37<sup>(a)(b)</sup> | 250000 | 250219 |
| ICG US CLO, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-1A, 5.173%, 3-Month SOFR + 1.500%, due 10/20/34<sup>(a)(b)</sup> | 1000000 | 999500 |
| Palmer Square CLO, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, 5.453%, 3-Month SOFR + 1.800%, due 8/14/38<sup>(a)(b)</sup> | 1390000 | 1386182 |
| Symphony CLO XIX, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-19A, 4.893%, 3-Month SOFR + 1.222%, due 4/16/31<sup>(a)(b)</sup> | 104054 | 104080 |
| Venture 43 CLO, Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-43A, 4.668%, 3-Month SOFR + 1.000%, due 4/15/34<sup>(a)(b)</sup> | 250000 | 249527 |
|  |  | 3888507 |
| **Total Collateralized Loan Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,892,749)** |  | **3888507** |
| **Commercial Mortgage-Backed Securities — 2.9%** |  |  |
| **Mortgage Securities — 2.9%** |  |  |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-ARIA, 5.031%, due 12/13/42<sup>(a)(c)</sup> | 1100000 | 1106995 |
| CHI Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-110W, 5.102%, due 12/13/40<sup>(a)(c)</sup> | 850000 | 845428 |
| DOLP Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NYC, 2.956%, due 5/10/41<sup>(a)</sup> | 220000 | 197643 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, 5.467%, due 1/13/40<sup>(a)(c)</sup> | 510000 | 522305 |
| LBTY Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-225L, 4.593%, due 2/10/43<sup>(a)(c)</sup> | 400000 | 395227 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1MW, 2.130%, due 9/10/39<sup>(a)</sup> | 260000 | 250619 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| VEGAS Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-TI, 5.518%, due 11/10/39<sup>(a)</sup> | $900000 | $902406 |
|  |  | 4220623 |
| **Total Commercial Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,233,986)** |  | **4220623** |
| **Corporate Bonds — 33.8%** |  |  |
| **Aerospace/Defense — 1.1%** |  |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, due 5/1/50 | 177000 | 171219 |
| &nbsp;&nbsp;&nbsp;5.930%, due 5/1/60 | 246000 | 236336 |
| &nbsp;&nbsp;&nbsp;6.528%, due 5/1/34 | 170000 | 185259 |
| &nbsp;&nbsp;&nbsp;6.858%, due 5/1/54 | 157000 | 172932 |
| General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 1/14/38 | 54000 | 57483 |
| HEICO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 8/1/33 | 320000 | 326089 |
| Honeywell Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 3/16/36<sup>(a)</sup> | 118000 | 117126 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 7/31/34<sup>(a)</sup> | 308000 | 303316 |
|  |  | 1569760 |
| **Agriculture — 0.7%** |  |  |
| Bunge, Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 8/4/35 | 382000 | 380539 |
| Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/11/35<sup>(a)</sup> | 264000 | 267630 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/10/44 | 289000 | 239589 |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/29/35 | 150000 | 144352 |
|  |  | 1032110 |
| **Airlines — 0.5%** |  |  |
| American Airlines Group, Inc. Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class AA, 3.150%, due 2/15/32 | 101164 | 94420 |
| Delta Air Lines, Inc. / SkyMiles IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/20/28<sup>(a)</sup> | 276833 | 276533 |
| Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 11/15/28 | 340000 | 335689 |
|  |  | 706642 |
| **Auto Manufacturers — 0.4%** |  |  |
| General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, due 7/15/35 | 154000 | 159326 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 6/23/32<sup>(a)</sup> | 408000 | 415447 |
|  |  | 574773 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Auto Parts & Equipment — 0.3%** |  |  |
| Aptiv Swiss Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 3/1/32 | $154000 | $144399 |
| Cyprium Corp. / Cyprium Holdings Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 4/15/34<sup>(a)</sup> | 307000 | 298755 |
|  |  | 443154 |
| **Banks — 4.1%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.651%, SOFR + 1.220%, due 3/11/32<sup>(b)</sup> | 340000 | 308463 |
| &nbsp;&nbsp;&nbsp;5.045%, SOFR + 1.130%, due 2/6/37<sup>(b)</sup> | 536000 | 529085 |
| &nbsp;&nbsp;&nbsp;5.819%, SOFR + 1.570%, due 9/15/29<sup>(b)</sup> | 524000 | 540621 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;5.141%, SOFR + 1.240%, due 1/29/37<sup>(b)</sup> | 378000 | 368379 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.231%, SOFR + 1.410%, due 3/12/31<sup>(b)</sup> | 481000 | 477512 |
| Goldman Sachs Group, Inc./The |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, SOFR + 1.264%, due 10/21/32<sup>(b)</sup> | 378000 | 335697 |
| &nbsp;&nbsp;&nbsp;5.065%, SOFR + 1.190%, due 1/21/37<sup>(b)</sup> | 264000 | 258204 |
| &nbsp;&nbsp;&nbsp;5.387%, US 5 Year CMT T-Note + 1.800%, due 2/2/41<sup>(b)</sup> | 353000 | 341181 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.898%, SOFR + 1.070%, due 1/22/37<sup>(b)</sup> | 267000 | 261362 |
| &nbsp;&nbsp;&nbsp;5.193%, SOFR + 1.300%, due 2/5/37<sup>(b)</sup> | 353000 | 347013 |
| &nbsp;&nbsp;&nbsp;6.087%, SOFR + 1.570%, due 10/23/29<sup>(b)</sup> | 154000 | 160042 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.413%, SOFR + 2.800%, due 10/30/29<sup>(b)</sup> | 150000 | 160321 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.708%, SOFR + 1.195%, due 3/12/32<sup>(b)</sup> | 631000 | 626888 |
| &nbsp;&nbsp;&nbsp;5.314%, US 5 Year CMT T-Note + 1.170%, due 1/18/41<sup>(b)</sup> | 311000 | 300366 |
| &nbsp;&nbsp;&nbsp;5.831%, SOFR + 1.580%, due 4/19/35<sup>(b)</sup> | 271000 | 281439 |
| PNC Financial Services Group, Inc./The |  |  |
| &nbsp;&nbsp;&nbsp;5.423%, US 5 Year CMT T-Note + 1.170%, due 1/25/41<sup>(b)</sup> | 199000 | 195037 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.244%, SOFR + 1.110%, due 1/24/31<sup>(b)</sup> | 316000 | 322201 |
| &nbsp;&nbsp;&nbsp;5.605%, SOFR + 1.740%, due 4/23/36<sup>(b)</sup> | 285000 | 291751 |
|  |  | 6105562 |
| **Beverages — 0.1%** |  |  |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 11/1/35 | 212000 | 204744 |
| **Biotechnology — 0.7%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 8/15/41 | 199000 | 143910 |
| &nbsp;&nbsp;&nbsp;5.600%, due 3/2/43 | 168000 | 165851 |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 6/15/35 | 246000 | 248631 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Biotechnology (continued)** |  |  |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 9/2/30 | $274000 | $246860 |
| &nbsp;&nbsp;&nbsp;5.200%, due 9/25/35 | 183000 | 180675 |
|  |  | 985927 |
| **Building Materials — 0.8%** |  |  |
| Amrize Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 4/7/35 | 212000 | 215668 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 6/15/32<sup>(a)</sup> | 366000 | 365968 |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 9/15/35 | 100000 | 100044 |
| Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 7/15/47 | 280000 | 223037 |
| Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 12/1/34 | 232000 | 235820 |
|  |  | 1140537 |
| **Chemicals — 0.4%** |  |  |
| CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 11/26/35 | 153000 | 152441 |
| Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 2/15/33<sup>(a)</sup> | 200000 | 190997 |
| Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 11/15/35 | 201000 | 200447 |
|  |  | 543885 |
| **Commercial Services — 0.4%** |  |  |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 3/15/31<sup>(a)</sup> | 338000 | 333189 |
| Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.900%, due 10/1/30 | 201000 | 186522 |
| &nbsp;&nbsp;&nbsp;5.250%, due 8/9/34 | 132000 | 132859 |
|  |  | 652570 |
| **Computers — 0.6%** |  |  |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 2/1/35 | 274000 | 265231 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/34 | 307000 | 297273 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 4/15/29<sup>(a)</sup> | 345000 | 330316 |
|  |  | 892820 |
| **Diversified Financial Services — 2.1%** |  |  |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.737%, SOFR + 1.960%, due 5/15/29<sup>(b)</sup> | 73000 | 74157 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/1/27<sup>(a)</sup> | 183000 | 179751 |
| Azorra Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 2/15/34<sup>(a)</sup> | 415000 | 386195 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Diversified Financial Services (continued)** |  |  |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.197%, SOFR + 1.630%, due 9/11/36<sup>(b)</sup> | $338000 | $327799 |
| &nbsp;&nbsp;&nbsp;5.399%, SOFR + 1.508%, due 1/30/37<sup>(b)</sup> | 100000 | 98031 |
| &nbsp;&nbsp;&nbsp;5.884%, SOFR + 1.990%, due 7/26/35<sup>(b)</sup> | 437000 | 447778 |
| &nbsp;&nbsp;&nbsp;6.183%, SOFR + 2.036%, due 1/30/36<sup>(b)</sup> | 85000 | 86498 |
| Gabx Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 4/15/36<sup>(a)</sup> | 142000 | 139447 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 3/15/29<sup>(a)</sup> | 286000 | 277927 |
| &nbsp;&nbsp;&nbsp;5.700%, due 5/20/27 | 154000 | 155458 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 8/1/33<sup>(a)</sup> | 314000 | 317766 |
| TPG Operating Group II LP |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 5/15/31 | 230000 | 225692 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 3/15/31<sup>(a)</sup> | 338000 | 308096 |
| &nbsp;&nbsp;&nbsp;6.625%, due 2/1/30<sup>(a)</sup> | 104000 | 98183 |
|  |  | 3122778 |
| **Electric — 1.8%** |  |  |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 1/15/27 | 183000 | 181571 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 1/15/66 | 154000 | 147960 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 9/15/35 | 392000 | 382281 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/8/27 | 125000 | 126373 |
| Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 3/15/36 | 76000 | 74848 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 3/15/31 | 360000 | 351602 |
| Emera US Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, US 5 Year CMT T-Note + 2.866%, due 10/1/56<sup>(b)</sup> | 305000 | 305118 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 2/1/33<sup>(a)</sup> | 258000 | 258231 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 2/1/31 | 106000 | 95027 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/15/35<sup>(a)</sup> | 393000 | 381943 |
| &nbsp;&nbsp;&nbsp;5.350%, due 1/31/36<sup>(a)</sup> | 378000 | 370010 |
|  |  | 2674964 |
| **Electrical Components & Equipments — 0.2%** |  |  |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 4/15/31<sup>(a)</sup> | 301000 | 299956 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Electronics — 0.2%** |  |  |
| Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 4/10/34 | $201000 | $206140 |
| Keysight Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/15/34 | 125000 | 123753 |
|  |  | 329893 |
| **Environmental Control — 0.2%** |  |  |
| Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 9/18/33 | 252000 | 257465 |
| **Food — 1.1%** |  |  |
| Albertsons Cos. Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 3/15/33<sup>(a)</sup> | 326000 | 328447 |
| Industrial F&B Investments III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 2/11/33<sup>(a)</sup> | 301000 | 304387 |
| J M Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/15/43 | 154000 | 160623 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 1/15/36 | 233000 | 233253 |
| Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 9/15/34 | 199000 | 196552 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 5/15/34 | 201000 | 217243 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 3/23/35 | 177000 | 175809 |
|  |  | 1616314 |
| **Forest Products & Paper — 0.1%** |  |  |
| Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 6/30/32<sup>(a)</sup> | 154000 | 155669 |
| **Healthcare-Products — 0.2%** |  |  |
| Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 12/15/35 | 201000 | 196400 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 12/15/35 | 99000 | 97129 |
|  |  | 293529 |
| **Healthcare-Services — 1.8%** |  |  |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 2/15/30 | 228000 | 206102 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;2.400%, due 3/15/30 | 157000 | 145081 |
| &nbsp;&nbsp;&nbsp;5.250%, due 1/15/36 | 264000 | 264441 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 9/15/55 | 183000 | 174133 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 11/15/35 | 324000 | 313373 |
| &nbsp;&nbsp;&nbsp;6.000%, due 4/1/54 | 267000 | 257933 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Healthcare-Services (continued)** |  |  |
| Health Care Service Corp. A Mutual Legal Reserve Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 6/15/54<sup>(a)</sup> | $118000 | $111077 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, US 5 Year CMT T-Note + 2.891%, due 9/15/56<sup>(b)</sup> | 385000 | 370118 |
| Laboratory Corp. of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 10/1/34 | 351000 | 341901 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/32<sup>(a)</sup> | 262000 | 259764 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 7/15/34 | 170000 | 171514 |
|  |  | 2615437 |
| **Home Builders — 0.2%** |  |  |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 9/15/33<sup>(a)</sup> | 275000 | 269753 |
| **Home Furnishings — 0.2%** |  |  |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 6/15/30 | 338000 | 330289 |
| **Insurance — 1.1%** |  |  |
| American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 5/7/35 | 125000 | 127560 |
| Asurion LLC and Asurion Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 12/31/32<sup>(a)</sup> | 333000 | 345750 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 6/23/32 | 85000 | 84894 |
| &nbsp;&nbsp;&nbsp;5.550%, due 6/23/35 | 324000 | 323743 |
| Constellation Insurance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 1/24/30<sup>(a)</sup> | 200000 | 200393 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 4/1/30<sup>(a)</sup> | 125000 | 127364 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 12/6/31<sup>(a)</sup> | 445000 | 445295 |
|  |  | 1654999 |
| **Internet — 0.9%** |  |  |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 2/15/46 | 232000 | 230274 |
| AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/1/34 | 280000 | 277793 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 2/15/35 | 353000 | 350353 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 11/15/30 | 331000 | 327865 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 9/15/34 | 142000 | 139097 |
|  |  | 1325382 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Investment Companies — 0.5%** |  |  |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 4/12/31 | $378000 | $365623 |
| Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 9/4/29 | 106000 | 103954 |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 6/15/26<sup>(a)</sup> | 228000 | 227210 |
|  |  | 696787 |
| **Leisure Time — 0.7%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 2/15/33<sup>(a)</sup> | 415000 | 419370 |
| Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 2/27/38 | 331000 | 315022 |
| Viking Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/33<sup>(a)</sup> | 333000 | 329013 |
|  |  | 1063405 |
| **Lodging — 0.6%** |  |  |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 5/1/29<sup>(a)</sup> | 225000 | 215489 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 12/15/35 | 199000 | 195025 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 5/1/38 | 225000 | 214000 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 9/15/29 | 258000 | 259672 |
|  |  | 884186 |
| **Machinery-Diversified — 0.2%** |  |  |
| Ingersoll Rand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 6/15/34 | 246000 | 251275 |
| **Media — 0.3%** |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 7/1/49 | 274000 | 210550 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 10/15/28 | 267000 | 265958 |
|  |  | 476508 |
| **Mining — 0.3%** |  |  |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 8/15/31<sup>(a)</sup> | 449000 | 400360 |
| **Miscellaneous Manufacturing — 0.4%** |  |  |
| Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 3/6/36 | 600000 | 592607 |
| **Oil & Gas — 1.4%** |  |  |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 1/30/30 | 307000 | 313505 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Oil & Gas (continued)** |  |  |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 3/15/30 | $125000 | $126096 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 4/15/32<sup>(a)</sup> | 262000 | 265045 |
| Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 8/15/34 | 280000 | 298619 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 2/1/33<sup>(a)</sup> | 329000 | 335358 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 8/1/32<sup>(a)</sup> | 338000 | 345385 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 3/15/31<sup>(a)</sup> | 338000 | 336688 |
|  |  | 2020696 |
| **Packaging & Containers — 0.6%** |  |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 4/15/29<sup>(a)</sup> | 333000 | 327298 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 4/15/30<sup>(a)</sup> | 293000 | 293210 |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/1/40 | 78000 | 78026 |
| WRKCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 6/1/28 | 219000 | 216386 |
|  |  | 914920 |
| **Pharmaceuticals — 0.9%** |  |  |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 2/22/64 | 125000 | 121204 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 2/13/36 | 142000 | 139177 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 9/15/35 | 320000 | 321359 |
| &nbsp;&nbsp;&nbsp;6.000%, due 6/1/44 | 183000 | 180295 |
| &nbsp;&nbsp;&nbsp;7.000%, US 5 Year CMT T-Note + 2.886%, due 3/10/55<sup>(b)</sup> | 318000 | 327943 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 5/17/53 | 106000 | 95605 |
| Pfizer Investment Enterprises Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.110%, due 5/19/43 | 170000 | 160533 |
|  |  | 1346116 |
| **Pipelines — 1.8%** |  |  |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 3/1/31 | 340000 | 326570 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/1/29 | 201000 | 200184 |
| &nbsp;&nbsp;&nbsp;5.950%, due 6/30/33 | 125000 | 131082 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 6/15/48 | 338000 | 324715 |
| Gulfstream Natural Gas System LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 7/23/35<sup>(a)</sup> | 132000 | 133860 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Pipelines (continued)** |  |  |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 11/15/32 | $338000 | $356232 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 9/15/37 | 154811 | 161792 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 1/15/32 | 132000 | 125156 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 3/15/36<sup>(a)</sup> | 238000 | 235990 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 12/15/30<sup>(a)</sup> | 203000 | 208882 |
| &nbsp;&nbsp;&nbsp;6.750%, due 1/15/36<sup>(a)</sup> | 141000 | 149432 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, due 4/1/33 | 252000 | 263149 |
|  |  | 2617044 |
| **Private Equity — 0.1%** |  |  |
| Blackstone Reg Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 2/15/36 | 125000 | 120706 |
| **REITs — 1.8%** |  |  |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 3/15/36 | 201000 | 196381 |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 2/1/34 | 338000 | 341266 |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 1/15/35 | 199000 | 197992 |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 2/15/33 | 159000 | 156002 |
| &nbsp;&nbsp;&nbsp;5.625%, due 3/1/36 | 235000 | 228778 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 2/1/27<sup>(a)</sup> | 550000 | 543695 |
| Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 4/1/34 | 256000 | 269821 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 4/15/30<sup>(a)</sup> | 258000 | 257640 |
| Store Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 2/11/31<sup>(a)</sup> | 246000 | 243977 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 2/15/30 | 274000 | 273667 |
|  |  | 2709219 |
| **Retail — 0.2%** |  |  |
| 7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 2/10/31<sup>(a)</sup> | 340000 | 294436 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Semiconductors — 0.7%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, due 11/15/35<sup>(a)</sup> | $410000 | $348508 |
| &nbsp;&nbsp;&nbsp;4.950%, due 1/15/36 | 157000 | 154900 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 10/1/41 | 246000 | 215237 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 3/15/29 | 238000 | 241493 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 1/15/31 | 154000 | 161247 |
|  |  | 1121385 |
| **Shipbuilding — 0.2%** |  |  |
| Huntington Ingalls Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.043%, due 8/16/28 | 338000 | 320344 |
| **Software — 1.7%** |  |  |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 9/15/34<sup>(a)</sup> | 383000 | 377021 |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 3/10/31 | 230000 | 228290 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 3/2/28 | 256000 | 259759 |
| Intuit, Inc. |  |  |
| 5.500%, due 9/15/53 | 106000 | 97580 |
| Oak-Eagle AcquireCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 7/1/33<sup>(a)</sup> | 144000 | 149291 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 2/4/36 | 252000 | 242404 |
| &nbsp;&nbsp;&nbsp;5.875%, due 9/26/45 | 212000 | 183037 |
| &nbsp;&nbsp;&nbsp;5.950%, due 9/26/55 | 212000 | 178481 |
| &nbsp;&nbsp;&nbsp;6.900%, due 11/9/52 | 154000 | 145523 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 10/15/34 | 280000 | 270487 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 3/15/36 | 154000 | 153579 |
| Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 4/1/35 | 170000 | 170386 |
| &nbsp;&nbsp;&nbsp;5.700%, due 4/1/55 | 125000 | 119593 |
|  |  | 2575431 |
| **Telecommunications — 0.6%** |  |  |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 4/15/31 | 170000 | 160838 |
| &nbsp;&nbsp;&nbsp;3.875%, due 4/15/30 | 125000 | 121768 |
| &nbsp;&nbsp;&nbsp;5.000%, due 2/15/36 | 201000 | 198044 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Telecommunications (continued)** |  |  |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 1/20/31 | $81000 | $71040 |
| &nbsp;&nbsp;&nbsp;2.100%, due 3/22/28 | 219000 | 210367 |
| &nbsp;&nbsp;&nbsp;4.750%, due 1/15/33 | 199000 | 196611 |
|  |  | 958668 |
| **Transportation — 0.6%** |  |  |
| Fedex Freight Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 3/15/36<sup>(a)</sup> | 139000 | 134534 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, due 7/15/31 | 405000 | 360864 |
| &nbsp;&nbsp;&nbsp;6.500%, due 5/6/34 | 183000 | 192152 |
| United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 5/14/35 | 199000 | 203472 |
|  |  | 891022 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $50,400,230)** |  | **50054027** |
| **Foreign Corporate Bonds — 10.6%** |  |  |
| **Agriculture — 0.5%** |  |  |
| BAT Capital Corp., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 8/15/47 | 363000 | 294984 |
| &nbsp;&nbsp;&nbsp;5.625%, due 8/15/35 | 392000 | 403300 |
|  |  | 698284 |
| **Banks — 1.7%** |  |  |
| Barclays PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;5.207%, SOFR + 1.506%, due 2/24/37<sup>(b)</sup> | 600000 | 580915 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, US 5 Year CMT T-Note + 4.308%, due 9/13/34<sup>(a)(b)</sup> | 600000 | 589696 |
| Intesa Sanpaolo SpA, (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;8.248%, US 1 Year CMT T-Note + 4.400%, due 11/21/33<sup>(a)(b)</sup> | 600000 | 691685 |
| Uzbek Industrial and Construction Bank ATB, (Uzbekistan) |  |  |
| &nbsp;&nbsp;&nbsp;8.950%, due 7/24/29<sup>(a)</sup> | 600000 | 636048 |
|  |  | 2498344 |
| **Biotechnology — 0.2%** |  |  |
| CSL Finance PLC, (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 4/27/42<sup>(a)</sup> | 302000 | 267162 |
| **Chemicals — 0.8%** |  |  |
| OCP SA, (Morocco) |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 5/2/34<sup>(a)</sup> | 600000 | 624790 |
| Orbia Advance Corp. SAB de CV, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 5/13/30<sup>(a)</sup> | 600000 | 590430 |
|  |  | 1215220 |
| **Commercial Services — 0.5%** |  |  |
| Ashtead Capital, Inc., (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 5/30/33<sup>(a)</sup> | 200000 | 202050 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Foreign Corporate Bonds (continued)** |  |  |
| **Commercial Services (continued)** |  |  |
| Element Fleet Management Corp., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.037%, due 3/25/30<sup>(a)</sup> | $445000 | $449481 |
| Triton Container International, Ltd. / TAL International Container Corp., (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 2/15/33 | 99000 | 97000 |
|  |  | 748531 |
| **Diversified Financial Services — 0.8%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 1/15/33 | 450000 | 437543 |
| Avolon Holdings Funding, Ltd., (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/29<sup>(a)</sup> | 474000 | 485823 |
| Mexico Remittances Funding Fiduciary Estate Management Sarl, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;12.500%, due 10/15/31<sup>(a)</sup> | 200000 | 211200 |
|  |  | 1134566 |
| **Electric — 0.6%** |  |  |
| Chile Electricity Lux Mpc II Sarl, (Chile) |  |  |
| &nbsp;&nbsp;&nbsp;5.580%, due 10/20/35<sup>(a)</sup> | 195501 | 196633 |
| Comision Federal de Electricidad, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/26/33 | 600000 | 514236 |
| Investment Energy Resources, Ltd., (Guatemala) |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 4/26/29<sup>(a)</sup> | 200000 | 199252 |
|  |  | 910121 |
| **Electronics — 0.2%** |  |  |
| Tyco Electronics Group SA, (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 5/9/35 | 331000 | 330057 |
| **Engineering & Construction — 0.3%** |  |  |
| IHS Netherlands Holdco BV, (Nigeria) |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 9/18/27<sup>(a)</sup> | 240616 | 240899 |
| Sitios Latinoamerica SAB de CV, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/29<sup>(a)</sup> | 200000 | 201900 |
|  |  | 442799 |
| **Insurance — 0.3%** |  |  |
| AXA SA, (France) |  |  |
| &nbsp;&nbsp;&nbsp;8.600%, due 12/15/30 | 367000 | 421991 |
| RenaissanceRe Holdings, Ltd., (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 4/1/35 | 67000 | 68561 |
|  |  | 490552 |
| **Internet — 0.3%** |  |  |
| Prosus NV, (China) |  |  |
| &nbsp;&nbsp;&nbsp;4.027%, due 8/3/50<sup>(a)</sup> | 600000 | 402251 |
| **Iron/Steel — 0.2%** |  |  |
| Samarco Mineracao SA, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 6/30/31 | 280875 | 276530 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Foreign Corporate Bonds (continued)** |  |  |
| **Mining — 0.4%** |  |  |
| Glencore Funding LLC, (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 9/23/31<sup>(a)</sup> | $256000 | $228290 |
| WE Soda Investments Holding PLC, (Turkey) |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 2/14/31 | 400000 | 394999 |
|  |  | 623289 |
| **Oil & Gas — 1.3%** |  |  |
| Ecopetrol SA, (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 1/19/36 | 306000 | 310508 |
| Equinor ASA, (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/14/35 | 474000 | 466910 |
| Petroleos Mexicanos, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;6.840%, due 1/23/30 | 279000 | 279790 |
| Saudi Arabian Oil Co., (Saudi Arabia) |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 2/2/36<sup>(a)</sup> | 300000 | 288698 |
| TotalEnergies Capital USA LLC, (France) |  |  |
| &nbsp;&nbsp;&nbsp;4.569%, due 1/13/33 | 338000 | 334688 |
| YPF SA, (Argentina) |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 1/17/31<sup>(a)</sup> | 306000 | 322295 |
|  |  | 2002889 |
| **Pharmaceuticals — 0.2%** |  |  |
| Bayer US Finance II LLC, (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 7/15/34<sup>(a)</sup> | 177000 | 163045 |
| &nbsp;&nbsp;&nbsp;5.500%, due 7/30/35<sup>(a)</sup> | 88000 | 87032 |
|  |  | 250077 |
| **Pipelines — 0.5%** |  |  |
| Enbridge, Inc., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 6/20/30 | 142000 | 143542 |
| &nbsp;&nbsp;&nbsp;5.450%, due 3/27/36 | 96000 | 96863 |
| &nbsp;&nbsp;&nbsp;5.625%, due 4/5/34 | 353000 | 364244 |
| Greensaif Pipelines Bidco Sarl, (Saudi Arabia) |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 2/23/36<sup>(a)</sup> | 200000 | 200938 |
|  |  | 805587 |
| **Real Estate — 0.3%** |  |  |
| Port Of Spain Waterfront Development, (Trinidad and Tobago) |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 2/19/40<sup>(a)</sup> | 380000 | 380950 |
| **Retail — 0.2%** |  |  |
| InRetail Consumer, (Peru) |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 3/22/28<sup>(a)</sup> | 300000 | 288645 |
| **Semiconductors — 0.4%** |  |  |
| Kioxia Holdings Corp., (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 7/24/33<sup>(a)</sup> | 200000 | 205745 |
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 8/19/35 | 367000 | 366049 |
|  |  | 571794 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Foreign Corporate Bonds (continued)** |  |  |
| **Telecommunications — 0.1%** |  |  |
| Vmed O2 UK Financing I PLC, (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 7/15/31<sup>(a)</sup> | $200000 | $172286 |
| **Transportation — 0.6%** |  |  |
| Canadian Pacific Railway Co., (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 12/2/31 | 548000 | 487117 |
| MV24 Capital BV, (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 6/1/34<sup>(a)</sup> | 416418 | 415881 |
|  |  | 902998 |
| **Trucking & Leasing — 0.2%** |  |  |
| Avolon Holdings Funding, Ltd., (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 10/10/30<sup>(a)</sup> | 324000 | 321907 |
| **Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $15,862,596)** |  | **15734839** |
| **Mortgage-Backed Securities — 16.4%** |  |  |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, 5.691%, due 1/25/70<sup>(a)(d)</sup> | 235747 | 237195 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM7, 5.554%, due 10/27/64<sup>(a)(d)</sup> | 221558 | 222439 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, 5.573%, due 3/25/65<sup>(a)(d)</sup> | 242234 | 243442 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3, 6.393%, due 6/25/69<sup>(a)(d)</sup> | 83876 | 84724 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-H8, 5.003%, due 11/25/70<sup>(a)(c)</sup> | 733364 | 730220 |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM2, 4.833%, due 3/25/61<sup>(a)(c)</sup> | 645581 | 640269 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-RPL4, 2.000%, due 1/25/60<sup>(a)(c)</sup> | 1434066 | 1295616 |
| &nbsp;&nbsp;&nbsp;Series 2021-RPL2, 1.115%, due 1/25/60<sup>(a)(c)</sup> | 284070 | 240425 |
| &nbsp;&nbsp;&nbsp;Series 2021-RPL3, 2.000%, due 1/25/60<sup>(a)(c)</sup> | 542867 | 482067 |
| Fannie Mae or Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 4/1/56<sup>(e)</sup> | 2228000 | 1795107 |
| &nbsp;&nbsp;&nbsp;2.500%, due 4/1/56<sup>(e)</sup> | 2181000 | 1834085 |
| &nbsp;&nbsp;&nbsp;5.500%, due 4/1/56<sup>(e)</sup> | 4959000 | 4982616 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 7/1/52 | 1566767 | 1321550 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/1/54 | 1277460 | 1206652 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/1/55 | 877726 | 884879 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM6, 4.935%, due 10/25/70<sup>(a)(c)</sup> | 911911 | 906644 |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM1, 4.789%, due 12/25/70<sup>(a)(c)</sup> | 493691 | 488970 |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM2, 5.449%, due 2/25/71<sup>(a)(c)</sup> | 1000000 | 1001272 |
| Metlife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, 3.750%, due 4/25/58<sup>(a)(c)</sup> | 97650 | 96588 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Mortgage-Backed Securities (continued)** |  |  |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM2, 4.734%, due 1/26/71<sup>(a)(c)</sup> | $793554 | $786513 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, 4.000%, due 4/25/57<sup>(a)(c)</sup> | 76855 | 74357 |
| &nbsp;&nbsp;&nbsp;Series 2018-1, 4.000%, due 12/25/57<sup>(a)(c)</sup> | 48660 | 47508 |
| &nbsp;&nbsp;&nbsp;Series 2019-6, 3.500%, due 9/25/59<sup>(a)(c)</sup> | 128084 | 120846 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 11/25/65<sup>(a)</sup> | 1465013 | 1455644 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM14, 4.944%, due 9/25/64<sup>(a)(d)</sup> | 232601 | 232244 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM13, 5.441%, due 5/25/65<sup>(a)(c)</sup> | 121382 | 121851 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM2, 5.597%, due 11/25/64<sup>(a)(d)</sup> | 141155 | 141917 |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM3, 4.652%, due 1/25/66<sup>(a)(c)</sup> | 790842 | 783668 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 3/25/58<sup>(a)</sup> | 332450 | 330568 |
| &nbsp;&nbsp;&nbsp;Series 2015-5, 3.250%, due 7/25/58<sup>(a)(c)</sup> | 40593 | 40409 |
| &nbsp;&nbsp;&nbsp;Series 2022-4, 3.750%, due 9/25/62<sup>(a)</sup> | 442465 | 421630 |
|  |  | 23251915 |
| **Diversified Financial Services — 0.7%** |  |  |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 8/1/55 | 990775 | 978272 |
| **Total Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,284,998)** |  | **24230187** |
| **Sovereign — 2.0%** |  |  |
| **Foreign Government Obligations — 2.0%** |  |  |
| Colombia Government International Bond, (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/7/36 | 600000 | 614370 |
| Dominican Republic International Bond, (Dominican Republic) |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 9/23/32<sup>(a)</sup> | 350000 | 323365 |
| Ecuador Government International Bond, (Ecuador) |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 7/31/40<sup>(a)(d)</sup> | 306000 | 240210 |
| Israel Government International Bond, (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 2/19/35 | 200000 | 203718 |
| Ivory Coast Government International Bond, (CÃ´te d'Ivoire) |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 1/30/37<sup>(a)</sup> | 400000 | 411430 |
| Mexico Government International Bond, (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 5/13/37 | 600000 | 630000 |
| Republic of Uzbekistan International Bond, (Uzbekistan) |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 10/19/31<sup>(a)</sup> | 200000 | 181003 |
| Romanian Government International Bond, (Romania) |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 2/10/37 | 328000 | 347160 |
|  |  | 2951256 |
| **Total Sovereign** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,002,912)** |  | **2951256** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **U.S. Treasury Obligations — 21.5%** |  |  |
| United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 5/15/40 | $869000 | $547708 |
| &nbsp;&nbsp;&nbsp;1.250%, due 5/15/50 | 1222000 | 580307 |
| &nbsp;&nbsp;&nbsp;1.375%, due 11/15/40 | 568000 | 366060 |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/15/50 | 1162000 | 606510 |
| &nbsp;&nbsp;&nbsp;1.875%, due 2/15/41 | 523000 | 362515 |
| &nbsp;&nbsp;&nbsp;1.875%, due 2/15/51 | 1562000 | 867642 |
| &nbsp;&nbsp;&nbsp;1.875%, due 11/15/51 | 778000 | 427627 |
| &nbsp;&nbsp;&nbsp;2.000%, due 2/15/50 | 1107000 | 644741 |
| &nbsp;&nbsp;&nbsp;2.250%, due 5/15/41 | 327000 | 238423 |
| &nbsp;&nbsp;&nbsp;2.375%, due 2/15/42 | 495000 | 360905 |
| &nbsp;&nbsp;&nbsp;2.500%, due 2/15/45 | 1083000 | 759835 |
| &nbsp;&nbsp;&nbsp;2.500%, due 5/15/46 | 1063000 | 730646 |
| &nbsp;&nbsp;&nbsp;2.750%, due 8/15/42 | 568000 | 434564 |
| &nbsp;&nbsp;&nbsp;2.750%, due 8/15/47 | 95000 | 67253 |
| &nbsp;&nbsp;&nbsp;2.875%, due 8/15/45 | 1330000 | 987889 |
| &nbsp;&nbsp;&nbsp;2.875%, due 11/15/46 | 1037000 | 758266 |
| &nbsp;&nbsp;&nbsp;2.875%, due 5/15/49 | 696000 | 495030 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/45 | 1452000 | 1098018 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/52 | 80000 | 68753 |
| &nbsp;&nbsp;&nbsp;4.250%, due 8/15/54 | 803000 | 719375 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/45 | 433000 | 417710 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/46 | 1409000 | 1358474 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/55 | 772000 | 736506 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/55 | 910000 | 869619 |
| &nbsp;&nbsp;&nbsp;4.750%, due 5/15/55 | 244000 | 237662 |
| &nbsp;&nbsp;&nbsp;4.750%, due 8/15/55 | 648000 | 631598 |
| &nbsp;&nbsp;&nbsp;4.750%, due 2/15/56 | 1394000 | 1359803 |
| &nbsp;&nbsp;&nbsp;5.000%, due 5/15/45 | 76000 | 77009 |
| United States Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 2/15/53 | 293000 | 246023 |
| United States Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 7/15/30 | 223000 | 269369 |
| &nbsp;&nbsp;&nbsp;1.875%, due 1/15/36 | 184000 | 182021 |
| United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 5/15/30 | 214000 | 187484 |
| &nbsp;&nbsp;&nbsp;1.125%, due 2/29/28 | 1801000 | 1712427 |
| &nbsp;&nbsp;&nbsp;1.375%, due 11/15/31 | 286000 | 248077 |
| &nbsp;&nbsp;&nbsp;1.625%, due 5/15/31 | 174000 | 155220 |
| &nbsp;&nbsp;&nbsp;2.750%, due 2/15/28 | 1560000 | 1530323 |
| &nbsp;&nbsp;&nbsp;2.750%, due 8/15/32 | 63000 | 58282 |
| &nbsp;&nbsp;&nbsp;2.875%, due 5/15/32 | 331000 | 309634 |
| &nbsp;&nbsp;&nbsp;3.375%, due 11/30/27 | 591000 | 586683 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/30/30 | 84000 | 82461 |
| &nbsp;&nbsp;&nbsp;3.500%, due 2/28/31 | 83000 | 81395 |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/31/28 | 161000 | 160390 |
| &nbsp;&nbsp;&nbsp;3.625%, due 12/31/30 | 75000 | 73988 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **U.S. Treasury Obligations (continued)** |  |  |
| United States Treasury Notes (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/31/30 | $228000 | $226081 |
| &nbsp;&nbsp;&nbsp;3.750%, due 1/31/31 | 1358000 | 1346542 |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/31/28 | 2313000 | 2316524 |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/31/30 | 237000 | 236634 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/35 | 379000 | 369732 |
| &nbsp;&nbsp;&nbsp;4.125%, due 7/31/28 | 1488000 | 1498433 |
| &nbsp;&nbsp;&nbsp;4.125%, due 3/31/31 | 190000 | 191373 |
| &nbsp;&nbsp;&nbsp;4.125%, due 7/31/31 | 138000 | 138911 |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/32 | 951000 | 951520 |
| &nbsp;&nbsp;&nbsp;4.125%, due 2/15/36 | 938000 | 923417 |
| &nbsp;&nbsp;&nbsp;4.250%, due 3/31/33 | 734000 | 739104 |
| &nbsp;&nbsp;&nbsp;4.375%, due 11/30/28 | 244000 | 247412 |
|  |  | 31879908 |
| **Total U.S. Treasury Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $32,034,315)** |  | **31879908** |
| **Commercial Paper — 3.1%** |  |  |
| Anglesea Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.998%<sup>(f)</sup>, due 7/6/26 | 2000000 | 1978929 |
| Bedford Row Fund |  |  |
| &nbsp;&nbsp;&nbsp;4.004%<sup>(f)</sup>, due 7/24/26 | 1300000 | 1283887 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;3.948%<sup>(f)</sup>, due 7/14/26 | 1300000 | 1285696 |
|  |  | 4548512 |
| **Total Commercial Paper** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,548,671)** |  | **4548512** |
| **U.S. Treasury Bills — 2.4%** |  |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.678%<sup>(f)</sup>, due 5/14/26 | 576000 | 573501 |
| &nbsp;&nbsp;&nbsp;3.688%<sup>(f)</sup>, due 6/25/26 | 1000000 | 991541 |
| &nbsp;&nbsp;&nbsp;3.693%<sup>(f)</sup>, due 6/2/26 | 1000000 | 993789 |
| &nbsp;&nbsp;&nbsp;3.699%<sup>(f)</sup>, due 6/18/26 | 1000000 | 992219 |
|  |  | 3551050 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,550,925)** |  | **3551050** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds — 4.3%** |  |  |
| Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $6,425,631)** | 6425631 | $**6425631** |
| **Total Investments — 109.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $162,601,424)** |  | **161834360** |
| **Other Assets and Liabilities, Net — (9.3)%** |  | **(13780757)** |
| **Net Assets — 100.0%** |  | $**148053603** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt
 from registraton, normally to qualified institutional buyers. At March 31, 2026, the total value of 144A Securities is $57,833,049, Representing
 39.1% of the fund's Net Assets.

(b) Floating or variable rate security. The rate disclosed is as of March 31, 2026. For securities based on a published reference rate and
 spread, the reference rate and spread are indicated within the description.

(c) Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure
 of the agreement and current market conditions.

(d) Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of March 31, 2026; the maturity date disclosed is the
 ultimate maturity date.

(e) When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after March 31,
 2026. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.

(f) Rate disclosed reflects the yield at March 31, 2026.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO ABBREVIATION(S):** | **PORTFOLIO ABBREVIATION(S):** | **PORTFOLIO ABBREVIATION(S):** |
| CMT | : | Constant Maturity Treasury Index |
| PLC | : | Public Limited Company |
| SOFR | : | Secured Overnight Financing Rate |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Large Value Active ETF** 

**Schedule of Investments**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.1%** |  |  |
| **Aerospace/Defense — 3.4%** |  |  |
| Boeing Co. (The)<sup>(a)</sup> | 7462 | $1485162 |
| RTX Corp | 17794 | 3432462 |
| &nbsp;&nbsp;&nbsp;Total Aerospace/Defense |  | 4917624 |
| **Airlines — 1.4%** |  |  |
| Delta Air Lines, Inc | 30422 | 2022455 |
| **Auto Manufacturers — 1.2%** |  |  |
| General Motors Co | 22386 | 1667757 |
| **Banks — 10.0%** |  |  |
| Bank of America Corp | 55678 | 2714303 |
| Goldman Sachs Group, Inc. (The) | 2870 | 2427991 |
| JPMorgan Chase & Co | 18942 | 5571979 |
| State Street Corp | 6888 | 871745 |
| Truist Financial Corp | 11480 | 527736 |
| Wells Fargo & Co | 28074 | 2234971 |
| &nbsp;&nbsp;&nbsp;Total Banks |  | 14348725 |
| **Beverages — 1.4%** |  |  |
| PepsiCo, Inc | 13202 | 2050139 |
| **Biotechnology — 2.7%** |  |  |
| Amgen, Inc | 4018 | 1413733 |
| Gilead Sciences, Inc | 17794 | 2479950 |
| &nbsp;&nbsp;&nbsp;Total Biotechnology |  | 3893683 |
| **Building Materials — 3.0%** |  |  |
| Carrier Global Corp | 24108 | 1357521 |
| Martin Marietta Materials, Inc | 3510 | 2066267 |
| Owens Corning | 8610 | 931774 |
| &nbsp;&nbsp;&nbsp;Total Building Materials |  | 4355562 |
| **Chemicals — 3.4%** |  |  |
| DuPont de Nemours, Inc | 16072 | 736098 |
| Linde PLC | 6319 | 3132707 |
| Qnity Electronics, Inc | 8610 | 993422 |
| &nbsp;&nbsp;&nbsp;Total Chemicals |  | 4862227 |
| **Commercial Services — 2.6%** |  |  |
| Quanta Services, Inc | 4592 | 2521100 |
| S&P Global, Inc | 2870 | 1220726 |
| &nbsp;&nbsp;&nbsp;Total Commercial Services |  | 3741826 |

---

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Large Value Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Cosmetics/Personal Care — 1.0%** |  |  |
| Procter & Gamble Co. (The) | 9758 | $1409446 |
| **Diversified Financial Services — 4.1%** |  |  |
| American Express Co | 5166 | 1562612 |
| BlackRock, Inc | 2296 | 2208086 |
| Intercontinental Exchange, Inc | 13202 | 2076410 |
| &nbsp;&nbsp;&nbsp;Total Diversified Financial Services |  | 5847108 |
| **Electric — 2.7%** |  |  |
| Duke Energy Corp | 14350 | 1878989 |
| NextEra Energy, Inc | 21238 | 1972585 |
| &nbsp;&nbsp;&nbsp;Total Electric |  | 3851574 |
| **Food — 1.1%** |  |  |
| Mondelez International, Inc., Class A | 28126 | 1621183 |
| **Healthcare-Products — 4.1%** |  |  |
| Abbott Laboratories | 23534 | 2416236 |
| Boston Scientific Corp.<sup>(a)</sup> | 29939 | 1878672 |
| Thermo Fisher Scientific, Inc | 3444 | 1692829 |
| &nbsp;&nbsp;&nbsp;Total Healthcare-Products |  | 5987737 |
| **Healthcare-Services — 1.1%** |  |  |
| UnitedHealth Group, Inc | 5740 | 1553187 |
| **Insurance — 5.2%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 5166 | 2475547 |
| Hartford Insurance Group, Inc. (The) | 17794 | 2406282 |
| Prudential Financial, Inc | 6314 | 616815 |
| Travelers Cos., Inc. (The) | 6888 | 2009092 |
| &nbsp;&nbsp;&nbsp;Total Insurance |  | 7507736 |
| **Internet — 7.4%** |  |  |
| Alphabet, Inc., Class A | 17798 | 5117993 |
| Amazon.com, Inc.<sup>(a)</sup> | 17220 | 3586410 |
| Meta Platforms, Inc., Class A | 3426 | 1960117 |
| &nbsp;&nbsp;&nbsp;Total Internet |  | 10664520 |
| **Machinery-Construction & Mining — 1.0%** |  |  |
| GE Vernova, Inc | 1722 | 1503134 |
| **Machinery-Diversified — 2.3%** |  |  |
| Otis Worldwide Corp | 18942 | 1460049 |
| Rockwell Automation, Inc | 5166 | 1853974 |
| &nbsp;&nbsp;&nbsp;Total Machinery-Diversified |  | 3314023 |

---

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Large Value Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Media — 3.4%** |  |  |
| Comcast Corp., Class A | 33866 | $972293 |
| Fox Corp., Class A | 27552 | 1609037 |
| Walt Disney Co. (The) | 24108 | 2323529 |
| &nbsp;&nbsp;&nbsp;Total Media |  | 4904859 |
| **Mining — 1.2%** |  |  |
| Freeport-McMoRan, Inc | 29848 | 1754465 |
| **Miscellaneous Manufacturing — 3.1%** |  |  |
| Parker-Hannifin Corp | 3444 | 3083207 |
| Textron, Inc | 16072 | 1407264 |
| &nbsp;&nbsp;&nbsp;Total Miscellaneous Manufacturing |  | 4490471 |
| **Oil & Gas — 6.3%** |  |  |
| ConocoPhillips | 17220 | 2273040 |
| EOG Resources, Inc | 11480 | 1659664 |
| Expand Energy Corp | 9184 | 1008219 |
| Exxon Mobil Corp | 24108 | 4090163 |
| &nbsp;&nbsp;&nbsp;Total Oil & Gas |  | 9031086 |
| **Oil & Gas Services — 1.4%** |  |  |
| SLB, Ltd | 40754 | 2094348 |
| **Pharmaceuticals — 4.7%** |  |  |
| AbbVie, Inc | 6888 | 1498071 |
| Becton Dickinson & Co | 6888 | 1083000 |
| Cencora, Inc | 5166 | 1622847 |
| Merck & Co., Inc | 21812 | 2623766 |
| &nbsp;&nbsp;&nbsp;Total Pharmaceuticals |  | 6827684 |
| **REITs — 3.2%** |  |  |
| American Tower Corp | 6888 | 1188731 |
| Equity LifeStyle Properties, Inc | 10906 | 680753 |
| Prologis, Inc | 11480 | 1517426 |
| Public Storage | 4592 | 1243881 |
| &nbsp;&nbsp;&nbsp;Total REITs |  | 4630791 |
| **Retail — 4.2%** |  |  |
| Darden Restaurants, Inc | 7462 | 1462850 |
| Lowe's Cos., Inc | 9184 | 2169996 |
| TJX Cos., Inc. (The) | 14953 | 2387994 |
| &nbsp;&nbsp;&nbsp;Total Retail |  | 6020840 |

---

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Large Value Active ETF**

**Schedule of Investments** (Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Semiconductors — 3.3%** |  |  |
| Broadcom, Inc | 5166 | $1598929 |
| Micron Technology, Inc | 7478 | 2526368 |
| ON Semiconductor Corp <sup>(a)</sup> | 9758 | 604215 |
| &nbsp;&nbsp;&nbsp;Total Semiconductors |  | 4729512 |
| **Software — 1.4%** |  |  |
| Microsoft Corp | 4599 | 1702412 |
| Oracle Corp | 2296 | 337764 |
| &nbsp;&nbsp;&nbsp;Total Software |  | 2040176 |
| **Telecommunications — 4.3%** |  |  |
| Cisco Systems, Inc | 39032 | 3028493 |
| Motorola Solutions, Inc | 4018 | 1743692 |
| Verizon Communications, Inc | 27552 | 1383110 |
| &nbsp;&nbsp;&nbsp;Total Telecommunications |  | 6155295 |
| **Transportation — 1.5%** |  |  |
| CSX Corp | 53956 | 2214894 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $142,653,396)** |  | **140014067** |
| **Money Market Funds — 2.9%** |  |  |
| Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>(b)</sup> |  |  |
| **(Cost $4,147,185)** | 4147185 | **4147185** |
| **Total Investments — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $146,800,581)** |  | **144161252** |
| **Other Assets and Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.0%<sup>(c)</sup>** |  | **(24289)** |
| **Net Assets — 100.0%** |  | $**144136963** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate disclosed reflects the
 yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Percentage rounds to less than
 0.01% or (0.01)%.

**PORTFOLIO ABBREVIATION(S):**

PLC : Public Limited Company

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Statement of Assets and Liabilities**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Transamerica Bond**<br>**Active ETF** | **Transamerica Large**<br>**Value Active ETF** |
| **Assets** |  |  |
| Investments, at fair value | $161834360 | $144161252 |
| Cash | 11436078 | 27315 |
| Foreign currency at value (cost $3 and $–) | 3 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 2958598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1226942 | 5814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | – | 38683 |
| &nbsp;&nbsp;&nbsp;Total assets | 177455981 | 144233064 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 20727109 | 27316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When-issued, delayed-delivery, forward and TBA commitments purchased | 8611808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee and CCO fees | 2952 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2062 | 6728 |
| Accrued expenses and other liabilities | 58447 | 59105 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 29402378 | 96101 |
| **Net Assets** | $**148053603** | $**144136963** |
| **Net Assets Consists of** |  |  |
| Paid-in capital | $148820794 | $146804838 |
| Distributable earnings (loss) | (767191) | (2667875) |
| **Net Assets** | $**148053603** | $**144136963** |
| Number of Common Shares outstanding | 5950000 | 5740000 |
| **Net Asset Value, no par value (unlimited shares authorized) per share** | $24.88 | $25.11 |
| Investments, at cost | $162601424 | $146800581 |

---

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Statement of Operations**

Period Ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Transamerica Bond**<br> **Active ETF<sup>(1)</sup>** | **Transamerica Large Value Active ETF<sup>(1)</sup>** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $627592 | $8776 |
| &nbsp;&nbsp;&nbsp;Dividend income | – | 148791 |
| &nbsp;&nbsp;&nbsp;Total investment income | 627592 | 157567 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 50927 | 53381 |
| &nbsp;&nbsp;&nbsp;Administrative and accounting fees | 38479 | 39778 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7260 | 7260 |
| &nbsp;&nbsp;&nbsp;Printing and shareholder reports fees | 7260 | 7260 |
| &nbsp;&nbsp;&nbsp;Audit fees | 6716 | 6716 |
| &nbsp;&nbsp;&nbsp;Compliance fees | 5445 | 5445 |
| &nbsp;&nbsp;&nbsp;Trustee and CCO fees | 2722 | 2722 |
| &nbsp;&nbsp;&nbsp;Blue sky fees | 1959 | 1348 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 726 | 726 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 5246 | 5246 |
| &nbsp;&nbsp;&nbsp;Total expenses | 126740 | 129882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waivers (See Note 3) | (75813) | (85848) |
| &nbsp;&nbsp;&nbsp;Net expenses | 50927 | 44034 |
| &nbsp;&nbsp;&nbsp;Net investment income | 576665 | 113533 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (105828) | (40067) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (105828) | (40067) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (767064) | (2639329) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized depreciation | (767064) | (2639329) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (872892) | (2679396) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(296227)** | $**(2565863)** |

---

 

<sup>(1)</sup> For the period December 15, 2025 (commencement of operations) through March 31, 2026.

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Transamerica** <br> **Bond Active ETF** | **Transamerica** <br> **Large Value** <br> **Active ETF** |
|  | **For the Period** <br> **December 15, 2025**<sup>\*</sup><br> **to March 31, 2026** | **For the Period** <br> **December 15, 2025**<sup>\*</sup><br> **to March 31, 2026** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $576665 | $113533 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (105828) | (40067) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized depreciation | (767064) | (2639329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (296227) | (2565863) |
| **Distributions** | (470964) | (102012) |
| Net investment income | (470964) | (102012) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 148820794 | 146804838 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 148820794 | 146804838 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 148053603 | 144136963 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – | – |
| &nbsp;&nbsp;&nbsp;End of period | $**148053603** | $**144136963** |
| **Changes in Shares Outstanding** |  |  |
| Common Shares outstanding, beginning of period |  |  |
| Shares sold | 5950000 | 5740000 |
| Shares redeemed | – | – |
| Common Shares outstanding, end of period | **5950000** | **5740000** |

---

\* Commencement of operations.

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Financial Highlights**

**Transamerica Bond Active ETF**

**Selected Per Share Data**

---

| | |
|:---|:---|
|  | **Period Ended** <br> **March 31, 2026**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.21) |
| Total from investment operations | 0.12 |
| Distributions from: |  |
| Net investment income | (0.24) |
| Net Asset Value, end of period | $24.88 |
| **Total Return (%)** | 0.50 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | 148 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waivers (%) | 0.39 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waivers (%) | 0.97 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.41 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 26 <sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period December 15, 2025 (commencement of
 operations) through March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using the
 average shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions related
 to the processing of capital share transactions in Creation Units.

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** <br> **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Financial Highlights** (Continued)

**Transamerica Large Value Active ETF**

**Selected Per Share Data**

---

| | |
|:---|:---|
|  | **Period Ended <br> March 31, 2026**<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | 0.16 |
| Distributions from: |  |
| Net investment income | (0.05) |
| Net Asset Value, end of period | $25.11 |
| **Total Return (%)** | 0.63 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | 144 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waivers (%) | 0.49 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waivers (%) | 1.44 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.26 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 2 <sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period December 15, 2025 (commencement of
 operations) through March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using the
 average shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions related
 to the processing of capital share transactions in Creation Units.

---

| | |
|:---|:---|
| ***The Notes to Financial Statements are an integral part of this report.*** | **Semi-Annual Financial Statements 2026** |
| **Transamerica Funds** |  |

---

**Transamerica**

**Notes to Financial Statements** 

March 31, 2026 (Unaudited)

1. **Organization**

The Transamerica Bond Active ETF and Transamerica Large Value ETF (each a "Fund" and collectively the "Funds") are organized, diversified, separate operating series of exchange-traded funds (ETFs) of The 2023 ETF Series Trust (the "Trust"), a Delaware statutory trust since January 23, 2023 that is registered with the Securities and Exchange Commission (the "Commission") as open end management investment company.

This report must be accompanied or preceded by each Fund's current prospectus, which contains additional information about each Fund, including risks and investment objectives and strategies.

The Funds are managed by Transamerica Asset Management Inc., an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as the Funds' investment adviser (the "Adviser").

The Transamerica Bond Active ETF and Transamerica Large Value ETF commenced operations on December 15, 2025. The Transamerica Bond Active ETF seeks to provide total return through a combination of current income and capital appreciation. The Transamerica Large Value ETF seeks long-term appreciation.

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. ("NYSE").

2. **Significant Accounting Policies**

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, "Financial Services-Investment Companies", by the Financial Accounting Standards Board ("FASB"). In preparing the Funds' 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 each Fund.

**Share valuation:**

The net asset value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of each Fund outstanding, rounded to the nearest cent.

The NAV per share of each Fund is determined as of the close of regular trading on the NYSE, generally at 4:00 p.m. Eastern time. Any assets or liabilities denominated in currencies other than the U.S. dollar are typically translated into U.S. dollars at the close of regular trading on the NYSE, generally at 4:00 p.m. Eastern time, at then current exchange rates or at such other rates as deemed appropriate.

**Security transactions and investment income:**

Each Fund's 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 each 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.

**Distributions to shareholders:**

Each Fund's distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. The Transamerica Bond Active ETF intends to pay out dividends and interest income, if any, monthly and Transamerica Large Value Active ETF intends to pay out dividends and interest income, if any, quarterly. Each Fund intends to distribute any net realized capital gains to its shareholders at least annually.

**Foreign currency translation and transactions:**

The accounting records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

**Foreign taxes:**

The Transamerica Bond Active ETF 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.

**Indemnification:**

In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund and/or its affiliates that have not yet occurred. However, based on experience, each Fund expects the risk of loss to be remote.

3. **Investment Valuation**

The Trust has been designated as each Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by each Fund's Board of Trustees ("Board"). The net asset value of each Fund is computed as of the official close of the NYSE each day the NYSE is open for business.

The Trust 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 each Trust's own assumptions used in determining the fair value of each 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 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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

The following is a summary of the valuations as of March 31, 2026 for the Fund based upon three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transamerica Bond Active ETF**<br> **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset-Backed Securities | $— | $14349820 | $— | $14349820 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 3888507 |  | 3888507 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 4220623 |  | 4220623 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 50054027 |  | 50054027 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 15734839 |  | 15734839 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 24230187 |  | 24230187 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 2951256 |  | 2951256 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 31879908 |  | 31879908 |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 4548512 |  | 4548512 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 6425631 |  |  | 6425631 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills | 3551050 |  |  | 3551050 |
| Total | $9976681 | $151857679 | $— | $161834360 |

---

There were no transfers in or out of Level 3 for the period ended March 31, 2026.

The following is a summary of the valuations as of March 31, 2026 for the Fund based upon three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transamerica Large Value Active ETF**<br> **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $140014067 | $— | $— | $140014067 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4147185 |  |  | 4147185 |
| Total | $144161252 | $— | $— | $144161252 |

---

There were no transfers in or out of Level 3 for the period ended March 31, 2026.

**Fair value measurements:**

Descriptions of the valuation techniques applied to each 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** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

*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 Funds 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.

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 March 31, 2026, if any, are identified within each Fund's Schedule of Investments.

5. **Risk Factors**

Investing in a Fund involves risks, including certain key risks summarized below. Please reference each Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in each Fund.

**Market risk:**

The market prices of each 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 a Fund's securities and assets fall, the value of your investment in a 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 a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund's investments may go down.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

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 each Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity Securities Risks:**

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 a Fund falls, the value of your investment in a Fund will decline. A 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.

**Financial Sector Risks:**

Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Large Capitalization Companies Risks:**

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:**

The prices of securities Great Lakes 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 Risks:**

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 a Fund falls, the value of your investment will go down. A 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 a 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 a Fund. Increased redemptions could cause a 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 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

**Credit risk:**

If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by a Fund or a counterparty to a financial contract with a 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, a 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 a 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 a 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 a Fund's assets can decline as can the value of a Fund's distributions.

**Liquidity risk:**

A 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 a Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, a 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 a Fund to sell. This may prevent a Fund from limiting losses.

**Counterparty risk:**

A Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for a Fund do not fulfill their contractual obligations. In addition, a 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 a 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 otherwisenot 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 underderivatives 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 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

**Prepayment or call risk:**

Many issuers have a right to prepay their fixed-income securities. If this happens, a 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.

**Bank obligations risk:**

Investments in bank obligations may expose a 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 a Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**REITs risk:**

Investing in REITs involves unique risks. When a 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, a 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 a Fund.

6. **Investment Advisory Fee and Other Transactions with Affiliates**

(a) **Investment Advisory and Administrative Services**

Transamerica Asset Management, Inc. (the "Adviser") serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund and is responsible for the day-to-day management of each Fund, including, among other things, ensuring each Fund has a continuous investment program, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services the Adviser provides to the Funds, each Fund pays the Adviser a fee, calculated daily and paid monthly, at an annual rate of the average daily net assets of each Fund as follows.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Transamerica Bond Active ETF | 0.39% of the first $1 billion<br> 0.38% over $1 billion up to $1.5 billion<br> 0.375% in excess of $1.5 billion |
| Transamerica Large Value Active ETF | 0.594% of the first $1 billion<br> 0.58% over $1 billion up to $2 billion<br> 0.56% over $2 billion up to $3 billion<br> 0.54% in excess of $3 billion |

---

Under the investment advisory agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for the advisory fee; interest charges on any borrowings; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expense related to the provision of securities lending services; acquired fund fees and expenses; taxes, including accrued deferred tax liability; legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; extraordinary expenses (as mutually determined by the Board and the Adviser); and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

(b) **Distribution Arrangement**

The Funds have adopted a Distribution Plan (the "Distribution Plan") that allows each Fund to pay distribution fees to Foreside Fund Services, LLC (the "Distributor") and other firms that provide distribution services ("Service Providers"). Under the Distribution Plan, if a Service Provider provides distribution services, each Fund would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plan. 12b-1 fees may only be imposed after approval by the Board.

(c) **Other Servicing Agreements**

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Funds.

7. **Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Transamerica Bond Active ETF | $164681325 | $17316404 |
| Transamerica Large Value Active ETF | 532406 | 475937 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Transamerica Bond Active ETF | $1875 | $– |
| Transamerica Large Value Active ETF | 142637277 |  |

---

8. **Capital Share Transactions**

Fund Shares are listed and traded on the NYSE each day that the NYSE is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the NYSE through a broker-dealer. Because the Funds' Shares trade at market prices rather than at its NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

Each Fund issues and redeems its shares on a continuous basis, at NAV, only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of each Fund. Each Fund Shares may only be purchased from or redeemed directly from each Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of a Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit a Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of a Fund acquiring such shares and the value of the collateral.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fees for Transamerica Bond Active ETF is $100 and for Transamerica Large Value ETF is $250, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund's securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the Fund's securities and the cash redemption amount and other transactions costs. The standard redemption transaction fees for Transamerica Bond Active ETF is $100 and for Transamerica Large Value Active ETF is $250, regardless of the number of Creation Units redeemed in the transaction.

9. **Federal Income Taxes**

At March 31, 2026, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Transamerica Bond Active ETF | $162601424 | $111222 | $(878286) | $(767064) |
| Transamerica Large Value Active ETF | 146800581 | 1030532 | (3669861) | (2639329) |

---

10. **Segment Reporting**

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 Transamerica Asset Management, Inc. ("TAM") acts as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of each Fund as a whole and the Funds' 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 Funds' 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 Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Detailed financial information for the Funds 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 2026** |

---

**Transamerica**

**Notes to Financial Statements** (Continued)**

March 31, 2026 (Unaudited)

11. **Subsequent Events**

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Semi-Annual Financial Statements 2026** |

---

**Transamerica Bond Active ETF**

**Transamerica Large Value Active ETF**

**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 Bond Active ETF**

**Transamerica Large Value Active ETF**

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Bond Active ETF**

**Transamerica Large Value Active ETF**

**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 Bond Active ETF**

**Transamerica Large Value Active ETF**

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (unaudited)**

There were no additional Approvals of Investment Advisory Contracts since the funds launched on December 15, 2025.

(This page intentionally left blank)

---

| | |
|:---|:---|
| **Adviser** | **Transamerica Asset Management, Inc.**<br> 1801 California Street, Suite 5200<br> Denver, Colorado 80202 |
| **Sub-Adviser** | **Tidal Investments LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| **Administrator, Custodian, and Transfer Agent** | **The Bank of New York Mellon**<br> 240 Greenwich Street<br> New York, New York 10286 |
| **Distributor** | **Foreside Fund Services, LLC**<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 |
| **Legal Counsel** | **Morgan, Lewis & Bockius LLP** <br> 1111 Pennsylvania Avenue, NW<br> Washington, DC 20004 |

---

![](fp0097659-1_02.jpg)

4886773 Transamerica Sponsored ETFs 3/26© 2026 Transamerica Corporation. All Rights Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must
 file the information required by Item 13 of Form N-1A.

The Registrant's financial highlights are included as part of the Registrant's Semi-Annual Financial Statements and Other Information filed under Item 7(a) of this Form attached herewith.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded, based on
 their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this
 report, that the design and operation of such procedures are effective, as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected,
 or are 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.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**.

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](fp0097659-1_ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0097659-1_ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](fp0097659-1_ex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](fp0097659-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The 2023 ETF Series Trust |
| By (Signature and Title) | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis |
|  | (President and Principal Executive Officer of the Trust) |
| Date | June 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 (Signature and Title) | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis |
|  | (President and Principal Executive Officer of the Trust) |
| Date | June 5, 2026 |
| By (Signature and Title) | /s/ Aaron Perkovich |
|  | Aaron Perkovich |
|  | (Treasurer and Principal Financial Officer of the Trust) |
| Date | June 5, 2026 |

---

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Eric W. Falkeis, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust;

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;4. The registrant's other certifying officer(s) 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;&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;&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;&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;&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;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: | June 5, 2026 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | (President and Principal Executive Officer of the Trust) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Aaron Perkovich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust;

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;4. The registrant's other certifying officer(s) 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;&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;&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;&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;&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;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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| | | |
|:---|:---|:---|
| Date: | June 5, 2026 | /s/ Aaron Perkovich |
|  |  | Aaron Perkovich |
|  |  | (Treasurer and Principal Financial Officer of the Trust) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Eric W. Falkeis, Principal Executive Officer of The 2023 ETF Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: | June 5, 2026 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | (President and Principal Executive Officer of the Trust) |

---

I, Aaron Perkovich, Principal Financial Officer of The 2023 ETF Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2026 | /s/ Aaron Perkovich |
|  |  | Aaron Perkovich |
|  |  | (Treasurer and Principal Financial Officer of the Trust) |

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